MIRA
INFORM REPORT
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Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ZHANGJIAGANG KALIN TRADING CO., LTD. |
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Registered Office : |
No. 288 Xitang Road, Tangqiao Town, Zhangjiagang
Jiangsu Province 215611 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.03.2007 |
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Com. Reg. No.: |
320582000107465 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in selling mechanical equipment, cable, textiles
and moulds. |
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No. of Employees : |
15 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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China |
A2 |
A2 |
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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 |
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.
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Source : CIA |
Company name and address
ZHANGJIAGANG
KALIN TRADING CO., LTD.
(TRADE NAME: VICTOR INTERNATIONAL INDUSTRIAL
LIMITED)
NO. 288 XITANG ROAD, TANGQIAO TOWN, ZHANGJIAGANG
JIANGSU PROVINCE 215611 PR CHINA
TEL: 86 (0) 512-58432590/58921222
FAX: 86 (0) 512-58921233
EXECUTIVE SUMMARY
Date of Registration : MARCH 28, 2007
REGISTRATION NO. : 320582000107465
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
HUANG
RENBAO (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 500,000
staff : 15
BUSINESS CATEGORY : trading
Revenue : CNY 20,570,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 4,310,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.23 = 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
Not yet be determined
LEGAL
STATUS & HISTORY
***Note: SC’s name
should be the above stated one, VICTOR INTERNATIONAL INDUSTRIAL LIMITED (the
given name) is SC’s related company registered in Hong Kong, and however, SC always
uses this name as its trade name.
SC was established as a limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
320582000107465 on March 28, 2007.
SC’s Organization Code Certificate No.:
66005084-7
SC’s Tax No.: 320582660050847
SC’s registered capital: CNY 500,000
SC’s paid-in capital: CNY 500,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
3205822112046 |
320582000107465 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Huang Renbao |
60 |
|
Yang Bilin |
20 |
|
Yuan Jun |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Huang Renbao |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Huang Renbao 60
Yang Bilin 20
Yuan Jun 20
MANAGEMENT
Huang Renbao, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------------
Gender: M
Age: 40
Qualification: University
Working experience (s):
From 2007 to present, working in SC as legal representative, chairman
and general manager
BUSINESS
OPERATION
SC’s registered business scope includes purchasing and selling
mechanical equipment, cable, textiles, textile materials, electronic products
and metallic materials; importing and exporting commodities and
technology, excluding items
limited or prohibited by the state.
SC is mainly engaged in selling mechanical equipment, cable, textiles
and moulds.
SC’s products mainly include: mechanical equipment, cable, textiles and
moulds.
SC sources its merchandises 100% from domestic market. SC sells 100% of its merchandises to overseas market, mainly Europe and Southeast Asia.
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.
*Major Supplier*
-------------------
Jiangsu Victor Machinery Co., Ltd.
Staff &
Office:
--------------------------
SC is known to have approx. 15 staff at present.
SC rents an area as its operating office of approx. 100 sq. meters at
the heading address.
RELATED
COMPANY
Victor International Industrial Limited
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Date of Registration: November 5, 2008
Registration No.: 1284811
Legal Form: Private
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’s suppliers declined to make any
comments.
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 Zhangjiagang Sub-branch Tangqiao Office
AC#: 527701040008788
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
2,520 |
4,040 |
|
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Notes receivable |
0 |
0 |
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Accounts receivable |
-1,390 |
-2,530 |
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Advances to suppliers |
0 |
0 |
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Other receivable |
0 |
0 |
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Inventory |
0 |
920 |
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Non-current assets within one year |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
1,130 |
2,430 |
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Fixed assets |
0 |
660 |
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Construction in progress |
0 |
0 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
1,130 |
3,090 |
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|
============= |
============= |
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Short-term loans |
0 |
0 |
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Accounts payable |
-890 |
-480 |
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Taxes payable |
-570 |
-890 |
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Advances from clients |
0 |
0 |
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Other payable |
0 |
0 |
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Other current liabilities |
140 |
150 |
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------------------ |
------------------ |
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Current liabilities |
-1,320 |
-1,220 |
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Non-current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
-1,320 |
-1,220 |
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Equities |
2,450 |
4,310 |
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|
------------------ |
------------------ |
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Total liabilities & equities |
1,130 |
3,090 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
Revenue |
20,570 |
|
Cost of sales |
15,590 |
|
Sales expense |
1,550 |
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Management expense |
870 |
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Finance expense |
80 |
|
Profit before tax |
2,470 |
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Less: profit tax |
620 |
|
1,850 |
***Note: SC’s
Y2011 financials are not filed in local SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
-0.86 |
-1.99 |
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*Quick ratio |
-0.86 |
-1.24 |
|
*Liabilities to assets |
-1.17 |
-0.39 |
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*Net profit margin (%) |
-- |
8.99 |
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*Return on total assets (%) |
-- |
59.87 |
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*Inventory / Revenue ×365 |
-- |
16 days |
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*Accounts receivable/ Revenue ×365 |
-- |
-- |
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* Revenue/Total assets |
-- |
6.66 |
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* Cost of sales / Revenue |
-- |
0.76 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears average in 2010.
SC’s net profit margin is fairly good in 2010.
SC’s return on total assets is good in 2010.
SC’s cost of sales is average in 2010, comparing with its revenue.
LIQUIDITY: AVERAGE
The inventory of SC appears average in 2010.
SC has no short-term loans in both years.
SC’s revenue is in a fairly good level in 2010, comparing with the size
of its total assets.
LEVERAGE: AVERAGE
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered small-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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.