MIRA
INFORM REPORT
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Report Date : |
6th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
high tech atom co.,
ltd. |
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Registered Office : |
P.O.Box 275(12), Beijing, 102413 Pr China. |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
18.05.2001 |
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Com. Reg. No.: |
1100001270402 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in manufacturing and selling radioactivity isotopes. |
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 : |
USD 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Correct |
Company Name & Address
high tech atom co., ltd.
P.O.Box 275(12), beijing, 102413 PR CHINA
TEL :
86 (0) 10-69358616
FAX :
86 (0) 10-69357052
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 18, 2001
REGISTRATION NO. : 1100001270402
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH :
500
REGISTERED CAPITAL : CNY 66,280,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 74,463,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 99,579,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 500,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.74 = US$1 AS OF 2007-3-5
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a shares limited company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on May 18, 2001.
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 CNY 10M. while that of the co. with foreign investment is CNY
30M. The total capital of a co. which propose to apply for publicly listed
must not less than CNY 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 importing and exporting various kinds of commodities and
technology; importing materials, instrument and meter, machinery and equipment,
spare parts and technology needed by the manufacturing for itself and member
companies; business of processing with the imported materials and compensation
trade agreement; not to engage in any items prohibited by laws, administrative
regulation and State Council; able to engage in items that needs permit
according to the regulation of the State Council, after obtaining the permit
from relative authorities and the registration in the AIC; and select to
deal with any items that do not need any permit.
SC is mainly
engaged in manufacturing and selling radioactivity isotopes.
Mr. Shu Weiguo has
been chairman of SC since 2001.
SC owns about 500
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 Beijing. Our checks
reveal that SC owns the total premise about 10,000 square meters.
http://www.atom-hitech.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: sunhy@iris.ciae.ac.cn
SC’s former registered capital was CNY 34,000,000, and it was increased
to CNY 66,280,000 in March of 2005.
SC’s former company name was hta
co., ltd., and it was changed to high
tech atom co., ltd. in 2006.
SC has got the certificate of ISO9001.
MAIN SHAREHOLDERS:
Name %
of Shareholding
China Institute of Atomic Energy 62.28
Kinghing Trust & Investment Co., Ltd. 10.89
China National Nuclear NO.4 Institute 3.02
Beijing Capital Technology Investment Co.,
Ltd. 11.55
Fubang Assets Management Co., Ltd. 12.26
l
Chairman:
Mr. Shu Weiguo, 49 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as chairman.
l
General Manager:
Mr. Zhang Jinrong, 51 years old with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 2001 to present
Working in SC as general
manager.
SC is mainly engaged
in manufacturing and selling radioactivity isotopes.
SC’s products
mainly include: radioactive sources, nuclear medical apparatus, radioactivity
labeled compounds and tracers.
SC sources its materials 100% from domestic
market, mainly Hebei province. SC sells 90% of its products in domestic market,
and 10% to overseas market, mainly Southeast Asian market.
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 Supplier:
==============
China Institute of Atomic Energy
SC is
known to have 8 subsidiaries at present, and the following are the major ones.
Beijing
Walischmiller Radiation Protection Equipment Co., Ltd.
Beijing
CIAE-RIAR Radioisotope Technology Co., Ltd.
Guangzhou
Medical Radioisotope Co., Ltd.
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, 2004 |
As of Dec. 31, 2005 |
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Cash & bank |
11,100 |
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Inventory |
12,430 |
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Accounts
receivable |
40,810 |
5,123 |
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Other Accounts
receivable |
3,480 |
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To be
apportioned expense |
40 |
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Other current
assets |
3,740 |
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Current assets |
71,600 |
80,318 |
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Fixed assets |
58,620 |
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Fixed assets net
value |
41,490 |
40,474 |
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Projects under
construction |
0 |
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Long term
investment |
21,940 |
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Other assets |
4,350 |
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Total assets |
139,380 |
158,173 |
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Short loans |
5,000 |
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Accounts payable |
4,640 |
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Other Accounts
payable |
67,850 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
8,540 |
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Current
liabilities |
86,030 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
86,030 |
58,594 |
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Equities |
53,350 |
99,579 |
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Total
liabilities & equities |
139,380 |
158,173 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2004 |
As of Dec. 31,
2005 |
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Turnover |
114,870 |
74,463 |
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Cost of goods
sold |
82,420 |
56,087 |
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Sales expense |
1,060 |
2,325 |
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Management expense |
13,760 |
8,303 |
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Finance expense |
-10 |
159 |
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Profit before
tax |
14,820 |
7,379 |
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Less: profit tax |
1,170 |
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Profits |
13,650 |
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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 |
0.83 |
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*Quick ratio |
0.69 |
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*Liabilities
to assets |
0.62 |
0.37 |
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*Net profit
margin (%) |
11.88 |
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*Return on
total assets (%) |
9.79 |
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*Inventory
/Turnover ×365 |
39 days |
/ |
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*Accounts
receivable/Turnover ×365 |
130 days |
25 days |
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*Turnover/Total
assets |
0.82 |
0.47 |
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* Cost of
goods sold/Turnover |
0.72 |
0.75 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in its line.
l
The profit of SC appears average.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
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SC’s current ratio and quick ratio appear fair in 2004.
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The accounts receivable of SC is maintained in an acceptable level.
l
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.
l
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 upon a periodical review basis.
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%)