MIRA
INFORM REPORT
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Report Date : |
05.05.2012 |
IDENTIFICATION DETAILS
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Name : |
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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 : |
18.03.2002 |
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Com. Reg. No.: |
330181000132991 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Printing, Dyeing And Selling Textiles |
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No. of Employees : |
327 |
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 31, 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
HANGZHOU TIANRUI PRINTING & DYEING CO., LTD.
Dangwan Town, Xiaoshan DISTRICT, Hangzhou, Zhejiang Province, 311221 PR China
TEL: 86 (0) 571-22808111/22808102
FAX: 86 (0) 571-22808101/22808100
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 18, 2002
REGISTRATION NO. : 330181000132991
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
327
REGISTERED CAPITAL : CNY 36,000,000
BUSINESS LINE :
printing & dyeing, TRADING
TURNOVER :
CNY 482,880,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 73,670,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.29 = 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 limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on March 18, 2002.
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 textile printing and dyeing (with permit if needed); selling:
textiles, apparel, clothing; exporting self-produced products and technology;
importing Raw and auxiliary materials, machinery and equipment, instruments,
spare parts and technology needed by the enterprise for producing and
researching; processing with imported materials, processing with imported
samples, assembling with imported parts, and compensation trade in agreement.
SC is mainly
engaged in printing, dyeing and selling textiles
Mr. Li Chengxin is
the legal representative and chairman of SC at present.
SC is known to have approx. 327 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in Hangzhou. Our checks reveal that SC owns the
total premise about 23,000 square meters.
http://www.saintyear.com/ The website belongs
to SC’s parent company. The design is professional and the content is well
organized. At present it is in Chinese and English versions.
E-mail: bill@hztianrui.com
; zhangyonghai@hztianrui.com
Changes of its registered
information are as follows:
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Date of change |
Item |
Before the change |
After the change |
|
2009 |
Registered capital |
CNY 20,000,000 |
CNY 30,000,000 |
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2011-4 |
CNY 30,000,000 |
CNY 36,000,000 |
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|
Unknown |
Registration no. |
3301812610389 |
Present one |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Saintyear Holding Group Co., Ltd. 51
Li Chenghuo
49
Saintyear Holding Group Co., Ltd.
========================
Established in 1981, Saintyear Holding has a
development history of around 30 years. At present, it owns 16 subsidiaries and
over 6,500 employees. Its business covers fabrics, apparel, electronic
materials and real estate. In the fabrics industry, Saintyear is an integrated
suppliers with one of the most complete product collections in China, and its
subsidiaries all have developed their own product characteristics and formed
professional advantages. In the apparel industry, the group dedicated itself to
the design and marketing of medium and high-level brand clothes, so as to
establish the lasting value and vitality of the brand “DE FARRO”. In terms of
electronic materials industry, as a leader in the domestic electromagnetic
shielding material market, the group will continue to focus on the R&D and
industrialization of leading technologies. In the real estate industry,
Saintyear focuses on high quality residences and contributes to people’s
harmonious life in the city. Saintyear has been listed as China Private
Enterprises 500 since 2002 and honored in the list of China Enterprise
Competitiveness
Incorporation date: Dec. 22, 2000
Registration no.: 330181000087483
Registered capital: CNY 200,000,000
Legal representative: Li Chengxin
Website: www.saintyear.com
Tel: 86-0571-22808888
Fax: 86-0571-22808800
Add: No. 88, Xingle Road, Dangwan Town,
Xiaoshan District, Hangzhou, Zhejiang Province
l
Legal Representative and
Chairman:
Mr. Li Chengxin ID# 330121195812174310, born in 1958, with junior
college education. He is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
Also working in Saintyear Holding Group Co., Ltd., Hangzhou Tianyu Printing & Dyeing Co., Ltd., Hangzhou Jijin Printing & Dyeing Co., Ltd., Hangzhou Hualun Printing & Dyeing Co., Ltd., Hangzhou Xinsheng Printing & Dyeing Co., Ltd. and Hangzhou Tiancheng Printing & Dyeing Co., Ltd. as legal representative.
l
General Manager:
Mr. Li Chenghuo, ID# 330121196111254312, born in 1961, with high school
diploma. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager.
SC is mainly
engaged in printing, dyeing and selling textiles.
Main Products:
cotton poplin, Simiantan.
