MIRA
INFORM REPORT
|
Report Date : |
11.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
HUANGYAN GIANT STAR MOULD
FACTORY |
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Registered Office : |
No. 12, Maofeng Street, Xinqian Development Zone,
Huangyan, Taizhou, 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 : |
13.09.1996 |
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Com. Reg. No.: |
331003000074199 |
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Legal Form : |
Shares Jointly Owned Enterprise |
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Line of Business : |
Manufacturing and selling mould |
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No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Unknown |
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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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned
system to a more market-oriented one that plays a major global role - in 2010
China became the world's largest exporter. Reforms began with the phasing out
of collectivized agriculture, and expanded to include the gradual
liberalization of prices, fiscal decentralization, increased autonomy for state
enterprises, creation of a diversified banking system, development of stock
markets, rapid growth of the private sector, and opening to foreign trade and
investment. China has implemented reforms in a gradualist fashion. In recent
years, China has renewed its support for state-owned enterprises in sectors it
considers important to "economic security," explicitly looking to
foster globally competitive national champions. After keeping its currency
tightly linked to the US dollar for years, in July 2005 China revalued its
currency by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. From mid 2005 to late 2008 cumulative
appreciation of the renminbi against the US dollar was more than 20%, but the
exchange rate remained virtually pegged to the dollar from the onset of the
global financial crisis until June 2010, when Beijing allowed resumption of a
gradual appreciation. The restructuring of the economy and resulting efficiency
gains have contributed to a more than tenfold increase in GDP since 1978.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2010 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to near 9% for 2011. An economic slowdown in Europe is expected to
further drag Chinese growth in 2012. Debt overhang from the stimulus program,
particularly among local governments, and a property price bubble challenge
policy makers currently. The government's 12th Five-Year Plan, adopted in March
2011, emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent on exports in the
future. However, China has made only marginal progress toward these rebalancing
goals.
Source : CIA
Company name and address
HUANGYAN GIANT STAR MOULD FACTORY
NO. 12, MAOFENG STREET, XINQIAN DEVELOPMENT ZONE, HUANGYAN,
TAIZHOU, ZHEJIANG PROVINCE, 318020 PR CHINA
TEL: 86 (0) 576-84062066/84010778 FAX: 86 (0) 576-84062065
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEP. 13, 1996
REGISTRATION NO. :
331003000074199
REGISTERED LEGAL FORM : SHARES JOINTLY OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. FANG CHENHUI (FACTORY
MANAGER)
STAFF STRENGTH :
20
REGISTERED CAPITAL : CNY 90,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 5,950,000 (AS
OF DEC. 31, 2011)
EQUITIES :
CNY 640,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.35 = USD
Adopted
abbreviations:
ANS -
amount not stated
NS -
not stated
SC -
subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: SC is also known as Huangyan Juxing
Mould Factory.
SC was registered as a Shares jointly owned enterprise at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Sep. 13, 1996.
Company Status: Shares Jointly Owned This form of business in PR China
is defined as a legal person whose registered capital is mostly or wholly
raised by the staff members of the enterprise. Its shareholders consist of
at least 8 staff members, and the staff members that are not shareholders
should be less than 10% of the total staff members. It operates as a
cooperative, under democratic management, paying salaries according to the
achievements of staff members and distributing its profit according the
shares owned.
SC’s registered
business scope includes manufacturing mould, plastic products (with permit if
needed).
SC is mainly engaged in manufacturing and selling mould.
Mr.
Fang Chenhui is factory manager of SC at present.
SC is known to have approx. 20 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the development zone of
Taizhou. Our checks revealed that SC rents the total premise, but the gross
area of the premise is unspecific.
http://www.juxingmould.com/ The design is
professional and the content is well organized. At present it is in both
English and Chinese versions.
E-mail: juxing@juxingmould.com
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2011 |
Registration
no. |
3310031003506 |
The present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Fang Chenhui 66.67
Yang Wanping 33.33
l
Factory manager:
Mr. Fang Chenhui, ID# 332603710907281, born in 1971. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as factory manager.
SC is
mainly engaged in manufacturing and selling mould.
SC’s
products mainly include:
Injection
Mould
Battery
Container Mould
Auto
Parts Mould
Commodity
Mould
Home
Appliance Mould
Blow
Mould
Die
Casting Mould
Etc.
SC sources its materials 100%
from domestic market. SC sells 10% of its products in domestic market, and 90%
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 refused to release its major suppliers and customers.
SC is not known to have any subsidiary at present.
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.
China Construction Bank
Huangyan Sub-branch
AC#:
33001662200050011613
Relationship:
Normal.
Balance
Sheet
|
Unit:
CNY’000 |
as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
|
Cash
& bank |
80 |
360 |
|
Inventory |
30 |
150 |
|
Accounts
receivable |
110 |
260 |
|
Advances
to suppliers |
80 |
0 |
|
Other
receivables |
0 |
0 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
300 |
770 |
|
Fixed
assets net value |
540 |
1,000 |
|
Projects
under construction |
0 |
0 |
|
Long
term investment |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Other
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
assets |
840 |
1,770 |
|
|
============= |
============= |
|
Short
loans |
270 |
390 |
|
Accounts
payable |
100 |
780 |
|
Accounts
from customers |
180 |
40 |
|
Notes
payable |
0 |
0 |
|
Other
payable |
10 |
0 |
|
Accrued
payroll |
30 |
120 |
|
Taxes
payable |
-20 |
-200 |
|
Other
current liabilities |
150 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
720 |
1,130 |
|
Long
term loan |
0 |
0 |
|
Other
long tern liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
720 |
1,130 |
|
Equities |
120 |
640 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
840 |
1,770 |
|
|
============= |
============= |
Income
Statement
|
Unit:
CNY’000 |
as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
|
Turnover |
1,200 |
5,950 |
|
Cost of goods sold |
960 |
5,000 |
|
Sales expense |
110 |
150 |
|
Management expense |
100 |
140 |
|
Finance expense |
0 |
10 |
|
Profit
before tax |
-20 |
650 |
|
Less:
profit tax |
0 |
150 |
|
Profits |
-20 |
500 |
Important
Ratios
=============
|
|
as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
|
*Current
ratio |
0.42 |
0.68 |
|
*Quick
ratio |
0.38 |
0.55 |
|
*Liabilities
to assets |
0.86 |
0.64 |
|
*Net
profit margin (%) |
-1.67 |
8.40 |
|
*Return
on total assets (%) |
-2.38 |
28.25 |
|
*Inventory
/Turnover ×365 |
10 days |
10 days |
|
*Accounts
receivable/Turnover ×365 |
34 days |
16 days |
|
*Turnover/Total
assets |
1.43 |
3.36 |
|
*
Cost of goods sold/Turnover |
0.80 |
0.84 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in
its line, and it increased in 2011.
l
SC’s net profit margin is fair in 2010
and fairly good in 2011.
l
SC’s return on total assets is fair in
2010 and good in 2011.
l
SC’s cost of goods sold is average,
comparing with its turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a fair level.
l
SC’s quick ratio is maintained in a
fair level.
l
The inventory of SC is average.
l
The accounts receivable of SC is
average.
l
The short term loan of SC is fairly
large.
l
SC’s turnover is in an average level in 2010 and fairly good in 2011,
comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is high in 2010 and average in 2011.
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 term loan could be a threat to
SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
|
1 |
Rs.88.50 |
|
Euro |
1 |
Rs.70.74 |
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.