MIRA INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
JINJIANG JINFU CHEMICAL FIBER AND POLYMER
CO., LTD. |
|
|
|
|
Registered Office : |
Jinjiang Industrial Zone, Yinglin Town,
Jinjiang, Fujian Province, 362256 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
18.01.2002 |
|
|
|
|
Com. Reg. No.: |
350500400034530 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
Producing
and Selling Chemical 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 2,000,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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) |
|
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
JINJIANG JINFU CHEMICAL FIBER AND POLYMER CO.,
LTD.
JINJIANG INDUSTRIAL
ZONE, YINGLIN TOWN, JINJIANG
FUJIAN PROVINCE,
362256 PR CHINA
TEL: 86 (0)
595-85416999
FAX: 86 (0)
595-85416555
EXECUTIVE SUMMARY
Date of Registration : JANUARY 18, 2002
REGISTRATION NO. : 350500400034530
LEGAL FORM : WHOLLY
FOREIGN-OWNED ENTERPRISE
REGISTERED CAPITAL :
USD 58,880,000
staff : 870
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 1,022,655,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 343,151,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
2,000,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND :
fair
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.38 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
350500400034530 on January 18, 2002.
SC’s Organization Code Certificate
No.: 73187062-4
SC’s Tax No.: 350582731870624
SC’s Customs Registration No:
3505944385
SC’s registered capital: USD
58,880,000
SC’s paid-in capital: USD
58,880,000
Registration Change Record:
|
Date |
Change
of Contents |
Before the change |
After the change |
|
|
Registered capital |
USD 29,800,000 |
USD 35,000,000 |
|
-- |
Registered no. |
007380 |
350500400034530 |
|
2010 |
Registered capital |
USD 35,000,000 |
USD 58,880,000 |
|
Shareholder |
Shon Tai Industrial Company Limited
(Hong Kong) 100% |
Well China International Limited (Hong
Kong)100% |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Well China International
Limited (Hong Kong) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Hong
Tianpai |
|
General Manager |
Hong
Peiji |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Well China International Limited (Hong Kong) 100
=================================
Date of Registration: June 5, 2006
Registration No.: 1049780
Company Status: Private
Active Status:
Live
MANAGEMENT
Hong
Tianpai, Legal
Representative and Chairman
------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 45
Ø
ID# 141961598
Ø
Qualification:
University
Ø
Working
experience (s):
From 2002 to present, working in SC as legal representative
and chairman
Hong
Peiji, General Manager
--------------------------------------------------
Ø
Gender: M
Ø
Age: 44
Ø
ID# 35058219671029503
Ø
Qualification:
University
Ø
Working
experience (s):
From 2002 to present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes producing differential
chemical fiber, knitted fabrics, garments, compound micro polyproopylene fiber,
chemical fabric, advanced precision processing of chemical fabric (excluding
dying and export quota license items).
SC is
mainly engaged in producing and selling chemical fiber.
SC’s products mainly include: chemical fiber and knitted
fabric.
SC sources its materials 98%
from domestic market, and 2% from overseas market. SC sells 82% of its products
in domestic market, and 18% to overseas market, mainly Hungary.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
Bangladesh |
580,000 |
-- |
|
Belgium |
4,120,000 |
-- |
|
Spain |
1,380,000 |
-- |
|
Italy |
4,080,000 |
-- |
|
USA |
1,070,000 |
-- |
|
Japan |
0 |
600,000 |
|
Taiwan |
0 |
11,150,000 |
|
|
------------------- |
------------------- |
|
Total Amount |
11,230,000 |
11,750,000 |
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.
*Major Local Competitors:
====================
Fujian Jinlunshi Chemical Fiber Industry Co., Ltd.
Fujian
Huawei Chemical Fiber & Dye -Wearing Co., Ltd.
Fujian
Changle Creator Nylon Industrial Co., Ltd
Staff & Office:
--------------------------
SC is
known to have approx. 870 staff at present.
SC
owns an area as its operating office & factory of approx. 150,000 sq.
meters at the heading address.
RELATED COMPANY
SC is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
China
Construction Bank Jinjiang Branch Yinglin Office
AC#: 35001656241050000061
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
|
232,830 |
|
|
Accounts
receivable |
149,580 |
|
Advances to
suppliers |
0 |
|
Other receivable |
20,170 |
|
Inventory |
113,990 |
|
Prepaid expenses |
3,350 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
519,920 |
|
Fixed assets |
367,560 |
|
Construction in
progress |
207,130 |
|
Long-term
investment |
32,140 |
|
Intangible
assets |
32,140 |
|
Other
non-current assets |
5,520 |
|
|
------------------ |
|
Total assets |
1,164,410 |
|
|
============= |
|
Short-term loans |
297,330 |
|
Notes payable |
222,100 |
|
Accounts payable |
307,550 |
|
Advances from
clients |
0 |
|
Other payable |
9,140 |
|
Other current
liabilities |
810 |
|
|
------------------ |
|
Current
liabilities |
836,930 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
836,930 |
|
Equities |
327,480 |
|
|
------------------ |
|
Total
liabilities & equities |
1,164,410 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
|
Revenue |
1,098,240 |
|
Cost of sales |
1,081,160 |
|
Sales expense |
6,630 |
|
Management expense |
6,400 |
|
Finance expense |
18,750 |
|
Investment
income |
1,250 |
|
Profit before
tax |
-7,220 |
|
Less: profit tax |
0 |
|
-7,220 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
Long term investment |
58,098 |
|
Total assets |
1,248,873 |
|
|
------------- |
|
Non-current
liabilities |
101,269 |
|
Total
liabilities |
905,722 |
|
Equities |
343,151 |
|
|
------------- |
|
Revenue |
1,022,655 |
|
Profit before
tax |
-49,096 |
|
Less: profit tax |
0 |
|
Profits |
-49,096 |
Note: The detailed financials for Y2010 are not available in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.62 |
-- |
|
*Quick ratio |
0.49 |
-- |
|
*Liabilities
to assets |
0.72 |
0.73 |
|
*Net profit
margin (%) |
-0.66 |
-4.80 |
|
*Return on
total assets (%) |
-0.62 |
-3.93 |
|
*Inventory /
Revenue ×365 |
38 days |
-- |
|
*Accounts
receivable/ Revenue ×365 |
50 days |
-- |
|
*
Revenue/Total assets |
0.94 |
0.82 |
|
* Cost of sales
/ Revenue |
0.98 |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears fairly good in both
years.
l
SC’s net profit margin is fair in both years.
l
SC’s return on total assets is fair in both years.
l
SC’s cost of goods sold is fairly high in 2009,
comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a poor
level in 2009.
l
SC’s quick ratio is maintained in a poor level in
2009.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loan of SC appears large in 2009.
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair
financial conditions. A credit line up to USD 2,000,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.02 |
|
UK Pound |
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.56 |
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.