MIRA INFORM REPORT
|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG JINXINDA TOOLS CO., LTD. |
|
|
|
|
Registered Office : |
Jinjianglong
Industrial Zone, Gushan Town, Yongkang,
Zhejiang Province 321300 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.05.2004 |
|
|
|
|
Com. Reg. No.: |
330700400001166 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
manufacturing and selling stainless steel products |
|
|
|
|
No. of Employees : |
110 employees |
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 : |
Slow but Correct |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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
Zhejiang Jinxinda Tools
Co., Ltd.
JINJIANGLONG
INDUSTRIAL ZONE, GUSHAN TOWN, YONGKANG
ZHEJIANG
PROVINCE 321300 PR CHINA
TEL: 86
(0) 579-87068576/87068399
FAX: 86
(0) 579-87068522
EXECUTIVE
SUMMARY
Date of Registration : may 10, 2004
REGISTRATION NO. : 330700400001166
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL :
usd 650,000
staff : 110
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 27,967,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 8,565,000 (AS OF DEC. 31, 2011)
WEBSITE : www.zjjxd.com
E-MAIL :
kingsingda@zjjxd.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.27 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
LEGAL
STATUS & HISTORY
SC was
established as a wholly foreign-owned enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 330700400001166
on May 10, 2004.
SC’s Organization Code Certificate
No.: 76134123-X
SC’s Tax No.: 33078476134123X
SC’s Customs Registration No.: 3307940098
SC’s registered capital: USD 650,000
SC’s paid-in capital: USD 650,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hong Kong Xingmao Development Corp. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Ying Qiaohong |
|
Director |
Li Dexin |
|
Xu Yingjie |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Hong Kong Xingmao Development
Corp. 100
MANAGEMENT
Ying Qiaohong, Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Age: 40
Ø
ID# 330722720701432
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Li Dexin, Director
-----------------------------------
Ø
Gender: M
Ø
Age: 28
Ø
ID# 330722198403072316
Ø Qualification:
University
Xu Yingjie, Director
--------------------------------------
Ø
Gender: M
Ø
Age: 28
Ø
ID# 33072219840417383X
Ø Qualification:
University
BUSINESS
OPERATION
SC’s registered business
scope includes manufacturing and selling hardware tools, stainless steel
products, thermal insulation container, injection plastic products, glass
products, garden machinery, fitness equipment, electric kettle, daily-use metal
products, tourism & leisure goods, and household appliances.
SC is mainly
engaged in manufacturing and selling stainless steel products.
SC’s products mainly include:
·Electric kettles
·Stainless steel vacuum cola bottles
·stainless steel vacuum flask
·stainless steel vacuum travel pot
·stainless steel vacuum wide bottle
·stainless steel vacuum coffee pot
·Stainless steel vacuum kettle
·Stainless steel vacuum baric kettle
·Stainless steel vacuum lunchbox
·Top grade gift box
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 11% of its products in domestic market, and
89% to overseas market, mainly Arab, India, and Philippines.
The
import & export status of SC in 2011 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
Arab |
1,546,559.04 |
-- |
|
India |
1,258,763.00 |
-- |
|
Philippines |
1,049,506.03 |
-- |
|
|
----------------- |
----------------- |
|
Total |
3,854,828.07 |
-- |
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.
Staff & Office:
--------------------------
SC is
known to have approx. 110
staff at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED
COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Agricultural
Bank of China Yongkang Fangyan Sub-branch
AC#:
626501040002629
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
6,320 |
12,564 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
2,963 |
1,058 |
|
Advances to
suppliers |
5,434 |
2,171 |
|
Other receivable |
18,469 |
9,941 |
|
Inventory |
346 |
574 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
33,532 |
26,308 |
|
Fixed assets |
4,662 |
6,755 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investment |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
38,194 |
33,063 |
|
|
============= |
============= |
|
Short-term loans |
23,953 |
20,900 |
|
Notes payable |
4,000 |
3,000 |
|
Accounts payable |
1,458 |
283 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-78 |
146 |
|
Advances from
clients |
89 |
158 |
|
Other payable |
107 |
0 |
|
Accrued expenses |
0 |
0 |
|
Other current
liabilities |
35 |
11 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
29,564 |
24,498 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
29,564 |
24,498 |
|
Equities |
8,630 |
8,565 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
38,194 |
33,063 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
38,027 |
27,967 |
|
Cost of sales |
33,868 |
24,734 |
|
Taxes and surcharges |
30 |
105 |
|
Sales expense |
608 |
517 |
|
Management expense |
1,292 |
1,129 |
|
Finance expense |
1,840 |
1,214 |
|
Non-business
income |
0 |
0 |
|
Non-business expenditure |
38 |
32 |
|
Profit before
tax |
721 |
311 |
|
Less: profit tax |
348 |
253 |
|
373 |
58 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.13 |
1.07 |
|
*Quick ratio |
1.12 |
1.05 |
|
*Liabilities
to assets |
0.77 |
0.74 |
|
*Net profit
margin (%) |
0.98 |
0.21 |
|
*Return on
total assets (%) |
0.98 |
0.18 |
|
*Inventory /
Revenue ×365 |
4 days |
8 days |
|
*Accounts
receivable/ Revenue ×365 |
29 days |
14 days |
|
*
Revenue/Total assets |
1.00 |
0.85 |
|
* Cost of sales
/ Revenue |
0.89 |
0.88 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears average in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear large.
l
SC’s revenue is in an
average 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.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions. The large amount of short-term loans
may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
UK Pound |
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
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.