MIRA
INFORM REPORT
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Report Date : |
10.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
zhejiang golden
eagle co., ltd. |
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Registered Office : |
Xiaosha Town,
Dinghai District, Zhoushan, Zhejiang Province, 316051 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
September 23, 1994 |
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Com. Reg. No.: |
3300001001615 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in manufacturing
and selling textile machinery, textile raw materials. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To usd 4,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
zhejiang golden
eagle co., ltd.
xiaosha town, dinghai district, zhoushan,
zhejiang PROVINCE, 316051 PR CHINA
TEL :
86 (0) 580-8020089
FAX :
86 (0) 580-8020228
EXECUTIVE SUMMARY
INCORPORATION DATE : september 23, 1994
REGISTRATION NO. : 3300001001615
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH :
6,981
REGISTERED CAPITAL : CNY 231,755,230
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 646,943,000 (from Jan. 1, 2007 to
Jun. 30, 2007)
EQUITIES :
CNY 1,089,923,000 (As of Jun. 30, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 4,000,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : well known
EXCHANGE RATE :
CNY 7.26 = US$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 shares limited company at Zhejiang provincial Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on September 23, 1994.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in China.. Natural person are allowed to serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes manufacturing machinery, manufacturing and processing
textiles, silk and garments, purchasing and selling ferrous metals, nonferrous metal,
mechanical and electrical equipment and parts, hardware and chemical products,
light textile raw materials, fuel, and timber, exporting its products and
technology; importing materials, instruments, machinery and equipment, parts
and technology needed for its production, processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement.
SC is mainly
engaged in manufacturing and selling textile machinery, textile raw materials.
Mr. Fu Guoding has
been chairman of SC since 1994.
SC is known to
have approx. 6,981 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 Zhoushan. Our checks
reveal that SC owns the total premise about 250,000 square meters.
http://www.cn-goldeneagle.com
The design is professional and the content is well organized. At present the
web site is in Chinese and English versions.
E-mail: gecl@mail.zsptt.zj.cn
SC is a listed company in Shanghai Stock Exchange Market and its stock
code is: 600232.
MAIN SHAREHOLDERS: (As of June 30, 2007)
Name %
of Shareholding
Zhejiang Golden Eagle Group Co., Ltd. 57.2
CITIC Wending Shuangli Negotiable Securities
Investment Fund 1.97
CITIC Hongli Jingxuan Negotiable Securities
Investment Fund 1.13
ROMON Group Co., Ltd. 0.66
Shanghai Hongsheng Yishang Trade Development
Co., Ltd. 0.48
China Merchants Securities Co., Ltd. 0.44
Huang Zhigang 0.40
China Everbright Bank Co., Ltd. 0.30
Rong Yuejuan 0.17
Wang Junling 0.16
Other circulation stocks 37.09
Zhejiang Golden Eagle Group Co., Ltd.:
=============================
Zhejiang Golden Eagle Group Co., Ltd. is specialized
in Ramie, Wool Silk and Spun Silk Spinning series equipment. Golden Eagle has
been developing good and powerful machinery constantly to create new
outstanding achievement in the new fields while it cements its footing in its
main business such as textile, injection mould machinery and spinning
industries.
ROMON Group Co., Ltd.:
===================
Founded in 1984, ROMON Group Co., Ltd. is a
modern large-scaled apparel enterprise in Ningbo, China. ROMON Group mainly
design, manufacture and sell medium and top grade business suit. Now ROMON
Group boasts more than hundred thousands of high-qualified employee and fixed
assets of a billion CNY.
l
Chairman:
Mr. Fu Guoding, 63 years old with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1966 to 1994 Worked in Dinghai Textile Machinery Factory as general manager;
From 1994 to present Working in SC as chairman.
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General Manager:
Mr. Pan Mingzhong, 43 years old with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 2000 to present Working in SC as general manager, and also working in Zhejiang Golden Eagle
Plastic Machinery Co., Ltd. as general manager.
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Vice General
Manager:
Mr. Zhang Jianping, 56 years old with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 2000 to present Working in SC as vice general manager.
SC is mainly
engaged in manufacturing and selling textile machinery, textile raw materials.
Brand: Golden
Eagle
SC’s products mainly
include: Flax roving frame for line, Silk cashmere, Pure ramie fabric, Slubbing
frame, Cast tow roving frame, Garment, High-speed spun silk (ramie) gill box,
Comber, Spun silk yarn blending facing material.
SC sources its
materials 100% from domestic market, mainly Zhejiang. SC sells 80% of its
products in domestic market, and 20% to overseas market, mainly USA, Europe and Southeast Asian.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Singapore Cheso Machinfrypte Ltd.
Turkey Elit Makine SAN. VE. TIC. Koll
High Fashion (China) Co., Ltd.
Danyang Qianyang Cotton & Hemp Textiles
Factory
Zhaozhou Tongren Hemp Industry Co., Ltd.
*Major Suppliers:
==============
Zhejiang Golden Eagle Group Co., Ltd.
SC is
known to have 11 subsidiaries, as following.
Zhoushan
Dali Silk Spinning Garment Co., Ltd.
