MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
haining Paulyuan
Dyestuffs Co., Ltd. |
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Registered Office : |
Haining
Agriculture Economic |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
November 22, 1994 |
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Com. Reg. No.: |
000776 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Manufacturing and selling dyestuffs, and intermediates. |
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 600,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
haining Paulyuan
Dyestuffs Co., Ltd.
haining agriculture economic development zone,
TEL :
86 (0) 573-87966265
FAX :
86 (0) 573-87966164
EXECUTIVE SUMMARY
INCORPORATION DATE : november 22, 1994
REGISTRATION NO. : 000776
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture
STAFF STRENGTH :
277
REGISTERED CAPITAL : usd 9,150,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 253,063,000 (AS OF DEC. 31,
2005)
EQUITIES :
CNY 96,480,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.62 = US$1 AS OF 2007-6-26
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 Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on November 22, 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 dyestuffs, and intermediates.
SC is mainly
engaged in manufacturing and selling dyestuffs, and intermediates.
Mr. SUFAN SIAUW has
been chairman of SC since 1994.
SC owns about 277 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 160,000 square meters.
http://www.paulyuan.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: yyx@gardenchem.com
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
SUFAN SIAUW (
Hangzhou Garden Trade Co., Ltd. 15
l
Chairman and
General Manager:
Mr. SUFAN SIAUW (INDONESIAN), 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.
SC is mainly
engaged in manufacturing and selling dyestuffs, and intermediates.
SC’s products
mainly include: Disperse dyestuffs, intermediates for reactive dyes.
SC sources its materials 100% from domestic
market, mainly
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 Customer:
==============
Shandong Huatai Paper 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.
Bank of
AC#：860014904808091001
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Accounts
receivable |
35,767 |
50,583 |
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Current assets |
101,678 |
120,600 |
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Fixed assets |
52,457 |
58,183 |
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Total assets |
185,030 |
198,235 |
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Total
liabilities |
90,791 |
101,755 |
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Equities |
94,239 |
96,480 |
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Total
liabilities & equities |
185,030 |
198,235 |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2004 |
As of Dec. 31,
2005 |
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Turnover |
173,050 |
253,063 |
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Cost of goods
sold |
159,750 |
230,280 |
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Sales expense |
3,720 |
4,600 |
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Management expense |
2,810 |
7,705 |
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Finance expense |
390 |
1,058 |
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Profit before
tax |
8,040 |
9,848 |
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Less: profit tax |
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Profits |
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/ |
Important Ratios
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As
of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
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*Current ratio |
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*Quick ratio |
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*Liabilities
to assets |
0.49 |
0.51 |
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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 |
76 days |
73 days |
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*Turnover/Total
assets |
0.94 |
1.28 |
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* Cost of
goods sold/Turnover |
0.92 |
0.91 |
PROFITABILITY: AVERAGE
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The turnover of SC appears fairly good in its line.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
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The accounts receivable of SC is maintained in an
acceptable level in both years.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
Over the past 13 years, SC has made a stable growth with stable
financial conditions. A credit line up to USD 600,000
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%)