MIRA
INFORM REPORT
|
Report Date : |
26.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
JIANGSU HAIYANG CHEMICAL FIBER CO., LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
05.11.1979 |
|
|
|
|
Com. Reg. No.: |
321202000022589 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
producing and selling chemical fiber
materials and polyamide fabrics |
|
|
|
|
No. of Employees : |
2,000 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
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
jiangsu haiyang chemical fiber co., ltd.
NO. 28 HAIYANG ROAD, HAILING DISTRICT,
TAIZHOU,
JIANGSU PROVINCE, 225300 P.R. CHINA
TEL: 86 (0) 523-86559771/86550500 FAX: 86 (0) 523-86558655
EXECUTIVE SUMMARY
INCORPORATION DATE : november
5, 1979
REGISTRATION NO. : 321202000022589
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 2,000
REGISTERED CAPITAL : CNY 48,159,511
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 927,368,000 (AS OF DEC. 31, 2008)
EQUITIES :
CNY 212,188,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly Stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37=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
SC was registered as a limited liabilities
company at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license).
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 manufacturing and selling organic chemical products, chemical fiber raw materials (Caprolactam slice, thread, and wire), nylon cord fabric, plastic product, warehousing service, management and commission of import and export of all kinds of goods and technology.
SC is mainly engaged in producing
and selling chemical fiber materials and polyamide fabrics.
Mr. Lu Xincai has been chairman and general manager of SC since 1999.
SC is known to have approx. 2,000 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 Taizhou. Our checks reveal that SC owns the premise, but SC’s accountant refused to release the gross area of the premise.
http://www.pa6.com.cn/index.asp
The
website can not be opened for some technical reasons.
Changes of its
registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Registered capital |
CNY 1,839,600 |
CNY 2,915,000 |
|
|
Registered capital |
CNY 2,915,000 |
CNY 12,954,000 |
|
|
Company name |
Taizhou Synthetic Fiber Factory (literal
translation) |
Taizhou Cord Fabrics Factory (literal
translation) |
|
|
Legal representative |
Miu Hanzhong |
Cai Yuanyi |
|
Registered capital |
CNY 12,954,000 |
CNY 14,738,000 |
|
|
|
Registered capital |
CNY 14,738,000 |
CNY 27,171,698 |
|
|
Legal representative |
Cai Yuanyi |
Yang Jianhua |
|
|
Company name |
Taizhou Cord Fabrics Factory (literal
translation) |
Nanjing Chemical Industrial (Group) Corp. Taizhou
Chemical Fiber Limited (literal translation) |
|
|
Company name |
Nanjing Chemical Industrial (Group) Corp.
Taizhou Chemical Fiber Limited (literal translation) |
Nanjing Chemical Industrial Group Taizhou Chemical
Fiber Limited (literal translation) |
|
|
Legal representative |
Yang Jianhua |
Shen Jiaguang |
|
|
Legal representative |
Shen Jiaguang |
Lu Xincai |
|
|
Company name |
Nanjing Chemical Industrial Group Taizhou
Chemical Fiber Limited (literal translation) |
Jiangsu Haiyang
Chemical Fiber Co., Ltd. |
|
Registered capital |
CNY 27,171,698 |
CNY 48,159,511 |
|
|
|
Shareholders |
Lu
Xincai 2.80% Shen
Jiaguang 2.80%
Wang
Sufeng 2.80% Xu Youlan
2.77% Zhang Keyin 2.80% Other
Shareholders 86.03% |
Lu Xincai6.19% Shen Jiaguang
4.96% Ji Shibiao 4.95% Zhang Zhigang
4.95% Chen Jianxin
4.94% Wang Sufeng 3.58% Xia Hua 2.12% Cui Shunying
2.12% Zhang Ruijuan
2.11% Huanghua 2.10% Kong Linggen 2.10%
Zhu Huilin 2.08%
Other 36 individuals 57.80% |
|
Unknown |
Registered number |
3212022102924 |
321202000022589 |
SC passed through ISO 9001
quality system certification and ISO14001 environment protection system certification.
