MIRA
INFORM REPORT
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Report Date : |
23.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
zibo hengzhou
aluminium plastic packing material co., ltd. |
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Registered Office : |
Development Zone, Zhangdian
District, Zibo City, Shandong Province 255086 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
jul. 26, 2001 |
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Com. Reg. No.: |
002218 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Packaging and
selling aluminum foil and PVC. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To USD 30,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
zibo hengzhou
aluminium plastic packing material co., ltd.
development zone, zhangdian district, zibo
city
shandong province 255086 PR CHINA
TEL: 86 (0) 533-3811166
FAX: 86 (0) 533-3588271
EXECUTIVE SUMMARY
INCORPORATION DATE : jul. 26, 2001
REGISTRATION NO. : 002218
REGISTERED LEGAL FORM : wholly foreign-owned
enterprise
STAFF STRENGTH :
41
REGISTERED CAPITAL : usd1,009,903
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 8,070,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 7,340,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 30,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 7.73 = US$1 AS OF 2007-03-22
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 wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Jul. 26, 2001.
Company Status: Wholly foreign-owned enterprise This
form of business in PR China is defined as a legal person. It is a limited
co. established within the territories of PR China with capital provided totally
by the foreign investors. More than one foreign investors may jointly
invest in a wholly foreign-owned enterprise. The investing party/parties
solely exercise management, reap profit and bear risks and liabilities by
themselves. This form of companies usually have a limited duration is
extendible upon approval of Examination and Approval Authorities.
SC’s registered
business scope includes packaging and selling aluminum foil, PVC, and complex
film; operating import & export business.
SC is mainly
engaged in packaging and selling aluminum foil and PVC.
Mr. Zhou Hongjiang
has been chairman of SC since 2005.
SC owns about 41
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 Zibo. Our checks reveal that SC
rents the total premise about 3,000 square meters.
http://www.omy-hz.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: robert2008@163.com
On June 15, 2005, SC remanufactured as a wholly foreign-owned
enterprise.
Till December 31, 2005, SC’s paid-up capital reached CNY 8,270,000.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Huashang Yongsheng Enterprise (Hong Kong) Co., Ltd. 100
l
Chairman and
General Manager:
Mr. Zhou Hongjiang, born in 1969, 38 years old with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as chairman and general manager.
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Assistant Manager:
Mr. Qiu Yan, 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 assistant manager.
SC is mainly
engaged in packaging and selling aluminum foil and PVC.
SC’s products mainly include: PTP foil, and strip packing foil, etc.
SC’s brand is
“Hengzhou”.
SC sources its
materials 100% from domestic market, mainly Shandong province. SC sells 1% of
its products in domestic market, mainly Shandong province, and 99% to overseas
market, mainly America and UAE.
The buying terms of SC include 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
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Zibo Qianhui Textile Co., Ltd.
*Major Customer:
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Shandong Xinde Winner Industrial
Building Materials Co., Ltd.
Address: No. 117, Lutai Ave. High-tech
Development Zone, Zibo, Shandong Province
Tel: 0533-2592258
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.
CHINA CITIC BANK
AC#：82600099961
Relationship:
Normal.
Balance Sheet (as
of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
280 |
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Inventory |
1,010 |
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Accounts
receivable |
880 |
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Other Accounts
receivable |
3,360 |
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Accounts payable
in advance |
0 |
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To be
apportioned expense |
0 |
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Other current
assets |
250 |
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Current assets |
5,780 |
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Fixed assets |
1,900 |
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Fixed assets net
value |
440 |
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Projects under
construction |
1,460 |
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Long term
investment |
0 |
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Other assets |
-180 |
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Total assets |
7,500 |
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Short loans |
800 |
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Accounts payable |
-240 |
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Accounts
receivable in advance |
0 |
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Other Accounts
payable |
-540 |
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Salaries payable |
0 |
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Welfares payable |
100 |
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Taxes payable |
0 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
40 |
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Current
liabilities |
160 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
160 |
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Equities |
7,340 |
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Total
liabilities & equities |
7,500 |
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Income Statement (as
of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
8,070 |
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Cost of goods
sold |
7,270 |
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Sales expense |
510 |
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Management expense |
530 |
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Finance expense |
50 |
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Non-operating
income |
10 |
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Profit before
tax |
-280 |
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Less: profit tax |
0 |
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Profits |
-280 |
Important
Ratios
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As
of Dec. 31, 2005 |
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*Current ratio |
36.13 |
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*Quick ratio |
29.81 |
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*Liabilities
to assets |
0.02 |
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*Net profit
margin (%) |
-3.47 |
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*Return on
total assets (%) |
-3.73 |
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*Inventory
/Turnover ×365 |
46 days |
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*Accounts
receivable/Turnover ×365 |
40 days |
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*Turnover/Total
assets |
1.08 |
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* Cost of
goods sold/Turnover |
0.90 |
PROFITABILITY:
FAIR
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The turnover of SC appears average 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 high, comparing with its
turnover.
LIQUIDITY:
AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in a normal level.
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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 a normal level.
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SC’s turnover is in an average level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is low.
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The risk for SC to go bankrupt is above average.
Overall
financial condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
A credit line up to USD 30,000 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%)