MIRA
INFORM REPORT
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Report Date : |
17.05.2011 |
IDENTIFICATION DETAILS
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Name : |
nanyang
textile Co., Ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2002007 |
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Date of Incorporation : |
04.05.1997 |
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Com. Reg. No.: |
320281000040136 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing
and Selling Painted Master Batch. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Moderate |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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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9Off-credit |
D |
Company name and address
nanyang textile Co., Ltd.
TEL: 86 (0) 510-86528989
FAX: 86 (0) 510-86522558
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 4,
1997
REGISTRATION NO. : 320281000040136
REGISTERED LEGAL FORM :
LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 200
REGISTERED CAPITAL :
CNY 15,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 134,371,000 (AS OF DEC. 31, 2007)
EQUITIES : CNY 15,272,000 (AS OF DEC. 31, 2007)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : competitive
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY
6.50= USD1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a limited
liabilities company at local Administration for Industry & Commerce (AIC -
The official body of issuing and renewing business license) on May 4, 1997.
Company Status: Limited liabilities co. This form of business in PR China
is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business
scope includes manufacturing, processing and selling painted master batch,
chemical fiber, non-standard metal equipment, and plastic packaging materials; chemical
fiber & spinning; selling textile raw materials,
hardware, plastic products; import and export of various goods and
technologies, excluding commodities and technologies prohibited by country; the
following business scope is limited to operating in branches; bottle cleaning.
(with permit if needed)
SC is mainly
engaged in manufacturing and selling painted master batch.
Mr. Zhu Hanxiao has been legal representative and chairman of SC since
1997.
SC is
known to have approx. 200 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 owns the total premise about 8,000
square meters.
SC is not known to host website of its own at present.
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered no. |
3202812103862 |
Present one |
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Registered capital |
CNY 5,000,000 |
CNY 10,000,000 |
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Shareholdings |
Zhu Hanxiao 95% Gao Yiping 5% |
Xu Long 7.5% Zhu Hanxiao 90% Gao Yiping 2.5% |
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Shareholdings |
Xu Long 7.5% Zhu Hanxiao 90% Gao Yiping 2.5% |
Zhu Hanxiao 45% Zhang Xiaorong 55% |
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|
Registered capital |
CNY 10,000,000 |
Present amount |
|
Shareholdings |
Zhu Hanxiao 45% Zhang Xiaorong 55% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhang Xiaorong
40
Zhu Hanxiao
60
l
Legal representative and chairman:
Mr.
Working Experience(s):
From 1997 to present Working
in SC as chairman and legal representative.
SC
is mainly engaged in manufacturing and selling painted master batch.
SC’s products mainly include polyester slice, polyester fiber,
terylene yarn and PET master batch, etc.
SC sources its materials 90%
from domestic market and 10% from overseas market. SC sells 50% of its products
in domestic market, and 50% to overseas market, mainly Southeast Asian 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 known to have the following subsidiary:
Nanyang
Textile Co., Ltd. Chemical Branch Company
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.
AC#：10110023829
Relationship:
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2006 |
as of Dec. 31,
2007 |
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Cash & bank |
2,527 |
3,457 |
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Inventory |
25,591 |
30,587 |
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Notes receivable |
4,693 |
3,925 |
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Accounts
receivable |
8,715 |
7,148 |
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Other
receivables |
8,780 |
9,997 |
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Other current
assets |
0 |
1 |
|
|
------------------ |
------------------ |
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Current assets |
50,306 |
55,115 |
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Fixed assets net
value |
1,166 |
1,194 |
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Projects under
construction |
0 |
0 |
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Long-term
investments |
3 |
3 |
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Intangible and
other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
51,475 |
56,312 |
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============= |
============= |
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Short loans |
21,567 |
26,012 |
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Accounts payable |
14,130 |
8,157 |
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Other Accounts
payable |
-115 |
1,120 |
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Notes payable |
0 |
0 |
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Accrued payroll |
593 |
132 |
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Taxes payable |
340 |
212 |
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Welfares payable |
852 |
0 |
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Other
current liabilities |
6 |
407 |
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----------------- |
----------------- |
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Current
liabilities |
37,373 |
36,040 |
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Long term
liabilities |
5,000 |
5,000 |
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------------------ |
------------------ |
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Total
liabilities |
42,373 |
41,040 |
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Shareholders
equities |
9,102 |
15,272 |
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------------------ |
------------------ |
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Total
liabilities & equities |
51,475 |
56,312 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2006 |
as of Dec. 31,
2007 |
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Turnover |
119,378 |
134,371 |
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Cost of goods
sold |
117,911 |
130,720 |
|
Sales expense |
513 |
1,071 |
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Management expense |
1,840 |
2,398 |
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Finance expense |
97 |
281 |
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Operation Profit |
344 |
598 |
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Less: profit tax |
293 |
135 |
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Net profit |
51 |
463 |
Note: SC has not
lodged the latest annual returns in the local registry, hence no up-to-date
detailed financial information could be provided.
Important Ratios
=============
|
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as of Dec. 31,
2006 |
as of Dec. 31,
2007 |
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*Current ratio |
1.35 |
1.53 |
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*Quick ratio |
0.66 |
0.68 |
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*Liabilities
to assets |
0.82 |
0.73 |
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*Net profit
margin (%) |
0.04 |
0.34 |
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*Return on
total assets (%) |
0.10 |
0.82 |
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*Inventory /Turnover
×365 |
78 days |
83 days |
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*Accounts
receivable/Turnover ×365 |
27 days |
19 days |
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*Turnover/Total
assets |
2.32 |
2.39 |
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* Cost of
goods sold/Turnover |
0.99 |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line,
and it increased in 2007.
l
SC’s net profit margin is average in both two
years.
l
SC’s return on total assets is average in both two
years.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: FAIR
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 appears LARGE.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan appears fairly large.
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 stable.
SC is considered medium-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 100,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.