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MIRA
INFORM REPORT
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Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
BIPORIN COLOR INDUSTRIES (TIANJIN) CO LTD |
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Registered Office : |
No. 9 Qijing Road, Dongli District, Tianjin, 300300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Feb. 24, 2003 |
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Com. Reg. No.: |
015199 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing
and Selling Dye. |
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 300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
BIPORIN COLOR
INDUSTRIES (TIANJIN) CO., LTD.
NO. 9 QIJING ROAD, DONGLI DISTRICT,
TIANJIN, 300300 PR
CHINA 9
TEL: 86 (0) 22-24983038
FAX: 86 (0) 22-24983018
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 24, 2003
REGISTRATION NO. : 015199
REGISTERED LEGAL FORM : WHOLLY
FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH : 40
REGISTERED CAPITAL : USD 5,500,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 62,180,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 49,230,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 300,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.25= 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 Ren Min Bi
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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 Feb. 24, 2003.
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 manufacturing, processing and selling
dye and related products.
SC is mainly
engaged in manufacturing and selling dye.
Mr. Anwar Afandi
has been chairman of SC since 2003.
SC is known
to have approx. 40 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 Tianjin. Our checks reveal that SC owns the total premise about 20,000
square meters.
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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 local
AIC.
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MAIN SHAREHOLDERS:
Name %
of Shareholding
Jinma Investment Co., Ltd. (Singapore) 100
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Chairman:
Mr. Anwar Afandi, Indonesian, in his 50’s with university education. He
is currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working
in SC as chairman.
l
General Manager:
Ms. Chen Suzhen, in her 30’s with university education. She is currently
responsible for the daily management of SC.
Working Experience(s):
From 2006 to present
Working in SC as general
manager.
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SC is mainly engaged
in manufacturing and selling dye.
SC’s products
mainly include: dye.
SC sources its
materials 95% from domestic market, and 5% from the overseas market, mainly
European countries. SC sells 60% of its products in domestic market, and 40% to
the overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client:
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Kayaku Chemical (Wuxi) Co., Ltd.
*Major Supplier:
============
Wuxi Dafeng Chemical Co., Ltd.
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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’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.
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Agriculture Bank of China Tianjin Branch
AC#010901040005511
Relationship:
Normal.
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Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
11,370 |
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Inventory |
9,370 |
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Accounts
receivable |
13,800 |
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Advances to
suppliers |
-10 |
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Other
receivables |
40 |
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Other current
assets |
70 |
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Current assets |
34,640 |
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Fixed assets net
value |
42,660 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
2,840 |
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Total assets |
80,140 |
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============= |
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Short loans |
11,710 |
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Accounts payable |
1,940 |
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Advances from
clients |
0 |
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Taxes payable |
-830 |
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Salaries payable |
0 |
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Other payable |
30 |
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Other current
liabilities |
2,060 |
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Current
liabilities |
14,910 |
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Long term
liabilities |
16,000 |
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Total
liabilities |
30,910 |
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Equities |
49,230 |
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Total
liabilities & equities |
80,140 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
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Turnover |
62,180 |
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Cost of goods
sold |
50,050 |
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Sales expense |
1,160 |
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Management expense |
4,500 |
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Finance expense |
50 |
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Profit before
tax |
6,620 |
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Less: profit tax |
0 |
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Profits |
6,620 |
Important Ratios
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2006 |
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*Current ratio |
2.32 |
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*Quick ratio |
1.69 |
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*Liabilities
to assets |
0.39 |
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*Net profit
margin (%) |
10.65 |
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*Return on
total assets (%) |
8.26 |
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*Inventory
/Turnover ×365 |
55days |
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*Accounts
receivable/Turnover ×365 |
81days |
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*Turnover/Total
assets |
0.78 |
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* Cost of
goods sold/Turnover |
0.80 |
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PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in 2006.
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SC’s net profit margin is fairly good in 2006.
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SC’s return on total assets is fairly good in 2006.
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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 in 2006.
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SC’s quick ratio is maintained in a normal level in 2006.
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The accounts receivable of SC is average.
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The inventory of SC is average.
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The short loans are average.
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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 low.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
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Credit Opinion: USD 500,000
SC is considered small-sized in its line with stable
financial conditions. A credit line at
the above amount appears beyond SC’s capacities, while a credit line up to
USD 300,000 is recommended
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%)