MIRA
INFORM REPORT
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Report Date : |
9th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
xinaomdt
technology co., ltd. |
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Registered Office : |
Huaxiang Road, Economic & Technical Development Zone,
Langfang, Hebei Province 065001 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 : |
19.12.2003 |
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Com. Reg. No.: |
131000100927 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
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Line of Business : |
Engaged in manufacturing medical imaging device. |
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 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
xinaomdt technology co., ltd.
huaxiang road, economic &
technical development zone, langfang, hebei province 065001 PR CHINA
TEL :
86 (0) 316-6079576
FAX :
86 (0) 316-6079221
EXECUTIVE SUMMARY
INCORPORATION DATE : dec. 19, 2003
REGISTRATION NO. : 131000100927
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
STAFF STRENGTH : 200
REGISTERED CAPITAL : cny 150,000,000
BUSINESS LINE : manufacturing
TURNOVER : cny 660,000 (AS OF DEC. 31, 2005)
EQUITIES : CNY 34,340,000 (AS OF DEC. 31,
2005)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : up to USD 50,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 7.74 = US$1 AS OF
2007-03-09
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
Note: SC’s correct name should be the above
stated one, instead of the given name Xinaomdi Technology Co., Ltd.
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 Dec. 19, 2003.
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 technical development of robot flexible
manufacturing system, computer software, office automation, and electronic
instrument; selling homegrown products; and providing after-sale services.
SC is
mainly engaged in manufacturing medical imaging device
Mr.
Wang Yusuo has been chairman of SC since 2003.
SC
owns about 200 staff at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the development zone of
Langfang. Our checks reveal that SC rents the total premise about 20,000 square
meters.
http://www.xinaomdt.com
The design is professional and the content is well organized. At present, the
web is both in Chinese and English versions.
E-mail: xinaomdt@xinaomdt.com
SC is a high-tech joint venture by XinAo Group (XinAo, China) and
Multi-dimension Technology Corporation (MDT, USA).
In 2006, SC increased its registered capital from CNY
50,000,000 to the present.
SC’s total registered investment is CNY 435,000,000.
MAIN SHAREHOLDERS:
Name %
of Shareholding
XinAo Group Co., Ltd. 75
MDT
Technology Corp. (USA) 25
XinAo Group Co., Ltd. was
formed in 1989, and is mainly engaged in the field of clean energy development
and exploitation, with core areas spanning energy distribution, energy equipment
manufacture, and energy related chemicals and bio-chemicals.
Address:
Huaxiang Road, Economic & Technical Development Zone, Langfang City, Hebei
Province
Tel: 0316-6079999
Fax: 0316-6080999
Website: http://www.xinaogroup.com
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Chairman and General Manager:
Mr. Wang Yusuo , born in 1964, 43 years old with master's
degree. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1989 to 1992 Worked in
Langfang Xiali Taxi Co., Ltd. as manager;
From 1992 to present Working
in Langfang Natural Gas Co., Ltd. as chairman;
From 1993 to present Working
in Langfang XinAo Fuel Gas Co., Ltd. as chairman;
From 1997 to present Working in XinAo Group Co., Ltd. as
president;
From 2000
to present Working in XinAo Fuel Gas Holdings Co., Ltd. as
president, and in XinAo Group Shijiazhuang Chemical Machinery Co., Ltd. as
Chairman;
From 2002 to present Working in Anruike (Bengbu) Compressor Co.,
Ltd. as chairman, and in XinAo
Real
Estate Co., Ltd. as chairman;
From 2003 to present Working in SC as chairman and general manager.
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Assistant Manager:
Mr. Zhang Xiaobin, in his 40’s with university education. He
is currently responsible for the daily management of SC.
Working Experience(s):
From 2003 to present Working in SC as assistant
manager.
SC is
mainly engaged in manufacturing medical imaging device
SC’s products mainly include: Flexible Robotic Manufacturing
System, Open Magnetic Resonance Imaging System, 3D Scanner, Early Breast Cancer
Diagnostic System, and Intelligent Information Application Integration
Platform, etc.
SC sources its materials
85% from domestic market, mainly Zhejiang and Hebei province, and 15% from
overseas market, mainly America; SC sells its products 95% in domestic market,
mainly Hebei and Heilongjiang province, and 5% to overseas market, mainly
Lebanon and Brazil.
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 30-60 days.
*Major Supplier:
==============
Ningbo Jianxin Machinery Co.,
Ltd.
Address:
Tanjialing Road, Yuyao City, Zhejiang Province
Tel: 0574-62730916
*Major Customer:
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Mudanjiang Bo’ai Agedness
Hospital
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 Development Zone Sub-branch
AC#：663001040007094
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2005)
Unit:
CNY’000
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Cash
& bank |
590 |
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Inventory |
11,610 |
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Accounts
receivable |
60 |
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Other
Accounts receivable |
23,560 |
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Accounts
payable in advance |
1,290 |
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To
be apportioned expense |
110 |
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Other
current assets |
0 |
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Current
assets |
37,220 |
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Fixed assets |
3,930 |
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Fixed
assets net value |
3,210 |
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Projects
under construction |
720 |
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Long
term investment |
0 |
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Other
assets |
30 |
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Total
assets |
41,180 |
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Short
loans |
2,000 |
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Accounts
payable |
3,050 |
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Accounts
receivable in advance |
1,090 |
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Other
Accounts payable |
90 |
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Salaries
payable |
280 |
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Welfares
payable |
270 |
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Taxes
payable |
-890 |
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Withdraw
the expenses in advance |
0 |
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Other
current liabilities |
0 |
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------------------ |
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Current
liabilities |
5,890 |
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Long
term liabilities |
350 |
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Other
liabilities |
600 |
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------------------ |
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Total
liabilities |
6,840 |
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Equities |
34,340 |
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------------------ |
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Total
liabilities & equities |
41,180 |
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Income Statement (as of Dec. 31, 2005)
Unit:
CNY’000
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Turnover |
660 |
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Cost
of goods sold |
260 |
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Sales expense |
3,870 |
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Management expense |
6,820 |
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Finance expense |
40 |
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Non-operating
income |
140 |
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Profit
before tax |
-10,190 |
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Less:
profit tax |
0 |
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Profits |
-10,190 |
Note: SC’s production cycle is too long, and in 2005, SC is mainly
in the stage of research and development, so the turnover is small.
Important Ratios
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As of Dec. 31, 2005 |
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*Current
ratio |
6.32 |
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*Quick
ratio |
4.35 |
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*Liabilities
to assets |
0.17 |
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*Net
profit margin (%) |
-1543.94 |
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*Return
on total assets (%) |
-24.75 |
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*Inventory
/Turnover ×365 |
6421 days |
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*Accounts
receivable/Turnover ×365 |
33 days |
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*Turnover/Total
assets |
0.02 |
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*
Cost of goods sold/Turnover |
0.39 |
PROFITABILITY:
FAIR
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The turnover of SC appears fair in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
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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 TOO LARGE.
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The accounts receivable of SC is maintained in an acceptable
level.
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The short-term loan of SC is maintained in an acceptable
level.
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SC’s turnover is in a fair level, comparing with the size of
its total assets.
LEVERAGE:
AVERAGE
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The debt ratio of SC is fairly low.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable
financial conditions. A credit line up to USD 50,000 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%)