%20CO%20,%20LTD%20%2010-Apr-2007_files/image002.jpg)
MIRA
INFORM REPORT
|
Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
UNIVAC PRECISION PLASTICS (SIP) CO., LTD. |
|
|
|
|
Registered Office : |
Industrial Park, Suzhou, Jiangsu Province, 215126 Pr |
|
|
|
|
Country : |
China. |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
21.07.2004 |
|
|
|
|
Com. Reg. No.: |
021626 |
|
|
|
|
Legal Form : |
Wholly Foreign Owned Enterprise. |
|
|
|
|
Line of Business : |
Manufacturing and Selling new types of electronics components. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Name and Address
%20CO%20,%20LTD%20%2010-Apr-2007_files/image003.gif)
UNIVAC PRECISION PLASTICS (SIP) CO., LTD.
, INDUSTRIAL PARK,
SUZHOU, JIANGSU PROVINCE, 215126 PR CHINA.
TEL: 86 (0) 512-62828828 FAX: 86 (0) 512-62823318
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 21, 2004
REGISTRATION NO. : 021626
REGISTERED LEGAL FORM
: WHOLLY foreign OWNED ENTERPRISE
CHIEF EXECUTIVE : MR. AMOS LEONG HONG
KIAT (CHAIRMAN)
STAFF STRENGTH : 113
REGISTERED CAPITAL : USD 3,100,000
BUSINESS LINE : MANUFACTURING
TURNOVER : cny 43,930,000
(AS OF DEC. 31, 2006)
EQUITIES : cny
29,240,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : up to usd 200,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 7.74= US$1 AS OF
2007-4-10
%20CO%20,%20LTD%20%2010-Apr-2007_files/image004.gif){kind=small}
SC was registered as a wholly foreign owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jul. 21, 2004.
Company
Status: Wholly foreign-owned enterprise This form of business in PR China is defined as a legal
person. It is a limited co. established within the territories of PR China
with capital provided totally by the foreign investors. More than one foreign
investors may jointly invest in a wholly foreign-owned enterprise. The
investing party/parties solely exercise management, reap profit and bear
risks and liabilities by themselves. This form of companies usually have a
limited duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered business scope includes researching, developing and manufacturing new types of electronics components and mould standard parts, used for breaker, printer, automotive and other electronics equipment; selling its products and providing the after sale service. SC is mainly engaged in manufacturing and selling new types of electronics components.
Mr. AMOS LEONG HONG KIAT has been chairman of SC since 2004.
SC owns about 113 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 Suzhou. Our checks reveal that SC rents the total premise about 3,000 square meters.
%20CO%20,%20LTD%20%2010-Apr-2007_files/image005.gif){kind=small}
SC is not known to host website of its own.
%20CO%20,%20LTD%20%2010-Apr-2007_files/image006.gif){kind=small}
No significant events or changes were found during our checks with local AIC.
%20CO%20,%20LTD%20%2010-Apr-2007_files/image007.gif){kind=small}
MAIN SHAREHOLDERS:
Name % of Shareholding
UNIVAC DESIGN & ENGINEERING PTE LTD. Singapore 100
%20CO%20,%20LTD%20%2010-Apr-2007_files/image008.gif){kind=small}
Chairman:
Mr. AMOS LEONG HONG KIAT, in his 40’s with university education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman.
General Manager:
Mr. Wu Yude), in his 40’s with university education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2004 to present
Working in SC as general manager.
%20CO%20,%20LTD%20%2010-Apr-2007_files/image009.gif){kind=small}
SC is mainly engaged in manufacturing and selling new types of electronics components.
SC’s products mainly include: plastic parts and mould used for computer.
SC sources its materials 70% from domestic market and 30% from the overseas markets mainly from Europe. SC sells 80% of its products in domestic market and 20% to the overseas markets, mainly to Europe.
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, L/C and Credit of 30-60 days.
*Major Client:
============
HP
*Major Supplier:
=============
Beijing Huateng Rubber Products Co., Ltd.
%20CO%20,%20LTD%20%2010-Apr-2007_files/image010.gif){kind=small}
SC is not known to have any subsidiary at present.
%20CO%20,%20LTD%20%2010-Apr-2007_files/image011.gif){kind=small}
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 refused to release any information of its suppliers and the trade reference was not available.
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.
%20CO%20,%20LTD%20%2010-Apr-2007_files/image012.gif){kind=small}
Bank of China Industrial Park Sub-Branch
AC#：32142008091001
Relationship: Normal.
%20CO%20,%20LTD%20%2010-Apr-2007_files/image013.gif){kind=small}
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2006 |
|
Cash & bank |
2,360 |
|
Accounts payable advance |
540 |
|
Accounts receivable |
12,060 |
|
Inventory |
7,060 |
|
Other receivables |
160 |
|
Other current assets |
210 |
|
|
------------------ |
|
Current assets |
22,390 |
|
Fixed assets net value |
14,880 |
|
Projects under construction |
0 |
|
Long term investment |
0 |
|
Other assets |
3,000 |
|
|
------------------ |
|
Total assets |
40,270 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
10,850 |
|
Accounts receivable advance |
0 |
|
Taxes payable |
0 |
|
Salaries payable |
0 |
|
Other payable |
170 |
|
Other current liabilities |
10 |
|
|
------------------ |
|
Current liabilities |
11,030 |
|
Long term liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
11,030 |
|
Equities |
29,240 |
|
|
------------------ |
|
Total liabilities & equities |
40,270 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2006 |
|
Turnover |
43,930 |
|
Cost of goods sold |
33,860 |
|
Sales expense |
410 |
|
Management expense |
3,850 |
|
Finance expense |
30 |
|
Profit before tax |
5,730 |
|
Less: profit tax |
0 |
|
Profits |
5,730 |
Important Ratios
=============
|
|
as of Dec. 31, 2006 |
|
*Current ratio |
2.03 |
|
*Quick ratio |
1.39 |
|
*Liabilities to assets |
0.27 |
|
*Net profit margin (%) |
13.04 |
|
*Return on total assets (%) |
14.23 |
|
*Fixed assets/Total assets |
0.37 |
|
*Inventory /Turnover ×365 |
59days |
|
*Accounts receivable/Turnover ×365 |
100days |
|
*Turnover/Total assets |
1.09 |
|
* Cost of goods sold/Turnover |
0.77 |
%20CO%20,%20LTD%20%2010-Apr-2007_files/image014.gif){kind=small}
PROFITABILITY:
AVERAGE
The turnover of SC appears acceptable in 2006.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The accounts receivable of SC is fairly large.
The inventory of SC is average.
SC’s turnover is in an acceptable level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is fairly low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
%20CO%20,%20LTD%20%2010-Apr-2007_files/image015.gif){kind=small}
SC is considered small-sized in its line with stable financial conditions. A credit line up to USD 200,000 would appear to be within SC’s capacities.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)