MIRA
INFORM REPORT
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Report Date : |
05.07.2007 |
IDENTIFICATION DETAILS
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Name : |
wuxi baile sheet
metal co., ltd. |
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Registered Office : |
No. 81 B Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
November 21, 2003 |
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Com. Reg. No.: |
006664 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Manufacturing and
selling cold-strip steels, thin steel plates. |
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 1,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
wuxi baile sheet
metal co., ltd.
no.81 b area,
TEL :
86 (0) 510-83072832
FAX :
86 (0) 510-83072215
EXECUTIVE SUMMARY
INCORPORATION DATE : november 21, 2003
REGISTRATION NO. : 006664
REGISTERED LEGAL FORM : Wholly foreign-owned
STAFF STRENGTH :
400
REGISTERED CAPITAL : usd 5,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 1,205,870,000 (AS OF DEC.
31, 2006)
EQUITIES :
CNY 120,370,000
(AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : AVERAGE
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.60 = US$1 AS OF
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 wholly foreign-owned enterprise at local Administration for Industry & Commerce (The official body of issuing and renewing business license) on November 21, 2003.
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 scopes include manufacturing cold-strip steel, thin steel plate,
selling its owned products.
SC is mainly
engaged in manufacturing and selling cold-strip steels, thin steel plates.
Mr. Miao Zhong has
been chairman of SC since 2003.
SC owns about 400
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 Wuxi. Our checks reveal
that SC owns the total premise about 36,000 square meters.
http://www.wxblsteel.com The design
is professional and the content is well organized. At present the web site is
both in Chinese and English versions.
E-mail: adam@blsteel.cn
Changes of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
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2006-11 |
Registered Legal form |
Chinese-foreign equity joint venture
enterprise |
Wholly foreign-owned enterprise |
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Shareholders |
Hong Jinfa ( Commercial & Trading Co., Ltd. 24% |
Zhongbei International Ltd. ( |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhongbei International Ltd. (
l
Chairman and
General Manager:
Mr. Miao Zhong, 39 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working
in SC as chairman and general manager.
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Vice General
Manager:
Mr. Miao Jun, 38 years old with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2003 to present Working in SC as vice general
manager.
SC is mainly
engaged in manufacturing and selling cold-strip steels, thin steel plates.
Brand: Baile.
SC’s products
mainly include: cold-strip steel, thin steel plate (specification:
0.20-3.0MMX24
SC’s total annual output
of the cold-strip steel was about 240,000 tons.
SC sources its
materials 100% from domestic market, mainly from
The buying terms of SC include Check, T/T and Credit of 30 days. The
payment terms of SC include T/T, L/C and Credit of 30 days.
*Major Customers:
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Shanghai Kangxiang Materials Co., Ltd.
*Major Suppliers:
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Wuxi City Huasheng Gas Co., Ltd.
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.
Wuxi City Commercial Bank
AC#：5804060188700000219
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
193,900 |
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Inventory |
40,670 |
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Accounts
receivable |
77,060 |
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Other Accounts
receivable |
25,090 |
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To be
apportioned expense |
100 |
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Other current
assets |
78,870 |
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------------------ |
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Current assets |
415,690 |
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Fixed assets net
value |
98,720 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
6,830 |
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------------------ |
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Total assets |
521,240 |
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============= |
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Short loans |
150,400 |
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Accounts payable |
35,750 |
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Other Accounts
payable |
13,020 |
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Advances from
customers |
14,770 |
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Notes payable |
187,700 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
-770 |
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Current liabilities |
400,870 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
400,870 |
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Equities |
120,370 |
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Total
liabilities & equities |
521,240 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
1,205,870 |
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Cost of goods
sold |
1,138,110 |
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Sales expense |
9,700 |
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Management expense |
7,560 |
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Finance expense |
8,900 |
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Profit before
tax |
41,510 |
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Less: profit tax |
230 |
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Profits |
41,280 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.04
*Quick ratio 0.94
*Liabilities to
assets 0.77
*Net profit
margin (%) 3.42
*Return on total
assets (%) 7.92
*Inventory
/Turnover ×365 12 days
*Accounts
receivable/Turnover ×365 23 days
*Turnover/Total
assets 2.31
* Cost of goods
sold/Turnover 0.94
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears very 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 fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in an
acceptable level.
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SC’s quick ratio is maintained in an average level.
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The inventory of SC is maintained in an average
level.
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The accounts receivable of SC is maintained in an
acceptable level.
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SC’s short-term loan appears fairly large.
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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.
Over the past 4 years, SC has made a stable growth with satisfactory
profit. 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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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%)