MIRA
INFORM REPORT
|
Report Date : |
14.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
xiongtai group co.,
ltd. |
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|
|
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Registered Office : |
No. 198, Xishan Road,
Hardware Technology Industry Zone, Yongkang,
Zhejiang Province, 321300 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
05.03.1999 |
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Com. Reg. No.: |
330784000064558 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Manufacturing, processing and selling a variety of cups. |
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No. of Employees : |
800 |
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 |
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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
xiongtai group co., ltd.
NO. 198, xishan road, HARDWARE TECHNOLOGY INDUSTRY ZONE,
YONGKANG, zhejiang province, 321300 PR China
TEL: 86 (0) 579-87237799/88059666
FAX: 86 (0) 579-87232785/87233572
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 5, 1999
REGISTRATION NO. : 330784000064558
REGISTERED LEGAL FORM : limited liabilities co.
CHIEF EXECUTIVE :
Mr. ying xiong (CHAIRMAN)
STAFF STRENGTH :
800
REGISTERED CAPITAL : CNY
60,000,000
BUSINESS LINE :
manufacture, PROCESS and trade
TURNOVER :
CNY 213,740,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 78,750,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.1208 = 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 co. at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Mar. 5, 1999.
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 industrial investment; manufacturing
and processing stainless steel products, household appliances, hardware tools,
aluminum products, plastic products, glass products, fitness equipment; selling
power tools, metal materials (excluding tungsten, platinum and other rare
metals and dangerous goods); manufacturing, processing and selling scooter,
electric scooter, steam-driven scooters, bicycles , electric bicycles and
steam-driven bicycles; importing and exporting goods and technologies
(excluding the items prohibited by legal, administrative rules and
regulations).
SC is mainly engaged in manufacturing, processing and selling a variety
of cups.
Mr. Ying Xiong is legal representative, chairman and general manager of
SC at present.
SC is known to have approx. 800 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the Economic Development Zone of
Yongkang. Our checks reveal that SC owns the total premise about 50,000 square
meters.
http://www.xiongtaigroup.com The design is professional and the content is
well organized. At present the web site is in Chinese, English and Japanese
versions.
E-mail: sales@xiongtaigroup.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
3307842002552 |
Present one |
SC’s website released SC got the certification of ISO 9001:2000 quality
system in 2005. Xiongtai brand is listed as one of "The TOP 10 Famous
Brands" in its field assessed by China National Hardware Association. SC
was ranked as “AAA Credit Enterprise” in 2006.
See below for SC as executive party (defendant).
|
Executed Party |
Xiongtai Group Co., Ltd. |
|
Court |
Yongzhou City Lengshuitan District People's Court |
|
Date of Case |
Mar. 31, 2008 |
|
Case Number |
(2008) 00020 |
|
Claim Amount |
RMB 20,000 |
|
Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ying Xiong 65.5
Ying Meier 34.5
Legal
representative, chairman and general manager:
Mr. Ying Xiong, in his
Working Experience(s):
At present Working in SC as legal
representative, chairman and general manager.
Also working in Zhejiang Xiongtai Import & Export Co., Ltd. (in Chinese pinyin
and Yongkang Yingxiong Industry Co., Ltd. (in Chinese pinyin) as legal
representative.
SC is mainly engaged in manufacturing, processing and selling a variety
of cups.
SC’s products mainly include: vacuum
bottle, vacuum soup pots, vacuum food jugs, vacuum bachelors mug,
hydration bottle, kids bottle, etc.
SC’s trademark: Xiongtai.
SC sources its materials 80% from domestic market and 20% from overseas
market, mainly Europe. SC sells 30% of its products in domestic market, and 70%
to overseas market mainly America and Europe.
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 declined
to release its major customers and suppliers.
SC is known to
have the following subsidiaries at present:
Zhejiang Xiongtai Cups Co., Ltd. (in Chinese pinyin)
======================================
Incorporation Date: Sep. 23, 2005
Registration No.: 330784000062853
Registered Capital: CNY 6,000,000
Legal Form: Limited Liabilities Co.
Legal Rep.: Ying Le
Tel: +86 (0) 579- 87229090
Fax: +86 (0) 579- 87233572
Zhejiang Xiongtai Vehicle Co., Ltd.
==========================
Incorporation Date: Aug. 30, 2005
Registration No.: 330784000031850
Registered Capital: CNY 8,000,000
Legal Form: Limited Liabilities Co.
Legal Rep.: Ying Meier
Tel: +86 (0) 579-87231759/87237191
Fax: +86 (0) 579-87237037
Email: xt188@xiongtaivehicle.co
Zhejiang Xiongtai Investment Co., Ltd. (in Chinese pinyin)
=========================================
Incorporation Date: Aug. 1, 2005
Registration No.: 330784000062845
Registered Capital: CNY 20,000,000
Legal Form: Limited Liabilities Co.
