MIRA INFORM REPORT
|
Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
QINGDAO PHOENIX-HITARGET PRINTING &
DYEING CO., LTD. |
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Registered Office : |
Shuiji Industrial Park, Laixi, Qingdao,
Shandong Province, 266600 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
08.10.2003 |
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Com. Reg. No.: |
370285400002718 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
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Line of Business : |
manufacturing and selling printing & dyeing cloth and related products |
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 1,000,000 |
|
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 – 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
QINGDAO PHOENIX-HITARGET PRINTING & DYEING CO., LTD.
SHUIJI INDUSTRIAL
PARK, LAIXI,
QINGDAO, SHANDONG
PROVINCE, 266600 PR CHINA.
TEL: 86 (0) 532- 88452712/88452778 FAX: 86 (0) 532- 88452776
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 8, 2003
REGISTRATION NO. : 370285400002718
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
STAFF STRENGTH : 1,270
REGISTERED CAPITAL :
USD 10,320,000
BUSINESS LINE : MANUFACTURING &
TRADE
TURNOVER : CNY 1,136,960,000 (AS OF DEC. 31,
2010)
EQUITIES : CNY 214,680,000 (AS OF DEC. 31,
2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.38 = 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
Note: The given address “No. 4 Yongping Road, Qingdao,
Shandong Province 266001 China”, telephone number “86-532
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Oct. 8, 2003.
Company Status: Chinese-foreign
equity joint venture enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing printing & dyeing cloth, garments,
sawing products and deep processing products. (Selling 100% of its products to
overseas market) (with permits if needed).
SC is mainly engaged
in manufacturing and selling printing & dyeing cloth and related products.
Mr.
Dai Shouhua has been legal representative and chairman of SC since 2003.
SC is known to have approx. 1,270 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
Laixi. Our checks reveal that SC owns the total premise, but SC’s accountant
refused to release the gross area.
www.qdphoenixpd.com It is the
website of SC’s parent-Qingdao Phoenix Printing & Dyeing Co., Ltd. The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Qingdao
Phoenix Printing & Dyeing Co., Ltd. 75
Hitarget
Holding Company Limited (Hong Kong) 25
Qingdao
Phoenix Printing & Dyeing Co., Ltd.
=================================
Incorporation Date : Dec.
8, 1998
Registration No. : 370200018003250
Registered Legal Form : Limited Liabilities
Company
Registered Capital : CNY
5,260,000
Add.:
No. 4 Yong Ping Road, Licang District, Qingdao, China
Tel.:
0532-84661306
Fax:
0532-84612949
Email: phoenix@qdphoenixpd.com
Hitarget
Holding Company Limited (Hong Kong)
====================================
CR No.: 1145504
Company Status: Private
Active Status: Live
l
Legal Representative and Chairman:
Mr. Dai Shouhua, ID# 370204194904062318, born in 1949, with bachelor’s
degree, he is currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as chairman and legal representative.
Also working in Qingdao Phoenix Printing & Dyeing Co., Ltd.
Qingdao Phoenix-Miho Printing Dyeing Co., Ltd.
and Qingdao Phoenix Import & Export Co., Ltd. as legal representative.
l
General Manager:
Mr. Wu Xiaofei, ID# 370206631030241, born in 1963, with bachelor’s
degree, he is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
Also working in Qingdao Phoenix Printing & Dyeing Co.,
Ltd. as general manager.
SC is mainly
engaged in manufacturing and selling printing & dyeing cloth and related
products.
SC’s products
mainly include: printing & dyeing cloth and related products.
SC sources its materials 90%
from domestic market, and 10% from overseas market. SC sells 10% of its
products in domestic market, and 90% to overseas market, mainly to Africa.
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 Suppliers
============
Qingdao Yaoyuan Textiles Co., Ltd. (literal translation)
Jiangsu Demeike Chemical Co., Ltd. (literal translation)
Major Customers
=============
Qingdao Phoenix
Printing & Dyeing Co., Ltd.
Qingdao
Phoenix-Miho Printing Dyeing Co., Ltd.
Qingdao
Phoenix-Miho Printing Dyeing Co., Ltd.
Add.:
No. 7, Wuyang Road, Qingdao, China
Tel.: 86 (0) 532-84877458
Fax: 86 (0) 532-84877458
Qingdao
Phoenix Import & Export Co., Ltd.
Add.:
No. 7 Wu Yang Road, Qingdao
Tel.: 86 (0) 532-84966896/84661306
Fax: 86 (0) 532-84966897
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.
Bank of China Laixi Branch
AC#:
215600533018
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Cash & bank |
39,590 |
52,300 |
|
Inventory |
27,680 |
66,590 |
|
Accounts
receivable |
0 |
2,550 |
|
Advances to
supplies |
8,790 |
7,310 |
|
Other
receivables |
17,580 |
19,610 |
|
Prepaid expenses |
60 |
0 |
|
Other current
assets |
10 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
93,710 |
148,360 |
|
Fixed assets net
value |
142,660 |
149,050 |
|
Projects under
construction |
1,040 |
4,420 |
|
Long-term
investments |
0 |
0 |
|
Intangible
assets |
17,960 |
17,580 |
|
Long-term
deferred expenses |
2,900 |
2,400 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
258,270 |
321,810 |
|
|
============= |
============= |
|
Short loans |
0 |
30,000 |
|
Notes payable |
23,410 |
24,640 |
|
Accounts payable |
30,700 |
33,750 |
|
Advances from
customers |
630 |
1,530 |
|
Accrued payroll |
0 |
0 |
|
Welfares payable |
13,570 |
14,890 |
|
Taxes payable |
-4,470 |
-5,510 |
|
Other Accounts
payable |
9,530 |
7,830 |
|
Other
current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
73,370 |
107,130 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
73,370 |
107,130 |
|
Shareholders
equities |
184,900 |
214,680 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
258,270 |
321,810 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
911,280 |
1,136,960 |
|
Cost of goods sold |
836,520 |
1,049,520 |
|
Sales expense |
4,870 |
5,380 |
|
Management expense |
21,090 |
23,830 |
|
Finance expense |
2,090 |
3,530 |
|
Non-operating
income |
293 |
100 |
|
Non-operating expense |
56 |
1,300 |
|
Profit before
tax |
46,940 |
53,500 |
|
Less: profit tax |
6,300 |
13,920 |
|
Profits |
40,640 |
39,580 |
Important Ratios
=============
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
*Current ratio |
1.28 |
1.38 |
|
*Quick ratio |
0.90 |
0.76 |
|
*Liabilities
to assets |
0.28 |
0.33 |
|
*Net profit
margin (%) |
4.46 |
3.48 |
|
*Return on
total assets (%) |
15.74 |
12.30 |
|
*Inventory
/Turnover ×365 |
12 days |
22days |
|
*Accounts
receivable/Turnover ×365 |
0days |
1days |
|
*Turnover/Total
assets |
3.53 |
3.53 |
|
* Cost of
goods sold/Turnover |
0.92 |
0.92 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line
in both years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is good in both years.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
2009 but fair in 2010.
l
The inventory of SC is average in both years.
l
SC has no accounts receivable in 2009, and it is
small in 2010.
l
SC has no short-term loan in 2009, and it is
average in 2010.
l
SC’s turnover is in a fairly good 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 average.
Overall financial
condition of the SC: Fairly good.
SC is considered large-sized in its line with fairly good financial
conditions. The given credit line appears to be within SC’s capacities, while a
credit line up to USD 1,000,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.10 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.64.42 |
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.