MIRA
INFORM REPORT
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Report Date : |
23.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
wuhan intepower co., ltd. |
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Registered Office : |
No.
T2 Dunkou Area, Wuhan E&T Development Zone, Wuhan, Hubei, 430056 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
20.12.1993 |
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Com. Reg. No.: |
4201002170508 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and Selling Communications Power Source
Equipment. |
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 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
wuhan intepower co., ltd.
address
no. T2 dunkou area, wuhan e&t development zone,
wuhan, hubei, 430056 PR CHINA.
TEL : 86 (0) 27-84220589
FAX : 86 (0)
27-84220589
EXECUTIVE SUMMARY
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INCORPORATION DATE |
december 20, 1993 |
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REGISTRATION NO. |
4201002170508 |
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REGISTERED LEGAL FORM |
Shares limited company |
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STAFF STRENGTH |
500 |
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REGISTERED CAPITAL |
CNY 35,000,000 |
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BUSINESS LINE |
manufacturing |
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TURNOVER |
CNY 87,882,000 (AS OF DEC. 31, 2005) |
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EQUITIES |
CNY 98,822,000 (AS OF DEC. 31, 2005) |
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PAYMENT |
AVERAGE |
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RECOMM. CREDIT RANGE |
UP TO usd 500,000 |
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MARKET CONDITION |
COMPETITIVE |
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FINANCIAL CONDITION |
STABLE |
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OPERATIONAL TREND |
STEADY |
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GENERAL REPUTATION |
AVERAGE |
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EXCHANGE RATE |
CNY7.88 = US$1 AS OF 2006-11-1 |
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 December 20, 1993.
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 development, technology service and consultation of power source and power source intellectualization management system; manufacturing and selling self-developed products; retailing and wholesaling computer and parts, instrument, decoration materials; exporting its products and technology; importing materials, instrument, machinery and equipment, parts and technology needed for its production; processing with the imported materials and compensation trade with agreement.
SC is mainly engaged in
manufacturing and selling communications power source equipment.
Mr. Sun Aijun has been chairman
of SC since 1993.
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 Wuhan. Our checks reveal that SC rents the total premise
about 2,000 square meters.
http://www.intepower.com.cn
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail:
group@intepower.com
1993,
Wuhan Yintai Storage Battery Co., Ltd was founded.
1994, the
first batch, 2V300Ah VRLA batteries were delivered.
1995,
Authenticated as a "Hi-Tech Enterprise" by Wuhan East Lake Hi-Tech
Development Zone.
1999,
The Company's "Lead mesh VRLA battery project" passed technical
result checkup; "The technology is internationally leading and filled the
domestic blank", obtained the Fund of Technical Development for Middle and
Small Enterprises.
2000,
SC was accredited as one of 131 "National Key Hi-Tech Enterprises" by
China's Ministry of Sciences.
2000,
Wuhan Yintai Storage Battery Co., Ltd was renamed to Wuhan Yintai Sci-tech
Industry Co., Ltd.
2000,
obtained "Syndicated Loan" from People's Bank, became the first
private company to get such a loan in Wuhan.
2000,
introduced venture capital, increased investment and expanded stock shares, the
company was reorganized to Wuhan Intepower Co., Ltd.
2001,
the production base of batteries was constructed in Wuhan Economical &
Technological Development Zone.
2002,
Ministry of Sciences, Environment Protection Bureau and other 3 departments
jointly assessed "Lead mesh VRLA battery" as a "National Key New
Product".
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wuhan Chuxiong Electromechanical Engineering Co., Ltd. 50.85
Shenzhen Chuangxin Technology Industry Co., Ltd. 14.00
Beijing Datao Information Technology Co., Ltd. 3.00
Wuhan Torch Technology Investment Co., Ltd. 10.54
Shareholder’s Union of Staff 7.61
Luo Limin 14.00
Chairman and General Manager
Mr. Sun
Aijun, 42 years old with university education. He is currently responsible for
the overall management of SC.
Working Experience(s)
From 1993 to present Working
in SC as chairman and general manager.
SC is mainly engaged in manufacturing and selling communications power source equipment.
Brand: Intepower.
SC’s products mainly include:
VRLA Battery Series communications power source.
SC sources its materials 100% from domestic market, mainly
Hubei. SC sells 80% of its products in domestic market, and 20% 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
Customers:
==============
China
Mobile
China
Unicom
China
Telecom
China
Netcom
China
Railcom
PCCW
EMERSON
NETWORK POWER
Huawei
ZTE
NOKIA
SC is
known to have 4 subsidiaries at present:
Inte-Wufeng
Grain Machinery Co., Ltd.
Hubei Intepower Power Source Co., Ltd.
Hubei Intepower Real Estate Development
Co., Ltd.
Hubei Qingfenggu Holiday 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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Accounts receivable |
11,380 |
11,052 |
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Current assets |
218,110 |
224,153 |
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Fixed assets |
39,190 |
40,056 |
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Total assets |
341,890 |
342,980 |
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Total liabilities |
238,320 |
244,158 |
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Equities |
103,570 |
98,822 |
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Total liabilities &
equities |
341,890 |
342,980 |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Turnover |
81,527 |
87,882 |
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Cost of goods sold |
57,043 |
59,677 |
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Sales expense |
11,138 |
11,266 |
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Management expense |
3,010 |
3,059 |
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Finance expense |
8,237 |
9,681 |
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Profit before tax |
8,790 |
9,059 |
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Less: profit tax |
464 |
474 |
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Profits |
8,326 |
8,585 |
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 |
0.70 |
0.71 |
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*Net
profit margin (%) |
10.21 |
9.77 |
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*Return
on total assets (%) |
2.44 |
2.50 |
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*Inventory
/Turnover ×365 |
/ |
/ |
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*Accounts
receivable/Turnover ×365 |
51 |
46 |
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*Turnover/Total
assets |
0.24 |
0.26 |
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*
Cost of goods sold/Turnover |
0.70 |
0.68 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears fair in its line.
l
SC’s
net profit margin is fairly good.
l
SC’s
return on total assets is average.
l
SC’s
cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
accounts receivable of SC is maintained in an acceptable level.
l
SC’s
turnover is in a fair 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.
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.
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%)