MIRA INFORM REPORT
|
Report Date : |
12th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
DALIAN JINMEI INDUSTRIAL Co., Ltd. |
|
|
|
|
Registered Office : |
Shengli
County, Huajiatun Town, Jinzhou District,
Dalian, Liaoning Province, 116112 Pr China |
|
|
|
|
Date of Incorporation : |
November
12, 1989 |
|
|
|
|
Com. Reg. No.: |
2102132101492 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Engaged
in manufacturing and selling pipe casting used for ship |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NAME & ADDRESS
DALIAN JINMEI INDUSTRIAL Co., Ltd.
SHENGLI
COUNTY, HUAJIATUN TOWN, JINZHOU DISTRICT,
DALIAN,
LIAONING PROVINCE, 116112 PR CHINA
TEL:
86 (0) 411-87209628
FAX:
86 (0)
411-87209555
EXECUTIVE SUMMARY
INCORPORATION
DATE : NOVEMBER 12, 1989
REGISTRATION
NO. : 2102132101492
REGISTERED
LEGAL FORM : LIMITED LIABIITIES
COMPANY
STAFF
STRENGTH : 200
REGISTERED
CAPITAL : RMB 5,000,000
BUSINESS
LINE : MANUFACTURING
TURNOVER : RMB 14,000,000
(AS OF DEC. 31, 2005)
EQUITIES : RMB 2,670,000 (AS OF DEC. 31, 2005)
PAYMENT
: AVERAGE
RECOMM.
CREDIT RANGE : UP TO USD 30,000
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRLY STABLE
OPERATIONAL
TREND : FAIRLY STEADY
GENERAL
REPUTATION : AVERAGe
EXCHANGE
RATE : RMB8.00=US1$ AS OF 2006-5-11
SC was registered as a limited liabilities co. at local Administration
for Industry & Commerce (The official body of issuing and renewing business
license) on November 12, 1989.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. At least two shareholders and no more
than fifty 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 listed as follows: -Manufacturing co. : RMB 500,000.00 -Trading &wholesaling
co. : RMB 500,000.00 -Retailing co. : RMB 300,000.00 -Consultancy & service
co. : RMB 100,000.00 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 50% of the registered capital while
contribution by intangible assets must not exceed 20% 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 pipe casting used for ship and common pipe casting.
SC is mainly engaged in manufacturing and selling pipe casting used for ship.
Mr. Yu Deyan has been legal representative and chairman of SC since 2001.
SC owns approximately 200 staff 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 Dalian. Our checks reveal that SC owns the total premise about
50,000 square meters.
SC is not known to host website of its own at present.
SC’s former registered capital was RMB 1,120,000. In August 2005, the capital was increased to RMB 5,000,000.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yu Deyan 42
Yu Changkun 58
l
Legal
representative and General manage:
Mr. Yu Deyan, in his 50’s with high school education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman and general
manager.
SC is mainly engaged in manufacturing and selling pipe casting used for ship.
SC’s
products mainly include flange bronze stop valve, flange nodular cast lion oil
tanker gato valve and air pipe head on oil tank, etc.
SC sources its materials 90% from domestic market, and 10% from Europe. SC sells 80% of its products in domestic market, and 20% to Southeast Asian market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-90 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-90 days.
SC is known to have the following subsidiaries:
Dalian Jinmei Industrial Co. Ltd.
Beijing Branch
Dalian Jinmei Cast Pipe Co., Ltd.
Dalian Jinmei Valve Co., Ltd.
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.
Financial Summary
===============
Unit: RMB’000
|
|
As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
|
Accounts receivable |
1,260 |
940 |
|
Current assets |
4,920 |
5,550 |
|
Total liabilities |
5,120 |
6,390 |
|
Shareholders equities |
2,880 |
2,670 |
|
Total assets |
8,000 |
9,060 |
|
|
|
|
|
Turnover |
7,040 |
14,000 |
|
Cost of goods sold |
6,110 |
12,480 |
|
Sales expense |
20 |
30 |
|
Management expense |
800 |
700 |
|
Finance expense |
450 |
300 |
|
Operation Profit |
-390 |
150 |
Important Ratios
=============
|
|
As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
|
*Liabilities to assets |
0.64 |
0.71 |
|
*Accounts receivable/Turnover ×365 |
65days |
25days |
|
*Turnover/Total assets |
0.88 |
1.55 |
|
* Cost of goods sold/Turnover |
0.87 |
0.89 |
Overall financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line fairly stable financial conditions. A credit line up to USD 30,000 would appear to be within SC’s capacities.
RATING EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |