x
MIRA
INFORM REPORT
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Report Date : |
16.02.2012 |
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Tel. No.: |
86-510-88993888 |
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Fax No.: |
86-510-88993889 |
IDENTIFICATION DETAILS
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Name : |
WUXI DOUBLE
ELEPHANT MICRO FIBRE MATERIAL CO., LTD. |
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|
|
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Registered Office : |
No. 135, 186, 188, Houzhai Middle Road,
Hongshan Street, New District, Wuxi,
Jiangsu Province, 214145 Pr |
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Country : |
China |
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|
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
02.12.2002 |
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Com. Reg. No.: |
320200000122836 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling artificial leather & synthetic leather. |
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No. of Employees : |
584 |
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 3,000,000 |
|
Status : |
Good |
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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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
Company name and address
WUXI DOUBLE
ELEPHANT MICRO FIBRE MATERIAL CO., LTD.
NO. 135, 186, 188, HOUZHAI MIDDLE ROAD,
HONGSHAN STREET, NEW DISTRICT,
WUXI, JIANGSU PROVINCE, 214145 PR CHINA
TEL: 86 (0) 510-88993888 FAX: 86 (0) 510-88993889
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 2, 2002
REGISTRATION NO. :
320200000122836
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
584
REGISTERED CAPITAL : CNY 89,403,000
BUSINESS LINE :
MANUFACTURE & TRADE
TURNOVER :
CNY 376,305,000 (JAN. 1 TO SEP.
30, 2011)
EQUITIES :
CNY 785,977,000 (AS OF SEP. 30, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 3,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.30 = 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’s complete name should be the heading one.
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 Dec. 2, 2002, and has been under present
ownership since Dec. 23, 2004.
Company Status: Shares Limited Co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes manufacturing and selling super fine materials, PVC
& PU artificial leather, glue film, plastics (with permit if needed),
exporting self-made products and self-owned technologies; importing production
and research needed raw materials, instrument and meter, mechanical equipment,
components and technologies (excluding items limited or forbidden by State);
processing (with) imported materials, three forms of OEM and compensation
trade.
SC is mainly
engaged in manufacturing and selling artificial leather & synthetic
leather.
Mr. Tang Bingquan is legal representative and chairman of SC at
present.
SC is known to have approx. 584 employees at present,
including 35 administrative staff, 75 R&D staff, 32 salesmen, 10 financial
staff, 414 workers and 18 other staff.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the new district of Wuxi. Detailed information
of the premise is unknown.
http://www.sxcxgf.com
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: sx@sxcxgf.com
Tax Registration Certificate No.: 320200743938892
Organization Code: 74393889-2
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002395.
Certificates:
=========
The ISO9001 international quality management system
ISO14001 environmental management system
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2003-11 |
Registered capital |
CNY 40,000,000 |
CNY 60,000,000 |
|
|
Chinese name |
无锡双象超纤材料有限公司 |
无锡双象超纤材料股份有限公司 |
|
Legal form |
Limited liabilities co. |
The present ownership |
|
|
Registered capital |
CNY 60,000,000 |
CNY 66,903,000 |
|
|
Registration no. |
3202832114692 |
3200002103202 |
|
|
|
Registration no. |
3200002103202 |
The present one |
|
|
Registered capital |
CNY 66,903,000 |
The present amount |
Note: SC changed its Chinese name on Dec. 23, 2004, while its English
name still remains the same.
MAIN SHAREHOLDERS: (As of June. 30, 2011)
Name %
of Shareholding
Jiangsu Double Elephant Group Co., Ltd. 64.73
Wenzhou Changcheng Trade Co., Ltd. 1.87
Jinjiang Double Elephant Commerce and Trade
Co., Ltd. 1.87
Hangzhou Double Elephant Leather &
Plastic Co., Ltd. 1.87
Yiwu Huifeng Leather Plastic Trade Co., Ltd. 1.87
Wujiang Huadong Shoes Co., Ltd. 1.87
Zhou Xiaoyan 0.75
China Pacific Life Insurance Co., Ltd.-
Tradition- Ordinary Insurance Product 0.49
China Pacific Life Insurance Co., Ltd.-
Bonus-Individual Bonus 0.44
Wang Meiqin 0.40
Other shareholders 23.84
Jiangsu Double Elephant Group Co., Ltd.
=============================
Registration no.: 320213000059668
Legal representative: Tang Bingquan
Add: Houzhai, Hongshan Town, New District,
Wuxi, Jiangsu Province
Tel:
86 (0) 510-88993888
Fax: 86 (0) 510-88990983
Website: http://www.chinadoubleelephant.com
l
Legal representative and chairman:
Mr. Tang Bingquan , born in 1951, senior economist, 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;
Also working in Jiangsu Double Elephant Group Co.,
Ltd. as legal representative.
l
General manager:
Mr. Luo Hongbing , born in 1977, with
university education. He is currently responsible for the daily management of
SC.
