MIRA INFORM REPORT
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Report No. : |
352571 |
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Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHUCHENG XINYIJIA TEXTILE CO., LTD. |
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Registered Office : |
East Side Of Jianwu Road, Shunwang Street, Zhucheng Shandong Province 262210
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
07.06.201 |
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Com. Reg. No.: |
370782200020666 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in processing and selling handbags, aprons. |
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No. of Employee : |
37 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
COMPANY
NAME AND ADDRESS
ZHUCHENG XINYIJIA TEXTILE
CO., LTD.
EAST SIDE OF JIANWU ROAD, SHUNWANG STREET, ZHUCHENG
SHANDONG PROVINCE 262210 PR CHINA
TEL: 86 (0) 536-6460868
FAX: 86 (0) 536-6460868
EXECUTIVE
SUMMARY
Date of Registration : JUNe 7, 2012
REGISTRATION NO. : 370782200020666
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : CNY
100,000
staff : 37
BUSINESS CATEGORY : PROCESSING &
TRADING
Revenue : CNY 11,906,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 328,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : slow but correct
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.40 = 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 one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 370782200020666 on June 7, 2012.
SC’s Organization Code Certificate No.:
59783382-1
SC’s Tax No.: 370782597833821
SC’s registered capital: CNY 100,000
SC’s paid-in capital: CNY 100,000
Registration Change Record:-
No significant changes of SC have been noted in
SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Liu Wenning |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Liu Wenning |
|
Supervisor |
Wang Yaohong |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Liu Wenning 100
MANAGEMENT
Liu Wenning, Legal Representative, Chairman and General
Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Supervisor
--------------
Wang Yaohong
BUSINESS
OPERATION
SC’s registered business scope includes processing and selling
handbags, aprons; selling gray cloth; goods import and export.
SC is mainly
engaged in processing and selling handbags, aprons.
SC’s products
mainly include: handbags, aprons.
SC sources its materials 100% from domestic market, mainly Shandong. SC sells 90% of its products in domestic market, and 10% 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.
Staff & Office:
--------------------------
SC is known
to have approx. 37 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, 2013 |
As
of Dec. 31, 2014 |
|
28 |
61 |
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Accounts
receivable |
139 |
4,352 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
0 |
0 |
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Inventory |
253 |
243 |
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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 |
420 |
4,656 |
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Fixed assets |
174 |
321 |
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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 |
594 |
4,977 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Accounts payable |
-716 |
1,492 |
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Wages payable |
0 |
38 |
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Taxes payable |
26 |
9 |
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Advances from
clients |
0 |
0 |
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Other payable |
1,026 |
3,110 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
336 |
4,649 |
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Non-current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
336 |
4,649 |
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Equities |
258 |
328 |
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------------------ |
------------------ |
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Total
liabilities & equities |
594 |
4,977 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
11,464 |
11,906 |
|
Cost of sales |
-- |
11,266 |
|
Sales expense |
-- |
120 |
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Management expense |
-- |
344 |
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Finance expense |
-- |
0 |
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Profit before
tax |
149 |
133 |
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Less: profit tax |
41 |
63 |
|
108 |
70 |
Important Ratios
=============
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As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
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*Current ratio |
1.25 |
1.00 |
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*Quick ratio |
0.50 |
0.95 |
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*Liabilities
to assets |
0.57 |
0.93 |
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*Net profit
margin (%) |
0.94 |
0.59 |
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*Return on
total assets (%) |
18.18 |
1.41 |
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*Inventory /
Revenue ×365 |
9 days |
8 days |
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*Accounts
receivable/ Revenue ×365 |
5 days |
134 days |
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*Revenue/Total
assets |
19.30 |
2.39 |
|
*Cost of sales
/ Revenue |
-- |
0.95 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears average 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 sales is fairly high, 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 appear large in 2014.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in 2014.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable may be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.52 |
|
|
1 |
Rs.100.43 |
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Euro |
1 |
Rs.70.44 |
|
CNY |
1 |
Rs.10.41 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
HNA |
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Report Prepared
by : |
ANK |
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.