MIRA
INFORM REPORT
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Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
SHENZHEN MEIAN TECHNOLOGY CO., LTD. |
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Registered Office : |
Meian Technology Park, No.32 Lanshui Road, Lanshuitang, Longdong,
Longgang Town, Longgang District, Shenzhen, Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Mar. 7, 2003 |
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Com. Reg. No.: |
111511 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
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Line of Business : |
Engaged
in producing and selling safety-protection products. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
Up To USD 40,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHENZHEN MEIAN TECHNOLOGY CO., LTD.
MEIAN TECHNOLOGY PARK, NO.32 LANSHUI ROAD, LANSHUITANG,
LONGDONG, LONGGANG TOWN, LONGGANG DISTRICT, SHENZHEN, PR CHINA
TEL : 0086-755-84844425
FAX :
0086-755-84844464
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAR. 7, 2003
REGISTRATION NO. :
111511
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
CHIEF EXECUTIVE :
MS. WU HONGYING (CHAIRMAN)
STAFF STRENGTH :
80
REGISTERED CAPITAL :
CNY 4,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 13,810,000 (AS OF DEC. 31,
2006)
EQUITIES :
CNY 4,090,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 40,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.39800=US1$
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: Based on the given address and telephone number, we believe that the search target is Shenzhen Meian Technology Co., Ltd..
According to the management of SC, “P& E Electronics HK Ltd.” (the given company name) is registered in Hong Kong, and its chairman is Ms. Wu Hongying. SC imports materials and technology through P& E Electronics HK Ltd., and sometime uses the name as a trade name to its overseas clients.
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 Mar. 7, 2003.
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 investing parties are free to agree on method of profit distribution
and liabilities bearing according to the proportion of capital investment.
Each investing parties contributes funds, tangible assets, technology &
etc. The board of directors excises the high authority. The joint venture
usually has 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 that have good
competition position in international market may extend beyond the 50 years
limit.
SC’s registered business scope includes developing software;
producing and operating plastic products, electronic products,
safety-protection products, auto electronic and computer peripheral products
(excluding restricted items); importing and exporting
commodities and technology
(excluding specially operated and controlled commodities).
SC is
mainly engaged in producing and selling safety-protection products.
Ms. Wu
Hongying has been legal representative and chairman of SC since 2003.
SC is known to have approx. 80 staff members 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
Shenzhen. Our checks reveal that SC rents the total premise about 1,500 square
meters.
http://www.meiantech.com/ The design is professional and the content is well
organized. At present it is both in Chinese and English versions.
E-Mail: meian@meiantech.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wu Hongying 50
Kerrfin Beteiligung A.G. 50
(Switzerland)
l
Legal representative and chairman:
Ms. Wu Hongying, 38 years old with university education. She
is currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as chairman and legal representative.
SC is
mainly engaged in producing and selling safety-protection products.
SC’s products mainly include: alarm systems, fireproof
series and CCTV systems.
SC sources its materials 100% from domestic market. SC sells
75% of its products to overseas market,
mainly in Hong Kong, Europe, America and India, and 25% in domestic market.
The buying terms of SC include Check, L/C, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, and Credit of 30-60
days.
*Major Supplier*
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Shenzhen Xinjing Electronics Co., Ltd.
*Major Customer*
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PNE ELECT Hong Kong 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’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.
Shenzhen Pingan Bank
AC#：0262100116330
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2006 |
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Cash
& bank |
660 |
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Bills
receivable |
0 |
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Accounts
receivable |
550 |
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Other
receivables |
1,210 |
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Advances to
suppliers |
1,390 |
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Inventory |
3,470 |
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Prepaid expenses |
20 |
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Other
current assets |
0 |
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Current
assets |
7,300 |
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Fixed assets |
1,980 |
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Fixed
assets net value |
1,980 |
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Projects
under construction |
0 |
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Long
term investment |
0 |
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Other
assets |
380 |
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Total
assets |
9,660 |
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Short
loans |
0 |
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Bills
payable |
0 |
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Accounts
payable |
2,690 |
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Welfare
payable |
30 |
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Advances from
clients |
1,040 |
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Accrued
payroll |
160 |
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Tax
payable |
-320 |
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Other
payable |
1,660 |
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Accrued expenses |
310 |
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Other
current liabilities |
0 |
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Current
liabilities |
5,570 |
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Long
term liabilities |
0 |
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Total
liabilities |
5,570 |
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Equities |
4,090 |
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Total
liabilities & equities |
9,660 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2006 |
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Turnover |
13,810 |
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Cost of goods
sold |
9,870 |
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Sales expense |
900 |
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Management expense |
2,100 |
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Finance expense |
40 |
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Profit before
tax |
930 |
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Less: profit tax |
70 |
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Profits |
860 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
1.31 |
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*Quick ratio |
0.69 |
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*Liabilities
to assets |
0.58 |
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*Net profit
margin (%) |
6.23 |
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*Return on
total assets (%) |
8.90 |
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*Fixed
assets/Total assets |
0.20 |
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*Inventory
/Turnover ×365 |
92 days |
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*Accounts
receivable/Turnover ×365 |
15 days |
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*Turnover/Total
assets |
1.43 |
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* Cost of
goods sold/Turnover |
0.71 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears average in its line.
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SC’s net profit margin is fairly good.
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SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with its
turnover.
LIQUIDITY:
AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC appears fairly large.
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The accounts receivable of SC appears average.
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There’s no short-term loan of SC in 2006.
l
SC’s turnover is in an average level, comparing with the
size of its total assets.
LEVERAGE:
AVERAGE
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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.
SC is considered small-sized in its line with fairly stable
financial conditions. The large amount of inventory could be a threat to SC’s
financial condition. A credit line up to USD 40,000 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. |
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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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%)