MIRA
INFORM REPORT
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Report Date : |
30.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
JIANGSU XINGYE PLASTIC CO., LTD |
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Formerly Known as : |
JIANGYIN XINGYE PLASTIC CO., LTD |
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Registered Office : |
Zhouzhuang Town, Jiangyin, Jiangsu Province, 214423 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18.10. 1999 |
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Com. Reg. No.: |
000409 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and Selling PBT & PET
Resin and Plastic Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
JIANGSU XINGYE PLASTIC CO., LTD
ZHOUZHUANG TOWN,
JIANGYIN,
JIANGSU PROVINCE,
214423 PR CHINA
TEL: 86 (0)
510-86229780 FAX: 86 (0)
510-86229978
EXECUTIVE SUMMARY
INCORPORATION DATE : OCTOBER 18, 1999
REGISTRATION NO. : 000409
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
300
REGISTERED CAPITAL : CNY 210,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 2,896,494,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 238,594,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 1,500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.9447 = 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 Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC-The
official body of issuing and renewing business license) on October 18, 1999 and has been under present
ownership since 2005.
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 PET resin and its products; selling self-made
products.
SC is mainly
engaged in manufacturing and selling PBT & PET resin and plastic products.
Mr. Xue JiLiang
has been legal representative and chairman of SC since 2001.
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 Jiangyin. Our checks reveal that SC rents the total premise,
but SC’s accountant refused to release the gross area.
http://www.xyhm.com The design is
professional and the content is well organized. At present it is in both Chinese
and English versions.
E-mail: xysh@xyhm.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2001-7 |
Legal representative |
Bian Pinggang |
Xue JiLiang |
|
2004-05 |
Registered capital |
USD 10,000,000 |
USD 12,400,000 |
|
2004-11 |
Main Shareholders |
Jiangsu
Sanfangxiang Group Co., Ltd 75% General Fiber
Corporation (USA) 25% |
Jiangsu
Sanfangxiang Group Co., Ltd 69.6% Jiangyin Hengrun
Textile Material Co., Ltd 2.2% Jiangyin Hengli
Textile Trade Co., Ltd 1.8% Jiangyin Wanhao
Trade Co., Ltd 1.4% General Fiber
Corporation (USA) 25% |
|
2005-05 |
Company Name |
Jiangyin Xingye
Plastic Co., Ltd |
Jiangsu Xingye
Plastic Co., Ltd |
|
Registered capital |
USD 12,400,000 |
CNY 130,000,000 |
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Registered Legal Form |
Chinese-foreign equity joint venture
enterprise |
Shares limited company |
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|
2006-08 |
Registered capital |
CNY 130,000,000 |
CNY 210,000,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiangsu
Sanfangxiang Group Co., Ltd 69.6
General Fiber
Corporation (USA) 25
Jiangyin Hengrun
Textile Material Co., Ltd 2.2
Jiangyin Hengli
Textile Trade Co., Ltd 1.8
Jiangyin Wanhao
Trade Co., Ltd 1.4
*Jiangsu
Sanfangxiang Group Co., Ltd
================================================
Jiangsu Sanfangxiang Group Co., Ltd.,
located in headland of Jiangyin, the backland of Yangtze River Delta, is a
manufacturing group engaged in polyester and chemical fiber and textile
industry. The company founded in 1980, has built twenty economic entities in
the past 20 years, including a full set of public engineering services of thermoelectricity
factory and tap water factory. Jiangsu Sanfangxiang Industry Co., Ltd.,
controlled by Group Company, was on the market in Shanghai Stock Exchange in
March 2003, and the stock code is 600370. The company, for many successive
years, has been awarded provincial star enterprise, provincial civilized unit,
AAA grade crediting unit by bank at provincial level. The president Mr. Bian
Xingcai won the title of national working model in 2000, self-run to export USD
520,000,000, and ranked 217 in the top 500 home enterprises issued in 2005, and
ranked 19 in the top 100 private enterprises.
