MIRA
INFORM REPORT
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Report Date : |
15.05.2012 |
IDENTIFICATION DETAILS
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Name : |
DALIAN INSULATOR GROUP CO., LTD. |
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Formerly Known As : |
Dalian Insulator 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 : |
25.11.2003 |
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Com. Reg. No.: |
210200000122411 |
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Legal Form : |
Shares Limited
Company |
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Line of Business : |
manufacturing and selling
insulator products |
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No. of Employees : |
2,097 (Including Subsidiaries) |
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 : |
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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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
DALIAN INSULATOR
GROUP CO., LTD.
NO. 88 LIAOHE EAST ROAD, DD PORT, ECONOMIC AND TECHNICAL DEVELOPMENT
ZONE, DALIAN, LIAONING PROVINCE, 116600 PR CHINA
TEL: 86 (0) 411-82168888/84305686/62272888 FAX: 86 (0) 411-84305686/84307907
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 25, 2003
REGISTRATION NO. : 210200000122411
REGISTERED LEGAL
FORM : SHARES LIMITED COMPANY
STAFF STRENGTH : 2,097 (including
subsidiaries)
REGISTERED CAPITAL :
cny 200,000,000
BUSINESS LINE : MANUFACTURING AND
TRADING
TURNOVER : CNY 650,946,000 (Consolidated, As of
DEC. 31, 2011)
EQUITIES : CNY 698,992,000 (Consolidated, As
of DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : well-known
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
SC was registered as a Limited Liability Company at local Administration for industry & commerce (AIC - the official body of issuing and renewing business license) on Nov. 25, 2003 and has been under present legal form since 2009.
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
high-voltage insulator, arrester, transformer, switch, composite insulator,
high-voltage linear resistance films, industrial ceramics, casting parts; import
and export of goods and technology (with permit if needed).
SC is mainly
engaged in manufacturing and selling insulator products.
Mr. Liu
Guixue has been legal representative,
chairman and general manager of SC since 2003.
SC is known
to have approx. 2,097 employees at present,
including the ones in its subsidiaries.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Dalian. SC’s management
declined to release the detailed information of the premise.
SC
also houses its marketing office in Building A, Celeb Manor
Mansion, No. 478 Zhongshan Road, Shahekou District, Dalian
http://www.insulators.cn The design is professional and the content is
well organized. At present it is both in Chinese and English versions.
Email: info@insulators.cn
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002606.
Tax Registration Certificate No.: 210213118469736
Organization Code: 11846973-6
Changes
of its registered information:
|
Date
of change |
Item |
Before the
change |
After the change |
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|
Company name |
Dalian Insulator Co., Ltd. |
Dalian Insulator Group Co., Ltd. |
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Registered legal form |
Limited Liability Company |
Shares Limited Company |
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Chinese name |
大连电瓷集团有限公司 |
大连电瓷集团股份有限公司 |
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Registered capital |
CNY 10,000,000 |
CNY 75,000,000 |
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Registered capital |
CNY 75,000,000 |
CNY 100,000,000 |
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Registered No. |
2102002156101 |
Present one |
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Unspecified |
Registered capital |
CNY 100,000,000 |
Present amount |
Note: SC changed its Chinese name in 2009, while its English name
remains the same.
MAIN SHAREHOLDERS:
(As of Dec. 31, 2011)
Name % of Shareholding
Liu Guixue
42
Pan Hongyi
6
Xiong Ruogang
3.75
Jiang Kejun
3.75
Ren Guiqing
3
Wu Baohai
2.25
Yan Zhiling
2.25
Jiang Guilan
1.5
Peng Peiqin 1.5
Yu Shusheng
1.5
Other shareholders 32.5
Legal
representative, chairman and general
manager:
Mr. Liu Guixue, born in 1956, with Master’s degree, he is currently
responsible for the overall and daily management of SC.
Working
Experience(s):
From 2003 to present Working in SC as legal representative, chairman and general manager
Also working in Dalian Lapp Insulator Co., Ltd., etc. as legal representative.
*Officials:
=======
Name Title
Zhao Dali Independent Director
Wang Liming Independent Director
Wang Zhenshan Independent Director
Wang Guodong Independent Director
SC is mainly
engaged in manufacturing and selling insulator products.
SC’s products
mainly include: porcelain suspension insulator, composite insulator, high
voltage station post insulator, electric power fittings, foundry, etc.
SC sources its materials 50% from domestic
market, and 50% from overseas market. SC sells
70% of its products in domestic market, and 30% to overseas market.
The buying terms of SC include Check, T/T, T/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, T/C and Credit of 30-60
days.
