MIRA
INFORM REPORT
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Report Date : |
05.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
zhejiang noblelift
equipment joint stock co., ltd. |
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Registered Office : |
No. 58, Jingyi Road,
Economic Development Zone, Changxing County Zhejiang Province 313100 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
March 3, 2000 |
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Com. Reg. No.: |
330000000000860 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged
in manufacturing and selling storage and haulage equipment. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To USD 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
zhejiang noblelift
equipment joint stock co., ltd.
no. 58, jingyi road, economic development
zone, changxing county
zhejiang province 313100 PR CHINA
TEL: 86 (0) 572-6210788
FAX: 86 (0) 572-6210777
EXECUTIVE SUMMARY
INCORPORATION DATE : march 3, 2000
REGISTRATION NO. : 330000000000860
REGISTERED LEGAL FORM : shares limited co.
STAFF STRENGTH :
660
REGISTERED CAPITAL : cny 19,000,000
BUSINESS LINE :
manufacturing
TURNOVER : CNY 713,834,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 101,516,000 (AS OF DEC. 31, 2006)
PAYMENT :
average
RECOMM. CREDIT RANGE : up to USD 1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 7.40= 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
Note: SC’s complete name should be the above stated one, instead of the given one Zhejiang Noble Lift Equipment Joint Co., Ltd.
SC was registered as a shares limited co. at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on March 3, 2000.
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 manufacturing,
processing, and selling storage equipment, hydraulic haulage equipment, plastic
machines & moulds, hardware tools, coal mechanical components, energy-saving
fluorescent lamps, lighting fixtures, and electric appliances; designing,
producing, and selling fork trucks; and international trade.
SC is mainly
engaged in manufacturing and selling storage and haulage equipment.
Mr. Ding Yi has
been chairman of SC since 2000.
SC is known to have approx. 660 staff members at
present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Changxing County. Our
checks reveal that SC owns the total premise about 170,000
square meters.
http://www.noblelift.cn The design is professional and the content is
well organized. At present the web is both in Chinese and English versions.
E-mail: info@noblelift.com
SC is granted ISO9001, ISO14001 and ISO18001 authentication
certificates. Most of the products are granted CE or GS certificates by TÜV
Rheinland Group.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ding Yi and other 14 individuals 100
l
Chairman and
General Manager:
Mr. Ding Yi, 55 years old with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 2000 to present Working in SC as chairman and general manager.
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Assistant Manager:
Ms. Mao Ying, in her 40’s with university education. She is currently responsible
for the daily management of SC.
Working Experience(s):
From 2000 to present Working in SC as assistant manager.
SC is
mainly engaged in manufacturing and selling storage and haulage
equipment.
SC’s products mainly include: CNC Cutter, National Welding Robot,
CNC Milling machine, Wagner Auto Power-coating Line, Hydraulic Press, and Power
Press, etc.
Brand: “NOBLELIFT”. 
SC sources its materials 90% from domestic market, mainly Zhejiang
province, and 10% from overseas market. SC sells 20% of its products in
domestic market, mainly Zhejiang province, and 80% to overseas market, mainly
European and American countries.
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.
SC is
known to have the following subsidiaries at present:
Changxing
Noblelift Sourcing Co., Ltd.
Address:
Economic Development Zone, Changxing, Zhejiang
Tel:
+86-572-6121888
Fax:
+86-572-6800911
Changxing
Noblelift Import & Export Co., Ltd.
Address:
Economic Development Zone, Changxing, Zhejiang
Tel:
0572-6210785
Hangzhou
Better Electric Driver Tech Co., Ltd.
Address:
Room 1619, Guangyin Building, No. 42, Fengqi East Road, Hangzhou, Zhejiang
Tel:
+086-571-86026488
Fax:
+086-571-86026468
Shandong
Noblelift Sourcing Co., Ltd.
Address:
Economic Development Zone, Yanzhou
Tel:
0537-3637356
Noblelift
Machinery (America) Co., Ltd.
Noblelift
Machinery (Europe) Co., Ltd.
Noblelift
Machinery (Hong Kong) 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.
Bank of China Changxing Sub-branch
AC#：890014428608091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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Cash & bank |
66,541 |
153,809 |
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Inventory |
62,678 |
79,842 |
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Accounts
receivable |
59,583 |
84,861 |
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Bills receivable |
100 |
80 |
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Other Accounts
receivable |
22,888 |
114,308 |
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Advances to
suppliers |
20,365 |
5,889 |
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To be
apportioned expense |
627 |
790 |
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Other current
assets |
0 |
100 |
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------------------ |
------------------ |
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Current assets |
232,782 |
439,679 |
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Fixed assets |
42,101 |
90,003 |
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Fixed assets net
value |
41,678 |
87,455 |
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Projects under
construction |
423 |
2,548 |
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Long term
investment |
4,732 |
36,763 |
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Other assets |
12,401 |
6,894 |
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Total assets |
292,016 |
573,339 |
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============= |
============= |
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Short loans |
72,749 |
203,101 |
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Accounts payable |
66,111 |
90,636 |
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Bills payable |
49,550 |
53,650 |
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Advance from
clients |
6,927 |
11,011 |
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Salaries payable |
1,000 |
3,900 |
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Welfares payable |
3,649 |
5,966 |
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Taxes payable |
11,274 |
27,064 |
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Other Accounts
payable |
10,750 |
26,358 |
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Withdraw the
expenses in advance |
3,051 |
3,565 |
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Other current
liabilities |
1,109 |
1,572 |
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Current
liabilities |
226,170 |
426,823 |
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Long term
liabilities |
0 |
45,000 |
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Other
liabilities |
0 |
0 |
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Total
liabilities |
226,170 |
471,823 |
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Equities |
65,846 |
101,516 |
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Total
liabilities & equities |
292,016 |
573,339 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2005 |
As of Dec. 31, 2006 |
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Turnover |
464,460 |
713,834 |
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Cost of goods
sold |
382,485 |
580,849 |
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Sales expense |
26,626 |
41,883 |
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Management expense |
26,063 |
30,077 |
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Finance expense |
4,825 |
11,459 |
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Profit before
tax |
24,389 |
52,069 |
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Less: profit tax |
7,995 |
15,899 |
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Profits |
16,394 |
36,170 |
Important Ratios
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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*Current ratio |
1.03 |
1.03 |
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*Quick ratio |
0.75 |
0.84 |
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*Liabilities
to assets |
0.77 |
0.82 |
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*Net profit
margin (%) |
3.53 |
5.07 |
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*Return on
total assets (%) |
5.61 |
6.31 |
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*Inventory
/Turnover ×365 |
49days |
41days |
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*Accounts
receivable/Turnover ×365 |
47days |
43days |
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*Turnover/Total
assets |
1.59 |
1.25 |
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* Cost of
goods sold/Turnover |
0.82 |
0.81 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good, and it increased in
2006.
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SC’s net profit margin is fairly good, and it increased in
2006.
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SC’s return on total assets is fairly good in 2005 and 2006.
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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 in
both years.
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SC’s quick ratio is fair in 2005 and average in 2006.
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The inventory of SC is maintained in an average level in 2005 and
2006.
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The accounts receivable of SC is maintained in an average level in 2005
and 2006.
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The short-term loan of SC appears LARGE in both years.
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SC’s turnover is in an average level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
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The debt ratio of SC is fairly high.
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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 fairly stable financial
conditions. The large amount of short-term loan
could be a threat to SC’s financial condition. A credit line up to USD 1,000,000 appears 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. |
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%)