MIRA
INFORM REPORT
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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU HESHILI NEW MATERIAL CO., LTD. |
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Registered Office : |
No. 32 Song
Wen Tou Road, Yunting Town, Jiangyin, Jiangsu Province 214422 Pr |
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Country : |
China |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
20.04.2006 |
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Com. Reg. No.: |
320281400007340 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
researching, developing, manufacturing and selling PBT and fiber
products |
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No. of Employees : |
358 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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
Jiangsu Heshili New Material
Co., Ltd.
no. 32 song wen tou road, yunting town
jiangyin, jiangsu PROVINCE 214422 PR CHINA
TEL: 86 (0)
510-80127171/80127111/86155591
FAX: 86 (0)
510-80127171
EXECUTIVE SUMMARY
Date of Registration : april 20, 2006
REGISTRATION NO. : 320281400007340
LEGAL FORM : shares limited company
REGISTERED CAPITAL : CNY 80,000,000
staff : 358
BUSINESS CATEGORY : R & D & manufacturing & TRADING
Revenue : CNY 103,630,000 (FROM JAN.
1, 2013 TO MAR. 31, 2013)
EQUITIES : CNY 200,857,000 (AS OF
MAR. 31, 2013)
WEBSITE : www.jsheshili.com
E-MAIL :
hsl@jsheshili.com
PAYMENT : AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : FAIRLY
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.18 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
LEGAL STATUS & HISTORY
SC was
established as a shares limited company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 320281400007340 on April 20, 2006.
SC’s Organization Code Certificate
No.: 78597752-3
SC’s Tax No.: 320281785977523
SC’s registered capital: CNY 80,000,000
SC’s paid-in capital: CNY 80,000,000
Registration Change Record:-
No significant changes of SC have been
noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Jiangyin Huaneng Chemical
Fiber Co., Ltd. |
62.9 |
|
Feng Fang |
29.6 |
|
Qu Yifeng |
3.5 |
|
Yao Liqin |
3.03 |
|
Xia Lei and other 9
individuals |
0.97 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Qu Jianhua |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Jiangyin Huaneng Chemical Fiber
Co., Ltd. 62.9
Feng Fang 29.6
Qu Yifeng 3.5
Yao Liqin 3.03
Xia Lei and other 9 individuals 0.97
MANAGEMENT
Qu Jianhua, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 320219591008631
Ø
Age: 54
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman and
general manager
BUSINESS
OPERATION
SC’s registered
business scope includes manufacturing chemical products (butylene oxide); researching
and developing PBT resin materials, and PBT new fiber materials; manufacturing
PBT resin and PBT special fiber; wholesaling the above products, chemical raw
materials polyethylene terephthalate (PTA), and 1'4 butanediol (BDO);
international trade; and designing PBT device.
SC is mainly
engaged in researching, developing, manufacturing and selling PBT and fiber
products.
SC’s products
mainly include:
PBT resin
PBT filament yarn
SC sources its
materials 100% from domestic markets. SC sells 60% of its products in domestic
markets, and 40% to the overseas market, mainly U.S.A., Southeast Asia, etc.
The buying terms of SC include T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 358 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Mar. 31, 2013 |
|
Cash |
54,357 |
32,409 |
|
Notes receivable |
33,312 |
40,717 |
|
Accounts
receivable |
45,340 |
56,970 |
|
Advances to
suppliers |
25,967 |
27,686 |
|
Other receivable |
13,526 |
400 |
|
Subsidy
receivable |
31 |
0 |
|
Inventory |
55,775 |
73,698 |
|
Prepaid
expenses |
0 |
0 |
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Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
228,308 |
231,880 |
|
Long-term
investment |
40,000 |
40,000 |
|
Fixed assets |
116,193 |
114,464 |
|
Construction in progress |
2,976 |
3,503 |
|
Intangible
assets |
11,376 |
11,310 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
591 |
1,001 |
|
Other
non-current assets |
0 |
0 |
|
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------------------ |
------------------ |
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Total assets |
399,444 |
402,158 |
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|
============= |
============= |
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Short-term loans |
142,000 |
132,000 |
|
Notes payable |
14,000 |
12,900 |
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Accounts payable |
42,679 |
43,911 |
|
Wages payable |
1,772 |
1,613 |
|
Taxes payable |
-4,060 |
826 |
|
Advances from
clients |
6,523 |
9,092 |
|
Other payable |
0 |
108 |
|
Accrued expenses |
0 |
0 |
|
Other current
liabilities |
251 |
251 |
|
|
------------------ |
------------------ |
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Current
liabilities |
203,165 |
200,701 |
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Non-current
liabilities |
0 |
600 |
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|
------------------ |
------------------ |
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Total
liabilities |
203,165 |
201,301 |
|
Equities |
196,279 |
200,857 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
399,444 |
402,158 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
From Jan. 1, 2013 to Mar. 31, 2013 |
|
Revenue |
103,630 |
|
Cost of sales |
93,077 |
|
Taxes and surcharges |
30 |
|
Sales expense |
1,424 |
|
Management expense |
2,964 |
|
Finance expense |
2,313 |
|
Non-operating
income |
960 |
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Non-operating expense |
73 |
|
Profit before
tax |
4,708 |
|
Less: profit tax |
706 |
|
Profits |
4,002 |
Important Ratios
=============
|
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As
of Dec. 31, 2012 |
As
of Mar. 31, 2013 |
|
*Current ratio |
1.12 |
1.16 |
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*Quick ratio |
0.85 |
0.79 |
|
*Liabilities
to assets |
0.51 |
0.50 |
|
*Net profit
margin (%) |
-- |
3.86 |
|
*Return on
total assets (%) |
-- |
1.00 |
|
*Inventory /
Revenue ×365/90 |
-- |
65 days |
|
*Accounts receivable
/ Revenue ×365/90 |
-- |
50 days |
|
*Revenue /
Total assets |
-- |
0.26 |
|
*Cost of sales
/ Revenue |
-- |
0.90 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans appear fairly large.
l
SC’s revenue is in a
fair 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.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable
financial conditions. The fairly large amount of short-term loans
may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
UK Pound |
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
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 |
|
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 |
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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.