MIRA
INFORM REPORT
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Report Date : |
24.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
HANGZHOU COGENERATION IMPORT & EXPORT CO., LTD. |
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Registered Office : |
4/F Tower 11, No. 167 North Huancheng Road, Hangzhou, Zhejiang Province, 310004 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
MAR. 23, 2001 |
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Com. Reg. No.: |
3301001003938 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in international
trade. |
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 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
HANGZHOU COGENERATION IMPORT & EXPORT CO., LTD.
4/F TOWER 11, NO. 167 NORTH HUANCHENG ROAD, HANGZHOU,
zhejiang PROVINCE, 310004 PR CHINA
TEL : 86 (0) 571-85097635
FAX : 86 (0) 571-85097634
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 23, 2001
REGISTRATION NO. : 3301001003938
REGISTERED LEGAL FORM : LIMITED LIABILITY
COMPANY
STAFF STRENGTH :
35
REGISTERED CAPITAL : CNY 30,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 2,583,626,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 62,881,000 (AS OF DEC. 31,
2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 400,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.73 = US$1 AS OF 2007-4-24
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
Note: SC’s correct address should be the state one, the address provided by our clients belongs to other companies.
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (The official body of issuing and renewing business license) on Mar. 23, 2001.
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 scopes include wholesaling and retailing nonferrous
metal, metal materials and products, woods, chemical materials(excluding
chemical dangerous goods), paper, plastic materials and products, common
machinery, building materials, hardware, electrics and instruments, knitting
and textiles products, water-heating equipment, automotive parts, computer,
instrument, agriculture products; service: machinery and equipment, computer
and its parts, and instrument repairing; importing and exporting various goods
and technology.
SC is mainly
engaged in international trade.
Mr. Nie Zhonghai
has been chairman of SC since 2001.
SC owns
approximately 35 staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Hangzhou. Our checks reveal that SC
rents the total premise about 600 square meters.
http://www.hzrlciec.com The
design is professional and the content is well organized. At present it is in both
Chinese and English versions.
E-mail: xiaoyingii@163.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2002-8-8 |
Registered capital |
CNY 5,000,000 |
CNY 10,000,000 |
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Name of the Enterprise |
Hangzhou Redian Lianfeng Materials Co., Ltd. |
Hangzhou Cogeneration Import & Export
Co., Ltd. |
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|
2003-3-28 |
Registered capital |
CNY 10,000,000 |
CNY 15,000,000 |
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2004-4-16 |
Registered capital |
CNY 15,000,000 |
CNY 30,000,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hangzhou Turbine Dynamic Group Ltd. 75.5
Nie Zhonghai 5.0
Jiang Yuanqing 4.75
Jiang Yuanshun 4.75
Yuan Wenjing 1.25
Zhang Lvyong 1.0
Hu hao 1.0
He Xiuhui 1.0
An hao 1.0
Chen jian 1.0
He Keping 0.5
Zhou Xinjiang 0.5
Zhou Jianshan 0.5
Zhouwei 0.5
Zhou Xi 0.5
Lv Yonghong 0.25
Li Yi 0.25
Yu Weizhong 0.25
Dai Xiaodong 0.25
Xu Jianyu 0.25
Hangzhou Turbine Dynamic Group Ltd.
Hangzhou Turbine Dynamic Group Ltd., founded
in Dec.1992 on the basis of Hangzhou Turbine Factory established in 1958. In
April 1998, Hangzhou Turbine Co. Ltd. was founded with Hangzhou Turbine Group
Ltd. being the holding company. In the same month, 8,000 B shares went public in
Shenzhen Stock Exchange Market.
At present, Hangzhou Turbine Group boasts 2
wholly-funded companies, 10 holding companies and 2 joint stock companies. With
industrial turbines being the leading products, the company also produces
generators, industrial gear boxes, water-treatment equipment, radio tubes and
dyeing/finishing machinery and so on in addition to foreign trade, real estate
etc. Its leading product, industrial turbine has won about 80% of the market
share in domestic industrial dynamic industry. It is one of the 520 key
state-owned enterprises and a core enterprise among Zhejiang "Five
one-batch" enterprises. Moreover, it was listed among the 26 big
enterprises, which are energetically supported by Hangzhou Municipal
Government.
Add: No.167 North Ring Rd., Hangzhou P.C.：310004
Website: www.htp.net.cn
Tel：86-571-85097607
Telex：86-571-85093330
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Chairman and
General Manager:
Mr. Nie Zhonghai, born in 1957, with university 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.
Also working in Hangzhou Steam Turbine & Power Group Co., Ltd as Chairman.
l
Vice General
Manager:
Mr. Jiang Yuanqing, born in 1951, with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 2001 to present Working
in SC as vice general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: billet, band steel, armor plate, ore, pig iron, deformed steel
bar, wire, galvanized sheet, tinplate.
SC
exported iron and steel materials 420,000 tons in 2004 and 330,000 tons in
2005.
SC sources its
materials 40% from domestic markets and 60% international market. SC sells 60%
of its products in domestic markets and 40% to international market, mainly to
Korea, Taiwan, Thailand, and Indonesia.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers
==============
Hangzhou Steam Turbine & Power Group
Co., Ltd.
Hangzhou Turbine Co. Ltd
SC is known to have the following subsidiaries:
Shanghai
Rewang Iron&Steel Trading Co.,Ltd.
