MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ningbo haitai plastic machinery co., ltd. |
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Registered Office : |
Haitai Industry Park, Baizhang East Road,
Ningbo City Zhejiang Province
315101 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
24.12.2001 |
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Com. Reg. No.: |
005821 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing and Selling
Plastic Machines. |
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 700,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
ningbo haitai plastic machinery co., ltd.
haitai industry park,
baizhang east road, ningbo city
zhejiang province
315101 pr china
TEL: 86 (0)
574-88419982/83075003 FAX: 86 (0)
574-88419982/88412855
EXECUTIVE SUMMARY
INCORPORATION DATE : dec.
24, 2001
REGISTRATION NO. :
005821
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH :
600
REGISTERED CAPITAL : USD 1,175,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 420,548,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 65,965,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 700,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : 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
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 Dec.
24, 2001.
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 and processing plastic machines, die casting machines,
mechanical moulds, and plastic products.
SC is mainly
engaged in manufacturing and selling plastic machines.
Mr. Weng Zhiwei
has been chairman of SC since 2001.
SC is known
to have approx. 600 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 Ningbo. Our checks reveal that SC
rents the total premise about 20,000 square meters.
SC is not known to host web site of its own at present.
Till December 31, 2007, SC’s paid-up capital reached CNY 9,724,000.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2004-9-16 |
Shareholders |
Ningbo Haitai
Machinery (Group) Co., Ltd. 57.4% Lanhua International (Hong Kong) Co.,
Limited 42.6% |
Ningbo Haitai
Machinery (Group) Co., Ltd. 57.4% Senrui Int’l Trade Co., Ltd. (Hong Kong) 42.6% |
MAIN SHAREHOLDERS:
Name % of
Shareholding
Ningbo Haitai Machinery (Group) Co., Ltd. 57.4
Senrui Int’l Trade Co., Ltd. (Hong Kong) 42.6
*Ningbo Haitai Machinery (Group) Co., Ltd.
=================================
Ningbo Haitai Machinery (Group) Co., Ltd. is
one of national important point & high new technical enterprise and one of
100 key enterprises in Ningbo City. "HAITAI" series products have won
a title of honor "Famous Products in Zhejiang Province". The
trademark "HAITAI" has got a title of "Famous Trademark of
Zhejiang Province". It has been equipped with super large and a large of
controlled manufacturing equipment and is the first in the country to have got
the certificate of ISO 9001 quality management system.
Add.: Haitai Industry Park, Baizhang East
Road, Ningbo
P.C.: 315101
Tel: +86-574-88419982 88353222
Fax: +86-574-88163978
E-mail: sales@china-haitai.com
URL: http://www.china-haitai.com
*Senrui Int’l Trade Co., Ltd. (Hong Kong)
==============================
Registration Number: 0910616
Incorporation Date: July 9, 2004
Registered Legal Form: Private Company
l
Chairman and General Manager:
Mr. Weng Zhiwei, 58 years old. He is currently responsible for the
overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman and
general manager;
At present
Working
in Ningbo Haitai Machinery Marketing Co., Ltd.-, in Ningbo Haitai
Heavy Machine Co., Ltd.-, and in
Ningbo Haitai High and New Zone Haitai Science & Technology Co., Ltd.- as
legal representative.
l
Vice-Chairman:
Mr. Wang Shengbo, 40 years old with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 2001 to present Working in SC as
vice-chairman.
l
Board Members:
Xia Shanhai
Hu Weiping
SC is mainly
engaged in manufacturing and selling plastic machines.
SC’s products mainly include: plastic machines.
SC’s brand: “Haitai ”.
SC sources its materials
90% from domestic market, mainly Zhejiang, and 10% from overseas market. SC
sells 60% in domestic market, mainly Zhejiang, Jiangsu, and Shandong, and 40%
to overseas market, mainly America, Europe, and Middle East.
The buying terms of SC include T/T, Check, L/C, and Credit of 30-60
days. The payment terms of SC include T/T, Check, L/C, and Credit of 30-60
days.
