MIRA
INFORM REPORT
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Report Date : |
20th
October, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI
TELEFLEX AUTOMOTIVE PART COMPANY LIMITED |
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Registered Office : |
No. 406, kangyi road, kangqiao industrial zone, pudong new zone shanghai 201315 PR CHINA |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
19.07.2000 |
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Com. Reg. No.: |
027354 |
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Legal Form : |
Chinese-foreign equity
joint venture enterprise |
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Line of Business : |
Manufacturer
of various of automotive components. |
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 |
Company name & Address
SHANGHAI TELEFLEX AUTOmotive PARTs CO., LTD.
No. 406, kangyi road, kangqiao industrial zone, pudong new zone
shanghai 201315 PR CHINA
TEL : 86 (0) 21-68122346
FAX : 86 (0) 21-68122343
EXECUTIVE SUMMARY
INCORPORATION DATE :
jul. 19, 2000
REGISTRATION NO. :
027354
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture enterprise
STAFF STRENGTH :
400
REGISTERED CAPITAL :
usd 2,193,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 163,269,000
(AS OF DEC. 31, 2005)
EQUITIES :
CNY 65,928,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO usd500,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
fairly good
OPERATIONAL TREND :
stable
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY7.91 = US$1 AS OF 2006-10-19
SC was
registered as a Chinese-foreign equity joint venture enterprise at local
Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license) on Jul. 19, 2000.
Company Status: Chinese-foreign equity joint
venture enterprise This form of
business in PR China is defined as a legal person. It is a limited co.
jointly invested by one or more foreign companies and one or more PR China
controlled companies within the territories of PR China according to a
certain proportion of capital investment. The investing parties exercise
business management, share profits and bear all risks and liabilities of
the co. together. The equity joint venture law requires that foreign party
contribute not less than 25% of the registered capital, with no maximum.
The joint venture usually have a limited duration of 10 to 50 years.
Enterprise with large investment, long construction periods, low investment
returns, introducing of advanced technology & advanced technology
products which have good competition position in international market may
extend beyond the 50 years limit.
SC’s registered business scope
includes manufacturing changeover governor system of automotive derailleur, controlling
guy cable, flexible shaft, and relative components, and selling self-made
products.
SC is mainly engaged in
manufacturing various of automotive components.
Mr. vincent northfield has been chairman of SC since 2000.
SC owns about 400 staff 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 Shanghai. Our checks
reveal that SC owns the total premise about 6,250 square meters.
http://www.shtfx.com The design is
professional and the content is well organized. At present the web site is both
in Chinese and English versions.
E-mail: tfxmd@sh163.net
No
significant events or changes were found during our checks with the local
Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shanghai Taikang Instrument & Guy Cable Co.,
Ltd. 25
Teleflex Ltd. (USA)
75
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Shanghai Taikang Instrument & Guy Cable Co.,
Ltd.
Add: No. 499, Kangyi Road, Kangqiao
Industrial Zone, Shanghai
Tel: 021-38121065
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Chairman:
Mr. vincent northfield, British, in his 40’s
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.
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General Manager:
Mr. Liu
Daoqing (刘道庆), in his 40’s with university education. He
is currently responsible for the daily management of SC.
Working Experience(s):
From 2000 to present
Working in SC as general
manager.
SC is mainly engaged in
manufacturing various of automotive components.
SC’s products mainly include: cable, shifter,
series of plastics, and injection parts, etc.
SC sources its materials 70% from
domestic market, and 30% from overseas market; SC sells 50% of its products in domestic
market, mainly Shanghai and Beijing, and 50% to overseas market, mainly Japan,
Korea, North American, and European countries.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
Major
Customers:
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Shanghai
General Motors Co., Ltd.
Beiqi
Foton Motor Co., Ltd.
SC is
not known to have any subsidiary at present.
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.
SC’s management
declined to release its bank details.
Balance Sheet
Unit: CNY’000
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As of Dec. 31,
2004 |
As of Dec. 31, 2005 |
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Accounts receivable |
39,512 |
38,463 |
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Current assets |
63,606 |
81,245 |
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Fixed assets |
9,713 |
11,527 |
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Total assets |
81,676 |
102,593 |
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Total liabilities |
35,651 |
36,665 |
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Equities |
46,025 |
65,928 |
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Total liabilities &
equities |
81,676 |
102,593 |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Turnover |
124,199 |
163,269 |
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Cost of goods sold |
89,093 |
113,561 |
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Sales expense |
5,355 |
5,549 |
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Management expense |
12,672 |
16,425 |
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Finance expense |
-532 |
6,365 |
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Profit before tax |
17,633 |
20,517 |
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Less: profit tax |
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------ |
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Profits |
------ |
------ |
Important Ratios
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As
of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
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*Current ratio |
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*Quick ratio |
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*Liabilities
to assets |
0.44 |
0.36 |
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*Net profit
margin (%) |
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*Return on
total assets (%) |
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*Inventory
/Turnover ×365 |
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*Accounts
receivable/Turnover ×365 |
116 days |
86 days |
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*Turnover/Total
assets |
1.52 |
1.59 |
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* Cost of
goods sold/Turnover |
0.72 |
0.70 |
PROFITABILITY: FAIRLY GOOD
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The turnover of SC appears fairly good in its line.
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SC’s profit before tax appears average.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
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The accounts receivable of SC appears fairly large.
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SC’s turnover is in a fairly good level, comparing with the size
of its total assets.
LEVERAGE: FAIRLY GOOD
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The debt ratio of SC is fairly low.
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The risk for SC to go bankrupt is low.
Overall financial condition of
the SC: Fairly good.
SC is
considered medium-sized in its line with stable financial conditions. A credit
line up to USD500,000 would
appear to be within SC’s capacities.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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