MIRA INFORM REPORT
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Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO PHOENIX PRINTING & DYEING CO., LTD. |
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Registered Office : |
No. 4 Yongping Road, Qingdao, Shandong Province, 266001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
08.12.1998 |
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Com. Reg. No.: |
370200018003250 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling printing and dyeing cloth, garments, sawing products. |
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No. of Employees : |
620 |
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 : |
Regular |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
Source
: CIA
Company name and address
QINGDAO PHOENIX
PRINTING & DYEING CO., LTD.
NO. 4 YONGPING ROAD, QINGDAO,
SHANDONG PROVINCE, 266001 PR CHINA
TEL: 86 (0) 532-84661306 FAX:
86 (0) 532-84612949
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 8, 1998
REGISTRATION NO. :
370200018003250
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 620
REGISTERED CAPITAL : CNY
5,260,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 486,903,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 147,712,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE (AS OF DEC. 31, 2009)
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.22=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 Ren Min Bi
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. 8, 1998.
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
printing and dyeing cloth, garments, sawing products and deep processing
products; selling printing and dyeing auxiliaries; importing and exporting business.
SC is mainly
engaged in manufacturing and selling printing and dyeing cloth, garments,
sawing products.
Mr.
Dai Shouhua has been chairman of SC
since 2000.
SC is known
to have approx. 620 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 Qingdao. Our checks
reveal that SC owns the total premise about 14,000 square meters.
http://www.qdphoenixpd.com The design is
professional and the content is well organized. At present the web site is in
both Chinese and English versions.
E-mail: phoenix@qdphoenixpd.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2000-5 |
Chairman |
Gao Tianbin |
Present one |
|
Unknown |
Registered number |
3702001808236 |
Present one |
MAIN SHAREHOLDERS:
Name
% of
shareholdings
Qingdao Textile
Union Stock Group Co., Ltd. 35.17
Qingdao
Phoenix Technology Investment Holding Co., Ltd. 64.83
Qingdao Textile Union Stock Group Co., Ltd.
=================================
Add: No. 3 Guantao Road, Shibei District,
Qingdao, Shandong Province
Tel: 86 532-82825316、82823132
Web: www.textile-cn.com
Qingdao Phoenix
Technology Investment Holding Co., Ltd.
===========================================
Registration No.: 370200230002497
Chief Executive: Mr. Dai Shouhua
Registered Capital: CNY 5,000,000
Add: No. 4 Yongping Road, Licang District,
Qingdao, Shandong Province
Tel: 86 532-84661327
l Chairman:
Mr. Dai Shouhua , ID: 370204194904062318, 62 years old with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2000 to present
Working in SC as chairman;
Also working in Qingdao Phoenix Technology
Investment Holding Co., Ltd.; Qingdao Phoenix-Miho Printing Dyeing Co., Ltd.; Qingdao Phoenix-Hitarget Printing &
Dyeing Co., Ltd. and Qingdao
Phoenix Import & Export Co., Ltd. as legal representative.
l General Manager:
Mr. Wu Xiaofei ID: 370206631030241, 48 years
old with university education. He is currently responsible for the daily
management of SC.
Working Experience(s):
From 2002 to present Working in SC as general manager;
Also working in Qingdao
Phoenix-Hitarget Printing & Dyeing Co., Ltd. as general manager.
l Directors:
Mr. Guo Kejiang
Mr. Wang Chang’an
Mr. Wang Lei
Mr. Xu Yushan
l Supervisors:
Ms. Wang Xiuyun
Mr. Zhang Zhaoping
SC is mainly
engaged in manufacturing and selling printing and dyeing cloth, garments,
sawing products.
SC’s products
mainly include: printed cloth and flannel.
SC’s annual output
can reach 60 million meters.
SC sources its materials
90% from domestic market, 10% from overseas market, mainly European Countries.
SC sells 100% of its products to Japan, South Korea, European countries and
Southeast Asia countries, etc.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, Check, L/C and Credit of 30-60 days.
Note:
SC refused to release its main customers and suppliers
SC
is known to have subsidiaries as following,
Qingdao Phoenix-Hitarget Printing & Dyeing Co.,
Ltd.
