MIRA
INFORM REPORT
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Report Date : |
10.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
Isola Laminate
System (Suzhou) Co., Ltd. |
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Registered Office : |
No. 121, Sutong
Road, Suzhou Industrial Zone, Jiangsu Province, 215021 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
December 25, 1995 |
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Com. Reg. No.: |
020258 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged in manufacturing
and selling various kinds of copper clad laminates. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To USD 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
Isola Laminate
System (Suzhou) Co., Ltd.
NO. 121, SUTONG ROAD, SUZHOU INDUSTRIAL ZONE,
JIANGSU PROVINCE, 215021 PR CHINA.
TEL :
86 (0) 512-67610084
FAX :
86 (0) 512-67618991
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 25, 1995
REGISTRATION NO. : 020258
REGISTERED LEGAL FORM :
WHOLLY FOREIGN-OWNED enterprise
STAFF STRENGTH : 270
REGISTERED CAPITAL : USD 22,500,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 547,540,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 201,820,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 1,000,000 (periodical review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.40 = 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
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 December 25, 1995.
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 investor 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 manufacturing copper clad laminates and selling related
products.
SC is mainly
engaged in manufacturing and selling various kinds of copper clad laminates.
Mr. Robert Joseph
Haskins has been legal representative and chairman of
SC since 1995.
SC is
known to have approx. 270 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
Suzhou. Our checks reveal that SC owns the total premise about 50,000 square
meters.
SC is not known to host website of its own at present.
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
HATTRICK LUX NO.3 S. A. R. L (Luxembourg) 76
Isola Asia Pacific (HK) Co., Ltd. 24
l
Legal representative and chairman:
Mr. Robert Joseph Haskins, American, in his
50’s with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 1995 to present Working in SC as chairman and legal representative.
l
General manager:
Mr. Robert Perry Smith, American, in his 50’s
with university education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 1995 to present Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling various kinds of copper clad laminates.
SC’s products mainly
include cardinal plate and prepreg, etc.
SC sources its materials 40%
from domestic market, and 60% from overseas market, mainly USA and Taiwan. SC
sells 50% of its products in domestic market, and 50% to overseas market,
mainly Hong Kong and India.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
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.
Bank of China Suzhou Industrial Zone Sub-branch.
AC#：08420508091014
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
39,460 |
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Inventory |
28,220 |
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Accounts
receivable |
171,480 |
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Advances to
suppliers |
1,170 |
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Notes receivable |
11,560 |
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Other
receivables |
530 |
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Other current
assets |
210 |
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Current assets |
252,630 |
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Fixed assets |
399,800 |
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Fixed assets net
value |
254,820 |
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Projects under
construction |
1,140 |
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Long term
investment |
0 |
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Other assets |
1,790 |
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Total assets |
510,380 |
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Short loans |
129,000 |
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Accounts payable |
165,580 |
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Other payable |
2,340 |
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Taxes payable |
2,690 |
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Accrued payroll |
1,250 |
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Advances from
clients |
2,760 |
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Accrued expenses |
2,690 |
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Other current
liabilities |
2,250 |
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Current
liabilities |
308,560 |
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Long term
liabilities |
0 |
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Total
liabilities |
308,560 |
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Equities |
201,820 |
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Total
liabilities & equities |
510,380 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
547,540 |
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Cost of goods
sold |
504,660 |
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Add:
Income from other operations |
3,660 |
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Sales expense |
8,130 |
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Management expense |
26,730 |
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Finance expense |
10,920 |
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Profit before
tax |
330 |
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Less: profit tax |
150 |
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Profits |
180 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
0.82 |
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*Quick ratio |
0.73 |
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*Liabilities
to assets |
0.60 |
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*Net profit
margin (%) |
0.03 |
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*Return on
total assets (%) |
0.04 |
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*Inventory /Turnover
×365 |
19 days |
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*Accounts
receivable/Turnover ×365 |
114 days |
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*Turnover/Total
assets |
1.07 |
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* Cost of
goods sold/Turnover |
0.92 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a fair level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC is maintained in an average level.
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The accounts receivable and payable of SC appears fairly large.
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SC’s short-term loan appears fairly large.
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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.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with favorable market
conditions. A credit line up to USD 1,000,000 would appear to be within SC’s
capacities upon a periodical review basis.
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%)