MIRA INFORM REPORT
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Report Date : |
28.12.2011 |
IDENTIFICATION DETAILS
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Name : |
SHAOYANG TEXTILE MACHINERY CO., LTD. |
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Registered Office : |
No. 162, Baoqing West Road, Shaoyang, Hunan Province, 422000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.06.2002 |
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Com. Reg. No.: |
430500000011795 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
manufacturing and selling
textile machinery equipment |
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No. of Employees
: |
2000 persons |
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 500,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
SHAOYANG TEXTILE
MACHINERY CO., LTD.
NO. 162, BAOQING WEST ROAD, SHAOYANG,
HUNAN PROVINCE, 422000 PR CHINA
TEL: 86 (0) 739-5502258/5502786 FAX: 86 (0) 739-5324671
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUN. 28, 2002
REGISTRATION NO. :
430500000011795
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
2,000
REGISTERED CAPITAL : CNY 81,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 509,630,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 74,590,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 500,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.34=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 Ren Min Bi
SC was registered as a sole state-owned enterprise at local
Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license) on Jun. 28, 2002, and later was changed into
present legal form.
Company Status: One-Person
Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The
regulation of Single person LLC has no shareholder meeting.
SC’s registered business scope includes designing, manufacturing and
selling textile machinery, selling its components, importing and exporting business
on related technologies; manufacturing and selling electromechanical equipment
(excluding cars), general machinery, engineering machinery, chemical machinery;
manufacturing and selling wood packing products; designing, manufacturing and
installing business on public work (with permit if needed).
SC is
mainly engaged in manufacturing and selling textile machinery equipment.
Mr. Li Xinqiao is
legal representative, chairman and general manager of SC at present.
SC is known to have approx. 2,000 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 Shaoyang. Our checks
reveal that SC owns the total premise about 200,000 square meters.
http://www.syefj.com The design is
professional and the content is well organized. At present the web is both in
Chinese and English versions.
E-mail: syefjxs@syefj.com
SC is
based on Shaoyang No.2 Textile Machinery Manufactory after reformed. It is a
leading corporation in national textile machinery industry, and a high-tech corporation
in Hunan. SC is awarded as Province Advanced unit and Top 100 of Hunan Industry
Corporation during 1990 to 1998. SC has passed ISO9001 Quality Certificate
Standard.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
4305001002345 |
The present one |
|
Legal
representative |
Tang Lei |
The present one |
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|
Legal form |
Sole state-owned enterprise |
The present one |
MAIN
SHAREHOLDERS:
Name % of Shareholding
China Hengtian Group Co., Ltd.
100
Add.: China Garments Mansion,
No. 99 Jianguo Road, Chaoyang District, Beijing
Tel.: 010-65838033
Fax: 010- 65813211
Web: http://www.chtgc.com
E-mail: hengtian@chtgc.com
l
Legal Representative, Chairman and General Manager:
Mr. Li Xinqiao, born in 1969. He is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
SC is
mainly engaged in manufacturing and selling textile machinery equipment.
SC’s products mainly include: C polyester spinning sticky method nonwovens production
equipment, Nonwovens finishing equipment, viscose prefiltration manufacturing
equipment, viscose spinning machine wash with silk bread pressure production
line, the large capacity pp staple spinning equipment, stenter, after finishing
spun silk printing and dyeing processing equipment, airflow dyeing machine,
etc.
SC sources its materials 90%
from domestic market, mainly Hunan province, and 10% from overseas market,
mainly America; SC sells its products 60% in domestic market, and 40% to
overseas market, mainly Japan, India.
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 15-30 days.
Note:
SC refused to release its major suppliers and customers.
According the website http://www.chtgc.com:
· China Textile Industrial Corporation for Foreign Economic and Technical Cooperation
· China National Chemical Fiber Corp.
·
China Silk Industrial
& Trading Corp.
· China Textile Machinery (Group) Co., Ltd.
Etc.
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.
Industrial and Commercial Bank of China
AC#：1906028009022103052
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
|
Cash & bank |
72,030 |
|
Inventory |
238,270 |
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Notes receivable |
34,500 |
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Accounts
receivable |
142,330 |
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Advances to
supplies |
26,880 |
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Other Accounts
receivable |
31,050 |
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Other current
assets |
20 |
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------------------ |
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Current assets |
545,080 |
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Fixed assets net
value |
80,330 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Deferred tax
assets |
6,610 |
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Intangible
assets |
25,190 |
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The financial
asset available for sale |
7,800 |
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Other assets |
20 |
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------------------ |
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Total assets |
665,030 |
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============= |
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Short loans |
75,800 |
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Accounts payable |
128,530 |
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Accounts
receivable in advance |
252,170 |
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Notes payable |
93,010 |
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Accrued Wages |
34,500 |
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Taxes payable |
1,210 |
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Other Accounts
payable |
4,270 |
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Other current
liabilities |
60 |
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------------------ |
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Current
liabilities |
589,550 |
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Deferred tax
liabilities |
890 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
590,440 |
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Equities |
74,590 |
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------------------ |
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Total
liabilities & equities |
665,030 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31,
2010 |
|
Turnover |
509,630 |
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Cost of goods sold |
414,900 |
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Taxes and additional of main
operation |
1,500 |
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Sales expense |
28,460 |
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Management expense |
46,290 |
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Finance expense |
5,490 |
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Loss from asset devaluation |
2,610 |
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Investment
income |
470 |
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Non-operating
income |
500 |
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Non-operating
expense |
3,190 |
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Profit before
tax |
8,160 |
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Less: profit tax |
560 |
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Profits |
7,600 |
Important Ratios
=============
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as of Dec. 31,
2010 |
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*Current ratio |
0.92 |
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*Quick ratio |
0.52 |
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*Liabilities
to assets |
0.89 |
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*Net profit
margin (%) |
1.49 |
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*Return on
total assets (%) |
1.14 |
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*Inventory
/Turnover ×365 |
171 days |
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*Accounts
receivable/Turnover ×365 |
102 days |
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*Turnover/Total
assets |
0.77 |
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* Cost of goods
sold/Turnover |
0.81 |
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 average, comparing with
its turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly
large.
l
The accounts receivable of SC is fairly large.
l
The short-term loan of SC is average.
l
SC’s turnover is in a fair level,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
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 fairly stable financial
conditions. The large amount of inventory and accounts
receivable could be a threat to SC’s financial condition. A credit line up to
USD 500,000 would appear to be within SC’s capacities upon a periodical review
basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.89 |
|
UK Pound |
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.69.15 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.