MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PAMICA ELECTRIC
MATERIAL ( |
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Registered Office : |
No. 226, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Oct. 16, 2000 |
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Com. Reg. No.: |
4223001010135 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling mica paper and products. |
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 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
pamica electric
material (
NO. 226,
TEL :
86 (0) 715-4337388
FAX :
86 (0) 715-4354338
EXECUTIVE SUMMARY
INCORPORATION DATE : oct. 16, 2000
REGISTRATION NO. : 4223001010135
REGISTERED LEGAL FORM : limited liabilities company
STAFF STRENGTH :
600
REGISTERED CAPITAL : cny28,386,000
BUSINESS LINE :
manufacturing
TURNOVER :
cny74,310,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY40,040,000 (AS OF DEC. 31, 2006)
PAYMENT :
average
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.62 = US$1 AS OF 2007-06-20
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 limited liabilities company at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Oct. 16, 2000.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as
follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is listed as follows: -manufacturing co. :
CNY 500,000.00 -trading &wholesaling
co. :
CNY 500,000.00 -retailing co. :
CNY 300,000.00 -consultancy & service
co. : CNY
100,000.00 Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 50% of the registered capital while
contribution by intangible assets must not exceed 20% of the registered
capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes manufacturing and selling mica paper
and products; exporting its homegrown products and technologies; importing raw
materials, accessories, apparatus and instruments, machinery, components and
technology.
SC is mainly
engaged in manufacturing and selling mica paper and products.
Mr. Pan Dujiang
has been chairman of SC since 2000.
SC owns about 600
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 Tongcheng. Our checks
reveal that SC rents the total premise about 150,000 square meters.
http://www.pamica.com.cn The design is professional and the
content is well organized. At present the web is both in Chinese and English versions.
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name % of Shareholding
Pan Dujiang 33
He Li 11
Li Qingbo 11
Other individuals 45
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Chairman:
Mr. Pan Dujiang, in his 40’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2000 to present Working in SC as
chairman.
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General Manager:
Mr. Pan Xiebao, in his 40’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2000 to present Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling mica paper and products.
SC’s products mainly include: Mica sheet, Mica tape,
and Mica paper.
SC sources its materials 20%
from domestic market, mainly
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 15-30 days.
*Major Customer:
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Midea 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.
Agricultural Bank of
AC#：874-2112
Relationship:
Balance Sheet (as
of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
5,800 |
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Inventory |
28,380 |
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Accounts
receivable |
10,680 |
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Other Accounts receivable |
880 |
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Accounts payable
in advance |
160 |
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To be
apportioned expense |
0 |
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Other current
assets |
1,130 |
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------------------ |
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Current assets |
47,030 |
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Fixed assets |
20,930 |
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Fixed assets net
value |
20,440 |
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Projects under construction |
490 |
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Long term
investment |
0 |
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Other assets |
550 |
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Total assets |
68,510 |
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Short loans |
10,500 |
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Bills payable |
0 |
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Accounts payable |
3,790 |
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Accounts
receivable in advance |
0 |
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Other Accounts
payable |
1,160 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
1,020 |
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Current
liabilities |
16,470 |
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Long term
liabilities |
12,000 |
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Other
liabilities |
0 |
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Total
liabilities |
28,470 |
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Equities |
40,040 |
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Total
liabilities & equities |
68,510 |
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Income Statement (as
of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
74,310 |
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Cost of goods
sold |
60,130 |
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Sales expense |
4,810 |
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Management expense |
4,370 |
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Finance expense |
1,650 |
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Profit before
tax |
2,920 |
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Less: profit tax |
870 |
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Profits |
2,050 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 2.86
*Quick ratio 1.13
*Liabilities to
assets 0.42
*Net profit
margin (%) 2.76
*Return on total
assets (%) 2.99
*Inventory
/Turnover ×365 139 days
*Accounts
receivable/Turnover ×365 52 days
*Turnover/Total
assets 1.08
* Cost of goods
sold/Turnover 0.81
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 average, comparing with its turnover.
LIQUIDITY:
AVERAGE
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The current ratio of SC is maintained
in a fairly good level.
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SC’s quick ratio is maintained in a
fairly good level.
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The inventory of SC appears fairly
large.
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The accounts receivable of SC is maintained in a
normal level.
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The short-term loan 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 low.
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The risk for SC to go bankrupt is
average.
Overall
financial condition of the SC: Stabel.
SC is considered medium-sized in its line with stable financial conditions.
A credit line up to USD300,000 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%)