MIRA
INFORM REPORT
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Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI JARI EXTRUSION TECHNOLOGY CO., LTD. |
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Registered Office : |
Building 2, No. 567 Minqiu Road, Caolu Town, Pudong,
Shanghai, 201209 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. 18, 2002 |
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Com. Reg. No.: |
3101152022553 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in manufacturing
and selling plastic extrusion systems. |
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 80,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHANGHAI JARI EXTRUSION TECHNOLOGY CO., LTD.
BUILDING 2, NO. 567 MINQIU ROAD, CAOLU TOWN, PUDONG,
SHANGHAI, 201209 PR CHINA
TEL : 86 (0)
21-68725716
FAX : 86 (0) 21-68728716
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 18, 2002
REGISTRATION NO. : 3101152022553
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
120
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 27,110,000 (AS OF DEC. 31, 2005)
EQUITIES :
cny 12,620,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 80,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.39= US$1
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
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Mar. 18, 2002.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
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 CNY 30,000. 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 30% 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 researching, designing, manufacturing
and selling plastic proximate matter extrusion moulds and extrusion equipment;
developing and technology service of plastic extrusion products; exporting its
products and importing machinery, parts, materials; consulting service of the
above stated business.
SC is mainly
engaged in manufacturing and selling plastic extrusion systems.
Mr. Li Hengshao
has been chairman of SC since 2005.
SC is known
to have approx. 120 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in Pudong New District of Shanghai. Our checks
reveal that SC rents the total premise about 5,520 square meters.
SC is not known to host website of its own at present.
SC’s former registered capital was CNY 3,000,000, and in 2005 it was
added up to the present amount.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lianyungang Jari Tooling Technology Co., Ltd. 91
Jiangsu Automation Research Institute 9
Lianyungang Jari Tooling Technology Co., Ltd.
Add: 42 HaiLian Rd.(E), LianYungang City,
JiangSu
Tel: 0086-518-5821056
Fax: 0086-518-5821685
E-mail: info@jaritooling.com
Web: http://www.jaritooling.com
Jiangsu Automation Research Institute
It was built in May, 1965. It mainly undertakes
research, development, production, system integration and project contracting
in fields like electronic information system engineering, automatic control
engineering, automatic control device, electronic engineering, software
engineering, plastics engineering.
Add: No. 42 East Hailian Road, Lianyungang
Jiangsu
Tel: 86-518-5821014
Fax: 86-518-5821014
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Chairman and
General Manager:
Mr. Li Hengshao, in his 40’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and general manager.
Also working in Jiangsu Automation Research Institute as president.
Directors:
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Xu Bin
Wan Qin
Cheng Qingren
SC is mainly
engaged in manufacturing and selling plastic extrusion systems.
SC’s products mainly
include: plastic extrusion tools and equipment for rigid PVC, advanced cap
stock co-extrusion, wood composite plastics co extrusion, metal/plastic
co-extrusion, foam extrusion, sheet and film extrusion.
SC sources its
materials 90% from domestic market, and 10% from the overseas market, mainly
European countries. SC sells 40% of its products in domestic market, and 60% to
the overseas market, mainly American and European countries.
The buying terms of SC include Check, 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 Client:
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Shanghai Jari Extrusion Plastic Co., Ltd.
SC is
not known to have any subsidiary at present.
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 refused to release any information of its
suppliers and the trade reference was not available.
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.
China Construction Bank Pudong Sub-branch
AC#：055216-12020000442
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 |
3,350 |
13,170 |
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Inventory |
4,370 |
1,630 |
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Accounts
receivable |
530 |
410 |
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Advances to
suppliers |
0 |
0 |
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Other
receivables |
3,540 |
630 |
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Other current
assets |
30 |
20 |
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Current assets |
11,820 |
15,860 |
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Fixed assets net
value |
12,160 |
11,650 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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Total assets |
23,980 |
27,510 |
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Short loans |
3,000 |
0 |
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Accounts payable |
2,220 |
3,680 |
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Advances from
clients |
3,220 |
5,380 |
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Taxes payable |
-650 |
-30 |
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Salaries payable |
0 |
0 |
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Other payable |
1,710 |
140 |
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Other current
liabilities |
1,550 |
120 |
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Current
liabilities |
11,050 |
9,290 |
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Long term
liabilities |
9,610 |
5,600 |
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Total
liabilities |
20,660 |
14,890 |
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Equities |
3,320 |
12,620 |
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Total
liabilities & equities |
23,980 |
27,510 |
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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 |
10,290 |
27,110 |
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Cost of goods
sold |
6,680 |
18,780 |
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Sales expense |
740 |
1,520 |
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Management expense |
2,250 |
3,810 |
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Finance expense |
30 |
-60 |
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Profit before
tax |
650 |
3,050 |
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Less: profit tax |
330 |
760 |
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Profits |
320 |
2,290 |
Important Ratios
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2004 |
2005 |
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*Current ratio |
1.07 |
1.71 |
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*Quick ratio |
0.67 |
1.64 |
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*Liabilities
to assets |
0.86 |
0.54 |
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*Net profit
margin (%) |
3.11 |
8.45 |
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*Return on
total assets (%) |
1.33 |
8.32 |
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*Inventory /Turnover
×365 |
155days |
22days |
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*Accounts
receivable/Turnover ×365 |
19days |
6days |
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*Turnover/Total
assets |
0.43 |
0.99 |
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* Cost of
goods sold/Turnover |
0.65 |
0.69 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears average in 2004, and it increased in 2005.
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SC’s net profit margin is average in 2004 and fairly good in 2005.
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SC’s return on total assets is average in 2004 and fairly good in 2005.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
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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 normal level.
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The accounts receivable of SC is average.
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The inventory of SC is average.
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SC’s turnover is in an average level in 2005, comparing with the size of
its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average in 2005.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable financial
conditions. Credit dealings of small amount can be considered for it at
present.
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. |
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%)