The company has 8,280 staff including 650 technicians, and the main
business is bottle grade and fiber grade polyester chips, polyester stable
fibers, rayon stable fibers, printing and dyeing fabric, thermoelectricity,
spinning and PBT engineering plastics. The company became the largest
manufacturer in the world in the same industry with the capacity of polyester
of 1,600,000 tons, among them bottle grade polyester chips 700,000 tons every
year, polyester stable fibers is 900,000 tons. The registered capital is RMB
1,1500,006,181; Legal deputy of the company is Mr. Bian Xingcai; the current
total asset is RMB 10,900,000,000.
l
Legal representative, Chairman and general manager:
Mr. Xue JiLiang , 51 years old with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
Worked in Jiangsu Sanfangxiang Group Co., Ltd. as
accountant, and in Jiangsu Sanfangxiang Industry Co., Ltd. as board member and
accountant;
From 2001 to present
Working in SC as legal representative, chairman
and general manager;
At present Working in Jiangyin Huamei Special Fibre
Co., Ltd. as chairman.
SC is mainly engaged in manufacturing and selling PBT & PET resin and
plastic products.
Main Products: Bottle-grade PET, Fiber-making PET, Industrial PET,
Polyester staple fiber
Brand: “翠钰”牌
SC sources
its materials 80% from domestic market, and 20% from overseas market. SC sells
20% of its products in domestic market, and 80% to foreign 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.
Bank of China
Jiangyin Branch
AC#04950608097001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Cash & bank |
506,841 |
173,700 |
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Notes receivable |
600 |
289 |
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Inventory |
159,831 |
418,666 |
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Accounts
receivable |
99,132 |
498,396 |
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Advances to
supplies |
61,792 |
34,143 |
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Other
receivables |
195 |
403,675 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
828,391 |
1,528,869 |
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Fixed assets |
315,578 |
315,987 |
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Fixed assets net
value |
229,027 |
200,378 |
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Projects under
construction |
838 |
4,139 |
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Long-term
investments |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
1,058,256 |
1,733,386 |
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============= |
============= |
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Short loans |
632,022 |
915,832 |
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Accounts payable |
253,694 |
570,712 |
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Advances from customers |
20,257 |
14,682 |
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Accrued payroll |
2,289 |
2,846 |
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Welfares payable |
3,514 |
3,514 |
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Taxes payable |
-4,120 |
-14,118 |
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Surcharge
payable |
1,683 |
7 |
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Other Accounts
payable |
0 |
321 |
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Accrued expenses |
1,056 |
996 |
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Other current liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
910,395 |
1,494,792 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
910,395 |
1,494,792 |
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Shareholders
equities |
147,861 |
238,594 |
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------------------ |
------------------ |
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Total
liabilities & equities |
1,058,256 |
1,733,386 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Turnover |
2,459,156 |
2,896,494 |
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Cost of goods sold |
2,389,492 |
2,829,498 |
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Taxes and additional of main operation |
291 |
165 |
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Income from
other operations |
0 |
1,646 |
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Sales expense |
20,230 |
17,852 |
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Management expense |
3,396 |
370 |
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Finance expense |
23,485 |
19,206 |
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Investment
income |
-178 |
0 |
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Subsidy income |
0 |
79 |
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Non-operating expense |
1,000 |
1,100 |
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Operation Profit |
21,084 |
30,030 |
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Less: profit tax |
2,283 |
2,920 |
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Net profit |
18,801 |
27,110 |
Important Ratios
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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*Current ratio |
0.91 |
1.02 |
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*Quick ratio |
0.73 |
0.74 |
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*Liabilities
to assets |
0.86 |
0.86 |
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*Net profit
margin (%) |
0.76 |
0.94 |
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*Return on
total assets (%) |
1.78 |
1.56 |
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*Inventory
/Turnover ×365 |
24 days |
53 days |
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*Accounts
receivable/Turnover ×365 |
15 days |
63 days |
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*Turnover/Total
assets |
2.32 |
1.67 |
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* Cost of
goods sold/Turnover |
0.97 |
0.98 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its line, and it was rising in 2006.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is high, 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 fair level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC is maintained in an average level.
l
SC’s short-term loan appears LARGE in 2006.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly good.
SC is considered small-sized in its line with favorable market
conditions and background. The large amount of short loans could be a threat to
SC’s financial condition. A credit line up to USD 1,500,000 would appear to be
within SC’s capacities.
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 |
|
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 |
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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%)