MIRA INFORM REPORT
|
Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
DALIAN SHENZHOU TEXTILES CO., LTD. |
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Registered Office : |
No. 5 Liaohe Zhong Road, Economic Technical Development
Zone Dalian City, Liaoning Province 116600 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.03.1996 |
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Com. Reg. No.: |
210241400007434 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
manufacturing and selling knitting yarn, knitwear |
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 |
|
Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
dalian shenzhou textiles co., ltd.
No. 5 liaohe zhong
road, economic technical development zone DALIAN CITY, liaoning province 116600
PR CHINA
TEL: 86 (0)
411-87305590/87305573
FAX: 86 (0)
411-87305595
EXECUTIVE SUMMARY
Date of Registration : march 28, 1996
REGISTRATION NO. : 210241400007434
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : USD 26,101,786.13
staff : 257
BUSINESS CATEGORY : manufacturing
Revenue : CNY 472,820,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 298,480,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.39 = 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.: 210241400007434 on March 28,
1996.
SC’s Organization Code Certificate
No.: 60488664-X
SC’s Tax No.: 21021360488664X
SC’s Customs Registration No.: 2102240667
SC’s registered capital: USD 26,101,786.13
SC’s paid-in capital: USD 26,101,786.13
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2011 |
Registration
No. |
05370 |
210241400007434 |
|
Legal
Representative |
Shicai
Xiuyu |
Shi
Chunming |
|
|
Shareholder
(s) (% of Shareholding) |
Shi
Cuihua (Taiwan) 23.53% Shicai
Xiuyu (Taiwan) 23.52% Shi
Yangrou (Taiwan) 17.65% Shi
Chunming (Taiwan) 17.65% Manluodi
Co., Ltd. (Cayman Islands) 17.65% |
Shi
Cuihua (Taiwan) 31.37% Shi Yangrou
(Taiwan) 25.49% Shi
Chunming (Taiwan) 25.49% Manluodi
Co., Ltd. (Cayman Islands) 17.65% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shi
Cuihua (Taiwan) |
31.37 |
|
Shi
Yangrou (Taiwan) |
25.49 |
|
Shi
Chunming (Taiwan) |
25.49 |
|
Manluodi Co., Ltd. (in Chinese
Pinyin) (Cayman Islands) |
17.65 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Shi Chunming |
|
Director |
Shi Yangrou |
|
Shi Cuihua |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shi Cuihua (Taiwan) 31.37
Shi Yangrou (Taiwan) 25.49
Shi Chunming (Taiwan) 25.49
Manluodi Co., Ltd. (in Chinese Pinyin) (Cayman Islands) 17.65
MANAGEMENT
Shi Chunming, Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: Taiwan
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Also
working in Shanghai Flying Dragon Textiles Co., Ltd.
and Dalian Daxiang Forklift Co., Ltd. as legal
representative and chairman
Shi Yangrou,
Director
-----------------------------------------
Ø
Gender: F
Ø
Nationality: Taiwan
Ø
Qualification:
University
Also as director of Shanghai Flying Dragon
Textiles Co., Ltd.
Shi Cuihua,
Director
---------------------------------------
Ø
Gender: F
Ø
Nationality: Taiwan
Ø
Qualification:
University
Also as director of Shanghai Flying Dragon
Textiles Co., Ltd.
BUSINESS
OPERATION
SC’s registered business scope includes
developing and manufacturing various knitting yarn, knitwear and related raw
materials.
SC is
mainly engaged in manufacturing and selling knitting yarn,
knitwear.
SC’s
products mainly include: combed cotton yarn, semi combed yarn and dyed yarn.
SC sources its materials 65% from domestic
market, mainly Shandong and Shanghai, and 35% from overseas market, mainly
Taiwan, Australia, USA, India, Zimbabwe, Brazil, Germany, Japan, and Switzerland.