SC sources its materials and products 100% from
domestic market. SC sells 100% of its products to overseas market, mainly
Southeast Asia and Europe.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major
Suppliers:
============
Zhejiang Lingdian Textile Technology Co., Ltd.
Nantong Tangsheng Textile Co., Ltd.
*Major
Customers:
==============
Shanghai Etam Apparel Co., Ltd.
Hubei Suntex Garment Manufacturing Company Limited
According
to the website: www.saintyear.com
Hangzhou Tianyu Printing & Dyeing Co., Ltd.
Hangzhou Jijin Printing & Dyeing Co., Ltd.
Hangzhou Hualun Printing & Dyeing Co., Ltd.
Hangzhou Xinyuan Printing & Dyeing Co., Ltd.
Hangzhou Xinsheng Printing & Dyeing Co., Ltd.
Hangzhou Tiancheng Printing & Dyeing Co., Ltd.
Hangzhou Jimay Printing & Dyeing 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’s supplier
declined to make any commends, so the trade reference is not available.
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.
China Construction Bank Hangzhou Xiaoshan Sub-branch Dangwan Office
AC#：33001617084050000728
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
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Cash & bank |
143,340 |
120,460 |
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Inventory |
21,590 |
17,350 |
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Accounts
receivable |
39,490 |
48,640 |
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Advances to
supplies |
25,560 |
870 |
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Subsidies
receivable |
690 |
330 |
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Prepaid expenses |
50 |
230 |
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Other
receivables |
57,420 |
167,670 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
288,140 |
355,550 |
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Long-term
investments |
0 |
0 |
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Fixed assets net
value |
33,280 |
29,910 |
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Projects under
construction |
1,250 |
5,330 |
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Long-term
deferred expenses |
180 |
100 |
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Intangible
assets |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
322,850 |
390,890 |
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============= |
============= |
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Short loans |
51,000 |
86,000 |
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Notes payable |
175,940 |
199,900 |
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Accounts payable |
16,740 |
23,970 |
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Advances from
customers |
3,490 |
380 |
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Accrued
Payroll |
2,170 |
1,730 |
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Taxes payable |
-700 |
-210 |
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Other payable |
90 |
210 |
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Other accounts
payable |
16,040 |
5,240 |
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Other
current liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
264,770 |
317,220 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
264,770 |
317,220 |
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Shareholders
equities |
58,080 |
73,670 |
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------------------ |
------------------ |
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Total
liabilities & equities |
322,850 |
390,890 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
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Turnover |
381,750 |
482,880 |
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Cost of goods sold |
358,060 |
454,230 |
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Taxes and additional of main
operation |
630 |
730 |
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Income
from other operation |
0 |
30 |
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Sales expense |
2,870 |
3,580 |
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Management expense |
5,340 |
6,170 |
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Finance expense |
1,790 |
5,040 |
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Subsidy
income |
190 |
100 |
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Non-operating
income |
270 |
260 |
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Non-operating expense |
380 |
480 |
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Profit before
tax |
13,140 |
13,040 |
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Less: profit tax |
3,290 |
3,260 |
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Net profit |
9,850 |
9,780 |
Important Ratios
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as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
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*Current ratio |
1.09 |
1.12 |
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*Quick ratio |
1.01 |
1.07 |
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*Liabilities
to assets |
0.82 |
0.81 |
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*Net profit
margin (%) |
2.58 |
2.03 |
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*Return on
total assets (%) |
3.05 |
2.50 |
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*Inventory
/Turnover ×365 |
21 days |
14 days |
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*Accounts
receivable/Turnover ×365 |
38 days |
37 days |
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*Turnover/Total
assets |
1.18 |
1.24 |
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* Cost of
goods sold/Turnover |
0.94 |
0.94 |
PROFITABILITY:
AVERAGE
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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 average in both years.
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SC’s return on total assets is average in both
years.
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SC’s cost of goods sold is fairly high in both
years, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal
level in both years.
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SC’s quick ratio is maintained in a normal level in
both years.
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The inventory of SC appears average in both years.
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The accounts receivable of SC appears average in
both years.
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The short-term loan of SC appears fairly large in
2010, but large in 2011.
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SC’s turnover is in an average in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition. A credit line up to USD 500,000 would appear to be within
SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
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Report Prepared
by : |
SHG |
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 |
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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.