=======================================
Incorporation Date: Oct. 8, 2003
Registration No.: 370285400002718
Chief Executive: Mr. Dai Shouhua
Registered Capital: USD 10,320,000
Qingdao
Phoenix-Miho Printing Dyeing Co., Ltd.
====================================
Incorporation
Date: Nov. 18, 2002
Registration
No.: 370200400102669
Chief
Executive: Mr. Dai Shouhua
Registered
Capital: USD 1,306,000
Qingdao
Phoenix Import & Export Co., Ltd.
===============================
Incorporation
Date: Apr. 20, 2009
Registration
No.: 370200020000906
Chief
Executive: Mr. Dai Shouhua
Registered
Capital: CNY 5,000,000
Add.:
No. 7 Wu Yang Road, Qingdao
Tel.: 86
(0) 532-84966896/84661306
Fax:
86 (0) 532-84966897
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.
Industrial & Commercial Bank of China Qingdao Branch
AC#：3803025009006655701
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2009 |
|
Cash & bank |
29,374 |
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Short-term
investments |
0 |
|
Inventory |
26,373 |
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Accounts
receivable |
2,748 |
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Advances to
suppliers |
1,319 |
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Other accounts
receivable |
29,826 |
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Other current
assets |
0 |
|
|
------------------ |
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Current assets |
89,640 |
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Fixed assets net
value |
29,548 |
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Project under
construction |
2,250 |
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Long term
investment |
71,531 |
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Intangible and
other assets |
459 |
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Other long term
assets |
137 |
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------------------ |
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Total assets |
193,565 |
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============= |
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Short loans |
10,000 |
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Notes payable |
0 |
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Accounts payable |
22,786 |
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Advances from
clients |
900 |
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Welfare payable |
1,998 |
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Taxes payable |
1,417 |
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Surcharge payable |
643 |
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Other accounts
payable |
6,399 |
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Other current
liabilities |
0 |
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|
------------------ |
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Current
liabilities |
44,143 |
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Long-term
liabilities |
0 |
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Long-term
accounts payable |
1,710 |
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|
------------------ |
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Total
liabilities |
45,853 |
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Equities |
147,712 |
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------------------ |
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Total
liabilities & equities |
193,565 |
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============= |
Income Statement
Unit: CNY’000
|
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As of Dec. 31,
2009 |
|
Turnover |
486,903 |
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Cost of goods sold |
421,825 |
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Taxes and additional of main operations |
1,928 |
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Sales expense |
3,353 |
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Management expense |
24,488 |
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Finance expense |
1,465 |
|
Investment
income |
7,500 |
|
Non-operating
income |
290 |
|
Subsidy income |
504 |
|
Non-operating expense |
131 |
|
Profit before
tax |
42,007 |
|
9,484 |
|
|
Profits |
32,523 |
Note: SC’s management
declined to release the latest financial information.
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
|
*Current ratio |
2.03 |
|
*Quick ratio |
1.43 |
|
*Liabilities
to assets |
0.24 |
|
*Net profit
margin (%) |
6.68 |
|
*Return on total
assets (%) |
16.80 |
|
*Inventory
/Turnover ×365 |
20 days |
|
*Accounts
receivable/Turnover ×365 |
2 days |
|
*Turnover/Total
assets |
2.52 |
|
* Cost of
goods sold/Turnover |
0.87 |
PROFITABILITY: FAIRLY GOOD
l The turnover of SC
appears fairly good in 2009.
l SC’s net profit
margin appears fairly good in 2009.
l SC’s return on
total assets appears good in 2009.
l
SC’s cost of goods sold is average in 2009,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in 2009.
l
SC’s quick ratio is maintained in a normal level in
2009.
l
The inventory of SC appears average in 2009.
l
The accounts receivable of SC appears average in
2009.
l
SC’s short-term loan appears average in 2009.
l
SC’s turnover is in an average level in 2009,
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 average.
Overall financial
condition of the SC: Stable
SC is considered
medium-sized in its line with stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.21 |
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 |
|
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 |
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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 |
-- |
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.