MIRA
INFORM REPORT
|
Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
ZHEJIANG XINGPENG COPPER MATERIAL GROUP
CO., LTD. |
|
|
|
|
Registered Office : |
Tangpu Industrial Zone, Shangyu, Zhejiang
Province, 312364 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
06.05.1998 |
|
|
|
|
Com. Reg. No.: |
3306822109075 |
|
|
|
|
Legal Form : |
Limited
Liabilities Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing and selling
various copper tube. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
Up To
usd 1,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
ZHEJIANG XINGPENG COPPER MATERIAL GROUP CO., LTD.
address
TANGPU INDUSTRIAL ZONE, SHANGYU, ZHEJIANG PROVINCE, 312364 PR CHINA
TEL: 86 (0) 575-2123046
FAX: 86 (0) 575-2124595
EXECUTIVE SUMMARY
INCORPORATION
DATE : may 6, 1998
REGISTRATION
NO. : 3306822109075
REGISTERED
LEGAL FORM : Limited liabilities company
STAFF
STRENGTH : 1,000
REGISTERED
CAPITAL : CNY 100,000,000
BUSINESS
LINE :
manufacturing
TURNOVER : CNY 853,153,000 (AS OF DEC. 31, 2005)
EQUITIES : CNY 281,808,000 (AS OF DEC. 31,
2005)
PAYMENT : AVERAGE
RECOMM.
CREDIT RANGE : UP TO usd 1,000,000
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : STABLE
OPERATIONAL
TREND : STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY7.87 = US$1
AS OF 2006-11-17
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Ren Min Bi Yuan
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (The official body of issuing and renewing business license) on May 6, 1998.
Company Status: Limited liabilities co. This form of
business in PR China is defined as a legal person. Its registered capital
is contributed jointly by at least two shareholders and no more than fifty.
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. : CNY 500,000.00 -trading
&wholesaling co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy &
service co. : CNY 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 and processing copper tube and stick, communication equipment, electromechanical equipment parts and hardware, international trade, in accordance with the license.
SC is mainly engaged in manufacturing and selling various copper tube.
Mr. Liang Xilin has been chairman of SC since 1998.
SC owns about 1,000 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 Shangyu. Our checks reveal that SC owns the total premise about 120,000 square meters.
http://www.chinacoppertube.com The design is professional and the content is well organized. At present the web site is both in Chinese and English versions.
E-mail: kangda@mail.sxptt.zj.cn
SC has got the certificate of ISO9002.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Liang Xilin 52.8
Liang Zihao 42.1
Luo Qiliang 1.7
Wu Chuanjia 1.7
Xu Lixin 1.7
l
Chairman
Mr. Liang Xilin, about 50 years old with university education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1998 to present Working in SC
as chairman.
l
General Manager
Mr. Luo Qiliang, about 48 years old with university education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 1998 to present Working in SC
as general manager.
SC is mainly engaged in manufacturing and selling various copper tube.
Brand: Xingpeng.
SC’s products mainly include: Lwc for Acr Series, Straight Tubes, and PVC Copper Tubes Series.
SC’s annual output of the Acr and copper tube is 100,000 tons.
SC sources its materials 100% from domestic market, mainly Jiangsu and Zhejiang. SC sells 70% of its products in domestic market, and 30% to overseas market, mainly Japan, Taiwan and Singapore.
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.
SC’s suppliers include:
Zhejiang Naile Copper Industry Co., Ltd.
SC’s clients include:
Haier
Changhong
Guangzhou Hualing Air Condition Equipment Co., Ltd.
SC is known to have two subsidiaries at present:
Zhejiang Naile Copper Industry Co., Ltd.
Jiangxi Naile Copper Industry 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.
Agricultural Bank of China Shangyu Sub-Branch
AC# : 534141059874004760
Relationship: Normal.
Balance Sheet
Unit: CNY thousand yuan
|
|
As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
|
Accounts receivable |
53,409 |
96,961 |
|
Current assets |
210,574 |
375,002 |
|
Fixed assets |
144,589 |
175,698 |
|
Total assets |
460,841 |
728,797 |
|
|
|
|
|
Total liabilities |
233,678 |
446,989 |
|
Equities |
227,163 |
281,808 |
|
Total liabilities & equities |
460,841 |
728,797 |
Income Statement
Unit: CNY thousand yuan
|
|
As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
|
Turnover |
703,009 |
853,153 |
|
Cost of goods sold |
624,486 |
760,773 |
|
Sales expense |
8,402 |
9,401 |
|
Management expense |
7,829 |
9,027 |
|
Finance expense |
12,540 |
14,522 |
|
Profit before tax |
45,532 |
55,258 |
Important Ratios
|
|
As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
|
*Liabilities to assets |
0.51 |
0.61 |
|
*Accounts receivable/Turnover ×365 |
28 |
41 |
|
*Turnover/Total assets |
1.53 |
1.17 |
|
* Cost of goods sold/Turnover |
0.89 |
0.89 |
PROFITABILITY:
AVERAGE
l The turnover of SC appears average in its line.
l SC’s return on total assets is average.
l SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY:
AVERAGE
l SC’s turnover 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 low.
Overall financial condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial conditions. Over the past 8 years, SC has made a stable growth with acceptable profit. A credit line up to USD 1,000,000 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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|