MIRA INFORM REPORT
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Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
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Name : |
PINGHU HUAYE FASTENERS CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.12.1994 |
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Com. Reg. No.: |
330482000024263 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in manufacturing and selling fasteners. |
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No of Employees : |
50 |
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 : |
Slow But Correct |
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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
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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
Pinghu Huaye Fasteners Co., Ltd.
(east grand bridge) no. 881, north ring road,
pinghu economic
development zone, zhejiang PROVINCE, 314200 PR
CHINA
TEL: 86 (0) 573-85084862 FAX: 86 (0) 573-85084850
EXECUTIVE SUMMARY
INCORPORATION DATE : dec. 27, 1994
REGISTRATION NO. : 330482000024263
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
50
REGISTERED CAPITAL : CNY 4,500,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 21,510,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 5,600,000 (AS OF DEC. 31, 2013)
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION : average
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.22
= 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: the is SC’s registered address, and SC is
operating at the heading address.
SC’s correct tel. no. should be the heading
one.
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 Dec. 27, 1994.
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 fasteners; import
and export of various goods and technologies (excluding the goods forbidden by
the government); leasing its houses.
SC is mainly
engaged in manufacturing and selling fasteners.
Mr.
Dai Jianhua is legal representative, chairman and general manager of SC at
present.
SC is known
to have approx. 50 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 Pinghu. The
detailed information of the premise is unspecified.
http://www.hy-fasteners.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: annie@hy-fasteners.com
sales@hy-fasteners.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Organization Code: 146677436
SC’s quality system meets the international standards of ISO 9001.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Investment
amount (CNY’0000) %
of Shareholding
Dai Jianhua 285 63.33
Yin Yumei 165 36.67
l Legal
representative, Chairman and General manager:
Mr. Dai Jianhua is currently responsible for the overall management of
SC.
Working
Experience(s):
At
present Working in SC
as legal representative, chairman and general manager.
l
Supervisor:
Yin Yumei
SC is mainly
engaged in manufacturing and selling fasteners.
SC’s products
mainly include: flange nut, welded nut, hex nut, cap nut, nylon lock nut, etc.
Trademarks &
patens: N/A
SC sources its materials 100% from domestic
market. SC sells 99% of its products in domestic market, and 1% to overseas
market.
The buying terms of SC include Check, T/T 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.
SC
is not known to have any subsidiary at present.
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’s management
declined to release its bank details.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2013 |
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Cash & bank |
3,900 |
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Inventory |
28,790 |
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Accounts
receivable |
4,990 |
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Advances to
suppliers |
240 |
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Other
receivables |
300 |
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Other current
assets |
30 |
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------------------ |
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Current assets |
38,250 |
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Fixed assets net
value |
16,090 |
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Projects under
construction |
6,230 |
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Long term
investment |
13,500 |
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Intangible
assets |
6,450 |
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Other assets |
0 |
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Total assets |
80,520 |
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============= |
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Short loans |
43,100 |
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Accounts payable |
3,930 |
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Other payable |
25,960 |
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Taxes payable |
360 |
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Advances from
clients |
1,570 |
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Other current
liabilities |
0 |
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Current
liabilities |
74,920 |
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Long term
liabilities |
0 |
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Total
liabilities |
74,920 |
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Equities |
5,600 |
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Total
liabilities & equities |
80,520 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2013 |
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Turnover |
21,510 |
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Cost of goods
sold |
17,380 |
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Taxes and
additional of main operation |
460 |
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Sales expense |
590 |
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Management expense |
740 |
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Finance expense |
2,790 |
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Profit before
tax |
-420 |
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Less: profit tax |
0 |
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Profits |
-420 |
Important Ratios
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as
of Dec. 31, 2013 |
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*Current ratio |
0.51 |
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*Quick ratio |
0.13 |
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*Liabilities
to assets |
0.93 |
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*Net profit
margin (%) |
-1.95 |
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*Return on
total assets (%) |
-0.52 |
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*Inventory
/Turnover ×365 |
489 days |
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*Accounts
receivable/Turnover ×365 |
85 days |
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*Turnover/Total
assets |
0.27 |
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* Cost of
goods sold/Turnover |
0.81 |
PROFITABILITY:
FAIR
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The turnover of SC appears average in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a fair
level.
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SC’s quick ratio is maintained in a poor level.
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The inventory of SC appears large in 2013.
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The accounts receivable of SC appears average in
2013.
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SC’s short-term loan appears large in 2013.
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SC’s turnover is in a poor level, comparing with
the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is high.
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The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
The large amount of short loans and inventory could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.06 |
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1 |
Rs. 98.73 |
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Euro |
1 |
Rs. 77.45 |
INFORMATION DETAILS
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Analysis Done by
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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 |
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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 |
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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.