MIRA
INFORM REPORT
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Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ArvinMeritor
Vehicle Systems (Wuxi) Co., Ltd. |
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Registered Office : |
27-28 Part, Area A,
Nanfeng Industry Park, Wuxi New District, Jiangsu Province, 214027 Pr |
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Country : |
China |
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Date of Incorporation : |
December 26, 2006 |
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Com. Reg. No.: |
008199 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged in
manufacturing and selling automobile parts. |
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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Status : |
New & Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
ArvinMeritor Vehicle
Systems (Wuxi) Co., Ltd.
27-28 part, area A, nanfeng industry park,
wuxi new district,
jiangsu PROVINCE, 214027 PR CHINA
TEL :
86 (0) 510-81015182
FAX :
86 (0) 510-81015186
EXECUTIVE SUMMARY
INCORPORATION DATE : december 26, 2006
REGISTRATION NO. : 008199
REGISTERED LEGAL FORM : Wholly foreign-owned
enterprise
STAFF STRENGTH :
80
REGISTERED CAPITAL : usd 11,600,000
BUSINESS LINE :
manufacturing
TURNOVER :
n/a
EQUITIES :
n/a
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : small amouint
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.32 = US$1
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 26, 2006.
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 automobile front axle, chabridge, rear axle, air
suspension and parts of above products, selling its owned products and
providing after services.
SC is mainly
engaged in manufacturing and selling automobile parts.
Mr. FRANK HERR has
been chairman of SC since 2006.
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 Wuxi. Our checks reveal
that SC rents the total premise about 5,706 square meters.
SC is not known to host web site of its own at present.
SC started its normal operation in March of 2007.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Arvinmeritor (China) Investment Ltd.
(Barbados) 100
l
Chairman:
Mr. FRANK HERR (American), 45 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman.
l
General Manager:
Mr. Jia Xuechao, 45 years old with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2006 to present Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling automobile parts.
SC’s products
mainly include: automobile front axle, chabridge, rear axle, air suspension.
SC sources its materials 60% from domestic
market, and 40% from overseas market, mainly USA and Europe. SC sells 80% of
its products in domestic market, and 20% to overseas market, mainly USA, Europe
and Southeast Asian market.
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 Customers:
==============
Shenzhen Zhongji Special Auto Co., Ltd.
Xiamen King Long United Automotive Industry 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.
Industry Commercial Bank of China Wuxi Branch
AC#：1103020809200113128
Relationship:
Normal.
SC started its normal operation in March of 2007, so its financial
reports are not available at present.
SC was established in 2006 and started its normal operation in March of
2007. Credit dealings with SC should be confined into small amount at present.
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%)