MIRA INFORM
REPORT
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Report Date : |
06.04.2012 |
IDENTIFICATION DETAILS
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Name : |
Highfine
Water Treatment Engineering Co., Ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.08.1992 |
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Com. Reg. No.: |
320684400006958 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Manufacturing and selling pure water;
manufacturing and selling liquid filling equipment, water treatment
equipment, stainless steel utensils, and machinery parts |
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No. of Employees : |
80 |
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 20,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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China |
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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Off-credit |
D |
Company name
Highfine Water Treatment
Engineering Co., Ltd.
no. 129
zhonghua west road, sanchang town, haimen
jiangsu
province 226121 PR CHINA
TEL: 86
(0) 513-82601128/82607893
FAX: 86
(0) 513-82742348
EXECUTIVE SUMMARY
Date of Registration : august 26, 1992
REGISTRATION NO. : 320684400006958
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL :
usd 400,000
staff : 80
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 26,450,000 (AS OF
DEC. 31, 2011)
EQUITIES : CNY 2,470,000 (AS OF
DEC. 31, 2011)
WEBSITE : www.fdawater.com
E-MAIL :
FDAwater@126.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
20,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = 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 Chinese-foreign equity joint venture
enterprise of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 320684400006958 on August 26, 1992.
SC’s Organization Code Certificate
No.: 60830672-9
SC’s registered capital: usd 400,000
SC’s paid-in capital: usd 400,000
Registration Change Record:
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shanghai Sutong Water
Treatment Equipment Co., Ltd. |
75 |
|
Hongkong Lida Co., Limited |
25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Ni Yanbin |
|
Vice Chairman |
Xu Jie |
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Director |
Lu Jingxiang |
|
Supervisor |
Dai Fei |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shanghai Sutong Water Treatment
Equipment Co., Ltd.
75
Hongkong Lida Co., Limited
25
Shanghai Sutong Water Treatment
Equipment Co., Ltd.
===========================================
Date of Registration: July 26, 2004
Registration No.: 3101142075784
Registered Capital: CNY 500,000
Hongkong Lida Co., Limited
=========================
Date of Registration: November 14, 2008
Registration No.: 1287169
Legal Form: Private
MANAGEMENT
Ni Yanbin, Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 38
Ø
ID# 32062519741027241X
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Xu Jie, Vice Chairman
--------------------------------------
Ø
Gender: M
Ø
Age: 31
Ø
ID# 320684198107060275
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as vice chairman
Director
========
Lu Jingxiang ID# 320625195607282428
Supervisor
=========
Dai Fei ID# 320625197805192676
BUSINESS OPERATION
SC’s registered business scope includes
manufacturing and selling pure water; manufacturing and selling liquid filling
equipment, water treatment equipment, stainless steel utensils, and machinery
parts.
SC is
mainly engaged in manufacturing and selling liquid filling
equipment, water treatment equipment, stainless steel utensils.
Brand: Highfine
SC’s products
mainly include:
Purified
water system
Multi-effect
water distiller
Pure
steam Generator
Preparation
system tank
Pipeline
valves
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 65% of its products in domestic market, and
35% to overseas market, mainly Southeast Asia.
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 80
staff at present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
70 |
|
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Accounts
receivable |
4,270 |
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Advances to
suppliers |
0 |
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Other receivable |
590 |
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Inventory |
3,990 |
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Non-current
assets within one year |
0 |
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Other current
assets |
170 |
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------------------ |
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Current assets |
9,090 |
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Fixed assets |
3,500 |
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Construction in
progress |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
650 |
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------------------ |
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Total assets |
13,240 |
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============= |
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Short-term loans |
1,800 |
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Notes payable |
0 |
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Accounts payable |
1,660 |
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Wages payable |
0 |
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Advances from
clients |
4,940 |
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Other payable |
670 |
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Other current
liabilities |
1,700 |
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------------------ |
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Current
liabilities |
10,770 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
10,770 |
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Equities |
2,470 |
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------------------ |
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Total
liabilities & equities |
13,240 |
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============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
26,450 |
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Cost of sales |
20,500 |
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Sales expense |
2,200 |
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Management expense |
2,420 |
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Finance expense |
1,600 |
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Profit before
tax |
1,150 |
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Less: profit tax |
290 |
|
860 |
Important Ratios
=============
|
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As
of Dec. 31, 2011 |
|
*Current ratio |
0.84 |
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*Quick ratio |
0.47 |
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*Liabilities
to assets |
0.81 |
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*Net profit
margin (%) |
3.25 |
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*Return on
total assets (%) |
6.50 |
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*Inventory /
Revenue ×365 |
56 days |
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*Accounts
receivable/ Revenue ×365 |
59 days |
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*
Revenue/Total assets |
2.00 |
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* Cost of
sales / Revenue |
0.78 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level.
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 revenue is in an
average 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: Fairly stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 20,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.04 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.67.39 |
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 |
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<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.