Legal Rep.: Ying Meier
Zhejiang Xiongtai Import & Export Co., Ltd. (in Chinese pinyin)
==============================================
Incorporation Date: Aug. 30, 2005
Registration No.: 330784000062861
Registered Capital: CNY 6,000,000
Legal Form: Limited Liabilities Co.
Legal Rep.: Ying Xiong
Yongkang Yingxiong Industry Co., Ltd. (in Chinese pinyin)
============================================
Incorporation Date: Oct. 30, 1995
Registration No.: 330784000124691
Registered Capital: CNY 10,000,000
Legal Form: Limited Liabilities Co.
Legal Rep.: Ying Xiong
SC is known to have the following branches:
Xiongtai Group Co., Ltd. Yongkang Stamping Branch
=======================================
Incorporation Date: Nov. 5, 2007
Registration No.: 330784000014229
Principal: Ying Zhenhao
Xiongtai Group Co., Ltd. Yongkang Plastic Branch
=======================================
Incorporation Date: June 9, 2005
Registration No.: 330784000123631
Principal: Ying Zhenning
Xiongtai Group Co., Ltd. Yongkang Stainless Steel Products Factory
=================================================
Incorporation Date: Apr. 12, 2004
Registration No.: 330784000119688
Principal: Xu Tianping
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.
Industrial and Commercial Bank of China Yongkang Hardware Office
AC#：1208030109048518651
Relationship: Normal
Balance
Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
|
Cash & bank |
208,250 |
180,510 |
|
Inventory |
18,390 |
34,070 |
|
Accounts receivable |
20,500 |
37,080 |
|
Advances to suppliers |
/ |
2,590 |
|
Prepaid expenses |
/ |
48,370 |
|
Other receivables |
/ |
189,040 |
|
Other current assets |
/ |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
596,320 |
491,660 |
|
Long-term investments |
/ |
21,120 |
|
Fixed assets net value |
/ |
79,750 |
|
Projects under construction |
/ |
0 |
|
Intangible assets |
/ |
18,100 |
|
Other assets |
/ |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
722,590 |
610,630 |
|
|
============= |
============= |
|
Short loans |
/ |
409,320 |
|
Notes payable |
/ |
93,010 |
|
Accounts payable |
/ |
28,200 |
|
Advances from customers |
/ |
0 |
|
Employee pay payable |
/ |
1,590 |
|
Taxes payable |
/ |
-970 |
|
Other payable |
/ |
160 |
|
Other accounts payable |
/ |
570 |
|
Other current liabilities |
/ |
0 |
|
|
----------------- |
----------------- |
|
Current liabilities |
648,680 |
531,880 |
|
Long term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
648,680 |
531,880 |
|
Shareholders equities |
73,910 |
78,750 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
722,590 |
610,630 |
|
|
============= |
============= |
Note:
SC’s accountant refused to release the detailed balance sheet for Yr2011.
Income
Statement
Unit: CNY’000
|
|
as of Dec. 31, 2012 |
|
Turnover |
213,740 |
|
Cost of goods sold |
163,920 |
|
Taxes and additional of main operation |
1,180 |
|
Income from other operation |
530 |
|
Sales expense |
9,850 |
|
Management expense |
10,960 |
|
Finance expense |
21,870 |
|
Subsidy income |
190 |
|
Non-operating income |
10 |
|
Non-operating expense |
180 |
|
Profit before tax |
6,510 |
|
Less: profit tax |
1,620 |
|
Net profit |
4,890 |
Important
Ratios
=============
|
|
as of Dec. 31,
2011 |
as of Dec. 31,
2012 |
|
*Current ratio |
0.92 |
0.92 |
|
*Quick ratio |
0.89 |
0.86 |
|
*Liabilities to assets |
0.90 |
0.87 |
|
*Net profit margin (%) |
/ |
2.29 |
|
*Return on total assets (%) |
/ |
0.80 |
|
*Inventory /Turnover ×365 |
/ |
59 days |
|
*Accounts receivable/Turnover ×365 |
/ |
64 days |
|
*Turnover/Total assets |
/ |
0.35 |
|
*Cost of goods sold/Turnover |
/ |
0.77 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in its line in 2012.
SC’s net profit margin is average in 2012.
SC’s return on total assets is average in 2012.
SC’s cost of goods sold is average, comparing with the size of its turnover
in 2012.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fair level in both years.
SC’s quick ratio is maintained in a normal level in both years.
The inventory of SC appears average in both years.
The accounts receivable of SC appears average in both years.
SC’s short-term loan appears large in 2012.
SC’s turnover is in a poor level in 2012, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.