MIRA INFORM REPORT
|
Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
Zhejiang
Pinghu Foreign Trade Co., Ltd. |
|
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|
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Registered Office : |
No. 208-238 East Danghu Road,
Pinghu, Zhejiang Province 314200 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.03.1998 |
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Com. Reg. No.: |
330482000005408 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
·
Subject registered business scope includes
importing and exporting commodities and technology; and selling electronic
equipment, building materials, metal materials, textiles, garment, computer
& accessories, household electric appliance, cosmetics, bags, machinery,
chemical materials and chemical products. ·
Subject engaged in international trade. |
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|
|
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No. of Employees : |
38 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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 &
address
Zhejiang Pinghu
Foreign Trade Co., Ltd.
no.
208-238 east danghu road
pinghu,
ZHEJIANG PROVINCE 314200 PR CHINA
TEL: 86
(0) 573-85138001/85138038
FAX: 86
(0) 573-85138000
EXECUTIVE SUMMARY
Date of Registration : march 25, 1998
REGISTRATION NO. : 330482000005408
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 6,000,000
staff : 38
BUSINESS CATEGORY : TRADING
Revenue : CNY 340,774,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 23,012,000 (AS OF DEC. 31, 2012)
WEBSITE : www.phftco.com.cn
E-MAIL :
yjsping@sina.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND : FAIRly stable
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.15 = 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
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 330482000005408 on March 25, 1998.
SC’s Organization Code Certificate No.:
70443591-8
SC’s Tax No.: 330482704435918
SC’s registered capital: CNY 6,000,000
SC’s paid-in capital: CNY 6,000,000
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 |
|
Zhejiang Newfine Industry Co.,
Ltd. |
62.00 |
|
Jin Lijuan |
0.83 |
|
Tong Jianfeng |
7.08 |
|
Mao Xiaoqin |
0.50 |
|
Lu Wenyi |
0.83 |
|
Zhang Peijian |
11.34 |
|
Xia Qing |
2.50 |
|
Shen Linye |
9.17 |
|
Zhang Bainian |
1.83 |
|
Yu Jian |
0.35 |
|
Wang Yongzhong |
1.67 |
|
Zhu Di |
1.25 |
|
Chen Weijun |
0.65 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Xuan Jiyong |
|
General Manager and Director |
Zhang Peijian |
|
Deputy General Manager and
Director |
Shen Linye |
|
Director |
Bi Yanqin |
|
Shen Jianhua |
|
|
Tong Jianfeng |
|
|
Ye Jinzhi |
|
|
Supervisor |
Mao Xiaoqin |
|
Xia Qing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART
& BACKGROUND
Name %
of Shareholding
Zhejiang Newfine Industry Co.,
Ltd. 62.00
Jin Lijuan 0.83
Tong Jianfeng 7.08
Mao Xiaoqin 0.50
Lu Wenyi 0.83
Zhang Peijian 11.34
Xia Qing
2.50
Shen Linye 9.17
Zhang Bainian 1.83
Yu Jian 0.35
Wang Yongzhong 1.67
Zhu Di 1.25
Chen Weijun 0.65
l
Zhejiang Newfine Industry Co., Ltd.
------------------------------------------------
Registration No.: 330000000035572
Date of Registration: December 26, 2000
Legal Form: Shares
Limited Company
Registered Capital: CNY
51,800,000
Legal Representative: Xuan Jiyong
Web: www.newfine.com.cn
MANAGEMENT
Xuan Jiyong, Legal
Representative and Chairman
----------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 330425194806260017
Ø
Age: 65
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and chairman
Also working in Zhejiang Newfine
Industry Co., Ltd. as legal representative
Zhang Peijian, General Manager and Director
-----------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 330422195404090014
Ø
Age: 59
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager and director
Shen Linye, Deputy General Manager and Director
------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 330422196310202112
Ø
Age: 50
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager and director
Director
------------
Bi Yanqin ID#
330402196410241228
Shen Jianhua ID#
110105196709175474
Tong Jianfeng ID#
33048219790812181X
Ye Jinzhi ID#
330402196206230628
Supervisor
---------------
Mao Xiaoqin ID#
330482198305312726
Xia Qing ID#
330422197101180011
BUSINESS OPERATION
SC’s
registered business scope includes importing and exporting commodities and
technology; and selling electronic equipment, building materials, metal
materials, textiles, garment, computer & accessories, household electric
appliance, cosmetics, bags, machinery, chemical materials and chemical
products.
SC is mainly
engaged in international trade.
SC’s
products mainly include:
Garments
Jacket
Coat
Sweater
Etc.
SC sources its products 100% from domestic market. SC sells 84% in domestic market and 16% to overseas market, mainly U.S.A., Southeast Asia, etc.
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 Clients*
------------------
Ricardo Beverly Hills
Atrevete Inc.Dba Be Cool
Staff & Office:
--------------------------
SC is
known to have approx. 38 staff
at present.
SC rents an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is not known to have the 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:
Bank
of China Pinghu Sub-branch
AC#:
860015218608091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
20,110 |
12,353 |
|
|
Short-term investment |
3,214 |
6,741 |
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
29,765 |
29,552 |
|
Advances to
suppliers |
22,788 |
19,295 |
|
Subsidy
receivable |
12,861 |
10,889 |
|
Other receivable |
425 |
1,960 |
|
Inventory |
235 |
0 |
|
Deferred
expenses |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
89,398 |
80,790 |
|
Fixed assets |
5,538 |
4,924 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
1,038 |
1,009 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
95,974 |
86,723 |
|
|
============= |
============= |
|
Short-term loans |
5,000 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
46,571 |
45,191 |
|
Wages payable |
0 |
86 |
|
Taxes payable |
855 |
1,659 |
|
Advances from
clients |
18,003 |
16,292 |
|
Other payable |
6,447 |
472 |
|
Other current
liabilities |
63 |
11 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
76,939 |
63,711 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
76,939 |
63,711 |
|
Equities |
19,035 |
23,012 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
95,974 |
86,723 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
408,990 |
340,774 |
|
Cost of sales |
393,067 |
326,754 |
|
Taxes and surcharges |
410 |
225 |
|
Sales expense |
12,279 |
11,993 |
|
Management expense |
3,528 |
3,421 |
|
Finance expense |
-2,826 |
-1,464 |
|
Investment
income |
112 |
342 |
|
Subsidy income |
300 |
138 |
|
Non-operating
income |
13 |
5,908 |
|
Non-operating expense |
5 |
18 |
|
Profit before
tax |
3,303 |
6,506 |
|
Less: profit tax |
855 |
1,627 |
|
2,448 |
4,879 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
1.16 |
1.27 |
|
*Quick ratio |
1.16 |
1.27 |
|
*Liabilities
to assets |
0.80 |
0.73 |
|
*Net profit
margin (%) |
0.60 |
1.43 |
|
*Return on total
assets (%) |
2.55 |
5.63 |
|
*Inventory /
Revenue ×365 |
1 day |
-- |
|
*Accounts
receivable/ Revenue ×365 |
27 days |
32 days |
|
*
Revenue/Total assets |
4.26 |
3.93 |
|
* Cost of
sales / Revenue |
0.96 |
0.96 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it
decreased in 2012.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in 2011,
fairly good in 2012.
l
SC’s cost of sales is high, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
SC has no inventory in 2012.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in 2012.
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: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
UK Pound |
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.