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2007'02.01.Thu
Xinhua Far East Downgrades Haixin to BBB+ Credit Rating, Rating Outlook Remains Stable
March 29, 2006

    HONG KONG, March 29 /Xinhua-PRNewswire/ -- Xinhua Far
East China Ratings today downgraded the domestic currency
issuer credit rating of Shanghai Haixin Group Co., Ltd.
("Haixin" or "the Company", SH A
600851, B 900917) to BBB+ from A-. The rating outlook
remains stable.

    The rating action was prompted by Xinhua Far East's
concerns over the competitive nature of China's export
plush industry as well as high prices for upstream
petrochemical products£¬mounting pressures from increasing
overheads and the possibility of further RMB appreciation.
The rating also incorporates the risks incurred as the
Company tries to explore more value-added garment business
lines. 

    Xinhua Far East notes that most Chinese companies are
at the low end of the textile industry value chain, mainly
providing raw materials, semi-finished products and, at
best, OEM. These players are facing squeezing margins as
overheads in China continue to rise as a result of economic
development and the upward pressure on the foreign exchange
rate.  

    Margins in the plush industry are also negatively
impacted by high petrochemical product prices. As a result,
Haixin's gross margin fell to 19.5 pct in 2005, compared
with 22.9 pct in 2004. EBIT margins for the Company fell to
7.2 pct last year from 10.5 pct in 2004.
 
    In order to counteract competition and thinning
margins, the Company set up its strategy to raise its
position in the value chain. Although such plans represent
a necessary evolution for the Company, the uncertainties of
such a migration are substantial, as it requires increased
investment and more managerial talent to build a successful
brand.  
 
    With its expansion in the garment business, Haixin's
requirement for working capital is increasing, thus pushing
up the Company's debt level. At the end of 3Q05, the
Company's gross debt to total capital increased to 33.2%,
the highest level seen over the past six years. 

    Nevertheless, the Company's leading position in the
plush industry, its relatively conservative financial
policy and abundant cash reserves of RMB 642.2 million as
of end-3Q05 have provided a cushion for solvency in the
medium term.  Furthermore, the Company was awarded a
license to produce products related to "Fuwa"
(the five Beijing Olympic Mascots), which provides the
Company with an opportunity to boost revenues and improve
profit margins. 

    Haixin is a leader in China's plush industry. In the
first three quarters of 2005, Haixin realized turnover of
RMB1.52 billion. At the end of June 2005, Shanghai
Songjiang Dongjing Industrial Company was Haixin's largest
shareholder, with a 12.44% stake in the Company. Hong Kong
Shen Hai Company followed with an 11.81% stake.

    Haixin is a mid cap company constituting the
Xinhua/FTSE China 200 and B35 Indices. As of March 28,
2006, its total A-share market cap equaled RMB2.1 billion,
with investable market cap of RMB1.1 billion.  Its B-share
market cap totaled USD74 million, USD55 million of which is
investable.

    For the rating report summary, please visit
http://www.xinhuafinance.com/creditrating .

    Note to Editors:

    About Xinhua FTSE China 200 Index

    Xinhua FTSE China 200 Index is the large cap index in
the Xinhua FTSE China A Share Index Series and includes the
top 200 companies in China by market cap. It is designed as
a tradable index and is calculated in real-time every 15
seconds.  For daily data and further information, see
http://www.xinhuaftse.com .

    About Xinhua Far East China Ratings

    Xinhua Far East China Ratings (Xinhua Far East) is a
pioneering venture in China that aims to rank credit risks
among corporations in China.  It is a strategic alliance
between Xinhua Finance (TSE Mothers: 9399), and Shanghai
Far East Credit Rating Co., Ltd. Shanghai Far East became a
Xinhua Finance partner company in 2003 and the first China
member of The Association of Credit Rating Agencies in Asia
in December 2003. 

    Capitalizing on the synergy between Xinhua Finance and
Shanghai Far East, Xinhua Far East's rating methodology and
process blend unique local market knowledge with
international rating standards. Xinhua Far East is
committed to provide investors with independent, objective,
timely and forward-looking credit opinions on Chinese
companies. It aims to help investors differentiate the
credit risks among the corporations in China, thereby,
cultivating their awareness and promoting information
disclosures and transparency in China market.  For more
information, see http://www.xfn.com/creditrating .

    About Xinhua Finance Limited

    Xinhua Finance Limited is China's unchallenged leader
in financial information and media,  and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations.  Founded in November 1999, the
Company is headquartered in Shanghai with 21 news bureaus
and offices in 18 locations across Asia, Australia, North
America and Europe.  For more information, please visit
http://www.xinhuafinance.com . 
 
    About Shanghai Far East Credit Rating Co., Ltd

    Shanghai Far East Credit Rating Co., Ltd. is the first
and leading professional credit rating company with
comprehensive business coverage in China.  It is an
independent agency established by the Shanghai Academy of
Social Sciences with the mission to develop internationally
accepted standards for capital market in China. The company
is a pioneer in conducting bond-rating business in China.
For years, it has been authorized by the Shanghai branch of
the PBOC to undertake loan certificate credit rating.

    Since establishment, it has rated over 1,000 corporate
long-term bonds and commercial papers, based on the
principles of objectivity, fairness and independence.  The
company has also maintained over 50% market share in the
loan certificate-rating sector in Shanghai for three
consecutive years.  With its strong local presence and
knowledge, it provides investors with unique and the most
insightful credit opinion.  For more information, see
http://www.fareast-cr.com .

    For more information, please contact:
 
    Hong Kong
     Joy Tsang, Corporate & Investor Communications
Director, 
     Xinhua Finance
     Tel:   +852-3196-3983, +86-21-6113-5999, or
+852-9486-4364
     Email: joy.tsang@xinhuafinance.com

    US
     David Leeney,
     Taylor Rafferty (IR/PR Contact in US)
     Tel:   +1-212-889-4350
     Email: david.Leeney@taylor-rafferty.com

SOURCE  Xinhua Far East China Ratings  
PR
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