MIRA INFORM
REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
BAODING SWAN CO., LTD. |
|
|
|
|
Registered Office : |
No. 1369 Shengxing West Road, Xinshi District, Baoding, Hebei
Province, 071055 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
01.02.1997 |
|
|
|
|
Com. Reg. No.: |
130000000008164 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
manufacturing and Selling Viscose Fiber |
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 5,000,000 |
|
Status : |
Good |
|
Payment
Behaviour : |
No Complaints |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
baoding swan co., ltd.
no. 1369 shengxing
west road, xinshi district, baoding,
hebei PROVINCE,
071055 PR CHINA
TEL: 86 (0)
312-3322262/3322326 FAX: 86 (0)
312-3322055/3131755
EXECUTIVE SUMMARY
INCORPORATION DATE : february 1, 1997
REGISTRATION NO. : 130000000008164
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH :
6,239
REGISTERED CAPITAL : CNY 641,600,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 784,118,000 (Consolidated, as of
december 31, 2009)
EQUITIES :
CNY 1,320,174,000 (Consolidated, as of december 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 5,000,000 (periodical review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.50 = 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 shares limited company at Hebei provincial Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on february 1, 1997.
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 The minimum registered capital
of a co. is CNY 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 and selling viscose fiber, processing and selling
viscose fiber raw and auxiliary materials, co-production, processing with
supplied material, sample processing, technology development, technology
services, technology advisory, technology transfer of viscose fiber, exporting
its products and technology; importing materials, instrument, machinery and
equipment, parts and technology needed for its production, owned house lease.
SC is mainly
engaged in manufacturing and selling viscose fiber.
Mr. Wang Dongxing
is chairman of SC at present.
SC is known to
have approx. 6,239 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 Baoding. Our checks
reveal that SC owns the total premise, but the gross area is unspecified.
SC is not known to host web site of its own at present.
E-mail: bdswan@bd-swan.cn; swaninfo@bdinfo.net
SC is a listed company in Shenzhen Stock Exchange Market and its stock
code is: 000687.
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2001-1 |
Registered capital |
CNY 295,000,000 |
CNY 320,800,000 |
|
2008 |
Registered capital |
CNY 320,800,000 |
CNY 641,600,000 |
MAIN
SHAREHOLDERS: (As of December 31, 2009)
Name %
of Shareholding
Baoding Swan Chemical Fibre Group Co., Ltd. 48.08
Chen Hong 1.13
Qu Zheng 0.45
Feishang Industry Group Co., Ltd. 0.22
Industrial and Commercial Bank of China-
Security Investment Fund of Guangfa
Zhongzheng 500 (LOF) 0.21
Qu Laiyou 0.15
Zou Yongyan 0.12
Agricultural Bank of China-
Security Investment Fund of South Zhongzheng
500 (LOF) 0.11
Liu Chunhe 0.11
Ma Gang 0.10
Other shareholders 49.32
Baoding Swan Chemical Fibre Group Co., Ltd.:
==================================
Located in the industrial area of western
Baoding City, Hebei province, Baoding Swan Chemical Fibre Group Co., Ltd. is
the first large fibre production complex established in China in 1957. It is
composed of one listed company, five wholly-owned subsidiaries, one
share-controlled company, two subsidiaries by equity participating, six
collectively-owned enterprises. With total assets of CNY 1.629 billion, and a
work force of 7327, it is one of the top enterprise groups in Hebei province.
Address: No. 1369 Shengxing West Road,
Baoding City, Hebei Province
Tel: 0086-312-3137941
Fax: 0086-312-3137013
Website: http://www.bd-swan.com
Feishang Industry Group Co., Ltd.
========================
Incorporation Date: June 9, 2000
Registration No.: 440301102792602
Registered Legal Form: Limited
liability Company
Registered Capital: CNY 230,000,000
Address: 54
Tel: +86 755 8299 1333
Fax: +86 755 8299 1769
Website: http://www.feishang.cn
Email: feishang@fei-shang.com
l
Chairman:
Mr. Wang Dongxing, 39 years old with
Doctor’s Degree. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman, and also working in Baoding Swan Chemical Fibre Group Co., Ltd. as chairman and general manager.
l
General Manager:
Mr. Zhang Zhihong, senior engineer, 47 years old with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
Before 2007 Worked in SC as vice general manager;
From 2007 to present Working in SC as general manager.