*Major Customer:
==============
Jinan Tongyong Plastic Machinery Sales Co., Ltd. (in Chinese Pinyin)
SC is
known to have the following offices at present:
Huangyan
Office
Dalian
Office
Cixi
Cidong Office
Hangzhou
Office
Shenzhen
Longgang Office
Fuzhou
Office
Shantou
Office
Shanghai
Office
Shunde
Office
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.
SC’s management declined
to release its bank information.
Balance Sheet
Unit: CNY’000
|
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
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Cash & bank |
96,257 |
54,012 |
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Inventory |
94,219 |
126,619 |
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Bills receivable |
5,992 |
21,231 |
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Accounts
receivable |
160,869 |
174,619 |
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Other Accounts
receivable |
8,076 |
7,367 |
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Advances to
suppliers |
2,043 |
1,498 |
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To be
apportioned expense |
383 |
450 |
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Other current
assets |
-1,709 |
0 |
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------------------ |
------------------ |
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Current assets |
366,130 |
385,796 |
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Fixed assets net
value |
10,485 |
9,842 |
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Projects
material |
0 |
0 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
622 |
1,062 |
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------------------ |
------------------ |
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Total assets |
377,237 |
396,700 |
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============= |
============= |
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Short loans |
30,000 |
10,000 |
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Bills payable |
130,250 |
99,900 |
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Accounts payable |
96,433 |
125,340 |
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Advance from
clients |
8,438 |
13,173 |
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Other Accounts
payable |
8,825 |
46,102 |
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Un-paid profit |
50,699 |
35,678 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
1,384 |
542 |
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------------------ |
------------------ |
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Current
liabilities |
326,029 |
330,735 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
326,029 |
330,735 |
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Equities |
51,208 |
65,965 |
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------------------ |
------------------ |
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Total
liabilities & equities |
377,237 |
396,700 |
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============= |
============= |
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
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Turnover |
396,133 |
420,548 |
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Cost of goods
sold |
323,489 |
342,995 |
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Sales expense |
26,254 |
38,096 |
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Management expense |
14,195 |
20,119 |
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Finance expense |
1,493 |
4,963 |
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Profit before
tax |
31,143 |
16,436 |
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Less: profit tax |
4,509 |
1,668 |
|
Profits |
26,634 |
14,768 |
Important Ratios
=============
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
|
*Current ratio |
1.12 |
1.17 |
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*Quick ratio |
0.83 |
0.78 |
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*Liabilities
to assets |
0.86 |
0.83 |
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*Net profit
margin (%) |
6.72 |
3.51 |
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*Return on
total assets (%) |
7.06 |
3.72 |
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*Inventory
/Turnover ×365 |
87days |
110days |
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*Accounts
receivable/Turnover ×365 |
148days |
152days |
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*Turnover/Total
assets |
1.05 |
1.06 |
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* Cost of
goods sold/Turnover |
0.82 |
0.82 |
PROFITABILITY: FAIRLY
GOOD
l
The turnover of SC appears fairly good in its line, and it was rising in
2007.
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SC’s net profit margin is fairly good, but it was declining in 2007.
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SC’s return on total assets is fairly good, but it was declining in
2007.
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SC’s cost of goods sold is average in both 2 years, comparing with its
turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level in 2006 and
2007.
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SC’s quick ratio is maintained in a normal level in 2006 and 2007.
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The inventory of SC appears large in both 2 years.
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The accounts receivable of SC appears large in both 2 years.
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The short-term loan of SC is maintained in an average level in both 2
years.
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SC’s turnover is in an average level in both 2 years, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is fairly high in both 2 years.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with favorable background and
fairly stable financial conditions. A credit line up to USD 700,000 would
appear to be within SC’s capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.63 |
|
UK Pound |
1 |
Rs.83.76 |
|
Euro |
1 |
Rs.66.49 |
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 |
|
<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 |
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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%)