MIRA
INFORM REPORT
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Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
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Name : |
NINGBO JINTIAN ELECTRIC MATERIAL CO., LTD. |
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Registered Office : |
No.1 Chengxi West Road, Cicheng Town, Jiangbei District, Ningbo,
Zhejiang Province, 315014 Pr |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Mar. 21, 1995 |
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Com. Reg. No.: |
330200000011219 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing
and operating enamelled copper wires and electrician materials. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To USD 600,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
NINGBO JINTIAN ELECTRIC MATERIAL CO., LTD.
NO.1 CHENGXI WEST ROAD, CICHENG TOWN, JIANGBEI DISTRICT,
NINGBO, ZHEJIANG PROVINCE, 315014 PR CHINA
TEL : 0086-574-87574652
FAX :
0086-574-87597573
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAR. 21, 1995
REGISTRATION NO. :
330200000011219
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. ZHENG DUNDUN (CHAIRMAN)
STAFF STRENGTH :
400
REGISTERED CAPITAL :
CNY 2,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 874,119,000 (AS OF DEC. 31,
2006)
EQUITIES :
CNY 49,310,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.51600=US1$
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Mar. 21, 1995.
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 and processing enamelled wire and electrician materials; exporting its products and technology, importing machinery equipment, parts, raw materials and technology needed in the manufacture, excluding the items limited or forbidden by the state.
SC is
mainly engaged in manufacturing and operating enamelled copper wires and electrician
materials.
Mr.
Zheng Dundun has been legal representative and chairman of SC since 1995.
SC is known to have approx. 400 staff members 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
Ningbo. Our checks reveal that SC owns the total premise about 60,000 square
meters.
http://www.jtemcn.com The design is professional and the content is
well organized. At present it is both in Chinese and English versions.
E-Mail: jtem@jtemcn.com
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Date
of change |
Item |
Before
the change |
After
the change |
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2007-09 |
Shareholders (Shareholding) |
Zheng
Dundun (1%), Lu Xiaomei (9%), Ningbo Jintian Copper (Group) Co.,
Ltd. (90%) |
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Ningbo
Jintian Copper (Group) Co., Ltd. 100
URL: http://www.jtgroup.com.cn
l
Legal
representative and
chairman:
Mr. Zheng Dundun, in his
Working Experience(s):
From 1995 to present Working in SC as chairman and legal representative.
SC is
mainly engaged in manufacturing and operating enamelled copper wires and
electrician materials.
SC’s products mainly include: polyurethane enamelled copper wire,
daiamid enamelled copper wire and nylon copper wire.
SC sources its materials 80% from domestic market and 20%
from the overseas market. SC sells 30% of its products to overseas market, mainly in North America,
The buying terms of SC include Check, L/C, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, and Credit of 30-60
days.
Brand: 
*Major Customers*
==============
Shanghai
CHINT
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.
Industrial & Commercial Bank of
AC#：3901130209000001337
Relationship:
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Cash
& bank |
28,082 |
26,887 |
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Bills
receivable |
3,484 |
13,294 |
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Accounts
receivable |
14,342 |
23,858 |
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Other
receivables |
2,534 |
662 |
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Advances to
suppliers |
73,977 |
239,533 |
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A receivable tax
rebate of export |
0 |
163 |
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Inventory |
32,649 |
41,721 |
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Prepaid expenses |
519 |
380 |
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Other
current assets |
0 |
0 |
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------------------ |
------------------ |
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Current
assets |
155,587 |
346,498 |
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Fixed assets |
20,137 |
21,196 |
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Fixed
assets net value |
19,230 |
21,196 |
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Projects
under construction |
907 |
0 |
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Long
term investment |
0 |
0 |
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Other
assets |
143 |
280 |
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------------------ |
------------------ |
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Total
assets |
175,867 |
367,974 |
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============= |
============= |
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Short
loans |
10,000 |
0 |
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Bills
payable |
28,560 |
0 |
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Accounts
payable |
107,888 |
296,912 |
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Welfare
payable |
2,874 |
3,768 |
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Advances from
clients |
3,388 |
4,405 |
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Accrued
payroll |
380 |
579 |
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Tax
payable |
-3,004 |
9,271 |
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Other
payable |
2,285 |
1,886 |
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Surcharge
payable |
14 |
896 |
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Accrued expenses |
853 |
947 |
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Other
current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
153,238 |
318,664 |
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Long
term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
153,238 |
318,664 |
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Equities |
22,629 |
49,310 |
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------------------ |
------------------ |
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Total
liabilities & equities |
175,867 |
367,974 |
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============= |
============= |
Income Statement
Unit: CNY’000
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as of Dec. 31,
2005 |
as of Dec. 31,
2006 |
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Turnover |
462,448 |
874,119 |
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Cost of goods
sold |
436,220 |
817,961 |
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Sales expense |
3,902 |
4,830 |
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Management expense |
3,547 |
14,584 |
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Finance expense |
2,230 |
1,941 |
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Non-operating
income |
154 |
23 |
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Non-operating
expense |
12 |
299 |
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Profit before
tax |
16,673 |
34,741 |
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Less: profit tax |
5,226 |
7,859 |
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Profits |
11,447 |
26,882 |
Important Ratios
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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*Current ratio |
1.02 |
1.09 |
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*Quick ratio |
0.80 |
0.96 |
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*Liabilities
to assets |
0.87 |
0.87 |
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*Net profit
margin (%) |
2.48 |
3.08 |
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*Return on
total assets (%) |
6.51 |
7.31 |
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*Fixed
assets/Total assets |
0.11 |
0.06 |
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*Inventory
/Turnover ×365 |
26 days |
18 days |
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*Accounts
receivable/Turnover ×365 |
12 days |
10 days |
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*Turnover/Total
assets |
2.63 |
2.38 |
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* Cost of goods
sold/Turnover |
0.94 |
0.94 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good
in its line, and it increased in 2006.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly
good, and it increased in 2006.
l
SC’s cost of goods sold is average,
comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a normal level.
l
SC’s quick ratio is maintained in a
normal level.
l
The inventory of SC and inventory conversion period appears average.
l
The accounts payable of SC appears
LARGE.
l
There’s no short-term loan of SC in
2006.
l
SC’s turnover is in a fairly good
level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is
average.
Overall
financial condition of the SC: Fairly stable.
SC is considered a medium-sized company in its line with fairly good background.
The large amount of accounts payable could be a threat to SC’s financial
condition. Taking into consideration of SC’s general performance, reputation as
well as market conditions we would rate SC as an average credit risk company.
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%)