MIRA
INFORM REPORT
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Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Floor 12, No. 1 Building, Xinyi Plaza, No. 628 Jincheng Road,
Chengxiang Town, Xiaoshan District, Hangzhou, Zhejiang Province, 311201 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.02.2007 |
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Com. Reg. No.: |
3301812035642 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Engaged in
exporting the products of textiles and sanitary ware, etc. |
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No. of Employees : |
13 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small company |
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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 – September 30, 2011
|
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
HANGZHOU TITA IMPORT AND EXPORT CO., LTD.
FLOOR 12, NO. 1 BUILDING, XINYI PLAZA, NO. 628 JINCHENG
ROAD, CHENGXIANG TOWN, XIAOSHAN DISTRICT, HANGZHOU, ZHEJIANG PROVINCE, 311201
PR CHINA
TEL: 86 (0) 571-82588855/82565630
FAX: 86 (0) 571-82820851
EXECUTIVE SUMMARY
INCORPORATION DATE : feb. 1, 2007
REGISTRATION NO. : 3301812035642
REGISTERED LEGAL FORM : Limited liabilities co.
STAFF STRENGTH :
13
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
cny 22,630,000 (AS OF DEC. 31, 2010)
EQUITIES :
cny 690,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30= USD
Adopted abbreviations
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY – China Yuan Ren Min Bi
SC was registered as a Limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Feb. 1, 2007.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes importing and exporting goods
and technology (excluding the items prohibited by law and with permit if
needed); and other legal items that no need of the state permits.
SC is mainly
engaged in exporting the products of textiles and sanitary ware, etc.
Mr. Ren Bilei has
been the legal representative, chairman and general manager of SC since 2007.
SC is known
to have approx. 13 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office in the industrial zone of Hangzhou. Our checks reveal that SC rents the
total premise, but the detailed information is unspecified. And SC is also
operating its office in Dianxia Road, Guali Town, Xiaoshan District, Hangzhou,
Zhejiang Province, 311241 PR China. Our checks reveal that SC rents the total
premise about 100 square meters.
SC is not known to have any websites at present.
E-mail: owen_beehz@163.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ren Bilei ID # 339005198205014813 60
Ni Senjun ID# 339005198310106437 30
Weng Yiwei ID# 331082198103184673 10
l
Legal Representative, Chairman and General Manager:
Mr. Ren Bilei, ID # 339005198205014813，born in 1982, with bachelor degree, he is
currently responsible for the overall and daily management of SC.
Working Experience(s):
From 2007 to present Working in SC as legal
representative, chairman and general manager.
l
Supervisor
Mr. Ni Senjun, ID# 339005198310106437, born in 1983.
Mr. Weng Yiwei, ID# 331082198103184673, born in 1981.
SC is mainly
engaged in exporting the products of textiles and sanitary ware, etc.
SC’s products
mainly include: shape wear/stockings/trousers and sanitary ware, etc.
SC sources its
materials 100% from domestic market. SC sells 10% of its products in domestic
market, and 90% to the overseas market, mainly to USA and Middle East.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Suppliers:
=============
Hangzhou Yuxing Bathroom Electric Appliances
Co., Ltd.
Hangzhou
Zhongli Chemical Fiber Co., Ltd.
Hangzhou Zhuangshi Cloth Co., Ltd.
SC is known to have subsidiaries, but the
detail is unspecified at present.
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 records and our debt collection record concerning SC.
Trade payment experience: SC’s suppliers
declined to make any comments.
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.
Bank of Hangzhou
Xiaoshan Branch
AC#:
96318100205461
Relationship:
Normal
Balance Sheet
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Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
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Cash & bank |
1,500 |
1,350 |
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Notes receivable
|
0 |
0 |
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Inventory |
0 |
30 |
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Accounts
receivable |
8,930 |
1,000 |
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Advances to
suppliers |
7,830 |
190 |
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Other accounts
receivable |
0 |
0 |
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Prepaid expenses
|
10 |
10 |
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Other current
assets |
0 |
0 |
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|
---------------- |
--------------- |
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Current assets |
18,270 |
2,580 |
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Fixed assets net
value |
20 |
20 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
8,500 |
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Other assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Project
materials |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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----------- |
----------- |
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Total assets |
18,290 |
11,100 |
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|
========== |
========= |
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Short loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable
|
8,980 |
7,360 |
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Other Accounts
payable |
3,020 |
3,050 |
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Advances from
clients |
0 |
0 |
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Accrued payroll |
0 |
0 |
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Welfare payable |
0 |
0 |
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Taxes payable |
60 |
-10 |
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Other current
liabilities |
0 |
0 |
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Other unpaid
expenses |
0 |
10 |
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Surcharge
payable |
0 |
0 |
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Other current
liabilities |
0 |
0 |
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---------- |
---------- |
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Current
liabilities |
12,060 |
10,410 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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---------- |
---------- |
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Total
liabilities |
12,060 |
10,410 |
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Equities |
6,230 |
690 |
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---------- |
---------- |
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Total
liabilities & equities |
18,290 |
11,100 |
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======== |
======== |
Income Statement
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Unit: CNY’000 |
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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Turnover |
13,420 |
22,630 |
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Cost of goods
sold |
11,650 |
19,580 |
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Taxes and
additional of main operations |
40 |
90 |
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Sales expense |
270 |
370 |
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Management expense |
1,110 |
7,600 |
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Finance expense |
90 |
510 |
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Non-operating
income |
50 |
0 |
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Non-operating expense |
10 |
10 |
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Profit before
tax |
300 |
-5,530 |
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Less:
profit tax |
70 |
0 |
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Profits |
230 |
-5,530 |
Important Ratios
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.51 |
0.25 |
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*Quick ratio |
1.51 |
0.24 |
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*Liabilities
to assets |
0.66 |
0.94 |
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*Net profit
margin (%) |
1.71 |
-24.44 |
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*Return on total
assets (%) |
1.26 |
-49.82 |
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*Inventory
/Turnover ×365 |
0days |
1days |
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*Accounts
receivable/Turnover ×365 |
243days |
17days |
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*Turnover/Total
assets |
0.73 |
2.04 |
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* Cost of
goods sold/Turnover |
0.87 |
0.87 |
PROFITABILITY:
POOR
l
The turnover of SC appears average in both years.
l
SC’s net profit margin is average in 2009, but poor
in 2010.
l
SC’s return on total assets is average in 2009, but
poor in 2010.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
LIQUIDITY: POOR
l
SC’s current ratio is normal in 2009, but appears
poor in 2010.
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SC’s quick ratio is normal in 2009, but appears
poor in 2010.
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SC has no inventory in 2009, and appears small in
2010.
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The accounts receivable of SC is fairly large in
2009, but average in 2010.
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SC has no short-term loan in both years.
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SC’s turnover is fair in 2009 and average in 2010,
comparing with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is average in 2009, but high
in 2010.
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The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
A credit line up to USD 1,000 appears to be within SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.93 |
|
|
1 |
Rs.85.85 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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-- |
NB |
New Business |
-- |
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.