MIRA
INFORM REPORT
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Report Date : |
19.01.2007 |
IDENTIFICATION DETAILS
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Name : |
HEBEI XINGTAI JINGNIU GLASS CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
26.12.1996 |
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Com. Reg. No.: |
1300001000429 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing
and selling glass products. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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
HEBEI XINGTAI JINGNIU GLASS CO., LTD.
address
NO.
TEL : 86 (0) 319-2685335
FAX: 86 (0) 319-2679174
EXECUTIVE SUMMARY
INCORPORATION DATE :
december 26, 1996
REGISTRATION NO. :
1300001000429
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH :
2,800
REGISTERED CAPITAL : CNY 142,044,700
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 525,532,000 (AS OF DEC. 31,
2005)
EQUITIES :
CNY 295,395,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
fairly good
EXCHANGE RATE :
CNY7.87 = US$1 AS OF 2006-11-17
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a shares limited
company at
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 RMB 10M. while that of the co. with foreign
investment is RMB 30M. The total capital of a co. which propose to apply
for publicly listed must not less than RMB 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 processing sheet glass and glass-ceramic; manufacturing building & ornament materials, fiber reinforced plastics, transport machinery; exporting its products and technology; importing materials, instrument, machinery and equipment, parts and technology needed for its production, excluding those forbidden by the government.
SC is mainly engaged in manufacturing
and selling glass products.
Mr. Wang Changlin has been
chairman of SC since 1996.
SC owns about 2,800 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 Xingtai. Our checks reveal that SC owns the total premise about
80,000 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
China Coal
Products Group Corporation 1.55
Xingtai Cement
Factory 0.62
Hebei Xingtai
Jingniu Glass Co., Ltd. Labour Union 34.54
Hebei Provincial
Construction Investment Corporation 23.11
Hebei Tyre Co.,
Ltd. 0.31
Xingtai Cement
Products Co., Ltd. 0.15
Hebei Gushun Wines
Co., Ltd. 0.15
Other 2004
individuals 38.96
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Chairman and General Manager:
Mr. Wang Changlin, 51 years old with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 1996
to present Working in SC as chairman and general manager, and also
working in Hebei Jingniu Group Co.,
Ltd. as chairman.
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Vice General Manager:
Mr. Li Bingnan, 51 years old with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 1996 to present
Working in SC as vice general
manager.
SC is mainly engaged in manufacturing
and selling glass products.
Brand: Jingniu
SC’s products mainly include:
Jingniu Jade
Top-grade Float On-line Coated Glass
Building and Auto Glass
Interlining Coated Safety Glass
Glass-ceramic Plate for Building and
Industrial Use
Electronic and Spaceflight Glass-ceramic (ESG)
Crystal Nucleated Material
Glass-ceramic Dehydrating Parts
Glass-ceramic Adhesive (GA)
SC sources its materials 100% from domestic
market, mainly
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
Customers:
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Ningbo
Water Meter Co., Ltd.
Ningbo Fubang Hotel
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
AC# : N/A
Relationship:
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
38,522 |
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Inventory |
41,571 |
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Accounts receivable |
174,522 |
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Other Accounts receivable |
21,524 |
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To be apportioned expense |
5,236 |
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Other current assets |
53,140 |
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Current assets |
334,515 |
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Fixed assets net value |
230,212 |
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Projects under construction |
0 |
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Long term investment |
45,123 |
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Other assets |
48,486 |
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Total assets |
658,336 |
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Short loans |
24,152 |
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Accounts payable |
196,253 |
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Other Accounts payable |
38,154 |
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Withdraw the expenses in
advance |
8,542 |
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Other current liabilities |
39,576 |
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Current liabilities |
306,677 |
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Long term liabilities |
56,264 |
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Other liabilities |
0 |
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Total liabilities |
362,941 |
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Equities |
295,395 |
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Total liabilities &
equities |
658,336 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
525,532 |
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Cost of goods sold |
354,726 |
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Sales expense |
75,241 |
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Management expense |
28,468 |
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Finance expense |
3,512 |
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Profit before tax |
65,232 |
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Less: profit tax |
9,785 |
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Profits |
55,447 |
Important Ratios (as of Dec. 31, 2005)
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*Current ratio 1.09
*Quick ratio 0.96
*Liabilities to
assets 0.55
*Net profit
margin (%) 10.55
*Return on total
assets (%) 8.42
*Inventory
/Turnover ×365 29 days
*Accounts receivable/Turnover
×365 121
days
*Turnover/Total
assets 0.80
* Cost of goods
sold/Turnover 0.67
PROFITABILITY: FAIRLY GOOD
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The turnover of SC appears fairly good 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 fairly good.
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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 an average level.
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The accounts receivable of SC appears LARGE.
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SC’s short-term loan is in an average level.
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SC’s turnover is in an acceptable 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 low.
Overall financial condition of the SC: Stable.
SC is
considered large-sized in its line with stable financial conditions. A credit
line up to USD 1,000,000 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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