MIRA INFORM REPORT
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Report No. : |
325832 |
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Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN ZHENG LIMING METALLURGICAL MACHINERY CO., LTD. |
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Registered Office : |
No. 187, Zhennan 2nd Road, Tong’an District, Xiamen,
Fujian Province 361100 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
21.11.2000 |
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Com. Reg. No.: |
350211200007793 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in designing & manufacturing roll forming
machine, intelligent CNC slitting folder; processing & installing metal pressure
steel plate and metal composite insulation board; selling hardware; exporting
self-made products and technology, importing the needed machinery equipment,
accessories, raw & supplementary materials and technology. |
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No. of Employee : |
300 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate. 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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 2014 more than 274 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.
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Source
: CIA |
Company
name
XIAMEN ZHENG LIMING
METALLURGICAL MACHINERY CO., LTD.
NO. 187, ZHENNAN 2ND ROAD, TONG’AN DISTRICT, XIAMEN
FUJIAN PROVINCE 361100 PR CHINA
TEL: 86 (0) 592-6385811/6385806/6770380
FAX: 86 (0) 592-6385810/6770390
EXECUTIVE
SUMMARY
Date of Registration : november 21, 2000
REGISTRATION NO. : 350211200007793
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 6,000,000
staff :
300
BUSINESS CATEGORY : manufacturing
& trading
Revenue : CNY 159,816,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 87,092,000 (AS OF DEC. 31, 2014)
WEBSITE : www.xmliming.com.cn
E-MAIL :
info@xmliming.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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 a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 350211200007793
on November 21, 2000.
SC’s Organization Code Certificate No.:
70545895-1
SC’s Tax No.: 350205705458951
SC’s registered capital: CNY 6,000,000
SC’s paid-in capital: CNY 6,000,000
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 |
|
Huang Yizhong |
70 |
|
Huang Yixun |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Huang Yizhong |
|
Deputy General Manager |
Huang Yixun |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Huang Yizhong 70
Huang Yixun 30
MANAGEMENT
Huang
Yizhong , Legal Representative, Chairman
and General Manager
---------------------------------------------------------------------------------------------------------
Ø Gender: M
Ø Age: 56
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also working in Xiamen
Liming Machinery Co., Ltd. and Xiamen Liming E.S. Equipment Co., Ltd. as legal
representative
Huang Yixun
, Deputy General Manager
----------------------------------------------------------------
Ø Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as deputy
general manager
BUSINESS
OPERATION
SC’s registered
business scope includes designing & manufacturing roll forming machine,
intelligent CNC slitting folder; processing & installing metal pressure
steel plate and metal composite insulation board; selling hardware; exporting
self-made products and technology, importing the needed machinery equipment,
accessories, raw & supplementary materials and technology.
SC is mainly
engaged in manufacturing and selling roll forming machine.
SC’s products
mainly include: un-coiler, roll former, accessories, curving M/C, CNC slitting
folder, urethane-foaming, slitting-M/C, profiles.
SC sources its materials 95% from domestic market, and 5% from overseas market. SC sells 60% of its products in domestic market, and 40% to overseas market, mainly Southeast Asia.
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.
*Major Customers:
==============
Multiobras Sistema Drywall Ltda
Pacific Metals Trading Inc.
Mv Aceros S.A.
Mancheno Laines Kaifo
*Major Suppliers:
=============
Zhangzhou Guoli Trading Co., Ltd.
Vera Acosta Gabriel
Staff & Office:
--------------------------
SC is known
to have approx. 300 staff at
present.
SC owns an area as
its operating office & factory of approx. 50,000 sq. meters at the heading
address.
RELATED
COMPANY
Xiamen
Liming Machinery Co., Ltd.
------------------------------
Date of Registration: June 26, 1993
Registration No.: 350212000000112
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 6,000,000
Tel:
+86 592 6385806
Fax:
+86 592 6770390
Email:
offer01@xmliming.com
Web:
www.xmliming.com
Xiamen
Liming E.S. Equipment Co., Ltd.
------------------------------------
Registration No.: 350211200058703
Registered Capital: CNY 7,200,000
Tel:
+86 592 6373782
Fax:
+86 592 6373781
E-mail:
sell@lmese.com
Web:
www.lmese.com
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’s suppliers
declined to make any comments.
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
Basic Bank:
China
Construction Bank Xinglin Sub-branch
AC#:
35101536001050002597
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
17,906 |
6,935 |
|
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Notes receivable |
2,890 |
850 |
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Accounts
receivable |
9,692 |
11,832 |
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Advances to
suppliers |
8,873 |
10,891 |
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Other receivable |
856 |
3,257 |
|
Inventory |
32,063 |
25,255 |
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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 |
72,280 |
59,020 |
|
Fixed assets |
54,073 |
51,924 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
14,819 |
14,619 |
|
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 |
141,172 |
125,563 |
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|
============= |
============= |
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Short-term loans |
20,000 |
10,000 |
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Notes payable |
0 |
0 |
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Accounts payable |
3,475 |
4,804 |
|
Wages payable |
778 |
778 |
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Taxes payable |
116 |
35 |
|
Advances from
clients |
36,306 |
26,087 |
|
Other payable |
-428 |
-3,269 |
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Other current
liabilities |
48 |
36 |
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------------------ |
------------------ |
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Current
liabilities |
60,295 |
38,471 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
60,295 |
38,471 |
|
Equities |
80,877 |
87,092 |
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|
------------------ |
------------------ |
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Total liabilities
& equities |
141,172 |
125,563 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
Revenue |
159,816 |
|
Cost of sales |
131,903 |
|
Taxes and surcharges |
1,615 |
|
Sales expense |
8,866 |
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Management expense |
13,061 |
|
Finance expense |
436 |
|
Profit before
tax |
4,800 |
|
Less: profit tax |
131 |
|
4,669 |
Important Ratios
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Current ratio |
1.20 |
1.53 |
|
*Quick ratio |
0.67 |
0.88 |
|
*Liabilities
to assets |
0.43 |
0.31 |
|
*Net profit
margin (%) |
-- |
2.92 |
|
*Return on
total assets (%) |
-- |
3.72 |
|
*Inventory /
Revenue ×365 |
-- |
58 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
28 days |
|
*Revenue/Total
assets |
-- |
1.27 |
|
*Cost of sales
/ Revenue |
-- |
0.83 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue 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 sales is average, comparing with its
revenue.
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 appears average.
l
The accounts receivable of SC appears average.
l
SC’s short-term loans are in an average level.
l
SC’s revenue 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: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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 |
|
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.