MIRA
INFORM REPORT
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Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
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Name : |
Zhejiang Pengye Stainless Steel Tube
Industrial Co., Ltd. |
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Registered Office : |
No. |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
25.08.2005 |
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Com. Reg. No.: |
331124000000862 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is mainly engaged in manufacturing and selling stainless
materials. |
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No of Employees : |
100 |
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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
Since the late 1970s
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Source
: CIA |
COMPANY NAME & ADDRESS
Zhejiang Pengye Stainless Steel Tube Industrial
Co., Ltd.
No.
TEL: 86 (0) 578-8669978/8683333
FAX: 86 (0) 578-8669669
EXECUTIVE SUMMARY
INCORPORATION DATE : aug. 25, 2005
REGISTRATION NO. : 331124000000862
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
100
REGISTERED CAPITAL : CNY 100,080,000
BUSINESS LINE :
MANUFACTURING & trading
TURNOVER : CNY 138,060,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 36,300,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.16= 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
Note: SC is also known as Zhejiang Pengye Stainless Steel Co.,
Ltd.
SC was registered as a limited liabilities company at
Songyang County Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Aug. 25, 2005.
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 manufacturing and selling stainless materials, steel pipes, plumbing, medium-low pressure valves; exporting its products and technology and importing machinery, parts, materials and technology needed for its produce.
SC is mainly engaged in manufacturing and selling stainless materials.
Mr. Shao Shilin has been legal representative and chairman of SC since 2005.
SC is known to have approx. 100 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the industrial zone of Lishui. Our checks reveal that SC owns the total premise, but SC’s accountant refused to release the gross area of the premise.
SC has another operating address: No. 216, Lushan Road, Wenzhou Industrial Zone, Zhejiang Province
Tel: 0577-86656878 Fax: 0577-86633500
http://www.chinapengye.com/
The design is professional and the content is well organized. At present it is
in Chinese, English and other versions.
Email: export3@chinapengye.com
yzl@chinapengye.com cylove168@hotmail.com
SC’s quality system meets the international standards of ISO 9001:2000.
AAA-class Credit Enterprise
Changes of its
registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
|
2007-10-23 |
Registration No. |
3325282002083 |
The present one |
Organization Code: 779370303
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
Investment amount (CNY’0000) % of Shareholding
Shao Shilin 5,104.08 51
Shao Jianguo 1,601.28 16
Pan Zhangren 3,302.64 33
l
Legal representative and chairman:
Mr. Shao Shilin, born in 1967 with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 2005 to present Working in SC as chairman and legal representative;
Also working in Lishui New Pengye Special Steel Co., Ltd. and Wenzhou Pengye Steel Tube Co., Ltd. as legal representative
l
General manager:
Mr. Pan Zhangren born in 1963. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
Supervisor:
Shao Jianguo ID# 33030319690107****
SC is mainly
engaged in manufacturing and selling stainless materials.
SC mainly produces stainless steel seamless pipes, duplex stainless, stainless
steel pipe fitting, stainless ingots, industrial pipe, ferronickel, tube
billet, and so on.
Trademarks & patens
Registration
no.: 6878869
Registration date:
2010-5-7
Trademark design: 
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 70% of its products in domestic
market, and 30% 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 customer and supplier
details.
Lishui
New Pengye Special Steel Co., Ltd.
---------------------------------
Reg.
No.: 331124000000879
Legal
representative: Shao Shilin
Incorporation
date: 2007-04-25
Wenzhou
Pengye Steel Tube Co., Ltd.
------------------------------
Reg.
No.: 330303000057021
Legal
representative: Shao Shilin
Incorporation date: 2000-11-14
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.
Bank of China Lishui Songyang Sub-branch
AC#：830030754308091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2013 |
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Cash & bank |
27,830 |
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Notes receivable |
7,490 |
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Inventory |
23,190 |
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Accounts
receivable |
10,590 |
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Advances to
suppliers |
0 |
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Other
receivables |
290 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
69,390 |
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Fixed assets net
value |
8,890 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
1,730 |
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------------------ |
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Total assets |
80,010 |
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============= |
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Short loans |
26,680 |
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Notes payable |
27,000 |
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Accounts payable |
-7,040 |
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Other payable |
-2,660 |
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Taxes payable |
-2,330 |
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Advances from
clients |
0 |
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Other current
liabilities |
370 |
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------------------ |
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Current
liabilities |
42,020 |
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Long term
liabilities |
1,690 |
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------------------ |
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Total
liabilities |
43,710 |
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Equities |
36,300 |
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------------------ |
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Total
liabilities & equities |
80,010 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31,
2013 |
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Turnover |
138,060 |
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Cost of goods
sold |
126,510 |
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Sales expense |
5,830 |
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Management expense |
3,490 |
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Finance expense |
1,570 |
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Profit before
tax |
600 |
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Less: profit tax |
150 |
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Profits |
450 |
Important Ratios
=============
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as
of Dec. 31, 2013 |
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*Current ratio |
1.65 |
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*Quick ratio |
1.10 |
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*Liabilities
to assets |
0.55 |
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*Net profit
margin (%) |
0.33 |
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*Return on total
assets (%) |
0.56 |
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*Inventory
/Turnover ×365 |
62 days |
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*Accounts
receivable/Turnover ×365 |
28 days |
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*Turnover/Total
assets |
1.73 |
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* Cost of
goods sold/Turnover |
0.92 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
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 is maintained in an
average level.
l
SC’s short-term loan appears fairly large in 2013.
l
SC’s turnover 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:
Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
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UK Pound |
1 |
Rs.101.84 |
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Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
SMN |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.