MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
YINGKOU orind
refractorIES ltd. |
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Registered Office : |
Wanghai Economic
& Technical Development Zone, Bayuquan District, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
August 18, 1994 |
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Com. Reg. No.: |
000713 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Engaged in
manufacturing and selling refractory materials. |
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 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
YINGKOU orind
refractorIES ltd.
wanghai economic & technical development
zone, bayuquan district,
TEL: 86 (0) 417-6191605
FAX: 86 (0) 417-6191601
EXECUTIVE SUMMARY
INCORPORATION DATE : august 18, 1994
REGISTRATION NO. : 000713
REGISTERED LEGAL FORM : Wholly foreign-owned
STAFF STRENGTH :
420
REGISTERED CAPITAL : CNY 100,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 400,000,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 92,363,000
(AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.56 = US$1 AS OF 2007-07-19
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 (AIC - The official body of issuing and renewing business license) on August 18, 1994.
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 manufacturing refractory materials, selling its
products.
SC is mainly
engaged in manufacturing and selling refractory materials.
Mr. RAVIN
JHUNJHUNWALA has been chairman of SC since 1994.
SC owns about 420
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 Yingkou. Our checks
reveal that SC owns the total premise about 32,000 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
(
=============
ORIND is the worldwide leader in magnesia
carbon bricks with its state of the art facilities to develop, manufacture and market
high performance refractory products.
ORIND has the single largest MCB
manufacturing plant in the world with a production capacity of 10,000 MT bricks
per month. The other facilities include separate plant to produce basic and
alumina based monolithic and a unit to manufacture special products.
Orind International Ltd.
The Heeren, Singapore-238855
Tel: +65-68361920
Fax: +65-67381572
Web: http://www.orind.com
Email: ram@orind.com
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Chairman and
General Manager:
Mr. RAVIN JHUNJHUNWALA (Indian), about 45 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 refractory materials.
SC’s products
mainly include: refractory materials, magnesia carbon brick, Al2O3-MgO-C
Bricks.
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 Customer:
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Orind International 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.
SC’s management
declined to release its bank details.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2005 |
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Accounts
receivable |
102,456 |
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Current assets |
166,623 |
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Fixed assets |
106,210 |
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Total assets |
242,375 |
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Total
liabilities |
150,012 |
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Equities |
92,363 |
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Total
liabilities & equities |
242,375 |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2005 |
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Turnover |
400,000 |
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Cost of goods
sold |
312,000 |
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Sales expense |
104,616 |
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Management expense |
9,699 |
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Finance expense |
5,345 |
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Profit before
tax |
4,604 |
Important
Ratios
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As
of Dec. 31, 2005 |
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*Current ratio |
/ |
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*Quick ratio |
/ |
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*Liabilities
to assets |
0.62 |
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*Net profit
margin (%) |
/ |
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*Return on
total assets (%) |
/ |
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*Inventory
/Turnover ×365 |
/ |
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*Accounts
receivable/Turnover ×365 |
93 |
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*Turnover/Total
assets |
1.65 |
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* Cost of
goods sold/Turnover |
0.78 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s profit before tax appears average
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SC’s cost of goods sold is average, comparing with its
turnover.
LIQUIDITY: AVERAGE
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The accounts receivable of SC appears fairly large.
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SC’s turnover is in an average 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 500,000
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%)