Vice General Managers:
Liu Zhichao
Zheng Zongqiang
Li Jianwei
SC is mainly
engaged in manufacturing and selling viscose fiber.
SC’s products
mainly include:
Continuous spinning viscose filament yarn
Semi-continuous viscose filament yarn spinning
Viscose filament yarn partnership
Melt-spinning spandex filament
SC’s brand is “SWAN”.
SC sources its
materials 100% from domestic market, mainly Hebei. SC sells 80% of its products
in domestic market, and 20% to overseas market, mainly European & Southeast
Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Suppliers:
==============
Baoding Ricci Swan Chemical Co., Ltd.
Urumqi Hongtaida Commercial & Trade Co.,
Ltd.
*Major Customers:
==============
Baoding Swan Chemical Fibre Group Co., Ltd.
TEMAXITALIAS. R.L.
SC is
known to have 3 subsidiaries as following:
Baoding
Swan Spandex Co., Ltd.
Xinjiang
Swan Pulp Co., Ltd.
Baoding Ricci Swan Chemical Co., Ltd.
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.
SC declined to
release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2008 |
|
Cash & bank |
48,322 |
37,470 |
|
Inventory |
257,268 |
282,992 |
|
Accounts
receivable |
16,799 |
17,808 |
|
Notes receivable |
70,733 |
36,405 |
|
Trading financial assets |
19 |
0 |
|
Other Accounts
receivable |
2,039 |
12,782 |
|
Advances to
supplies |
9,589 |
30,175 |
|
To be
apportioned expense |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
404,769 |
417,632 |
|
Fixed assets |
484,746 |
557,472 |
|
Projects under
construction |
1,307 |
194 |
|
Project
materials |
473 |
477 |
|
Long term
investment |
5,860 |
5,540 |
|
Financial assets
available for sale |
778,331 |
353,036 |
|
Intangible
assets |
52,649 |
56,812 |
|
Other assets |
3,486 |
14,349 |
|
|
------------------ |
------------------ |
|
Total assets |
1,731,621 |
1,405,512 |
|
|
============= |
============= |
|
Short loans |
60,000 |
180,000 |
|
Accounts payable |
64,493 |
50,645 |
|
Notes payable |
0 |
0 |
|
Payroll payable |
44,531 |
13,006 |
|
Taxes payable |
6,490 |
6,910 |
|
Interest payable |
0 |
347 |
|
Advances from
customers |
9,106 |
9,764 |
|
Other Accounts
payable |
56,323 |
100,267 |
|
Withdraw the
expenses in advance |
0 |
0 |
|
Other current
liabilities |
3,358 |
2,645 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
244,301 |
363,584 |
|
Long term
liabilities |
0 |
0 |
|
Other
liabilities |
167,146 |
72,299 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
411,447 |
435,883 |
|
Equities |
1,320,174 |
969,629 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,731,621 |
1,405,512 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2008 |
|
Turnover |
784,118 |
753,629 |
|
Cost of goods sold |
719,162 |
759,848 |
|
Sales expense |
3,540 |
5,788 |
|
Management expense |
114,757 |
104,734 |
|
Finance expense |
7,637 |
14,848 |
|
Investment
income |
161,657 |
20,423 |
|
Profit before
tax |
76,863 |
-137,905 |
|
Less: profit tax |
10,861 |
-1,937 |
|
Profits |
66,002 |
-135,968 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2008 |
|
*Current ratio |
1.66 |
1.15 |
|
*Quick ratio |
0.60 |
0.37 |
|
*Liabilities
to assets |
0.24 |
0.31 |
|
*Net profit
margin (%) |
8.42 |
-18.04 |
|
*Return on
total assets (%) |
3.81 |
-9.67 |
|
*Inventory
/Turnover ×365 |
120 days |
137 days |
|
*Accounts
receivable/Turnover ×365 |
8 days |
9 days |
|
*Turnover/Total
assets |
0.45 |
0.54 |
|
* Cost of
goods sold/Turnover |
0.92 |
1.01 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
and it was rising in 2009.
l
SC’s net profit margin is fair in 2008, and appears
fairly good in 2009.
l
SC’s return on total assets is fair in 2008, and
appears average in 2009.
l
SC’s cost of goods sold is fairly high in 2009,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level in 2008 and 2009.
l
SC’s quick ratio is maintained in a fair level in 2008
and 2009.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition. A credit line up to USD 5,000,000
would appear to be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.89 |
|
UK Pound |
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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.