Tel:
021-35050290
Fax:
021-65428532 021-65428453
Add: 1250#
,1st north road of zhongshan ShangHai,
Postal
code: 200437
Shanghai
Relian Metal Materials Co.,Ltd.
Tel:
021-33130802
Fax:
021-33010802
Add:
Room 408 No.120,Fuzhou Road, ShangHai
Postal
code: 200002
Zhangjiagang
Free Trade Zone Relian Iron&Steel International Trading Co.,Ltd.
Tel:
0512-58315831
Fax:
0512-58315832
Add:
Rm303 Wuliu Building ,Gangwu Group, Xiangshan Norst Road, Jingang, Zhangjiagang
Postal
code: 215633
Hangzhou
Relian Hangzhou Branch
Tel:
0571-85097643
Fax:
0571-88094480
Add:
Thomoelectronic Building #809 Moganshan Road
Hangzhou
Postal
code: 310011
Ningbo
Relian Iron&Steel Co.,Ltd.
Tel:
0574-87922232
Fax:
0574-87922423
Add:
Huadong Materials City Branch A13, Jiangdong, Ningbo.
Postal
code: 315040
Tianjing
Zhelian Iron&Steel Trading Co.,Ltd.
Tel:
022-26341981
Fax:
022-26340212
Add: E
207 Chubao Steel Market, Beechen Area Shunyi Road, Tianjin
Postal
code: 300400
Tianjin
Relian Colorfulboard Co.,Ltd.
Tel:
022-83962357
Add:
No.9 Jinwei Road, Dasi Industrial Park, Xiqing Enconomic Develepment Zone
Postal
code:300385
Beijing
Relian Iron&Steel Co.,Ltd.
Tel:
010-64649766
Fax:
010-64649767
Add:
3#12E No.2 international friend garden， north three ring zuojiazhuang Road ，Beijing
Postalcode:100028
Shandong
Boxing Relian Iron & Steel Co., Ltd.
Tel:
0543-2420611
Fax:
0543-2888678
Add:
No.57 Fuwang Plate Meterails Market Road, Xingxian, Shandong
Postal
code: 256510
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.
Industrial &
Commercial Bank of China Wulin Sub-branch of Hanghzou
AC#：1202021209906771180
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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Cash & bank |
71,327 |
163,110 |
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Short term
investment |
3,000 |
50,000 |
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Bills receivable
|
2,280 |
2,365 |
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Accounts
receivable |
93,394 |
142,689 |
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Account payable
in advance |
301,155 |
284,481 |
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Subsidies
receivable |
25,907 |
6,075 |
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Inventory |
141,077 |
245,219 |
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Other Accounts
receivable |
229,564 |
136,563 |
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Other current
assets |
26,999 |
10,000 |
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------------------ |
------------------ |
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Current assets |
894,703 |
1,040,502 |
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Fixed assets |
6,450 |
5,682 |
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Fixed assets net
value |
5,627 |
3,864 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
18,530 |
24,708 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
918,860 |
1,069,074 |
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============= |
============= |
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Short loans |
396,762 |
270,281 |
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Bills payable |
115,150 |
248,580 |
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Accounts payable |
74 |
188,404 |
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Account
receivable in advance |
49,495 |
62,631 |
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Other Accounts
payable |
263,589 |
230,401 |
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Welfare payable |
157 |
271 |
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Tax payable |
7,132 |
3,245 |
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Other current
liabilities |
755 |
2,380 |
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------------------ |
------------------ |
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Current
liabilities |
833,114 |
1,006,193 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
833,114 |
1,006,193 |
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Equities |
85,746 |
62,881 |
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------------------ |
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Total
liabilities & equities |
918,860 |
1,069,074 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2004 |
as of Dec. 31, 2005 |
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Turnover |
2,042,688 |
2,583,626 |
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Cost of goods
sold |
1,927,265 |
2,462,569 |
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Sales expense |
55,426 |
71,405 |
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Management expense |
4,673 |
4,899 |
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Finance expense |
21,904 |
38,158 |
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Profit before
tax |
67,418 |
10,774 |
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Less: profit tax |
22,147 |
4,219 |
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Profits |
45,271 |
6,555 |
Important Ratios
=============
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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*Current ratio |
1.07 |
1.03 |
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*Quick ratio |
0.90 |
0.79 |
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*Liabilities
to assets |
0.91 |
0.94 |
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*Net profit
margin (%) |
2.22 |
0.25 |
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*Return on
total assets (%) |
4.93 |
0.61 |
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*Fixed
assets/Total assets |
0.01 |
0.01 |
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*Inventory
/Turnover ×365 |
25days |
35days |
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*Accounts
receivable/Turnover ×365 |
17days |
20days |
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*Turnover/Total
assets |
2.22 |
2.42 |
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* Cost of goods
sold/Turnover |
0.94 |
0.95 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line, and it increased in
2005.
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SC’s net profit margin was decreased; it remains at a fair level in 2005.
l
SC’s return on total assets was decreased; it remains at a fair level in
2005.
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SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC appears fairly large.
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The accounts receivable of SC appears acceptable.
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SC’s short-term loans appear TOO LARGE.
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SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
l
The debt ratio of SC appears fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with stable financial conditions.
The large amount of short loans could be a threat to SC’s financial condition.
A credit line up to USD400,000 appears to be within SC’s capacities upon a
periodical review basis.
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 |
|
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 |
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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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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%)