MIRA
INFORM REPORT
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Report Date : |
20.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG AMP ORIENT IMP. & EXP. CO., LTD. |
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Registered Office : |
Room 1802, Zhejiang Amp Building, No. 199, Tai’an Road, Binjiang District, Hangzhou City, Zhejiang Province, 310051 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
09.09.2002 |
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Com. Reg. No.: |
330000000010715 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International Trade mainly include electronic product,
costume, and body
building apparatus, etc. |
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No. of Employees : |
14 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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 AMP Orient IMP. & EXP. Co., Ltd.
Room 1802, Zhejiang
Amp Building, No. 199, Tai’an Road, Binjiang District, Hangzhou City, Zhejiang
Province, 310051 PR CHINA
TEL: 86 (0)
571-87661917/87661983
FAX: 86 (0)
571-87661904
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 9, 2002
REGISTRATION NO. : 330000000010715
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
14
REGISTERED CAPITAL : CNY 7,500,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 156,160,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 13,430,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.13 = 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
SC was registered as a limited liabilities company at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Sep. 9, 2002.
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 wholesaling of chlorodifluormethane. Selling of general
merchandise, clothing, knitwear and textiles, handicrafts, stationery,
hardware, electrical and mechanical equipment, motorcycles and accessories,
scooter, timber, building materials, plastic products, and technical advisory
services, import and export business (range should according to “Import and
Export enterprise Qualification Certificate of People's Republic of China”)
SC is mainly
engaged in international trade.
Mr. Fang
Jianhua is legal representative and
chairman of SC at present.
SC is known
to have approx. 14 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Hangzhou. Detailed information of
the premise is unspecified.
http://www.zjamporient.com/
The website can't be opened at present.
E-mail: sales@zjampor.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2012-7 |
Registered Capital |
CNY 7,000,000 |
Present amount |
|
Shareholdings & shareholders |
Zhejiang AMP Incorporation 51% Chen Hao20.72% Wu Lei .79% Cai Yangfeng 5.71% Chen Yijuan 3.93% Chen Jing
3.21% Xu Shujun 3% Fang Jianhua 3% Hu Guoxiu 2.21% Wu Changjia 0.43% |
Present ones |
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhejiang AMP Incorporation 51
Chen Hao 22.4
Wu Lei 7
Cai Yangfeng 5.33
Chen Yijuan 4.07
Xu Shujun 3.47
Fang Jianhua 3
Hu Guoxiu 2.67
Wu Changjia 0.66
Zhang Xusheng 0.4
Zhejiang AMP Incorporation
======================
Registration No.: 330000000005296
Incorporation Date:
Chairman: Wang Luping
Registered Capital: CNY 650,900,000
Tel.: 0571-87661111
Fax: 0571-87661900
E-mail: amp@zjamp.com
Add.: No. 199, Tai’An Road, Binjiang
District, Hangzhou City, Zhejiang Province
l
Legal Representative and Chairman:
Mr. Fang Jianhua , in his
Working Experience(s):
At
present Working in SC as legal representative
and chairman.
Also working in
Zhejiang AMP Globe Imp. & Exp. Co., Ltd. as legal representative, and in
Zhejiang AMP Incorporation as vice general manager.
l
General manager:
Mr. Chen Hao , in his
Working Experience(s):
At present Working
in SC as general manager.
SC is mainly
engaged in international trade.
SC’s products mainly include: electronic product, costume, and
body building apparatus, etc.
SC sources its materials 95% from domestic
market and 5% from overseas market. SC sells 100% of its products to overseas
market.
The buying terms of SC include Check, T/T, L/C 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.
Zhejiang Jintai Agri-chemical Co., Ltd.
=========================
Registration No.: 330000000027062
Incorporation Date:
Chairman: Wang Ziqiang
Registered Capital: CNY 28,000,000
Web: http://www.jtnz.cn
Tel.: 0571-87661133
Fax: 0571-87661259
Zhejiang
Jinchang Automobile Incorporation
================================
Registration No.: 330000000000329
Incorporation Date:
Chairman: Zhu Zhendong
Registered Capital: CNY 168,750,000
Web: http://www.jcqc.cn
Tel.: 0571-88291359/88293028
Fax: 0571-88290179
Zhejiang
AMP Globe Imp. & Exp Co., Ltd.
===============================
Registration No.: 330000000014517
Incorporation Date:
Chairman: Fang Jianhua
Registered Capital: CNY 14,000,000
Tel.: 0571-87661518
Fax: 0571-87661530
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 bank details.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
as of Dec. 31, 2012 |
|
Cash & bank |
9,220 |
10,830 |
|
Inventory |
4,070 |
6,050 |
|
Accounts
receivable |
6,970 |
21,280 |
|
Advances to
suppliers |
12,480 |
14,510 |
|
Other
receivables |
11,960 |
14,810 |
|
Dividends
receivable |
0 |
0 |
|
Other current
assets |
20 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
44,720 |
67,480 |
|
Fixed assets net
value |
230 |
150 |
|
Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
44,950 |
67,630 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
24,310 |
48,730 |
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Other accounts
payable |
2,980 |
1,470 |
|
Notes payable |
0 |
0 |
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Taxes payable |
740 |
540 |
|
Advances from
clients |
4,520 |
2,740 |
|
Accrued payroll |
680 |
700 |
|
Dividends
payable |
0 |
0 |
|
Other payable |
0 |
0 |
|
Other current
liabilities |
0 |
20 |
|
|
------------------ |
------------------ |
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Current
liabilities |
33,230 |
54,200 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
33,230 |
54,200 |
|
Equities |
11,720 |
13,430 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
44,950 |
67,630 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2011 |
as of Dec. 31,
2012 |
|
Turnover |
159,650 |
156,160 |
|
Cost of goods
sold |
149,170 |
146,750 |
|
Taxes and
additional of main operation |
10 |
0 |
|
Sales expense |
7,290 |
5,700 |
|
Management expense |
540 |
1,050 |
|
Finance expense |
-260 |
-700 |
|
Non-operating
income |
510 |
410 |
|
Non-operating expense |
30 |
30 |
|
Profit before
tax |
3,380 |
3,740 |
|
Less: profit tax |
860 |
950 |
|
Profits |
2,520 |
2,790 |
Important Ratios
=============
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
|
*Current ratio |
1.35 |
1.25 |
|
*Quick ratio |
1.22 |
1.13 |
|
*Liabilities
to assets |
0.74 |
0.80 |
|
*Net profit
margin (%) |
1.58 |
1.79 |
|
*Return on total
assets (%) |
5.61 |
4.13 |
|
*Inventory
/Turnover ×365 |
10 days |
15 days |
|
*Accounts
receivable/Turnover ×365 |
16 days |
50 days |
|
*Turnover/Total
assets |
3.55 |
2.31 |
|
* Cost of
goods sold/Turnover |
0.93 |
0.94 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line
in both years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in 2011,
but average in 2012.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is normal.
l
SC’s quick ratio is maintained in a normal level.
l
SC’s inventory is average in both years.
l
The accounts receivable of SC is average in both
years.
l
SC has no short-term loan in both years.
l
SC’s turnover is fairly good in 2011 but average in
2012, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2011, but fairly
high in 2012.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.74 |
|
|
1 |
Rs.91.99 |
|
Euro |
1 |
Rs.78.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.