MIRA
INFORM REPORT
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Report Date : |
29.05.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHANGJIAGANG TUBES CHINA CO.,
LTD. |
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Registered Office : |
West Block Of |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.07.2007 |
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Com. Reg. No.: |
320582000113023 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
Engaged in exporting steel tubes |
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No. of Employees : |
22 |
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 – March 31st, 2012
|
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 |
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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
ZHANGJIAGANG TUBES CHINA CO., LTD.
WEST BLOCK OF GUOMAI MANSION,
RENMIN MIDDLE ROAD,
ZHANGJIAGANG, JIANGSU PROVINCE,
215600 PR CHINA
TEL: 86 (0) 512-58171728/58171725 FAX: 86 (0) 512-58321138
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 13, 2007
REGISTRATION NO. : 320582000113023
REGISTERED LEGAL FORM :
ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH : 22
REGISTERED CAPITAL :
CNY 5,000,000
BUSINESS LINE : TRADING
TURNOVER : cny 194,230,000 (As of DEC. 31, 2011)
EQUITIES : cny 5,650,000 (As of DEC. 31, 2011)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.32 = 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 one-person limited liability company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jul. 13, 2007.
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 sourcing and selling
metal products, building materials, plastic products, leather products,
knitwear, and textiles; importing and exporting commodities and technology
(excluding the items limited or prohibited by state).
SC is
mainly engaged in exporting steel tubes.
Mr. You
Yongbin has been the legal representative, chairman and general manager of SC
since 2007.
SC is
known to have approx. 22 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Zhangjiagang. Our
checks reveal that SC rents the total premise about 120 square meters.
http://www.tubeschina.com/ The website belongs to Tubes
China, and it includes the information on SC and its related companies. The
design is professional and the content is well organized. At present it is in
Chinese, English and other versions.
Email: sales@tubeschina.com
Changes of its registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
2008 |
Registration
No. |
3205822112652 |
Present
one |
|
2010-3 |
Registered
capital |
CNY
1,000,000 |
Present
amount |
MAIN SHAREHOLDER:
Name %
of Shareholding
You Yongbin
100
ID# 330226197108241598
l
Legal representative, Chairman and
General manager:
Mr. You Yongbin, ID# 330226197108241598, born in 1971, with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 2007 to present Working in SC as legal representative, chairman and
general manager
Supervisor:
--------------
Ms. Zhou Lijun
ID# 320521197307171425
SC is mainly
engaged in exporting steel tubes.
SC’s
products mainly include: cold drawn tube, seamless steel tube, precision tube,
etc.
SC
sources its materials 100% from domestic market. SC sells 5% of its products in
domestic market, and 95% to the overseas markets, mainly India.
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.
Note: SC’s management declined
to release its customer and supplier details.
SC is jointly occupying the heading premise with the following
company:
Zhangjiagang Free Trade Zone Youth Int’L Trade Co., Ltd.
Related companies: (website sources)
Tianjin Pipe (Group) Corporation
Jiangsu Huacheng Industry Pipe Making Corp.
Dp-Master Manufacturing 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.
Bank
of Jiangsu Zhangjiagang Branch
AC#：901015232000024282
Relationship:
Normal.
Balance
Sheet
Unit:
CNY’000
|
|
As of
Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
4,130 |
2,180 |
|
|
Inventory |
19,860 |
20,870 |
|
Accounts
receivable |
15,930 |
21,180 |
|
Advances
to suppliers |
8,720 |
210 |
|
Other
receivables |
6,190 |
2,960 |
|
Other current assets |
20 |
0 |
|
|
------------------ |
------------------ |
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Current
assets |
54,850 |
47,400 |
|
Fixed
assets net value |
700 |
870 |
|
Long
term investment |
0 |
0 |
|
Other
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
assets |
55,550 |
48,270 |
|
|
============= |
============= |
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Short
loans |
13,530 |
22,410 |
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Accounts
payable |
30 |
0 |
|
Bills
payable |
27,400 |
10,320 |
|
Advances
from clients |
5,180 |
3,350 |
|
Taxes
payable |
-1,330 |
-2,080 |
|
Other
accounts payable |
4,870 |
8,550 |
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Other
current liabilities |
280 |
70 |
|
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------------------ |
------------------ |
|
49,960 |
42,620 |
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Long
term liabilities |
0 |
0 |
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|
------------------ |
------------------ |
|
49,960 |
42,620 |
|
|
Equities |
5,590 |
5,650 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
55,550 |
48,270 |
|
|
============= |
============= |
Income
Statement
Unit:
CNY’000
Important
Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current
ratio |
1.10
|
1.11 |
|
*Quick
ratio |
0.70
|
0.62 |
|
*Liabilities
to assets |
0.90
|
0.88 |
|
*Net
profit margin (%) |
0.20
|
0.03 |
|
*Return
on total assets (%) |
0.68
|
0.12 |
|
*Inventory
/Turnover ×365 |
39
days |
40
days |
|
*Accounts
receivable/Turnover ×365 |
32
days |
40
days |
|
*Turnover/Total
assets |
3.35
|
4.02 |
|
*
Cost of goods sold/Turnover |
0.92
|
0.94 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good
in both years.
l
SC’s net profit margin is average in
both years.
l
SC’s return on total assets is average
in both years.
l
SC’s cost of goods sold is fairly high
in both years, 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
fair level in both years
l
The inventory of SC appears average.
l
The accounts receivable of SC appears
average.
l
The short loan of SC appears large.
l
SC’s turnover is in a fairly good
level, 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. The large amount of short loan could be a threat to SC’s
financial condition. A credit line up to USD 30,000 would appear to be within
SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.26 |
|
|
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.