MIRA
INFORM REPORT
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Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
wuhan intepower co., ltd. |
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Registered Office : |
No. T2 Dunkou Area, Wuhan E&T Development Zone, Wuhan, Hubei,
430056 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
20.12.1993 |
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Com. Reg. No.: |
4201002170508 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and Selling Communications
Power Source Equipment. |
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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Maximum Credit Limit : |
Up To usd 500,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
wuhan intepower co., ltd.
address
no. T2 dunkou area, wuhan e&t
development zone, wuhan, hubei, 430056 PR CHINA.
TEL : 86 (0) 27-84220589
FAX : 86 (0) 27-84220589
EXECUTIVE SUMMARY
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INCORPORATION DATE |
december 20, 1993 |
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REGISTRATION NO. |
4201002170508 |
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REGISTERED LEGAL FORM |
Shares
limited company |
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STAFF STRENGTH |
500 |
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REGISTERED CAPITAL |
CNY 35,000,000 |
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BUSINESS LINE |
manufacturing |
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TURNOVER |
CNY 87,882,000 (AS
OF DEC. 31, 2005) |
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EQUITIES |
CNY 98,822,000 (AS OF DEC. 31, 2005) |
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PAYMENT |
AVERAGE |
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RECOMM. CREDIT RANGE |
UP TO usd 500,000 |
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MARKET CONDITION |
COMPETITIVE |
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FINANCIAL CONDITION |
STABLE |
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OPERATIONAL TREND |
STEADY |
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GENERAL REPUTATION |
AVERAGE |
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EXCHANGE RATE |
CNY7.88 = US$1 AS OF 2006-11-1 |
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a shares limited company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on December 20, 1993.
Company Status: Shares limited co. This form of
business in PR China is defined as a legal person. Its registered capital
is divided into shares of equal par value and the co. raises capital by
issuing share certificates by promotion or by public offer. Shareholders
bear limited liability to the extent of shareholding, and the co. is liable
for its debts only to the extent of its total assets. The characteristics
of the shares limited co. are as follows: The establishment of
the co. requires at least five promoters and at least three of them must be
PR- China controlled legal persons. Natural person can not be allowed to
serve as promoters. The minimum
registered capital of a co. is CNY 10M. while that of the co. with foreign
investment is CNY 30M. The total capital of a co. which propose to apply
for publicly listed must not less than CNY 50M. The board of
directors must consist of an odd number of five to nineteen directors. If the co. raises
capital by public offer, the promoters must not subscribe less than 35% of
the total shares. the promoters’ shares are restricted to transfer- within
three years of the offer. Directors can not transfer the shares they hold
in the co. during their terms of office. A state-owned
enterprise that is restructured into a shares limited co. must comply with
the conditions & requirements specified under the law &
administrative rule.
SC’s registered business scope includes development, technology service and consultation of power source and power source intellectualization management system; manufacturing and selling self-developed products; retailing and wholesaling computer and parts, instrument, decoration materials; exporting its products and technology; importing materials, instrument, machinery and equipment, parts and technology needed for its production; processing with the imported materials and compensation trade with agreement.
SC is mainly engaged
in manufacturing and selling communications power source equipment.
Mr. Sun Aijun has
been chairman of SC since 1993.
SC owns about 500
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
Wuhan. Our checks reveal that SC rents the total premise about 2,000 square
meters.
http://www.intepower.com.cn
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: group@intepower.com
1993, Wuhan Yintai Storage Battery Co., Ltd was founded.
1994, the first batch, 2V300Ah VRLA batteries were delivered.
1995, Authenticated as a "Hi-Tech Enterprise" by Wuhan
East Lake Hi-Tech Development Zone.
1999, The Company's "Lead mesh VRLA battery project"
passed technical result checkup; "The technology is internationally
leading and filled the domestic blank", obtained the Fund of Technical
Development for Middle and Small Enterprises.
2000, SC was accredited as one of 131 "National Key Hi-Tech
Enterprises" by China's Ministry of Sciences.
2000, Wuhan Yintai Storage Battery Co., Ltd was renamed to Wuhan
Yintai Sci-tech Industry Co., Ltd.
2000, obtained "Syndicated Loan" from People's Bank,
became the first private company to get such a loan in Wuhan.
2000, introduced venture capital, increased investment and
expanded stock shares, the company was reorganized to Wuhan Intepower Co., Ltd.
2001, the production base of batteries was constructed in Wuhan
Economical & Technological Development Zone.
2002, Ministry of Sciences, Environment Protection Bureau and
other 3 departments jointly assessed "Lead mesh VRLA battery" as a
"National Key New Product".
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wuhan Chuxiong Electromechanical
Engineering Co., Ltd. 50.85
Shenzhen Chuangxin Technology
Industry Co., Ltd. 14.00
Beijing Datao Information
Technology Co., Ltd. 3.00
Wuhan Torch Technology
Investment Co., Ltd. 10.54
Shareholder’s Union of Staff 7.61
Luo Limin 14.00
Chairman and General Manager
Mr. Sun Aijun, 42 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s)
From 1993 to present Working in SC
as chairman and general manager.
SC is mainly engaged in manufacturing and selling communications power source equipment.
Brand: Intepower.
SC’s products mainly
include: VRLA Battery Series communications power source.
SC sources its materials 100%
from domestic market, mainly Hubei. SC sells 80% of its products in domestic
market, and 20% to overseas market, mainly Southeast Asian 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.
*Major Customers:
==============
China Mobile
China Unicom
China Telecom
China Netcom
China Railcom
PCCW
EMERSON NETWORK POWER
Huawei
ZTE
NOKIA
SC is known to have 4 subsidiaries at present:
Inte-Wufeng Grain Machinery Co., Ltd.
Hubei Intepower Power Source Co., Ltd.
Hubei Intepower Real Estate Development Co., Ltd.
Hubei Qingfenggu Holiday 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.
Balance Sheet
Unit: CNY’000
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As of
Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Accounts receivable |
11,380 |
11,052 |
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Current assets |
218,110 |
224,153 |
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Fixed assets |
39,190 |
40,056 |
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Total assets |
341,890 |
342,980 |
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Total liabilities |
238,320 |
244,158 |
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Equities |
103,570 |
98,822 |
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Total liabilities
& equities |
341,890 |
342,980 |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Turnover |
81,527 |
87,882 |
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Cost of goods sold |
57,043 |
59,677 |
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Sales expense |
11,138 |
11,266 |
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Management expense |
3,010 |
3,059 |
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Finance expense |
8,237 |
9,681 |
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Profit before tax |
8,790 |
9,059 |
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Less: profit tax |
464 |
474 |
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Profits |
8,326 |
8,585 |
Important
Ratios
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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*Current
ratio |
/ |
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*Quick
ratio |
/ |
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*Liabilities
to assets |
0.70 |
0.71 |
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*Net
profit margin (%) |
10.21 |
9.77 |
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*Return
on total assets (%) |
2.44 |
2.50 |
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*Inventory
/Turnover ×365 |
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/ |
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*Accounts
receivable/Turnover ×365 |
51 |
46 |
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*Turnover/Total
assets |
0.24 |
0.26 |
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*
Cost of goods sold/Turnover |
0.70 |
0.68 |
PROFITABILITY: AVERAGE
l
The turnover of SC appears fair in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The accounts receivable of SC is maintained in an acceptable
level.
l
SC’s turnover is in a fair 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.
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 500,000
would appear to be within SC’s capacities.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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