MIRA
INFORM REPORT
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Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
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Name : |
Zhejiang
Zhongjin Aluminum Industry Co., Ltd. |
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Registered Office : |
No. 408 Fangsongxian, Cidong Industrial Zone, Cixi,
Zhejiang Province, 315338 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.05.2008 |
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Com. Reg. No.: |
330282000051939 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Engaged in manufacturing and selling aluminum products. |
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No. of Employees : |
320 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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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 : |
Slow |
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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
|
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
Zhejiang Zhongjin Aluminum Industry
Co., Ltd.
No. 408 Fangsongxian, Cidong
Industrial Zone,
Cixi, Zhejiang PROVINCE, 315338 PR
CHINA
TEL: 86 (0)
574-58583331/58583322-3319 FAX:
86 (0) 574-58583312/58583308
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 26, 2008
REGISTRATION NO. : 330282000051939
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 320
REGISTERED CAPITAL :
CNY 100,180,000
BUSINESS LINE : Manufacturing &
SELLING
TURNOVER : CNY 50,920,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 76,980,000 (AS OF DEC. 31,
2011)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.25 = 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
Note: SC’s present address “No. 408
Fangsongxian” was formerly named as “No. 1 Tianxu Road”.
SC was registered as a Limited
liabilities co. at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on May 26, 2008.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes R & D the technology of rolling of aluminum and
aluminum alloy materials; manufacturing of aluminum products, plastic film;
import & export and agency of goods and technology, excluding those limited
and prohibited by the state.
SC is
mainly engaged in manufacturing and selling aluminum products.
Mr.
Ding Rongjiang is legal representative and chairman of SC at present.
SC is
known to have approx. 320 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of Cixi.
SC’s accountant Ms. Wang released that SC owns the total premise about 40,000
square meters.
http://www.zhongjinalu.com/ The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
E-mail: zhongjinlvye@zhongjinalu.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lamo Electrical Appliance Group
Co., Ltd.
32
Ningbo Pacific Packing Band Co.,
Ltd.
28
Cixi City Shuangfu Electrical
Appliance Co., Ltd.
25
Cixi Chenkai Brake Parts Co.,
Ltd.
15
Lamo Electrical Appliance Group
Co., Ltd.
===============================
Registration No.:
330282000104676
Incorporation Date: Jul. 30,
1999
Chairman: Cen Mengda
Web: http://www.lamo-china.com/
E-mail: lamohr@lamo-china.com
Tel.: 86-574-63590840
Ningbo Pacific Packing Band Co.,
Ltd.
============================
Registration No.:
330282000052304
Incorporation Date: Mar. 7, 1991
Chairman: Ding Rongjiang
Web: http://www.cnpacific.com/
Email: manager@pacific-package.com
Tel.: 86-574-63569007
Fax: 86-574-63569569
Cixi City Shuangfu Electrical
Appliance Co., Ltd.
====================================
Registration No.:
330282000233182
Incorporation Date: Jul. 4, 1990
Chairman: Zhou Guonan
Web: http://www.china-shuangfu.com/
Email: office@china-shuangfu.com
Tel.: 86-574-63563378
Fax: 86-574-63569028
Cixi Chenkai Brake Parts Co.,
Ltd.
=========================
Registration No.:
330282000113672
Incorporation Date: Jun. 3, 1994
Chairman: Feng Guoping
Email: ckgs@vip.163.com
Tel.: 86-574-63574223
Fax: 86-574-63578023
l
Legal Representative and Chairman:
Mr. Ding Rongjiang, born in 1963, he is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative
and chairman.
Also working in Ningbo Pacific
Packing Band Co., Ltd. and Ningbo Debei Packing Machinery Manufacturing Co.,
Ltd. as legal representative.
SC is mainly
engaged in manufacturing and selling aluminum products.
SC’s products mainly include: Aluminum foil spot, Smoke
foil, Medicine aluminum foil, Electronics aluminum foil, Cables aluminum foil,
Decoration aluminum foil, air conditioning aluminum foil, PS/CTP baseboard,
aluminum foil Blank, aluminum sheet, Home aluminum foil, Container box,
high-precision light gauge foil, etc.
SC sources its materials 100%
from domestic market. SC sells 50% of its products in domestic market, and 50%
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’s management declined to release its major clients and
suppliers.
Ningbo Debei Packing Machinery Manufacturing Co., Ltd.
=========================
Registration No.:
330282000048902
Incorporation Date:
Chairman: Ding Rongjiang
Etc.
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
declined to release its banking details.
Balance
Sheet
Unit:
CNY’000
|
|
as of Dec. 31, 2011 |
|
Cash
& bank |
115,460 |
|
Inventory |
20,080 |
|
Accounts
receivable |
6,180 |
|
Note
receivable |
570 |
|
Advances
to suppliers |
86,020 |
|
Other
receivables |
0 |
|
Dividends
receivable |
0 |
|
Other
current assets |
1,220 |
|
|
------------------ |
|
Current
assets |
229,530 |
|
Fixed
assets net value |
132,260 |
|
Projects
under construction |
62,610 |
|
Long
term investment |
0 |
|
Long-term
prepaid expenses |
9,580 |
|
Intangible
assets |
26,270 |
|
Other
assets |
610 |
|
|
------------------ |
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Total
assets |
460,860 |
|
|
============= |
|
Short
loans |
40,000 |
|
Accounts
payable |
88,260 |
|
Other
accounts payable |
7,820 |
|
Notes
payable |
179,800 |
|
Taxes
payable |
-32,830 |
|
Advances
from clients |
0 |
|
Accrued
payroll |
810 |
|
Dividends
payable |
0 |
|
Other
payable |
0 |
|
Other
current liabilities |
20 |
|
|
------------------ |
|
Current
liabilities |
283,880 |
|
Long
term liabilities |
100,000 |
|
|
------------------ |
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Total
liabilities |
383,880 |
|
Equities |
76,980 |
|
|
------------------ |
|
Total
liabilities & equities |
460,860 |
|
|
============= |
Income
Statement
Unit:
CNY’000
|
|
as
of Dec. 31, 2011 |
|
Turnover |
50,920 |
|
Cost
of goods sold |
61,740 |
|
Taxes
and additional of main operation |
40 |
|
Other
business profit |
-510 |
|
Sales expense |
1,210 |
|
Management expense |
5,080 |
|
Finance expense |
7,390 |
|
Investment
income |
-260 |
|
Non-operating
income |
2,130 |
|
Non-operating expense |
10 |
|
Profit
before tax |
-23,190 |
|
Less:
profit tax |
0 |
|
Profits |
-23,190 |
Important
Ratios
=============
|
|
as of Dec. 31, 2011 |
|
*Current
ratio |
0.81
|
|
*Quick
ratio |
0.74
|
|
*Liabilities
to assets |
0.83
|
|
*Net
profit margin (%) |
-45.54 |
|
*Return
on total assets (%) |
-5.03 |
|
*Inventory
/Turnover ×365 |
144
days |
|
*Accounts
receivable/Turnover ×365 |
45
days |
|
*Turnover/Total
assets |
0.11
|
|
*
Cost of goods sold/Turnover |
1.21
|
PROFITABILITY:
FAIR
l
The turnover of SC appears average in
its line.
l
SC’s net profit margin is poor.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is too high,
comparing with its turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is fair.
l
SC’s quick ratio is maintained in a
fair level.
l
The inventory conversion period of SC
appears long in 2011.
l
The accounts receivable of SC appears
average in 2011.
l
SC’s short-term loan appears average in
2011.
l
SC’s turnover is poor, 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: Fair.
SC is considered medium-sized in its line with fair
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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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.