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MIRA
INFORM REPORT
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Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
YPI Plastic Industry (Suzhou) Co., Ltd. |
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Registered Office : |
No. 158-18, Huashan Road, Fengqiao
Industrial Park, Suzhou,
Jiangsu Province, 215129 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
27.01. 2000 |
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Com. Reg. No.: |
320500400006541 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing and Selling Nonmetal Moulds. |
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 : |
USD 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
YPI Plastic Industry (Suzhou) Co., Ltd.
NO. 158-18, HUASHAN
ROAD, FENGQIAO INDUSTRIAL PARK,
SUZHOU, JIANGSU
PROVINCE, 215129 PR CHINA.
TEL: 86 (0)
512-66619949 FAX: 86 (0)
512-66611076
EXECUTIVE SUMMARY
INCORPORATION DATE : JANUARY 27, 2000
REGISTRATION NO. : 320500400006541
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED
enterprise
STAFF STRENGTH :
300
REGISTERED CAPITAL : USD 3,050,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 99,720,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 29,150,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 200,000 (periodical review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.85 = 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
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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 Jan. 27, 2000.
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 investor 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 printing packing & decoration presswork;
researching, developing, designing and manufacturing all kinds of nonmetal
moulds and related components, plastics, new-type socket connectors and related
products; selling its products, and providing technical and after-sale
services.
SC is mainly
engaged in manufacturing and selling nonmetal moulds.
Mr. Chen Bangqing
has been legal representative and chairman of SC since 2000.
SC is known
to have approx. 300 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 Suzhou. SC’s management declined
to release detailed information of the premise.
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SC is not known to host website of its own at present.
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No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
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MAIN SHAREHOLDERS:
Name %
of Shareholding
YEAKIN PLASTIC INDUSTRY PTE LTD (Singapore) 100
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Chairman & General Manager:
Mr. Chen Bangqing, Singaporean, 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.
l
Vice General manager:
Ms. Yang Jing, about 32 years old, with university education. She is currently
responsible for the daily management of SC.
Working Experience(s):
From 2002 to present Working
in SC as vice general manager.
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SC is mainly
engaged in manufacturing and selling nonmetal moulds.
SC’s products mainly include injection mould and related components.
SC sources its materials 50% from domestic
market, and 50% from overseas market, mainly U.S.A. and U.K. SC sells 40% of
its products in domestic market, and 60% to overseas market, mainly U.K.
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.
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SC is
not known to have any subsidiary at present.
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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.
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Agriculture Bank of China Suzhou New District Sub-branch
AC#N/A
Relationship:
Normal.
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Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
6,910 |
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Inventory |
14,680 |
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Accounts
receivable |
14,130 |
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Advances to
suppliers |
530 |
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Other
receivables |
90 |
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Other current
assets |
510 |
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------------------ |
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Current assets |
36,850 |
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Fixed assets net
value |
37,200 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
1,930 |
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------------------ |
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Total assets |
75,980 |
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============= |
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Short loans |
7,200 |
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Accounts payable |
10,510 |
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Other payable |
1,560 |
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Dividends
payable |
27,710 |
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Other current
liabilities |
-150 |
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Current liabilities |
46,830 |
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Long term
liabilities |
0 |
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Total
liabilities |
46,830 |
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Equities |
29,150 |
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Total
liabilities & equities |
75,980 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
99,720 |
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Cost of goods
sold |
71,660 |
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Sales expense |
410 |
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Management expense |
11,560 |
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Finance expense |
980 |
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Profit before
tax |
16,230 |
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Less: profit tax |
2,040 |
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Profits |
14,190 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
0.79 |
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*Quick ratio |
0.47 |
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*Liabilities
to assets |
0.62 |
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*Net profit
margin (%) |
14.2 |
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*Return on
total assets (%) |
18.7 |
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*Inventory /Turnover
×365 |
54 days |
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*Accounts
receivable/Turnover ×365 |
52 days |
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*Turnover/Total
assets |
1.31 |
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* Cost of
goods sold/Turnover |
0.72 |
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PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is fairly good.
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SC’s return on total assets is good.
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SC’s cost of goods sold is average, 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 appears fairly large.
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The accounts receivable of SC appears fairly large.
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SC’s short-term loan is in an average 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 average.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
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SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line at the above amount appears to be beyond SC’s
capacities, while a credit line up to USD 200,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.52 |
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UK Pound |
1 |
Rs.75.08 |
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Euro |
1 |
Rs.63.72 |
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%)