MIRA
INFORM REPORT
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Report Date : |
22.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
qinhuangdao
yandaguohai stainless steel co., ltd. |
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Registered Office : |
No. 8, Xueshan
Road, Sanqi, Economy & Technolgoy Development Zone Qinhuangdao City,
Hebei Province 066004 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jul. 20, 2000 |
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Com. Reg. No.: |
1303012001723 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in manufacturing stainless steel products. |
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 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
qinhuangdao
yandaguohai stainless steel co., ltd.
no. 8, xueshan road, sanqi, economy &
technolgoy development zone
qinhuangdao city, hebei province 066004 PR
CHINA
TEL :
86 (0) 335-8500333/8500555
FAX :
86 (0) 335-8501152
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 20, 2000
REGISTRATION NO. :
1303012001723
REGISTERED LEGAL FORM : LIMITED
LIABILITIES CO.
STAFF STRENGTH :
273
REGISTERED CAPITAL : CNY 13,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 198,290,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 17,930,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 200,000 (PERIODICAL REVIEW)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
7.41 =US1$
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 limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Jul. 20, 2000.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes
manufacturing stainless steel products
and stainless steel manufacture equipment; relevant technical consultation and
services; importing raw materials, instruments & apparatuses, machinery,
components, and technologies needed in manufacture and scientific research;
manufacturing steel wire and products; manufacturing plastic products used for
auxiliary production; processing with imported
materials, processing with imported samples, assembling with imported parts, and
compensation trade in agreement; processing and selling paper twine; and
exporting commodities and technologies.
SC is
mainly engaged in manufacturing stainless steel products.
Mr. Zhu
Jinbiao has been chairman of SC since 2000.
SC is
known to have approx. 273 staff members 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 Qinhuangdao. Our checks
reveal that SC owns the total premise about 10,000
square meters.
http://www.yandaguohai.com The
design is professional and the content is well organized. At present it is only
in Chinese version.
E-mail: sales@yandaguohai.com
No significant events or changes were found during our checks with the
local AIC.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Qinhuangdao Yanda Industry Group
Co., Ltd. 30.00
Zhu Jinbiao 58.02
Other individuals 11.98
Qinhuangdao Yanda Industry Group Co.,
Ltd.
=================================
Address: No. 3-20, Huanghe Road,
Economy & Technology Development Zone, Qinhuangdao, Hebei
Tel: 0335-8500964
Fax: 0335-8500962
l
Chairman and
General Manager:
Mr. Zhu Jinbiao, in his 50’s with university education.
He is currently responsible for the overall management of SC.
Working Experience(s):
From 2000 to present Working in SC as chairman and general manager.
Sales Manager:
Mr. Gu Judong
Tel: 86-0335-8500222
Mobile: 13582809506
Fax: 86-0335-8501152
SC is
mainly engaged in manufacturing stainless steel products.
SC’s products mainly include: wrought stainless steel wire, stainless
steel meshes, and other stainless products.
SC
sources its materials 60% from overseas market, mainly Taiwan, Japan, and
Korea, and 40% from domestic market. SC sells 30% in domestic market, mainly
Hebei province, and 70% to overseas market, mainly Japan.
The buying terms of SC include T/T, L/C, Check and Credit of
30-60 days. The payment terms of SC include T/T, L/C, Check and Credit of 30-60
days.
*Major Customer:
============
ISHIBASHI Corp.
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
of China Yingbin Sub-branch
AC#：50809001040001696
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
10,010 |
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Inventory |
8,420 |
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Accounts
receivable |
22,490 |
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Other Accounts
receivable |
2,960 |
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Advances to
suppliers |
2,210 |
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To be
apportioned expense |
0 |
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Other current
assets |
950 |
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------------------ |
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Current assets |
47,040 |
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Fixed assets |
16,750 |
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Long term
investment |
0 |
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Other assets |
7,560 |
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------------------ |
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Total assets |
71,350 |
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============= |
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Short loans |
11,880 |
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Accounts payable |
8,630 |
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Advance from
clients |
4,060 |
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Other Accounts
payable |
18,810 |
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Withdraw the
expenses in advance |
0 |
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Other current liabilities |
10,040 |
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Current
liabilities |
53,420 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
53,420 |
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Equities |
17,930 |
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Total
liabilities & equities |
71,350 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
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Turnover |
198,290 |
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Cost of goods
sold |
188,240 |
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Sales expense |
1,080 |
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Management expense |
3,000 |
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Finance expense |
2,420 |
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Profit before
tax |
3,470 |
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Less: profit tax |
1,220 |
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Profits |
2,250 |
Important Ratios
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As of Dec. 31, 2006 |
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*Current
ratio |
0.88 |
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*Quick
ratio |
0.72 |
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*Liabilities
to assets |
0.75 |
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*Net
profit margin (%) |
1.13 |
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*Return
on total assets (%) |
3.15 |
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*Inventory
/Turnover ×365 |
15days |
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*Accounts
receivable/Turnover ×365 |
41days |
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*Turnover/Total
assets |
2.78 |
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*
Cost of goods sold/Turnover |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY:
FAIR
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The current ratio of SC is maintained in a fair level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC is maintained in an average
level.
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The accounts receivable of SC appears fairly large.
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The short-term loan of SC appears fairly large.
l
SC’s turnover is in a fairly good level, comparing with the
size of its total assets.
LEVERAGE:
AVERAGE
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line up to USD 200,000 appears
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. |
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%)