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MIRA
INFORM REPORT
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Report Date : |
2nd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
jumao
photonics (xiamen) co., ltd. |
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Registered Office : |
5/F, Kaiyuan Technical Park, Lingdou, Xiamen City Fujian
Province 361009 Pr China |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
27.12.2001 |
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Com. Reg. No.: |
05654 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged
in manufacturing and selling solar panel and
module. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Maximum Credit Limit : |
USD
50,000 |
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Status : |
Small
Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
jumao photonics (xiamen) co., ltd.
5/f, kaiyuan technical park, lingDOU,
xiamen city fujian province 361009 PR CHINA
TEL: 86 (0) 592-5931920
FAX: 86 (0) 592-5935721
EXECUTIVE SUMMARY
INCORPORATION DATE :
dec. 27, 2001
REGISTRATION NO. :
05654
REGISTERED LEGAL FORM : wholly foreign-owned
enterprise
STAFF STRENGTH :
300
REGISTERED CAPITAL :
usd 3,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
cny 25,520,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 8,930,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to USD 50,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
stable
OPERATIONAL TREND :
steady
GENERAL REPUTATION :
average
EXCHANGE RATE :
CNY 7.76 = US$1 AS OF 2007-02-01
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
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SC was registered as a wholly foreign-owned enterprise at
local Administration for Industry & Commerce (AIC-The official body of
issuing and renewing business license) on Dec. 27, 2001.
Company Status: Wholly foreign-owned
enterprise. This
form of business in PR China is defined as a legal person. It is a limited
co. established within the territories of PR China with capital provided
totally by the foreign investors. More than one foreign investors may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered
business scope includes encapsulation of solar battery; developing and
manufacturing lighting fixture and product, generating system of solar energy
and wind power; and related technical services.
SC is mainly engaged
in manufacturing and selling solar panel and module.
Ms. Chen Xiamei has been chairman of SC since 2001.
SC owns about 300
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 Xiamen.
Our checks reveal that SC owns the total premise about 8,000 square meters.
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http://www.solargenerator.com The
design is professional and the content is well organized. At present, the web
is only in English version.
E-mail: sales@solargenerator.com
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Till
December 31, 2005, SC’s paid-up capital reached CNY 8,820,000.
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MAIN SHAREHOLDERS:
Name %
of Shareholding
Bright Oceans International Co.,
Ltd. Hong Kong 100
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Chairman and General Manager:
Ms. Chen Xiamei , in her 40’s with university education.
She is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman and
general manager.
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SC is mainly engaged in manufacturing and selling solar panel and module.
SC’s
products mainly include: solar panel, solar module,
and solar cell, etc.
SC sources its materials 30% from domestic markets, mainly Fujian province, and
70% from overseas market, mainly Taiwan.
SC sells 10% of its products in domestic markets, mainly Zhejiang and
Fujian province, and 90% to overseas market, mainly Taiwan.
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 Supplier:
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Xiamen Dongyan Industrial Materials Co., Ltd.
Address : 1/F, No.
69, Huatai Road, Xiamen
Tel :
0592-5623258
*Major Customer:
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Ningbo Xinneng Photonics & Industry Co., Ltd.Address : 3-5/F, No. 287, Huancheng West Road, Haishu District, NingboTel : 0574-87509555Fax : 0574-87509560
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SC is not known to have any
subsidiary at present.
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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.
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Agricultural Bank
AC#:
386001040009328
Relation: Normal
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Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
160 |
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Inventory |
3,990 |
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Accounts receivable |
11,230 |
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Other Accounts receivable |
400 |
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Accounts payable in advance |
680 |
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To be apportioned expense |
0 |
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Other current assets |
-360 |
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Current assets |
16,100 |
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Fixed assets |
5,930 |
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Long term investment |
0 |
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Other assets |
150 |
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Total assets |
22,180 |
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Short loans |
0 |
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Accounts payable |
12,890 |
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Accounts receivable in advance |
50 |
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Other Accounts payable |
660 |
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Salaries payable |
0 |
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Welfares payable |
0 |
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Taxes payable |
-790 |
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Withdraw the expenses in
advance |
0 |
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Other current liabilities |
440 |
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Current liabilities |
13,250 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
13,250 |
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Equities |
8,930 |
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Total liabilities &
equities |
22,180 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
25,520 |
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Cost of goods sold |
21,120 |
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Sales expense |
1,650 |
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Management expense |
1,250 |
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Finance expense |
0 |
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Non-operating expense |
20 |
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Profit before tax |
1,480 |
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Less: profit tax |
0 |
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Profits |
1,480 |
Important Ratios
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As
of Dec. 31, 2005 |
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*Current ratio |
1.22 |
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*Quick ratio |
0.91 |
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*Liabilities
to assets |
0.60 |
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*Net profit
margin (%) |
5.80 |
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*Return on
total assets (%) |
6.67 |
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*Inventory
/Turnover ×365 |
57 days |
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*Accounts
receivable/Turnover ×365 |
161 days |
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*Turnover/Total
assets |
1.15 |
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* Cost of
goods sold/Turnover |
0.83 |
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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 average.
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SC’s return on total assets is average.
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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 inventory of SC is maintained in a normal level.
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The accounts receivable of SC appears LARGE.
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SC has no short-term loan in 2005.
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SC’s turnover is in a normal 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: Stable.
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SC is
considered small-sized in its line with stable financial conditions. A credit line up to USD 50,000 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/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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