MIRA
INFORM REPORT
|
Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
Qingdao Jieneng Power Station Engineering Co., Ltd. |
|
|
|
|
Registered Office : |
No. 102, Siliu South Road, Qingdao, Shandong Province, 266042 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
07.09.1999 |
|
|
|
|
Com. Reg. No.: |
3702051800893 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Contracting Power Station Engineering; Selling Complete Sets of Power
Station Equipment; Designing, Installing, Adjusting, and Repairing Power
Station Equipment, etc |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 600,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
Qingdao Jieneng Power Station Engineering Co., Ltd.
NO. 102, SILIU
SOUTH ROAD,
qingdao, SHANDONG
PROVINCE, 266042 PR CHINA.
102
TEL: 86 (0)
532-85910116 FAX: 86 (0)
532-85910387
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 7, 1999
REGISTRATION NO. : 3702051800893
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 43
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE : Power Station Engineering
TURNOVER : CNY 626,510,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 50,470,000 (AS OF DEC. 31,
2006)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 600,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.147 = 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 company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on September 7, 1999.
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 installing, adjusting and repairing power station
equipment; selling power station equipment and parts; selling complete sets of power station equipment (with permit if
needed).
SC is mainly
engaged in contracting power station engineering; selling complete sets of
power station equipment; designing, installing, adjusting, and repairing power
station equipment, etc.
Mr. Ge
Fangming has been legal representative and
chairman of SC since September 1999.
SC is known to have approx. 43 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
Qingdao. Our checks reveal that SC owns the total premise, but SC’s accountant
refused to release the gross area.
SC is not known to host website of its own at present.
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Qingdao Jieneng Steam Turbine Group Co.,
Ltd. 54.620
Chen Dong 3.302
Qiu Ruilin 5.200
Song Yanqiu 3.302
Yang Zenglu 33.576
l
Legal representative and chairman:
Mr. Ge Fangming , ID # 370206511130281. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working
in SC as chairman and legal representative.
l
General manager:
Mr. Chen Dong , ID # 370203541126161. He is
currently responsible for the daily management
of SC.
Working Experience(s):
From 1999 to present Working
in SC as general manager.
SC is mainly
engaged in contracting power station engineering; selling complete sets of
power station equipment; designing, installing, adjusting, and repairing power
station equipment, etc.
Main business scope:
Complete sets of thermal power generating equipment and
power station as well as contracting of engineering projects;
Design, contracting of power plant engineering project,
installation, commissioning of power complete plants and related training power
plant operation assistance, Spare supply for equipment of power.
SC signed and implemented contract project include: a1¡Á6MW
low -level recovery power plant of a paper mill in Thailand, a 5¡Á6MW self-
staining power plant of a sugar mill in Pakistan, a2¡Á15MW turn key project
invested by Japan in Indonesia, a1¡Á30MW turn key project of a paper group in
indonesia and a1¡Á2.5MW geothermal power plant in Indonesia.
*Major Suppliers:
=============
Jinan Power Equipment Factory
*Major Customers:
==============
Qingdao Jieneng Steam Turbine Group Co.,
Ltd.
SC is known to invest in the following companies:
Qingdao Jieneng High & New Technology Co., Ltd
Qingdao
Jieneng Power Equipment 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’s suppliers
declined to make any comments.
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.
Bank of Communications Qingdao Branch Hong Kong Middle Road Sub-branch.
AC#：372005513018000465741
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
|
Cash & bank |
143,380 |
|
Notes receivable |
110 |
|
Inventory |
6,680 |
|
Accounts
receivable |
92,460 |
|
Advances to
suppliers |
172,620 |
|
A receivable tax
rebate of export |
8,120 |
|
Other
receivables |
780 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
424,150 |
|
Fixed assets |
3,870 |
|
Fixed assets net
value |
2,830 |
|
Projects under
construction |
0 |
|
Long term
investment |
2,000 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
428,980 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
162,860 |
|
Advances from
customers |
206,320 |
|
Accrued payroll |
0 |
|
Welfare expenses
payable |
130 |
|
Taxes payable |
7,920 |
|
Surcharge
payable |
190 |
|
Other payable |
1,070 |
|
Other current
liabilities |
20 |
|
|
------------------ |
|
Current
liabilities |
378,510 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
378,510 |
|
Equities |
50,470 |
|
|
------------------ |
|
Total
liabilities & equities |
428,980 |
|
|
============= |
Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
|
Turnover |
626,510 |
|
Cost of goods
sold |
533,790 |
|
Taxes
and additional of main operation |
870 |
|
Sales expense |
44,340 |
|
Management expense |
6,570 |
|
Finance expense |
-1,110 |
|
Investment
income |
20 |
|
Profit before
tax |
42,070 |
|
Less: profit tax |
14,030 |
|
Profits |
28,040 |
Important Ratios
=============
|
|
as
of Dec. 31, 2006 |
|
*Current ratio |
1.12 |
|
*Quick ratio |
1.10 |
|
*Liabilities
to assets |
0.88 |
|
*Net profit
margin (%) |
4.48 |
|
*Return on
total assets (%) |
6.54 |
|
*Inventory
/Turnover ×365 |
4 days |
|
*Accounts
receivable/Turnover ×365 |
54 days |
|
*Turnover/Total
assets |
1.46 |
|
* Cost of
goods sold/Turnover |
0.85 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
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 is maintained in an average level.
l
The accounts receivable of SC appears fairly large.
l
SC has no short-term loans.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 600,000 would appear to be within SC’s
capacities.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)