Major Customers
============
Jiangsu Electric Power Corporation
Power Grid Corporation of India Ltd
Major Suppliers
============
Dalian Tiancheng Gas Co., Ltd. Jinzhou Selling Branch
(literal translation)
Dalian Jinlifang Scrap Steel Trade Co., Ltd. (literal
translation)
Subsidiaries
=========
· Dalian Lapp Insulator Co., Ltd.
Dalian
Shengbao-Casting Co., Ltd.
Dalian
Three-Arrows Insulator Fitting Co., Ltd.
Dalian
Yide Insulator Metal Fitting 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’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 Bank
Dalian Branch
AC#:
532010100200108682
Relationship:
Normal
Consolidated
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2011 |
as of Dec. 31,
2010 |
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Cash & bank |
227,009 |
48,843 |
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Inventory |
208,417 |
179,884 |
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Accounts
receivable |
286,762 |
225,929 |
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Notes receivable |
17,581 |
3,600 |
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Advances to
supplies |
40,922 |
38,334 |
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Interest
receivable |
0 |
0 |
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Other receivables |
10,054 |
4,887 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
790,745 |
501,477 |
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Long-term
receivable |
0 |
0 |
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Fixed assets net
value |
222,008 |
235,760 |
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Projects under
construction |
160,460 |
84,828 |
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Long-term
investments |
0 |
0 |
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Investment real
estate |
0 |
0 |
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Deferred
assets debits |
7,304 |
6,319 |
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Intangible
assets |
104,527 |
106,752 |
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Goodwill |
810 |
810 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
1,285,854 |
935,946 |
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============= |
============= |
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Short loans |
219,090 |
219,000 |
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Accounts payable |
113,557 |
89,972 |
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Other Accounts
payable |
53,322 |
52,399 |
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Notes payable |
15,000 |
20,000 |
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Advances from
clients |
3,765 |
1,584 |
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Taxes payable |
3,287 |
2,477 |
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Accrued payroll |
100 |
38 |
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Non-current
assets due with in one year |
10,000 |
0 |
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Other
current liabilities |
9,360 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
427,481 |
385,470 |
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Long term
liabilities |
159,381 |
298,660 |
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------------------ |
------------------ |
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Total
liabilities |
586,862 |
684,130 |
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Shareholders
equities |
698,992 |
251,816 |
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------------------ |
------------------ |
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Total
liabilities & equities |
1,285,854 |
935,946 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
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as
of Dec. 31, 2011 |
as of Dec. 31,
2010 |
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Turnover |
650,946 |
594,405 |
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Cost of goods
sold |
442,870 |
383,210 |
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Taxes
and additional of main operation |
5,929 |
4,285 |
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Sales expense |
46,297 |
41,229 |
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Management expense |
91,499 |
91,931 |
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Finance expense |
17,088 |
14,252 |
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Investment
income |
0 |
-699 |
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Asset impairment loss |
3,600 |
7,131 |
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Non-operating
income |
19,988 |
33,291 |
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Non-operating expense |
1,436 |
1,078 |
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Operation Profit |
62,215 |
83,881 |
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Less: profit tax |
8,678 |
9,341 |
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Net profit |
53,537 |
74,540 |
Important Ratios
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as
of Dec. 31, 2011 |
as of Dec. 31,
2010 |
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*Current ratio |
1.85 |
1.30 |
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*Quick ratio |
1.36 |
0.83 |
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*Liabilities
to assets |
0.46 |
0.73 |
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*Net profit
margin (%) |
8.22 |
12.54 |
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*Return on
total assets (%) |
4.16 |
7.96 |
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*Inventory
/Turnover ×365 |
117 days |
111 days |
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*Accounts
receivable/Turnover ×365 |
161 days |
139 days |
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*Turnover/Total
assets |
0.51 |
0.64 |
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* Cost of
goods sold/Turnover |
0.68 |
0.64 |
PROFITABILITY: FAIRLY GOOD
·
The turnover
of SC appears fairly good in its line in both years, and appears a rising
trend.
SC’s net profit margin is good in 2010 but fairly good
in 2011.
SC’s return on total assets is fairly good in 2010 but
average in 2011.
SC’s cost of goods sold is low, comparing with its
turnover.
LIQUIDITY: AVERAGE
· The current ratio of SC is maintained in a normal level in both years.
SC’s
quick ratio is maintained in a normal level in both years.
The
inventory of SC appears fairly large in
both years.
The
accounts receivable of SC appears fairly
large in both years.
SC’s
short-term loan appears fairly large in
both years.
SC’s
turnover is fair in both years, comparing with the size of its total assets.
LEVERAGE: AVERAGE
· The debt ratio of SC is average in both years.
The
risk for SC to go bankrupt is low.
Overall financial condition of the SC:
Stable.
SC is considered large-sized in
its line with stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.71 |
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UK Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.69.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.