The company won the title of “Measurement and Guarantee Confirmation
Enterprise”, “Provincial Quality Honesty Enterprise”, “Product Except from
Inspection”, “Jiangsu Water Saving Enterprise”.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lu Xincai 6.19
Shen Jiaguang 4.96
Ji Shibiao 4.95
Zhang Zhigang 4.95
Chen Jianxin 4.94
Wang Sufeng 3.58
Xia Hua 2.12
Cui Shunying 2.12
Zhang Ruijuan 2.11
Huang Hua 2.10
Kong Linggen 2.10
Zhu Huilin 2.08
Other 36 individuals 57.80
Legal
representative, chairman and general manager:
Mr. Lu Xincai, ID# 320112520416161, born
in 1952, with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 1999
to present Working
in SC as legal representative, chairman and general manager
Directors:
Zhang Zhigang ID# 320112521105163
Ji Shibiao ID# 320112521111001
Wang Sufeng ID# 321020651106158
Shen Jiaguang ID# 320705640821101
Chen JianxinI D# 320120650127151
Geng Zhengxian ID# 321020600414151
Supervisors:
Zhang Heping
ID# 321020195704210617
Miu Jinsong ID# 321020560725093
Zhu Huilin ID# 321020661024094
Jiang Baohua ID# 321020196001090633
Zhou Jianxun ID# 321020630921151
SC is
mainly engaged in producing and selling chemical fiber materials and polyamide
fabrics.
SC’s products
mainly include: nylon tire cord, nylon civilian-use slice, high-strength nylon
fiber, etc.
.
Brand: Feichi
SC sources its materials 90% from domestic market and 10% from
the overseas market. SC sells 30% of its products to overseas market and 70% in domestic market.
The buying terms of SC include Check, L/C, T/T 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*
=============
Nanjing Disiman Co., Ltd.
*Major Customers*
==============
Cheng Shin
Rubber (Xiamen) Ind., Ltd.
SC is known to invest in Taizhou Haicheng Guaranty 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 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.
Industrial and
Commercial Bank of China Taizhou Branch
AC#:
1115020109000044242
Relationship:
Normal
Balance Sheet Unit: CNY’000
|
|
as of Dec. 31,
2008 |
|
48,331 |
|
|
Inventory |
89,444 |
|
Notes receivable |
58,690 |
|
Accounts receivable |
57,195 |
|
Advances to supplies |
5,543 |
|
Other receivables |
40,283 |
|
Other current assets |
0 |
|
|
------------------ |
|
Current assets |
299,486 |
|
Held to maturity investments |
3,250 |
|
Fixed assets net value |
130,683 |
|
Projects under construction |
9,665 |
|
Long-term equity investments |
200 |
|
Intangible assets |
19,032 |
|
Long-term deferred expenses |
0 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
462,316 |
|
|
============= |
|
Short loans |
117,000 |
|
Notes payable |
11,250 |
|
Accounts payable |
90,538 |
|
Advances from customers |
5,010 |
|
Payroll Payable |
1,542 |
|
Taxes payable |
11,772 |
|
Dividends payable |
0 |
|
Other Accounts payable |
721 |
|
Other current liabilities |
0 |
|
|
----------------- |
|
Current liabilities |
237,833 |
|
Long term liabilities |
12,295 |
|
|
------------------ |
|
Total liabilities |
250,128 |
|
Shareholders equities |
212,188 |
|
|
------------------ |
|
Total liabilities & equities |
462,316 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
|
Turnover |
927,368 |
|
Cost of goods sold |
863,984 |
|
Taxes and additional of main
operation |
2,996 |
|
Other
operating Income |
47,136 |
|
Other operating expense |
42,219 |
|
Sales expense |
9,301 |
|
Management expense |
17,094 |
|
Finance expense |
11,517 |
|
Non-operating
income |
27,708 |
|
Non-operating expense |
1,182 |
|
Profit before
tax |
53,919 |
|
Less: profit tax |
0 |
|
Net profit |
53,919 |
Note: SC has
not lodged the latest annual returns in the local registry, hence no up-to-date
detailed financial information could be provided.
Important Ratios
=============
|
|
as of Dec. 31,
2008 |
|
*Current ratio |
1.26 |
|
*Quick ratio |
0.88 |
|
*Liabilities
to assets |
0.54 |
|
*Net profit
margin (%) |
5.81 |
|
*Return on
total assets (%) |
11.66 |
|
*Inventory/Turnover×365 |
36 days |
|
*Accounts
receivable/Turnover ×365 |
23 days |
|
*Turnover/Total
assets |
2.01 |
|
* Cost of
goods sold/Turnover |
0.93 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in
its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is good.
l
SC’s cost of goods sold appears fairly high,
compared with its turnover in both 2 years.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
The quick ratio of SC is maintained in a normal
level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
SC’s short-term loan appears fairly large.
l
SC’s turnover was in a fairly good level, compared
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC appears average.
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.56.38 |
|
UK Pound |
1 |
Rs.87.44 |
|
Euro |
1 |
Rs.68.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.