MIRA INFORM REPORT
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Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG
YIMING NEW MATERIAL TECHNOLOGY CO., LTD. |
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Registered Office : |
No. 100 Yihe Road, Economic
& Technology Development Zone Linyi,
Shandong Province 276000 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.07.2008 |
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Com. Reg. No.: |
371300200004771 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in manufacturing and selling adhesive composite
materials. |
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No. of Employees : |
108 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 |
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
SHANDONG YIMING NEW MATERIAL TECHNOLOGY
CO., LTD.
no. 100
yihe road, economic & technology development zone
linyi,
shandong PROVINCE 276000 PR CHINA
TEL: 86
(0) 539-8226588/8722886/8722809
FAX: 86
(0) 539-8722810/8722866
EXECUTIVE SUMMARY
Date of Registration : july 2, 2008
REGISTRATION NO. : 371300200004771
LEGAL FORM :
Limited liabilities company
REGISTERED CAPITAL :
cny 40,000,000
staff : 108
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 108,470,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 38,720,000 (AS OF DEC. 31, 2011)
WEBSITE : www.ymccm.com
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fair
OPERATIONAL TREND :
ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.25 = 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 shares limited company
of PRC on July 2, 2008. However,
SC changed to present legal form, and was registered as a limited liabilities
company of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 371300200004771 on November 9, 2012.
SC’s Organization Code Certificate
No.: 67684485-2
SC’s registered capital: cny 40,000,000
SC’s paid-in capital: cny 40,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2012-11-9 |
Legal Form |
Shares Limited Company |
Limited Liabilities Company |
|
Company Name |
Shandong Yiming Composite Material Co., Ltd. |
Shandong Yiming New Material Technology Co., Ltd. |
|
|
Shareholder (s) (% of
Shareholding) |
Zhejiang Yiming Industrial Investment Co., Ltd. 49.0% Zheng Yichun 22.5% Qiu Xiaohai 16.0% Yu Yangwang 5.0% Bao Banglin 7.5% |
Zhejiang Yiming Industry
Investment Co., Ltd. 85% Chen Xiang 12% Tong Guoji 3% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Yiming Industry
Investment Co., Ltd. |
85 |
|
Chen Xiang |
12 |
|
Tong Guoji |
3 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Zhi
Bingshui |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhejiang Yiming Industry
Investment Co., Ltd.
85
Chen Xiang
12
Tong Guoji
3
Zhejiang
Yiming Industry Investment Co., Ltd.
--------------------------------------------------------------
Date of Registration: April 17, 2008
Registration No.: 371300200004771
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 50,000,000
Tel: 86 0571-87086639
Fax: 86 0571-87089290
Web: www.ymc-group.net
MANAGEMENT
Zhi
Bingshui, Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender:
M
Ø Qualification:
University
Ø Working
experience (s):
From 2008 to present, working in
SC as legal representative, chairman and general manager
Also working in Zhejiang Yiming
Industry Investment Co., Ltd. as legal representative
BUSINESS OPERATION
SC’s registered business scope
includes selling adhesive paper, printing materials, composite materials,
packaging paper products, stationery, plastic products, adhesive products,
developing and manufacturing adhesive composite materials; goods import and
export.
SC is
mainly engaged in manufacturing and selling adhesive composite materials.
Brand:
YMCCM
SC’s
products mainly include: Paper Adhesives, Film Adhesives, Release paper, Hot
melt glue, etc.
SC sources its materials 100% from domestic market, mainly Shandong. SC sells 65% of its products in domestic market, and 35% to overseas market.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
==============
Grafica
Zamphiropolos Sa
Staff & Office:
--------------------------
SC is
known to have approx. 108
staff at present.
SC
owns an area as its operating office & factory of approx. 21,000 sq. meters
at the heading address.
RELATED COMPANY
Shandong Yiming Sirui Label Intelligent Technology Co., Ltd.
Registration no.:371300000001449
Etc.
SC is known to have subsidiaries, but the details are not
available.
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:
Agricultural Bank of China Linyi Economic Development Zone Sub-branch
AC#: 15873201040006486
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2011 |
|
15,350 |
|
|
Accounts
receivable |
41,520 |
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Other
receivable |
23,590 |
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Inventory |
9,350 |
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Non-current
assets within one year |
0 |
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Other
current assets |
10 |
|
|
------------------ |
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Current
assets |
89,820 |
|
Fixed
assets |
26,180 |
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Long-term
prepaid expenses |
0 |
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Deferred
income tax assets |
0 |
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Other
non-current assets |
6,760 |
|
|
------------------ |
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Total
assets |
122,760 |
|
|
============= |
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Short-term
loans |
61,000 |
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Notes
payable |
20,000 |
|
Accounts
payable |
1,600 |
|
Advances
from clients |
0 |
|
Other
payable |
1,000 |
|
Other
current liabilities |
440 |
|
|
------------------ |
|
Current
liabilities |
84,040 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
84,040 |
|
Equities |
38,720 |
|
|
------------------ |
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Total
liabilities & equities |
122,760 |
|
|
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2011 |
|
Revenue |
108,470 |
|
Cost of sales |
97,000 |
|
Sales expense |
2,090 |
|
Management expense |
2,700 |
|
Finance expense |
6,010 |
|
Profit
before tax |
-40 |
|
Less:
profit tax |
110 |
|
-150 |
Important
Ratios
=============
|
|
As of Dec. 31, 2011 |
|
*Current
ratio |
1.07 |
|
*Quick
ratio |
0.96 |
|
*Liabilities
to assets |
0.68 |
|
*Net
profit margin (%) |
-0.14 |
|
*Return
on total assets (%) |
-0.12 |
|
*Inventory
/ Revenue ×365 |
32
days |
|
*Accounts
receivable/ Revenue ×365 |
140
days |
|
*
Revenue/Total assets |
0.88 |
|
*
Cost of sales / Revenue |
0.89 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l The
revenue of SC appears fairly good in its line.
l SC’s
net profit margin is fair.
l SC’s
return on total assets is fair.
l
SC’s cost of sales is average,
comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a normal level.
l
SC’s quick ratio is maintained in a
normal level.
l
The inventory of SC is maintained in an
average level.
l
The accounts receivable of SC appears
large.
l
The short-term loans of SC appear
large.
l
SC’s revenue is in a fair 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: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair
financial conditions. The large amount of accounts receivable and short-term
loans may be a threat to SC’s financial condition. A credit line up to USD
200,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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.