Address:
Chenjia Village, Xiaosha Town, Dinghai District, Zhoushan, Zhejiang Province
Tel: 86
0580-8022552
Fax: 86
0580-8020228
Zhejiang
Golden Engle Mianyang Hemp Textiles Co., Ltd.
Address:
NO.2, Mianjuan Road, Fucheng District, Mianyang City, Sichuan Province.
Zhoushan
Dali Knitting Co., Ltd.
Address:
No.101 Xinqiao Road, Dinghai District, Zhoushan, Zhejiang Province
Tel: 86
0580-2613821
Fax: 86
0580-2612822
Zhejiang
Golden Eagle Plastic Machinery Co., Ltd.
Address:
Dinghai Industry Park, Dinghai District, Zhoushan, Zhejiang Province
Tel: 86
0580-8805766
Fax: 86
0580-8805700
Zhoushan
Golden Eagle Wanli Flax Textiles Co., Ltd.
Address:
Xiaosha Town, Dinghai District, Zhoushan, Zhejiang Province
Tel: 86
0580-8021187
Fax: 86
0580-8020228
Zhejiang
Fangzheng Light Textile Machinery Detection Center Co., Ltd.
Address:
No.8 Meihuabei, Shangcheng District, Hangzhou, Zhejiang Province
Tel: 86
0571-87822408
Zhoushan
Golden Eagle Hotel Co., Ltd.
Zhejiang
Golden Eagle Yili Flax Textiles Co., Ltd.
Address:
Liaoning Road Yining City Frontier Economic Cooperation Zone, Xinjiang Province
Jinggu
Zhejiang Golden Eagle Flax Co., Ltd.
Address:
Yongping Town, Simao City, Yunan Province
Tel: 86
0879-5311686
Zhejiang
Golden Eagle Silk Spinning Co., Ltd.
Address:
Tanghui Industry Park, Jiaxing Economic Development Zone, Zhejiang Province
Tel: 86
0573-82855151
Fax: 86
0573-82858297
Zhoushan
Golden Eagle North Casting Machinery Co., Ltd.
Address:
Golden Eagle Industry Park, Dinghai District, Zhoushan, Zhejiang Province
Tel: 86
0580-8805770
Fax: 86
0580-8805810
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.
Construction Bank of China Zhejiang Branch
AC#：330613500010026303582
Relationship:
Normal.
Consolidated
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2006 |
As of Jun. 30, 2007 |
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Cash & bank |
380,656 |
249,550 |
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Bills receivable |
24,758 |
9,900 |
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Advances to
suppliers |
25,661 |
47,402 |
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Accounts
receivable |
14,267 |
16,649 |
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Inventory |
681,021 |
801,168 |
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Other accounts
receivable |
195,910 |
239,204 |
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Expenses to be apportioned |
0 |
0 |
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Other current
assets |
10,218 |
4,655 |
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Current assets |
1,332,491 |
1,368,528 |
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Fixed assets net
value |
665,191 |
645,641 |
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Project
materials |
2,173 |
52 |
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Projects under construction |
83,578 |
112,887 |
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Long term
investment |
10,107 |
10,107 |
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Other assets |
55,801 |
93,501 |
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Total assets |
2,149,341 |
2,230,716 |
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============= |
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Short loans |
497,450 |
559,880 |
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Bills payable |
5,725 |
6,150 |
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Accounts payable |
258,934 |
270,818 |
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Advances from
clients |
22,380 |
17,718 |
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Other accounts
payable |
19,471 |
25,193 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
42,632 |
31,796 |
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Current
liabilities |
846,592 |
911,555 |
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Long term
liabilities |
291,345 |
229,238 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
1,137,937 |
1,140,793 |
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Equities |
1,011,404 |
1,089,923 |
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------------------ |
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Total
liabilities & equities |
2,149,341 |
2,230,716 |
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Consolidated
Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
As of Jan. 1,
2007 to Jun. 30, 2007 |
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Turnover |
1,508,145 |
646,943 |
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Cost of goods
sold |
1,250,759 |
553,555 |
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Sales expense |
43,774 |
17,868 |
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Management expense |
46,289 |
11,382 |
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Finance expense |
38,504 |
24,268 |
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Profit before
tax |
129,157 |
38,498 |
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Less: profit tax |
32,701 |
5,507 |
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Profits |
96,456 |
32,991 |
Important Ratios
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As
of Dec. 31, 2006 |
As
of Jun. 30, 2007 |
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*Current ratio |
1.57 |
1.50 |
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*Quick ratio |
0.77 |
0.62 |
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*Liabilities
to assets |
0.53 |
0.51 |
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*Net profit
margin (%) |
6.40 |
5.10 |
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*Return on
total assets (%) |
4.49 |
1.48 |
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*Inventory
/Turnover ×365 |
165 days |
452 days |
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*Accounts
receivable/Turnover ×365 |
3 days |
9 days |
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*Turnover/Total
assets |
0.70 |
0.29 |
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* Cost of
goods sold/Turnover |
0.83 |
0.86 |
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 fairly good.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal 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 is maintained in an average level.
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SC’s short-term loan appears fairly large.
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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 low.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its
line with fairly stable financial conditions. Over the past 14 years, SC has
made a steady growth with satisfactory profit. A credit line up to USD 4,000,000 would appear 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 |
|
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 |
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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%)