%20CO%20,%20LTD%20%2011-Sep-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNITED METALTEK (HANGZHOU) Co., Ltd. |
|
|
|
|
Registered Office : |
No. 16, Jiaqi Road, Xianlin Town, Yuhang
District, Hangzhou, Zhejiang Province,
311122 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
08.12. 2005 |
|
|
|
|
Com. Reg. No.: |
330100400015307 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
|
|
|
|
Line of Business : |
Manufacturing and Selling Aluminum Plate and Aluminum Coils, etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 400,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
UNITED METALTEK (HANGZHOU) Co., Ltd.
NO. 16, JIAQI ROAD,
XIANLIN TOWN, YUHANG DISTRICT,
HANGZHOU, ZHEJIANG
PROVINCE, 311122 PR CHINA.
TEL: 86 (0)
571-88680973 FAX: 86 (0)
571-89080333
EXECUTIVE SUMMARY
INCORPORATION DATE :
DECEMBER 8, 2005
REGISTRATION NO. : 330100400015307
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY
JOINT VENTURE ENTERPRISE
STAFF STRENGTH :
98
REGISTERED CAPITAL : CNY 73,500,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 222,810,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 73,980,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 400,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRLY
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.84851 = 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
%20CO%20,%20LTD%20%2011-Sep-2008_files/image003.gif){kind=small}
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 December 8, 2005.
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 aluminum-plastic composite plate, coating
aluminum foils, cutting tools; selling self-made products.
SC is mainly
engaged in manufacturing and selling aluminum plate and aluminum coils, etc.
Ms. Xia Danhong
has been legal representative and chairman of SC since December 2005.
SC is known to have approx. 98 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 Hangzhou. Our checks
reveal that SC rents the total premise about 40,000 square meters.
%20CO%20,%20LTD%20%2011-Sep-2008_files/image004.gif){kind=small}
SC is not known to host website of its own at present.
%20CO%20,%20LTD%20%2011-Sep-2008_files/image005.gif){kind=small}
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2007 |
Registered capital |
CNY 50,000,000 |
CNY 73,500,000 |
%20CO%20,%20LTD%20%2011-Sep-2008_files/image006.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
United Metaltek Co., Ltd. (Hong Kong) 48.98
Wuang Xianzhong 51.02
%20CO%20,%20LTD%20%2011-Sep-2008_files/image007.gif){kind=small}
l
Legal representative and chairman:
Ms. Xia Danhong, about 36 years old, with university education. She is
currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and legal representative.
l
General
manager:
Mr. Zhao Qiu, about 44 years old. He is currently responsible for the
daily management of SC.
Working Experience(s):
At present Working
in SC as general manager.
%20CO%20,%20LTD%20%2011-Sep-2008_files/image008.gif){kind=small}
SC is mainly engaged
in manufacturing and selling aluminum plate and aluminum coils, etc.
Main Products:
aluminum-plastic composite plate, colored aluminum plate, pure aluminum plate,
spraying aluminum alloy plate, cutting tools, etc.
SC sources its materials 100% from domestic
market. SC sells 90% of its products in domestic market, and 10% to overseas
market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Supplier:
============
Jiangsu Sulv Aluminium Industrial Co., Ltd.
%20CO%20,%20LTD%20%2011-Sep-2008_files/image009.gif){kind=small}
SC is known to invest in the following companies:
Liaoning
Zheshang Industry Co., Ltd
Quzhou
Anneng Hydropower Development Co., Ltd
United Metaltek
(Chengdu) Co., Ltd
%20CO%20,%20LTD%20%2011-Sep-2008_files/image010.gif){kind=small}
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.
%20CO%20,%20LTD%20%2011-Sep-2008_files/image011.gif){kind=small}
China Construction Bank Hangzhou Yuhang Sub-branch Xianlin Office
AC#33001617481053000243
Relationship:
Normal.
%20CO%20,%20LTD%20%2011-Sep-2008_files/image012.gif){kind=small}
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
|
Cash & bank |
82,480 |
|
Notes receivable |
200 |
|
Inventory |
11,450 |
|
Accounts
receivable |
26,330 |
|
Advances to
suppliers |
35,970 |
|
Other
receivables |
100,940 |
|
Prepaid expenses |
300 |
|
Other current
assets |
10 |
|
|
------------------ |
|
Current assets |
257,680 |
|
Fixed assets net
value |
41,150 |
|
Projects under
construction |
30 |
|
Long term
investment |
24,000 |
|
Intangible
assets |
90 |
|
Other assets |
10 |
|
|
------------------ |
|
Total assets |
322,960 |
|
|
============= |
|
Short loans |
115,000 |
|
Notes payable |
123,800 |
|
Accounts payable |
1,120 |
|
Advances from
customers |
0 |
|
Accrued payroll |
0 |
|
Welfare expenses
payable |
0 |
|
Taxes payable |
380 |
|
Surcharge
payable |
50 |
|
Other payable |
8,620 |
|
Other current
liabilities |
10 |
|
|
------------------ |
|
Current liabilities |
248,980 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
248,980 |
|
Equities |
73,980 |
|
|
------------------ |
|
Total
liabilities & equities |
322,960 |
|
|
============= |
Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
|
Turnover |
222,810 |
|
Cost of goods sold |
210,430 |
|
Taxes and additional of main operation |
50 |
|
Income from
other operations |
730 |
|
Sales expense |
2,670 |
|
Management expense |
3,370 |
|
Finance expense |
7,150 |
|
Subsidy income |
670 |
|
Non-operating
income |
810 |
|
Non-operating expense |
290 |
|
Profit before
tax |
1,060 |
|
Less: profit tax |
0 |
|
Profits |
1,060 |
Important Ratios
=============
|
|
as
of Dec. 31, 2007 |
|
*Current ratio |
1.03 |
|
*Quick ratio |
0.99 |
|
*Liabilities
to assets |
0.77 |
|
*Net profit
margin (%) |
0.48 |
|
*Return on
total assets (%) |
0.33 |
|
*Inventory
/Turnover ×365 |
19 days |
|
*Accounts
receivable/Turnover ×365 |
44 days |
|
*Turnover/Total
assets |
0.69 |
|
* Cost of
goods sold/Turnover |
0.94 |
%20CO%20,%20LTD%20%2011-Sep-2008_files/image013.gif){kind=small}
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
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 fairly 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 normal 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 2007.
l
SC’s turnover is in a fair 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 stable.
%20CO%20,%20LTD%20%2011-Sep-2008_files/image014.gif){kind=small}
SC is considered medium-sized in its line with fairly stable financial conditions.
The large amount of short loans could be a threat to SC’s financial condition.
A credit line up to USD 400,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)