MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
JIANGYIN HUASHI GLASS FIBER REINFORCED PLASTICS CHEMICAL
FACTORY |
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Registered Office : |
Xiaohua Hill, Chenglu Road, Huashi Town, Jiangyin, Jiangsu Province,
214421 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
MAY 29, 1985 |
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Com. Reg. No.: |
3202811102620 |
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Legal Form : |
Collective Owned Enterprise |
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Line of Business : |
Manufacturing
and selling glass fiber reinforced plastic products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To USD 80,000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
JIANGYIN HUASHI GLASS FIBER REINFORCED PLASTICS CHEMICAL FACTORY
XIAOHUA HILL, CHENGLU ROAD, HUASHI TOWN, JIANGYIN,
JIANGSU PROVINCE, 214421 PR CHINA
TEL: 86 (0) 510-86200114
FAX: 86 (0) 510-86215527
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 29, 1985
REGISTRATION NO. : 3202811102620
REGISTERED LEGAL FORM : colLective owned
enterprise
STAFF STRENGTH :
85
REGISTERED CAPITAL : CNY 8,500,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 238,770,000 (AS OF DEC. 31, 2005)
EQUITIES :
cny 34,840,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 80,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.75= US$1 AS OF 2007-3-16
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
SC was registered as a collective owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on May 29, 1985.
Company Status: Collective-owned enterprise This form of business in PR
China is defined as a legal person. It is a private held entity owned by a
set number of private individuals (usually employees of the co., residents
of a village or town ), domestic business organizations or domestic
institutions. The co. is managed by the general manager who was appointed
by the employees representative meeting.
SC’s registered business scope includes manufacturing and processing
glass fiber reinforced plastic products, polyvinyl chloride resin and its
products, isobutylvinyl ether; importing and exporting various goods and
technology.
SC is mainly
engaged in manufacturing and selling glass fiber reinforced plastic products.
Mr. Yang Weidong
has been general manager of SC since 2002.
SC owns about 85
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 Jiangyin. Our checks reveal that
sc rents the total premise about 12,500 square meters.
http://www.kuan.cn. The design is
professional and the content is well organized. At present it in English
version.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Huashi Government of Jiangyin 100
l
General Manager:
Mr. Yang Weidong, in his 30’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working
in SC as general manager.
l
Vice General
Manager:
Mr. Zhao Hailing, in his 30’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2005 to present
Working in SC as vice general manager.
SC is mainly
engaged in manufacturing and selling glass fiber reinforced plastic products.
SC’s products
mainly include: glass fiber reinforced plastic products (polyvinyl chloride
resin and isobutylvinyl ether）.
SC sources its
materials 50% from domestic market and 50% from the overseas markets mainly
from Europe. SC sells 100% of its products in domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T and Credit of 30-60 days.
*Major Clients:
============
Changzhou Aluminum Paper Building Materials
Co., Ltd.
*Major Suppliers:
=============
Mitsubishi Corporation (MC)
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 refused to release any information of its
suppliers and the trade reference was not available.
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.
Industrial and Commercial Bank of China Jiangyin Branch
AC#：1052009301091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2005 |
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Cash & bank |
38,480 |
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Accounts
receivable |
0 |
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Accounts payable
advance |
0 |
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Other
receivables |
129,510 |
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Inventory |
18,710 |
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Other current
assets |
2,140 |
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------------------ |
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Current assets |
188,840 |
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Fixed assets net
value |
38,370 |
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Projects under construction |
0 |
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Long term
investment |
0 |
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Other assets |
1,870 |
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------------------ |
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Total assets |
229,080 |
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============= |
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Short loans |
115,780 |
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Accounts payable |
20,950 |
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Accounts
receivable advance |
0 |
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Taxes payable |
0 |
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Salaries payable |
0 |
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Other payable |
0 |
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Other current
liabilities |
57,510 |
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------------------ |
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Current
liabilities |
194,240 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
194,240 |
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Equities |
34,840 |
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------------------ |
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Total
liabilities & equities |
229,080 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2005 |
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Turnover |
238,770 |
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Cost of goods
sold |
240,140 |
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Sales expense |
0 |
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Management expense |
2,000 |
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Finance expense |
1,910 |
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Profit before
tax |
-17,030 |
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Less: profit tax |
0 |
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Profits |
-17,030 |
Important Ratios
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as
of Dec. 31, 2005 |
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*Current ratio |
0.97 |
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*Quick ratio |
0.88 |
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*Liabilities
to assets |
0.85 |
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*Net profit
margin (%) |
-7.13 |
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*Return on
total assets (%) |
-7.43 |
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*Fixed
assets/Total assets |
0.17 |
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*Inventory
/Turnover ×365 |
29days |
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*Accounts
receivable/Turnover ×365 |
0 |
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*Turnover/Total
assets |
1.04 |
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* Cost of
goods sold/Turnover |
1.01 |
PROFITABILITY:
FAIRLY POOR
l
The turnover of SC appears fairly good in 2005.
l
SC’s net profit margin is fairly poor in 2005.
l
SC’s return on total assets is fairly poor in 2005.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a fair level.
l
SC’s quick ratio is maintained in a fair level.
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The inventory of SC is average.
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The short loans are fairly large.
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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 fairly high.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: FAIR.
SC is considered medium-sized in its line with fair financial
conditions. Credit dealings with SC should be confined into small amount at
present.
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%)