MIRA
INFORM REPORT
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Report Date : |
05.05.2012 |
IDENTIFICATION DETAILS
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Name : |
TAIZHOU HUANGYAN DEMARK TRADING
COMPANY |
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Registered Office : |
No. 26 Chaoyuan Road, Western Industrial Zone, Economic
Development Zone, Huangyan, Taizhou City, Zhejiang Province, 318020 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
25.08.2009 |
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Com. Reg. No.: |
331003000044768 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Engaged in exporting mould and blow molding machines |
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No. of Employees : |
6 |
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 : |
Moderate |
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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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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
TAIZHOU HUANGYAN DEMARK TRADING COMPANY
NO. 26 CHAOYUAN ROAD, WESTERN
INDUSTRIAL ZONE, ECONOMIC DEVELOPMENT ZONE, HUANGYAN, TAIZHOU CITY, ZHEJIANG
PROVINCE, 318020 PR CHINA
TEL: 86 (0) 576-84039111/84039118/84239222
FAX: 86 (0) 576-84081663/84052345
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 25, 2009
REGISTRATION NO. :
331003000044768
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 6
REGISTERED CAPITAL : CNY 200,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 52,480,000 (UNaudited, AS OF DEC.
31, 2011)
EQUITIES :
CNY 790,000 (UNaudited, AS OF DEC. 31,
2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.2922 = 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 co. at local Administration for Industry &
Commerce (AIC-The official body of issuing and renewing business license) on
Aug. 25, 2009.
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 various
goods and technology.
SC
is mainly engaged in exporting mould and blow molding machines.
Mr.
Wang Weizhi has been the legal representative, chairman and general manager of
SC since 2009.
SC is known
to have approx. 6 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the development zone of Taizhou. Detailed information of
the premise is unknown.
SC is not known to host web site of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of shareholdings
Wang Weizhi 85.00
Jiang Junjun 7.50
Hong Yi 7.50
l
Legal Representative, Chairman and General Manager:
Mr. Wang Weizhi, born in 1981, with university education,
he is currently responsible for the overall and daily management of SC.
Working Experience(s):
From 2009 to present Working in SC as legal
representative, chairman and general manager.
Also working in Zhejiang Demark Machinery Co., Ltd.
as legal representative.
SC
is mainly engaged in exporting mould and blow molding machines.
SC’s products
mainly include: mould, blow molding machines, and etc.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to overseas
market, mainly to Egypt, South Africa, Britain, America and Russia.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note:
SC’s management declined to release its major clients and suppliers.
Zhejiang Demark Machinery Co., Ltd.
Zhejiang Demars Mould Co., Ltd.
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.
Zhejiang Tailong Commercial Bank
AC#: 6322701201020000931
6321414201020011148
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
as of Dec. 31, 2010 |
|
Cash & bank |
680 |
40 |
|
Inventory |
0 |
0 |
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Accounts
receivable |
2,640 |
540 |
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Advances to
suppliers |
9,380 |
7,340 |
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Other
receivables |
3,370 |
1,400 |
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Dividends
receivable |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
16,070 |
9,320 |
|
Fixed assets net
value |
0 |
0 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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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 |
16,070 |
9,320 |
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|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
0 |
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Other accounts
payable |
40 |
500 |
|
Notes payable |
0 |
0 |
|
Taxes payable |
60 |
40 |
|
Advances from
clients |
15,180 |
8,320 |
|
Accrued payroll |
0 |
0 |
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Dividends
payable |
0 |
0 |
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Other payable |
0 |
0 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
15,280 |
8,860 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
15,280 |
8,860 |
|
Equities |
790 |
460 |
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------------------ |
------------------ |
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Total
liabilities & equities |
16,070 |
9,320 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2011 |
|
Turnover |
52,480 |
|
Cost of goods
sold |
51,230 |
|
Sales expense |
900 |
|
Management expense |
90 |
|
Finance expense |
-150 |
|
Non-operating
income |
70 |
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Non-operating expense |
0 |
|
Profit before
tax |
480 |
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Less: profit tax |
120 |
|
Profits |
360 |
Note: The financial reports for Yr2011 have not been audited.
Important Ratios
=============
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2010 |
|
*Current ratio |
1.05 |
1.05 |
|
*Quick ratio |
1.05 |
1.05 |
|
*Liabilities
to assets |
0.95 |
0.95 |
|
*Net profit
margin (%) |
0.69 |
/ |
|
*Return on total
assets (%) |
2.24 |
/ |
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*Inventory
/Turnover ×365 |
/ |
/ |
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*Accounts
receivable/Turnover ×365 |
19 days |
/ |
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*Turnover/Total
assets |
3.27 |
/ |
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* Cost of
goods sold/Turnover |
0.98 |
/ |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in 2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is average in 2011.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is normal in 2011.
l
SC’s quick ratio is maintained in a normal level in 2011.
l
SC has no inventory in both years.
l
The accounts receivable of SC appears
average in both years.
l
SC has no short-term in both years.
l
SC’s turnover is fairly good in 2011, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 4,000 appears 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.70.64 |
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 |
|
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.