MIRA
INFORM REPORT
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Report Date : |
10.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
haining jiajin
chemicals co., ltd. |
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Registered Office : |
Agriculture Development Zone, Haining
City, Jiaxing, Zhejiang Province, 201814 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
17.11.1994 |
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Com. Reg. No.: |
000773 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing
and selling dye, dyestuff and intermediate. |
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 200,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
haining jiajin
chemicals co., ltd.
address
agriculture development zone, haining city,
jiaxing,
zhejiang province, 201814 PR CHINA.
TEL: 86 (0) 573-7966152
FAX: 86 (0) 573-7966164
EXECUTIVE SUMMARY
INCORPORATION DATE :
NOVEMBER 17, 1994
REGISTRATION NO. :
000773
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture enterprise
STAFF STRENGTH :
180
REGISTERED CAPITAL :
USD 1,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 110,310,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 22,430,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO usd 200,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY7.81 = US$1 AS OF 2007-1-9
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 correct address should be the above stated one, and the given address - 17/F, Jinfeng Mansion, No.281 Zhonghezhong Road, Hangzhou, locates SC’s international trade department.
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 November 17, 1994.
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 joint venture usually have 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 which have good competition position in international market may
extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing and selling dye, dyestuff and intermediate.
SC is mainly engaged in
manufacturing and selling dye, dyestuff and intermediate.
Mr. Yu Buxiao has been chairman
of SC since 1994.
SC owns about 180 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 Haining. Our checks
reveal that SC owns the total premise about 5,000 square meters.
SC is
not known to host web site of its own at present.
No
significant events or changes were found during our checks with the local
Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Haining Jiayuan Dyestuff Factory 50
Jiayuan Enterprise (Hong Kong) Co., Ltd. 50
l
Chairman and General Manager:
Mr. Yu
Buxiao, 42 years old with university education. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 1994 to present Working
in SC as chairman and general manager.
SC is mainly engaged in
manufacturing and selling dye, dyestuff and intermediate.
SC’s products mainly include:
Tobias acid, J acid.
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 50% of its products in domestic market, and
50% to overseas market, mainly Indonesia.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major
Customer:
==============
Haining Jiayuan Dyestuff Factory
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 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 Haining Sub-Branch
AC# :
860014895708091001
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
3,000 |
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Inventory |
12,980 |
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Accounts receivable |
27,470 |
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Other Accounts receivable |
90 |
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To be apportioned expense |
50 |
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Other current assets |
5,010 |
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Current assets |
48,600 |
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Fixed assets |
24,560 |
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Fixed assets net value |
10,750 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Other assets |
2,160 |
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Total assets |
61,510 |
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Short loans |
0 |
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Accounts payable |
15,390 |
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Other Accounts payable |
570 |
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Dividends payable |
18,020 |
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Withdraw the expenses in
advance |
0 |
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Other current liabilities |
5,100 |
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Current liabilities |
39,080 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
39,080 |
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Equities |
22,430 |
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Total liabilities &
equities |
61,510 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
110,310 |
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Cost of goods sold |
101,750 |
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Sales expense |
2,720 |
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Management expense |
2,380 |
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Finance expense |
450 |
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Profit before tax |
3,670 |
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Less: profit tax |
1,010 |
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Profits |
2,660 |
Important Ratios (as of Dec. 31, 2005)
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*Current ratio 1.24
*Quick ratio 0.91
*Liabilities to
assets 0.64
*Net profit
margin (%) 2.41
*Return on total
assets (%) 4.32
*Inventory
/Turnover ×365 43 days
*Accounts
receivable/Turnover ×365 91 days
*Turnover/Total
assets 1.79
*Cost of goods
sold/Turnover 0.92
PROFITABILITY: AVERAGE
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The
turnover of SC appears fairly good 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 acceptable, 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 an average level.
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The
accounts receivable of SC appears fairly large.
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SC
has no short-term loan in 2005.
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SC’s
turnover is in a fairly good 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.
SC is
considered medium-sized in its line with stable financial conditions. A credit
line up to USD 200,000 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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