MIRA
INFORM REPORT
|
Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
TAIZHOU SHUANGYANG TRADE CO., LTD. |
|
|
|
|
Registered Office : |
Room 206, No. 1 Building, No. 1588, Zhendong Village, Jiulong Town, Hailing District, Taizhou, Jiangsu Province 225312 Pr |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.06.2011 |
|
|
|
|
Com. Reg. No.: |
321202000083181 |
|
|
|
|
Legal Form : |
One-Person
Limited Liability Company |
|
|
|
|
Line of Business : |
selling seamless steel tubes |
|
|
|
|
No. of Employees : |
08 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
TAIZHOU
SHUANGYANG TRADE CO., LTD.
ROOM 206, NO. 1
BUILDING, NO. 1588, ZHENDONG VILLAGE, JIULONG TOWN, HAILING DISTRICT, TAIZHOU,
JIANGSU PROVINCE 225312 PR CHINA
TEL: 86 (0)
523-82121683 FAX: 86 (0)
523-86265104
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 1, 2011
REGISTRATION NO. : 321202000083181
REGISTERED LEGAL
FORM : One-person Limited Liability Company
STAFF STRENGTH : 8
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 1,970,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 2,910,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.33= 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 One-person Limited Liability Company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Jun. 1, 2011.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s
registered business scope includes importing and exporting seamless tubes,
precision tubes, motorcycle spare parts, auto parts and metal materials.
SC is mainly
engaged in selling seamless steel tubes.
Mr. Bian Zaiming
is legal representative, chairman and general manager of SC at present.
SC is known to
have approx. 8 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in Taizhou. Our checks
reveal that SC rents the total premise about 100 square meters.
SC
is not known to host web site of its own at present.
SC started normal operation in Sep. of 2011.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Bian Zaiming 100
Legal
Representative, Chairman and General Manager:
Mr. Bian Zaiming, born in 1976, with university education. He is
currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Supervisor:
Ruan Deqin
SC started normal operation in Sep. of 2011.
SC is mainly
engaged in selling seamless steel tubes.
SC’s products mainly include seamless steel tubes, etc.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to overseas
market.
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.
Note:
SC declined to release its major suppliers and clients.
According to http://www.syjmg.com/
Taizhou Shuangyang Precision Seamless Steel Tube Co., Ltd.
Suzhou
Tongji Steel Tube 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.
SC’s accountant
refused to release the bank details.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2011 |
|
Cash & bank |
140 |
|
Inventory |
10 |
|
Accounts
receivable |
0 |
|
Advances to
suppliers |
5,480 |
|
Other
receivables |
140 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
5,770 |
|
Fixed assets net
value |
0 |
|
Projects under
construction |
0 |
|
Intangible and
other assets |
10 |
|
|
------------------ |
|
Total assets |
5,780 |
|
|
=========== |
|
Short loan |
0 |
|
Accounts payable |
0 |
|
Advances from
clients |
2,840 |
|
Taxes payable |
0 |
|
Other Accounts
payable |
20 |
|
Other current
liabilities |
10 |
|
|
------------------ |
|
Current
liabilities |
2,870 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
2,870 |
|
Equities |
2,910 |
|
|
------------------ |
|
Total
liabilities & equities |
5,780 |
|
|
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2011 |
|
Turnover |
1,970 |
|
Cost of goods sold |
1,820 |
|
Sales expense |
0 |
|
Management expense |
240 |
|
Finance expense |
0 |
|
Profit before tax |
-90 |
|
Less: profit tax |
0 |
|
Profits |
-90 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
2.01 |
|
*Quick ratio |
2.01 |
|
*Liabilities to
assets |
0.50 |
|
*Net profit
margin (%) |
-4.57 |
|
*Return on
total assets (%) |
-1.56 |
|
*Inventory
/Turnover ×365 |
2 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
|
*Turnover/Total
assets |
0.34 |
|
* Cost of
goods sold/Turnover |
0.92 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears small.
l
SC has no accounts receivable in 2011.
l
SC has no short-term loan in 2011.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.29 |
|
UK Pound |
1 |
Rs.88.26 |
|
Euro |
1 |
Rs.70.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.