MIRA INFORM REPORT
|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG HENGDIAN APELOA IMP & EXP CO.,
LTD. |
|
|
|
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Registered Office : |
4/F, Block A, World Trade Office Plaza, No. 122,
Shuguang Road, Hangzhou, Zhejiang Province 310007 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.10.2011 |
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Com. Reg. No.: |
330783000081510 |
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Legal Form : |
One-person Limited
Liability Company |
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Line of Business : |
Subject includes operating and
acting as an agent of importing and exporting various kinds of commodities
and technology. |
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No. of Employees : |
188 |
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 |
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Payment Behaviour : |
Slow but correct |
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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, 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 |
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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 and Address
zhejiang hengdian apeloa imp & exp co.,
ltd.
4/F, BLOCK A, WORLD TRADE OFFICE PLAZA, NO.
122, SHUGUANG ROAD
HANGZHOU, ZHEJIANG PROVINCE 310007 PR CHINA
TEL: 86 (0) 571-87637391/87635800
FAX: 86 (0) 571-87990222
EXECUTIVE SUMMARY
Date of Registration : October 10, 2011
REGISTRATION NO. : 330783000081510
LEGAL FORM : One-person Limited Liability Company
CHIEF
EXECUTIVE : wu xing (LEGAL
REPRESENTATIVE)
REGISTERED
CAPITAL : cny 50,000,000
staff :
188
BUSINESS
CATEGORY : trading
Revenue :
cny 917,797,000 (AS OF DEC. 31, 2012)
EQUITIES :
cny 90,357,000 (AS OF DEC. 31, 2012)
WEBSITE :
N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET
CONDITION :
competitive
FINANCIAL
CONDITION : fairly
stable
OPERATIONAL
TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
6.18 = 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 one-person limited liability company of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 330783000081510 on October 10, 2011.
SC’s Organization Code Certificate
No.: 58357423-2
SC’s registered capital: cny 50,000,000
SC’s paid-in capital: cny 50,000,000
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 Hengdian Import and
Export Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Wu Xing |
|
Director |
Zhu Fangmeng |
|
Xu Wencai |
|
|
Hu Tiangao |
|
|
Li Baoping |
|
|
Supervisor |
Huang Guimiao |
|
Li Jia |
|
|
Wang Qiang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhejiang
Hengdian Import and Export Co., Ltd. 100
---------------------------------
Date of Registration: June 3, 1997
Registration No.: 330783000046130
Legal Form: Limited Liability
Company
Registered Capital: CNY 50,000,000
MANAGEMENT
Wu Xing, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 41
Ø
ID# 330724197202082014
Ø Qualification:
University
Ø Working experience
(s):
From 2011 to present, working in SC as legal
representative, chairman and general manager
Also
as director of Zhejiang Hengdian Import and Export
Co., Ltd.
Director
-----------
Zhu Fangmeng ID# 42280119720722141X
Xu Wencai ID# 330104196601181631
Hu Tiangao ID# 330724196509140018
Li Baoping ID# 33010319640314231X
Supervisor
-------------
Huang Guimiao ID# 33072419561025543X
Li Jia ID#
510213197009141622
Wang Qiang ID# 110107196907130632
BUSINESS OPERATION
SC’s registered business scope includes operating and
acting as an agent of importing and exporting various kinds of commodities and
technology, excluding the goods forbidden by the government; processing with
imported materials, processing with imported samples, assembling with imported
parts, and compensation trade in agreement; counter trade & transit trade.
SC is
mainly engaged in international trade.
SC’s
products mainly include: chemical products, textile, etc.
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 70% of its products in domestic market, and
30% to overseas market, mainly Southeast Asia, etc.
The
buying terms of SC include 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. 188
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 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:
Bank of China Zhejiang Province
Branch
AC#: 403959867567
Agricultural Bank of China
Dongyang Sub-branch
AC#: 19635101040016205
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
47,215 |
418,885 |
|
|
Notes receivable |
0 |
1,064 |
|
Accounts
receivable |
3,517 |
157,728 |
|
Advances to
suppliers |
5,614 |
13,300 |
|
Other receivable |
35 |
7,177 |
|
Inventory |
2,546 |
7,486 |
|
Deferred
expenses |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
58,927 |
605,640 |
|
Fixed assets |
20 |
1,736 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
2,156 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
58,947 |
609,532 |
|
|
============= |
============= |
|
Short-term loans |
0 |
173,098 |
|
Notes payable |
8,991 |
295,110 |
|
Accounts payable |
313 |
20,892 |
|
Wages payable |
0 |
343 |
|
Taxes payable |
-505 |
7,555 |
|
Interest payable |
0 |
492 |
|
Advances from
clients |
0 |
3,130 |
|
Other payable |
57 |
18,555 |
|
Other current
liabilities |
2 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
8,858 |
519,175 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
8,858 |
519,175 |
|
Equities |
50,089 |
90,357 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
58,947 |
609,532 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
4,082 |
917,797 |
|
Cost of sales |
3,663 |
828,609 |
|
Taxes and surcharges |
0 |
43 |
|
Sales expense |
305 |
21,066 |
|
Management expense |
179 |
10,934 |
|
Finance expense |
-183 |
-5,536 |
|
Investment
income |
0 |
61 |
|
Non-operating income |
0 |
0 |
|
Non-operating expense |
0 |
273 |
|
Profit before
tax |
118 |
54,031 |
|
Less: profit tax |
29 |
13,624 |
|
89 |
40,407 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
6.65 |
1.17 |
|
*Quick ratio |
6.36 |
1.15 |
|
*Liabilities
to assets |
0.15 |
0.85 |
|
*Net profit
margin (%) |
2.18 |
4.40 |
|
*Return on
total assets (%) |
0.15 |
6.63 |
|
*Inventory /
Revenue ×365 |
228 days |
3 days |
|
*Accounts
receivable / Revenue ×365 |
315 days |
63 days |
|
* Revenue /
Total assets |
0.07 |
1.51 |
|
* Cost of
sales / Revenue |
0.90 |
0.90 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fair in 2011, and it was rising significantly in 2012.
l SC’s net profit
margin is average in 2011, fairly good in 2012.
l SC’s return on
total assets is average in 2011, fairly good in 2012.
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 appears average in 2012.
l
The accounts receivable of SC appears large in
2012.
l
SC’s short-term loans appear large in 2012.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high in 2012.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable
financial conditions. The large amount of accounts receivable
& short-term loans may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.78 |
|
UK Pound |
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.24 |
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.