Working Experience(s):
At present Working
in SC as general manager.
l
Vice general managers:
Mr. Shen Ming , born in 1974, engineer, with junior
college education;
Mr. Wang Hua , born in 1978, with junior college
education;
Mr. Liu Lianwei , born in 1978, with junior college
education;
They are currently responsible for the daily
management of SC.
Working Experience(s):
At present Working
in SC as vice general managers.
l
Directors:
Yu Chongwen
Ma Guohua
Yu Shulian
Gu Yuting
Tian Weikun
Liu Huiming
Ding Jialong
l
Supervisors:
Zhu Guoping
Liu Anqin
Jin Mei
SC is mainly
engaged in manufacturing and selling artificial leather & synthetic
leather.
Main Products:
Microfiber Casual
Shoes Leather
Microfiber Shoes
Leather
Microfiber
Cleaning Leather
Microfiber Suede
PU Synthetic
Leather
PU Wiping Leather
for Wine Box
Etc.
SC sources its materials 95% from domestic
market, and 5% from overseas market. SC sells 85% of its products in domestic
market, and 15% 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.
*Major Customers:
==============
Jinjiang Hongbao Shoe Material Trading Co., Ltd.
Wujiang Lingdong Shoes Materials Co., Ltd.
*Major Suppliers:
============
Wuxi Double Elephant Chemical Industry Co., Ltd.
Wuxi Double Elephant Rubber & Plastic Machinery Co., Ltd.
Wuxi Double Elephant Chemical Industry Co., Ltd.
Wuxi Double Elephant Rubber & Plastic Machinery Co., Ltd.
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 records and our debt collection record concerning SC.
Trade payment experience: SC’s supplier
refused 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.
Agricultural
Bank of China Wuxi Houzhai Sub-branch
AC#:
651401040006480
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Sep. 30, 2011 |
As
of Dec. 31, 2010 |
|
Cash & bank |
352,691 |
508,477 |
|
Notes receivable |
4,980 |
3,881 |
|
Inventory |
231,872 |
164,126 |
|
Accounts
receivable |
105,467 |
82,287 |
|
Advances to
suppliers |
104,041 |
62,141 |
|
Other accounts
receivable |
0 |
3 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
799,051 |
820,915 |
|
Long term
investment |
0 |
0 |
|
Fixed assets net
value |
115,293 |
127,637 |
|
Project under
construction |
35,772 |
2,560 |
|
Deferred income
tax assets |
1,829 |
1,605 |
|
Intangible
assets |
45,660 |
200 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
997,605 |
952,917 |
|
|
============= |
============= |
|
Short loans |
15,000 |
15,000 |
|
Notes payable |
83,542 |
81,443 |
|
Accounts payable |
91,682 |
56,897 |
|
Advances from
clients |
9,498 |
9,297 |
|
Accrued payroll |
3,683 |
3,058 |
|
Taxes payable |
-1,769 |
214 |
|
Other accounts
payable |
837 |
923 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
202,473 |
166,832 |
|
Long-term loans |
0 |
0 |
|
Other
liabilities |
9,155 |
9,606 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
211,628 |
176,438 |
|
Equities |
785,977 |
776,479 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
997,605 |
952,917 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
Jan.
1 to Sep. 30, 2011 |
As
of Dec. 31, 2010 |
|
Turnover |
376,305 |
505,003 |
|
Cost of goods sold |
314,409 |
412,604 |
|
Taxes and additional of main operation |
160 |
1,001 |
|
Sales expense |
4,739 |
6,043 |
|
Management expense |
23,099 |
30,651 |
|
Finance expense |
-6,878 |
375 |
|
Asset impairment loss |
1,947 |
3,014 |
|
Non-operating
income |
4,143 |
1,454 |
|
Non-operating expense |
0 |
0 |
|
Profit before
tax |
42,972 |
52,769 |
|
6,652 |
7,916 |
|
|
Profits |
36,320 |
44,853 |
Important
Ratios
=============
|
|
As
of Sep. 30, 2011 |
As
of Dec. 31, 2010 |
|
*Current ratio |
3.95 |
4.92 |
|
*Quick ratio |
2.80 |
3.94 |
|
*Liabilities
to assets |
0.21 |
0.19 |
|
*Net profit
margin (%) |
9.65 |
8.88 |
|
*Return on
total assets (%) |
3.64 |
4.71 |
|
*Inventory /Turnover
×365 |
/ |
119 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
60 days |
|
*Turnover/Total
assets |
0.38 |
0.53 |
|
* Cost of
goods sold/Turnover |
0.84 |
0.82 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin appears fairly good.
l
SC’s return on total assets appears average.
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 fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears average.
l
SC’s turnover is in a fair 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 low.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 3,000,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.29 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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.