SC sells 71% of its products in domestic market, and 29% to overseas market,
mainly Japan, Hong Kong, Korea, Vietnam, and other Asian countries.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
Taiwan |
-- |
89,600 |
|
Australia |
-- |
9,877,800 |
|
USA |
-- |
3,590,500 |
|
India |
-- |
5,284,700 |
|
Zimbabwe |
-- |
93,700 |
|
Brazil |
-- |
952,800 |
|
Germany |
-- |
80,800 |
|
Japan |
280,000 |
136,300 |
|
Switzerland |
-- |
65,500 |
|
Hong Kong |
7,620,000 |
-- |
|
Korea |
170,000 |
-- |
|
Vietnam |
500,000 |
-- |
|
Other Asian countries |
9,684,400 |
-- |
|
|
------------------- |
------------------- |
|
Total Amount |
182,54,400 |
20,171,700 |
*Major Customer:
=============
Dongguan VINCA Synthethic Co., Ltd.
*Major Supplier:
=============
Shanghai
Flying Dragon Textiles Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 257 staff at present.
SC owns an area as
its operating office & factory of approx. 46,507 sq. meters at the heading
address.
RELATED
COMPANY
SC is known to invest in the
following company,
l
Dalian
Daxiang Forklift Co., Ltd.
----------------------------------------------
Date of Registration: September 8, 2003
Registration No.: 210241000079338
Legal Form: One-person Limited
Liabilities Company
Registered Capital: CNY 1,000,000
Related Companies:
l
Shanghai Flying Dragon Textiles Co.,
Ltd.
--------------------------------------------------------
Date of Registration: October 26, 1990
Registration No.: 310000400007944
Legal Form: Wholly
Foreign-Owned Enterprise
Registered Capital: USD 26,830,000
l
Alaer
Flying Dragon Textiles Co., Ltd.
----------------------------------------------------
Registration
No.: 650000410000616
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’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.
BANKING
Basic Bank:
Industrial
and Commercial Bank of China Dalian Branch
AC#
3400201409024239036
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
32,250 |
21,160 |
|
|
Accounts
receivable |
48,540 |
41,300 |
|
Advances to
suppliers |
89,240 |
127,480 |
|
Other receivable |
3,140 |
7,430 |
|
Inventory |
101,170 |
176,850 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
12,830 |
2,490 |
|
|
------------------ |
------------------ |
|
Current assets |
287,170 |
376,710 |
|
Fixed assets |
78,180 |
61,200 |
|
Construction in
progress |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
3,890 |
34,910 |
|
|
------------------ |
------------------ |
|
Total assets |
369,240 |
472,820 |
|
|
============= |
============= |
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Short-term loans |
77,680 |
117,010 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
12,760 |
24,090 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
1,540 |
1,020 |
|
Other payable |
3,260 |
880 |
|
Other current
liabilities |
3,630 |
190 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
98,870 |
143,190 |
|
Non-current
liabilities |
26,860 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
125,730 |
143,190 |
|
Equities |
243,510 |
298,480 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
369,240 |
441,670 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
472,820 |
|
Cost of sales |
405,390 |
|
Sales expense |
8,890 |
|
Management expense |
6,500 |
|
Finance expense |
380 |
|
Profit before
tax |
70,990 |
|
Less: profit tax |
16,020 |
|
54,970 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
2.90 |
2.63 |
|
*Quick ratio |
1.88 |
1.40 |
|
*Liabilities
to assets |
0.34 |
0.32 |
|
*Net profit
margin (%) |
-- |
11.63 |
|
*Return on
total assets (%) |
-- |
12.45 |
|
*Inventory /
Revenue ×365 |
-- |
137 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
32 days |
|
*
Revenue/Total assets |
-- |
1.07 |
|
* Cost of
sales / Revenue |
-- |
0.86 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line in 2010.
l
SC’s net profit margin is fairly good in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIRLY GOOD
l
The current ratio of SC is maintained in a fairly
good level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear large in 2010.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is low in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly good financial conditions. The large amount of inventory and
short-term loans may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.13 |
|
UK Pound |
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
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.