MIRA
INFORM REPORT
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Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
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Name : |
ENVIRONMENTAL GASKET COMPANY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.01.2006 |
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Com. Reg. No.: |
320100400032607 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling pipeline connecting parts. |
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No. of Employees : |
135 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
Environmental Gasket Company Limited
NO. 55 LIYUAN SOUTH
ROAD, JIANGNING DEVELOPMENT ZONE, NANJING, JIANGSU PROVINCE 211100 PR CHINA
TEL: 86 (0)
25-52788148/52781049 FAX: 86 (0)
25-52788149
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 27, 2006
REGISTRATION NO. : 320100400032607
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
135
REGISTERED CAPITAL : CNY 90,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 178,980,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 145,610,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY good
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.28 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a shares limited company at local Administration for Industry &
Commerce (AIC-The official body of issuing and renewing business license) on
Jan. 27, 2006.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business
scope includes manufacturing and processing environmentally safe pipe
connection systems, including gaskets, fasteners, disc spring, flange and
fittings and other pipeline connecting parts; selling self-made products and
providing ancillary services.
SC is mainly
engaged in manufacturing and selling pipeline connecting parts.
Ms. Yang
Yizhi is the legal representative and
chairman of SC at present.
SC is known to have approx. 135 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Nanjing. SC’s
management declined to release the detailed information of the premise.
http://www.envirogaskets.com/
The design is professional and the content is well organized. At present it is
in Chinese, English and other versions.
Email: sales@aigindustries.com.cn
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name % of Shareholding
Environmental Investment Limited (Hong Kong)
25.00
AIGI Industrial Group of Companies
Limited
65.08
Nanjing Juntong Investment Industry Co, Ltd.
(in Chinese Pinyin) 9.60
Wuhan Longdaan Economy & Trade Co., Ltd.
(in Chinese Pinyin) 0.32
AIGI Industrial Group of Companies Limited
………………………………………………
Website: http://www.aigindustries.com.cn/
Add: No. 309
Hanzhongmen Street, Nanjing, Jiangsu Province
Tel: 025-83740076
Environmental Investment Limited (Hong Kong)
…………………………………………………
CR No.: 1415221
Legal form: Private
Status: Live
l
Legal representative and chairman:
Ms. Yang Yizhi , born in 1978, she is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman
l
General manager:
Mr. Lao Sen , born in 1972, he is currently responsible
for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager
Directors:
………….
Zhao Jingwei
Chen Jingqing
Wang Yong
Yang Jinjin
Supervisors:
…………….
Wang Chen
Deng Feng
SC is mainly
engaged in manufacturing and selling pipeline connecting parts.
SC’s products mainly include gaskets, fasteners, disc spring, flange and
fittings, etc.
SC sources its materials
and products 60% from domestic market and 40% from overseas market. SC sells
its products 90% in domestic market and 10% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note:
SC declined to release its major clients and suppliers.
According to SC’s website:
Superchem (Shanghai) Co., Ltd.
Etc.
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment and our debt collection record concerning SC.
Trade payment experience: SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
Delinquent
payment record: None in our database.
Debt collection record: No overdue amount owed by SC was placed to us for
collection within the last 6 years.
SC’s management declined
to release its banking information.
Financial Summary
Unit: CNY’000
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as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
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Total Liabilities |
19,260 |
36,520 |
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Shareholders equities |
126,160 |
145,610 |
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Total Assets |
145,420 |
182,130 |
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Turnover |
132,950 |
178,980 |
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Profit before
tax |
52,830 |
55,820 |
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Less: profit tax |
6,540 |
7,910 |
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Net profit |
46,290 |
47,910 |
Note: we did not find SC’s detailed
financial reports for Yr2010 & 2011.
Important
Ratios
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as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
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*Liabilities
to assets |
0.13 |
0.20 |
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*Net profit
margin (%) |
34.82 |
26.77 |
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*Return on
total assets (%) |
31.83 |
26.31 |
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*Turnover/Total
assets |
0.91 |
0.98 |
PROFITABILITY:
GOOD
l
The turnover of SC appears fairly good in its line,
and it increased in 2011.
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SC’s net profit margin is good in both years.
l
SC’s return on total assets is good in both years.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Good.
SC is considered medium-sized in its line with fairly good financial
conditions. The given credit amount would appear to be beyond SC’s capacities,
while a credit line up to USD 1,000,000 is recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.93 |
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1 |
Rs.85.85 |
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Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.