MIRA INFORM REPORT
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Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
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Name : |
YANGZHOU HAIXIN TEXTILE MACHINERY CO., LTD. |
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Registered Office : |
No. 235, West Huayang Road, Chahe Town, Yangzhou City, Jiangsu Province, 225000 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.07.2001 |
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Com. Reg. No.: |
321027000052606 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling
fishing nets machinery. |
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No. of Employees
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98 |
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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 & address
Yangzhou Haixin Textile Machinery CO., LTD.
NO. 235, WEST HUAYANG ROAD, CHAHE TOWN,
YANGZHOU CITY,
JIANGSU PROVINCE, 225000 PR CHINA
TEL: 86 (0) 514-87783720/ 87783722/87842168 FAX: 86 (0) 514-87783721
EXECUTIVE SUMMARY
INCORPORATION DATE : JULY 10, 2001
REGISTRATION NO. : 321027000052606
REGISTERED LEGAL FORM : Limited liabilities co.
STAFF STRENGTH :
98
REGISTERED CAPITAL : CNY 6,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 24,150,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 6,780,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 20,000 (periodical review)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3074 = 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 Ren Min Bi
SC was registered as a Limited liabilities co. enterprise at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on July 10, 2001.
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 general business scope:
processing, manufacturing and selling fishing nets machinery, warp knitting machinery,
textile machinery, plastics machinery, powder metallurgy machinery, extrusion
machinery, drilling machinery and other machinery, machinery parts;
manufacturing and selling powder metallurgy products, power tools, magnetic
materials, castings, ceramics; manufacturing and selling fishing nets, nylon,
polyester and other synthetic materials; importing and exporting goods and
technologies (excluding the items prohibited by the
state)
SC is mainly
engaged in manufacturing and selling fishing nets machinery.
Mr. Pan Xueren is
legal representative and chairman of SC at present.
SC is known
to have approx. 98 employees
at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in Yangzhou. Our checks reveal that SC owns the
total premise about 30,000 square meters.
http://www.chinahaixin.net/ The design is professional and the content is
well organized. At present it is in Chinese and English versions.
E-mail: lcp@hailimachine.com
SC has got the certificate of ISO 9001.
Etc.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Pan Xueren 33.34
ID# 321027640906271
Zeng Tongxiang 33.33
ID# 321027650328361
Luan Changping 33.33
ID# 32102719651028211X
Legal
Representative and Chairman:
Mr. Pan Xueren, ID# 321027640906271, born in 1964, with junior college education. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
General Manager:
Mr. Zeng Tongxiang, ID# 321027650328361, born in 1965, with junior college education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
Supervisor:
Luan Changping ID# 32102719651028211X
SC is mainly
engaged in manufacturing and selling fishing nets machinery.
SC’s products
mainly include: netting machine; twisting machine; extruder; spare parts;
dehydrator; dyeing machine; selvage threading machine; fishing net packing
machine; water treatment machine; yarn tester machine; net mending machine;
etc.
SC sources its
materials 100% from domestic market. SC sells 100% of its products in domestic
market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T and Credit of 30-60 days.
Note:
SC’s management declined to release its major suppliers and clients.
SC is
not known to have any subsidiary at present.
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.
Agricultural Bank of China Yangzhou Hanjiang Industrial Park Sub-branch
AC#154801040004900
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2011 |
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Cash & bank |
1,580 |
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Notes receivable |
0 |
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Inventory |
19,700 |
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Accounts
receivable |
1,510 |
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Advances to
supplies |
170 |
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Other
receivables |
60 |
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Other current
assets |
0 |
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Current assets |
23,020 |
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Long-term
investments |
0 |
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Fixed assets net
value |
2,260 |
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Projects under
construction |
0 |
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Intangible
assets |
1,230 |
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Other assets |
0 |
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Total assets |
26,510 |
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Short loans |
5,000 |
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Notes payable |
0 |
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Accounts payable |
3,820 |
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Advances from
customers |
2,500 |
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Accrued
Payroll |
580 |
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Taxes payable |
190 |
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Other payable |
340 |
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Other accounts
payable |
7,000 |
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Other
current liabilities |
0 |
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Current
liabilities |
19,430 |
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Long term
liabilities |
300 |
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Total
liabilities |
19,730 |
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Shareholders
equities |
6,780 |
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Total
liabilities & equities |
26,510 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2011 |
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Turnover |
24,150 |
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Cost of goods sold |
21,750 |
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Taxes and additional of main
operation |
90 |
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Income
form other operation |
420 |
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Sales expense |
800 |
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Management expense |
1,370 |
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Finance expense |
300 |
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Non-operating
income |
0 |
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Non-operating expense |
0 |
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Profit before
tax |
260 |
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Less: profit tax |
70 |
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Net profit |
190 |
Important Ratios
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as of Dec. 31, 2011 |
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*Current ratio |
1.18 |
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*Quick ratio |
0.17 |
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*Liabilities to assets |
0.74 |
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*Net profit margin (%) |
0.79 |
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*Return on total assets (%) |
0.72 |
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*Inventory /Turnover ×365 |
298 days |
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*Accounts receivable/Turnover ×365 |
23 days |
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*Turnover/Total assets |
0.91 |
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* Cost of goods sold/Turnover |
0.90 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average.
l
SC’s net profit margin appears average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, 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 poor level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC 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 average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of inventory and short-term loan could be a threat
to SC’s financial condition. A credit line up to USD 20,000 would appear to be
beyond SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.05 |
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UK Pound |
1 |
Rs.81.09 |
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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 |
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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 |
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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.