MIRA
INFORM REPORT
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Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TONGCHENG XINYU MICA PRODUCTS Co., Ltd. |
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Registered Office : |
No. 317, Yuli Avenue, Junshui Town, Tongcheng County, Hubei Province,
437400 Pr |
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Country : |
China |
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Date of Incorporation : |
31.05. 2001 |
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Com. Reg. No.: |
000004 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
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Line of Business : |
Manufacturing and Selling Mica Products. |
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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
TONGCHENG XINYU MICA PRODUCTS Co., Ltd.
NO. 317, YULI
AVENUE, JUNSHUI TOWN,
TONGCHENG COUNTY,
HUBEI PROVINCE, 437400 PR CHINA.
317
TEL: 86 (0)
715-4328090 FAX: 86 (0)
715-4328070
EXECUTIVE SUMMARY
INCORPORATION DATE : may 31, 2001
REGISTRATION NO. : 000004
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
STAFF STRENGTH : 80
REGISTERED CAPITAL : CNY 3,500,000
BUSINESS LINE : MANUFACTURING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : SMALL AMOUNT
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.99 = USD 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 Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on May 31, 2001.
Company Status: Chinese-foreign equity joint venture
enterprise This
form of business in PR China is defined as a legal person. It is a limited
co. jointly invested by one or more foreign companies and one or more PR
China controlled companies within the territories of PR China according to
a certain proportion of capital investment. The investing parties exercise
business management, share profits and bear all risks and liabilities of
the co. together. The equity joint venture law requires that foreign party
contribute not less than 25% of the registered capital, with no maximum.
The investing parties are free to agree on method of profit distribution
and liabilities bearing according to the proportion of capital investment.
Each investing parties contributes funds, tangible assets, technology &
etc. The board of directors excises the high authority. The joint venture
usually has a limited duration of 10 to 50 years. Enterprise with large
investment, long construction periods, low investment returns, introducing
of advanced technology & advanced technology products that have good
competition position in international market may extend beyond the 50 years
limit.
SC’s registered
business scope includes manufacturing and selling different sorts of mica
products.
SC is mainly
engaged in manufacturing and selling mica products.
Mr. Tang Zhanyi has been legal representative and chairman of SC since
2001.
SC is
known to have approx. 80 employees 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 Tongcheng. Our checks reveal that SC rents the total premise about 1,000 square
meters.
SC is not known to host website of its own at present.
E-mail: paulyu@zj165.com
No significant events or changes were found during our checks
with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name of Shareholding
Xinjicheng Electric Materials
Co., Ltd. (Taiwan)
40
Shenzhen Shengbida Electric Material Co.,
Ltd.
60
l
Legal representative and chairman:
Mr. Tang Zhanyi , in his 50’s with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as chairman and legal representative.
SC is mainly
engaged in manufacturing and selling mica products.
SC’s products
mainly include mica paper, mica plate, mica tube, mica lamination, mica tape
and so on.
SC sources its materials 80%
from domestic market, and 20% from overseas market, mainly U.S.A. and Europe.
SC sells 70% of its products in domestic market, and 30% to overseas market,
mainly Southeast Asian market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
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.
SC’s management
declined to release its bank details.
SC’s financial
reports are not available in the local Administration for Industry and
Commerce.
SC’s management
declined to release any financial information.
SC is considered small-sized in its line with a development history of 7
years. Credit dealings with SC in small amount appear acceptable.
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%)