MIRA
INFORM REPORT
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Report Date : |
29.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
tianjin motimo
membrane technology ltd. |
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Registered Office : |
No. 60, 11th
Street, Economic & Technical Development Zone, Tianjin 300457 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
May 21, 2003 |
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Com. Reg. No.: |
015419 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Engaged
in manufacturing and selling series
of hollow
fiber membrane. |
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 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
tianjin motimo
membrane technology ltd.
no. 60, 11th street, economic &
technical development zone
tianjin 300457 PR CHINA
TEL :
86 (0) 22-66230233
FAX :
86 (0) 22-66230131
EXECUTIVE SUMMARY
INCORPORATION DATE : may 21, 2003
REGISTRATION NO. :
015419
REGISTERED LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
STAFF STRENGTH :
70
REGISTERED CAPITAL : CNY 78,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 27,040,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 47,510,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 300,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
7.30 =US1$
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: SC’s complete name should be the above stated one,
instead of the given one Motimo.
SC was registered as a Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on May 21, 2003.
Company
Status: Chinese-foreign equity joint venture enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing and selling hollow fiber
membrane, membrane modules, and environmental protection products of membrane
equipment; and supplying relevant technical consulting services.
SC is
mainly engaged in manufacturing
and selling series of hollow fiber membrane.
Mr. Li Xinmin has
been chairman of SC since 2007.
SC is
known to have approx. 70 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 Tianjin. Our checks
reveal that SC owns the total premise about 12,000
square meters.
http://www.motimo.com.cn The
design is professional and the content is well organized. At present it is both
in English and Chinese versions.
E-mail: sales@motimo.com.cn
In 2007, SC’s registered capital was increased from CNY
50,000,000 to the present amount, and meanwhile, its
former legal representative Mr. Li Jiajun was taken place by the present one.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Tianjin Motimo Membrane
Eng. & Tech. Co., Ltd. 38.46
Huayi Science & Technology
International Co., Ltd. B.V.I 35.90
High and New Investment &
Development Co., Ltd. 25.64
l
Chairman and
General Manager:
Mr. Li Xinmin (李新民), in his
50’s with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
Since 2007 Working in SC as chairman and general manager.
SC is mainly
engaged in manufacturing and selling series of hollow fiber
membrane.
SC’s products mainly include: continuous membrane filtration system,
typical CMF module, membrane
bioreactor (MBR), etc.
SC
sources its materials 70% from domestic market, mainly Beijing and Tianjin, and
30% from overseas market, mainly European and American countries. SC sells 85%
in domestic market, mainly Tianjin and Shandong, and 15% to overseas market.
The buying terms of SC include T/T, L/C, Check and Credit of
30-60 days. The payment terms of SC include T/T, L/C, Check and Credit of 30-60
days.
*Major supplier:
==============
Tianjin Jindong Huaming Paper Box Factory
*Major customer:
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Shandong University
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’s suppliers
declined to make any comments.
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
and Commercial Bank of China
AC#：0302088409100000947
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
10,960 |
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Inventory |
10,340 |
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Accounts
receivable |
19,930 |
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Other Accounts
receivable |
350 |
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Advances to
suppliers |
890 |
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To be
apportioned expense |
0 |
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Other current
assets |
100 |
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------------------ |
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Current assets |
42,570 |
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Fixed assets |
46,570 |
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Long term investment |
0 |
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Other assets |
890 |
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Total assets |
90,030 |
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============= |
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Short loans |
10,000 |
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Accounts payable |
10,070 |
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Bills payable |
0 |
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Advance from
clients |
110 |
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Other Accounts
payable |
210 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
-70 |
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Current
liabilities |
20,320 |
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Long term
liabilities |
22,200 |
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Other
liabilities |
0 |
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Total
liabilities |
42,520 |
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Equities |
47,510 |
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Total
liabilities & equities |
90,030 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
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Turnover |
27,040 |
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Cost of goods
sold |
16,950 |
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Sales expense |
0 |
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Management expense |
4,980 |
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Finance expense |
600 |
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Profit before
tax |
3,320 |
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Less: profit tax |
0 |
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Profits |
3,320 |
Important Ratios
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As of Dec. 31, 2006 |
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*Current
ratio |
2.09 |
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*Quick
ratio |
1.59 |
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*Liabilities
to assets |
0.47 |
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*Net
profit margin (%) |
12.28 |
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*Return
on total assets (%) |
3.69 |
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*Inventory
/Turnover ×365 |
140days |
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*Accounts
receivable/Turnover ×365 |
269days |
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*Turnover/Total
assets |
0.30 |
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* Cost
of goods sold/Turnover |
0.63 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is fairly good.
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SC’s return on total assets is average.
l
SC’s cost of goods sold is low, comparing with its turnover.
LIQUIDITY:
AVERAGE
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The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
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The inventory conversion period of SC appears
long.
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The accounts receivable of SC appears fairly large.
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The short-term loan of SC is maintained in an average level.
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SC’s turnover is in a fair level, comparing with the size of
its total assets.
LEVERAGE:
AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 300,000 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. |
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%)