MIRA INFORM REPORT
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Report Date : |
15.12.2014 |
IDENTIFICATION DETAILS
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Name : |
ZHENJIANG SONXIE ELECTRIC CO., LTD. |
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Registered Office : |
Changgang, Dantu District, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.05.1989 |
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Com. Reg. No.: |
321100000069138 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing and selling mechanical and electrical products. |
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No of Employees : |
129 |
RATING & COMMENTS
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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 : |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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
ZHENJIANG SONXIE
ELECTRIC CO., LTD.
CHANGGANG, DANTU
DISTRICT,
TEL: 86 (0)
511-88786878/88786877
FAX: 86 (0)
511-88786870
EXECUTIVE SUMMARY
Date of Registration : may 17, 1989
REGISTRATION NO. : 321100000069138
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 4,923,657.07
staff :
129
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 76,255,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 66,915,000 (AS OF DEC. 31, 2013)
WEBSITE : www.sonxie.com
E-MAIL :
sl@sonxie.com
PAYMENT :
No complaints
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.15 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY –
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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 321100000069138 on May 17, 1989.
SC’s Organization Code Certificate No.:
14137433-X
SC’s Tax No.: 32110014137433X
SC’s registered capital: CNY 4,923,657.07
SC’s paid-in capital: CNY 4,923,657.07
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2014-9-1 |
Registered Capital |
CNY 5,255,585.58 |
CNY 5,231,187.48 |
|
2014-10-13 |
Registered Capital |
CNY 5,231,187.48 |
CNY 4,923,657.07 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhang Bingsheng |
96.13 |
|
Guo Haiqin |
1.49 |
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Dai Zhen |
1.49 |
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Pan Xingjie |
0.59 |
|
Zhu Yufang |
0.30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Zhang Bingsheng |
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Director |
Guo Haiqin |
|
Dai Zhen |
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Supervisor |
Pan Xingjie |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhang Bingsheng
ID# 321102195401181073 96.13
Guo Haiqin
ID# 321102197010223124 1.49
Dai Zhen
ID# 32110219600711191X 1.49
Pan Xingjie
ID# 321102196310032413 0.59
Zhu Yufang
ID# 321121197903226313 0.30
MANAGEMENT
Zhang Bingsheng, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 60
Ø
ID# 321102195401181073
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Director
-----------
Guo Haiqin ID#
321102197010223124
Dai Zhen ID#
32110219600711191X
Supervisor
-------------
Pan Xingjie ID#
321102196310032413
BUSINESS OPERATION
SC’s registered business scope includes developing,
manufacturing and selling mechanical and electrical products, plastic products;
operating and acting as an agent of importing and exporting various kinds of
commodities and technology, excluding the goods forbidden by the government.
SC is mainly
engaged in manufacturing and selling mechanical and electrical products.
Brand: SONXIE
SC’s products
mainly include: no defrost refrigerator controller, ice machine pump, and
electric timer.
SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 30% of its products in domestic market, and 70% to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia, etc.
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 Customers:
==============
Industrias Haceb S
A
Ecuatoriana De
Artefactos S.A.
Tatung Co. Of
America Inc.
Refricalor SAS
Staff & Office:
--------------------------
SC is known
to have approx. 129 staff at
present.
SC rents an area
as its operating office and factory, 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
The bank information
of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
4,510 |
7,782 |
|
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Short-term investment |
1,796 |
1,044 |
|
Notes receivable |
880 |
2,615 |
|
Accounts
receivable |
19,312 |
23,064 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
24,292 |
22,753 |
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Inventory |
7,745 |
6,769 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
58,535 |
64,027 |
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Long-term
investment |
910 |
0 |
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Fixed assets |
4,766 |
3,898 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
1,442 |
1,389 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
65,653 |
69,314 |
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|
============= |
============= |
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Short-term loans |
541 |
541 |
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Notes payable |
0 |
0 |
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Accounts payable |
3,854 |
4,607 |
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Wages payable |
0 |
0 |
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Taxes payable |
1,719 |
2,450 |
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Advances from
clients |
0 |
0 |
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Other payable |
5,722 |
7,142 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
11,836 |
14,740 |
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Non-current
liabilities |
4,275 |
4,259 |
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------------------ |
------------------ |
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Total
liabilities |
16,111 |
18,999 |
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Equities |
49,542 |
50,315 |
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------------------ |
------------------ |
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Total
liabilities & equities |
65,653 |
69,314 |
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|
============= |
============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2012 |
|
Revenue |
58,404 |
|
Cost of sales |
33,938 |
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Taxes and surcharges |
619 |
|
Sales expense |
578 |
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Management expense |
6,059 |
|
Finance expense |
-570 |
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Non-business
income |
8 |
|
Non-business expenditure |
784 |
|
Profit before
tax |
17,236 |
|
Less: profit tax |
4,210 |
|
13,026 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
Total assets |
88,212 |
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|
------------- |
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Total liabilities |
21,297 |
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Equities |
66,915 |
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|
------------- |
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Revenue |
76,255 |
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Profit before
tax |
25,150 |
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Less: profit tax |
3,467 |
|
Profits |
21,683 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
4.95 |
4.34 |
-- |
|
*Quick ratio |
4.29 |
3.88 |
-- |
|
*Liabilities
to assets |
0.25 |
0.27 |
0.24 |
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*Net profit
margin (%) |
-- |
22.30 |
28.43 |
|
*Return on
total assets (%) |
-- |
18.79 |
24.58 |
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*Inventory / Revenue
×365 |
-- |
43 days |
-- |
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*Accounts
receivable/ Revenue ×365 |
-- |
145 days |
-- |
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*
Revenue/Total assets |
-- |
0.84 |
0.86 |
|
* Cost of
sales / Revenue |
-- |
0.58 |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears average in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is fairly good.
l
SC’s cost of sales is low, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly good
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
SC’s short-term loans appear small.
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 low.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.44 |
|
|
1 |
Rs. 98.15 |
|
Euro |
1 |
Rs. 77.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
SMT |
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Report Prepared
by : |
DPT |
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 |
|
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.