MIRA
INFORM REPORT
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Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
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Name : |
ZAOZHUANG HIYOUNG DYNASTY
TEXTILE CO., LTD. |
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Registered Office : |
Wenhua West Road, Taierzhuang District, Zaozhuang, Shandong Province, 277400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
31.01.2005 |
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Com. Reg. No.: |
370400228041472 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling textiles |
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No. of Employees : |
1,200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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, 2012
|
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 and address
ZAOZHUANG
HIYOUNG DYNASTY TEXTILE CO., LTD.
WENHUA WEST ROAD,
TAIERZHUANG DISTRICT,
ZAOZHUANG, SHANDONG
PROVINCE, 277400 PR CHINA
TEL: 86 (0)
632-6658787/6658789 FAX: 86 (0)
632-6658788/6658771
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 31, 2005
REGISTRATION NO. : 370400228041472
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
1,200
REGISTERED CAPITAL : CNY 30,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER : N/A (AS OF DEC. 31, 2010)
EQUITIES :
CNY 94,370,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.36= 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: SC is also known as Zaozhuang
Hiyoung Wangchao Textile Co.,
Ltd.
SC was registered as a limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jan. 31, 2005.
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 exporting yarn, cloth, elastic fabrics,
garments, shoes and hats, textile fabrics; importing raw materials, machinery
equipment, instruments and spare parts needed in manufacturing and researching.
(with permit if needed)
SC is mainly
engaged in manufacturing and selling textiles.
Mr. Tian Youhai is legal representative and chairman of SC at
present.
SC is known to
have approx. 1,200 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Zaozhuang,
our checks reveal that SC owns the total premise about 65,000 square meters.
http://www.sunshinepipe.com The design is professional and the content is
well organized. At present the web is in Chinese and English versions.
E-mail: info@sunshinepipe.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
3704002804147 |
Present one |
|
Shareholders and shareholding |
Tian Youhai 86.67%; Liu Guisheng13.33% |
Tian Youhai 90% Chen Qisheng5% Ji Chengmei 5%
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|
|
2012-6 |
Tian Youhai 90% Chen Qisheng5% Ji Chengmei 5% |
Present ones |
SC has got the certificates of ISO9001:2008, ISO14001:2004 and
GB/T28001-2001.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Tian Youhai 95
Wang Hong 5
l
Legal representative and chairman:
Mr. Tian Youhai , in
his
Working Experience(s):
At present Working
in SC as legal representative and chairman
Also working in Zaozhuang Hiyoung Garment Co., Ltd., Zaozhuang
Hiyoung Zhongtai Garment
Co., Ltd., Shandong Hiyoung Import & Export Co.,
Ltd., Zaozhuang Hiyoung Huicai Washing & Dyeing Co., Ltd., Shandong Hiyoung Textile Co., Ltd., etc. as legal representative.
l
General Manager:
Mr. Sun Yong
is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager
l
Supervisor:
Liu Guisheng刘
SC is mainly engaged
in manufacturing and selling textiles.
SC’s products
mainly include textile yarn and denim fabric.
SC sources its
materials 90% from domestic market and 10% from overseas market. SC sells 40%
of its products in domestic market and 60% to overseas market.
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.
Note:
SC’s management declined to release its major suppliers and clients.
Zaozhuang Hiyoung Garment Co.,
Ltd.
Zaozhuang Hiyoung Zhongtai Garment Co., Ltd.
Shandong
Hiyoung Import & Export Co., Ltd.
Zaozhuang Hiyoung Huicai Washing & Dyeing Co., Ltd.
Shandong
Hiyoung Textile Co., Ltd.
Shanghai
Hiyoung Fengrun Textile
Co., Ltd.
Etc.
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 Zaozhuang Tai’erzhuang
Sub-branch
AC#:
283101040003778
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
141,340 |
85,080 |
|
Inventory |
33,450 |
48,750 |
|
Accounts
receivable |
62,650 |
73,960 |
|
Advances to
suppliers |
4,950 |
9,120 |
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Other
receivables |
36,450 |
47,580 |
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Other current
assets |
1,120 |
3,210 |
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------------------ |
------------------ |
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Current assets |
279,960 |
267,700 |
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Fixed assets net
value |
172,470 |
161,990 |
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Long term
investment |
12,410 |
27,670 |
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Projects under
construction |
14,050 |
8,470 |
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Intangible and
other assets |
5,670 |
7,890 |
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------------------ |
------------------ |
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Total assets |
484,560 |
473,720 |
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============= |
============= |
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Short loan |
46,060 |
89,340 |
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Bills payable |
81,110 |
57,180 |
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Accounts payable |
62,880 |
53,110 |
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Advances from
clients |
31,830 |
36,120 |
|
Welfare payable |
0 |
0 |
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Taxes payable |
-1,820 |
-3,890 |
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Other Accounts
payable |
169,950 |
146,650 |
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Other current
liabilities |
380 |
840 |
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------------------ |
------------------ |
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Current
liabilities |
390,390 |
379,350 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
390,390 |
379,350 |
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Equities |
94,170 |
94,370 |
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------------------ |
------------------ |
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Total
liabilities & equities |
484,560 |
473,720 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Turnover |
223,970 |
/ |
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Cost of goods sold |
198,750 |
/ |
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Sales expense |
4,910 |
/ |
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Management expense |
10,320 |
/ |
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Finance expense |
5,410 |
/ |
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Profit before tax |
1,890 |
/ |
|
Less: profit tax |
570 |
/ |
|
Profits |
1,320 |
/ |
Note: SC’s financial reports for Yr2011 can
not be found in local AIC, and the above financial
information were released by SC’s accountant, but she declined to release the
income statement for Year 2010.
Important
Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current ratio |
0.72 |
0.71 |
|
*Quick ratio |
0.63 |
0.58 |
|
*Liabilities
to assets |
0.81 |
0.80 |
|
*Net profit
margin (%) |
0.59 |
/ |
|
*Return on
total assets (%) |
0.27 |
/ |
|
*Inventory
/Turnover ×365 |
55 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
102 days |
/ |
|
*Turnover/Total
assets |
0.46 |
/ |
|
* Cost of
goods sold/Turnover |
0.89 |
/ |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in 2009.
l
SC’s net profit margin is average in 2009.
l
SC’s return on total assets is average in 2009.
l
SC’s cost of goods sold is average in 2009,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in both 2 years.
l
SC’s quick ratio is maintained in a fair level in
both 2 years.
l
The inventory of SC appears average in both 2
years.
l
The accounts receivable of SC appears average in
both 2 years.
l
The short-term loan of SC appears average in 2009
but fairly large in 2010.
l
SC’s turnover is in a fair level in 2009, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.99 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
-- |
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.