MIRA
INFORM REPORT
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Report Date : |
25th
January, 2007 |
IDENTIFICATION DETAILS
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Name : |
siemax communication system co., ltd. |
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Registered Office : |
Room 2708 Electronics Science
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
03.12.2002 |
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Com. Reg. No.: |
4403012101579 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in manufacturing and selling electronic communication
products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small
Company |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company Name & Address
siemax
communication system co., ltd.
ROOM
2708 electronics science and
TEL : 86 (0) 755-83782866
FAX : 86 (0) 755-83782103
EXECUTIVE SUMMARY
INCORPORATION DATE : december 3, 2002
REGISTRATION NO. : 4403012101579
REGISTERED LEGAL FORM :
Limited liabilities company
STAFF STRENGTH : 12
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : trading
TURNOVER :
CNY 56,000 (AS OF jan. 1st –
31st, 2006)
EQUITIES :
CNY 796,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY7.77 = US$1 AS OF 2007-1-24
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a limited liabilities
company at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on December 3, 2002.
Company Status: Limited liabilities co. This form of
business in PR China is defined as a legal person. Shareholders bear
limited liability to the extent of shareholding, and the co. is liable for
its debts only to extent of its total assets. The characteristics of this
form of co. are as follows: Upon the
establishment of the co., an investment certificate is issued to the each
of shareholders. The board of
directors is comprised of three to thirteen members. The minimum
registered capital for a co. is listed as follows: -manufacturing
co. : CNY 500,000.00 -trading
&wholesaling co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy &
service co. : CNY 100,000.00 Shareholders may
take their capital contributions in cash or by means of tangible assets or
intangible assets such as industrial property and non-patented technology. Cash contributed by
all shareholders must account for at least 50% of the registered capital
while contribution by intangible assets must not exceed 20% of the
registered capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered
business scope includes technology development of network products, selling
electronic communication products, intelligent system integration, importing
and exporting of commodities and technologies, and information
consultation.
SC is mainly engaged
in manufacturing and selling electronic communication products.
Mr. Chen
Chunguang has been chairman of SC since
2002.
SC owns about 12
staff at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Shenzhen. Our
checks reveal that SC rents the total premise about 100 square meters.
http://www.siemax.cn
The design is professional and the content is well organized. At present the
web site is only in Chinese version.
E-mail: san0341@siemax.cn
No significant events or changes were found during our checks with
the local Administration for Industry & Commerce.
MAIN
SHAREHOLDERS:
Name % of
Shareholding
Chen Chunguang 70
Qiu Guomin 30
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Chairman and General Manager:
Mr. Chen Chunguang (陈春光), about 35 years old
with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2002 to present Working in SC as chairman and
general manager.
SC is mainly engaged
in manufacturing and selling electronic communication products.
SC’s products mainly
include: CAT5E not screened cable, CAT5E module, etc.
SC sources its materials 100%
from domestic market, mainly
The buying terms of SC include Check, T/T and Credit of 30 days.
The payment terms of SC include T/T and Credit of 30 days.
*Major Customers:
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*Major Suppliers:
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Dongguan Huanan Electronic Factory
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.
China Merchants Bank Shenzhen Branch
AC#：2782598610001
Relationship:
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
56 |
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Inventory |
0 |
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Accounts receivable |
26 |
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Other Accounts
receivable |
680 |
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To be apportioned
expense |
90 |
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Other current
assets |
130 |
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Current assets |
982 |
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Fixed assets |
19 |
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Fixed assets net
value |
19 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
9 |
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Total assets |
1,010 |
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Short loans |
0 |
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Accounts payable |
0 |
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Other Accounts
payable |
56 |
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Advances from
customers |
130 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
19 |
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Current liabilities |
205 |
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Long term
liabilities |
0 |
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Other liabilities |
9 |
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Total liabilities |
214 |
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Equities |
796 |
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Total liabilities
& equities |
1,010 |
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Income Statement (as of Jan.1 to Jan. 31, 2006)
Unit: CNY’000
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Turnover |
56 |
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Cost of goods sold |
47 |
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Sales expense |
0 |
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Management expense |
54 |
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Finance expense |
0 |
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Profit before tax |
-45 |
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Less: profit tax |
0 |
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Profits |
-45 |
Important Ratios
(as of Dec. 31, 2005)
*Current
ratio 4.79
*Quick
ratio 4.79
*Liabilities
to assets 0.21
*Net
profit margin (%) /
*Return
on total assets (%) /
*Inventory
/Turnover ×365 /
days
*Accounts
receivable/Turnover ×365 /
days
*Turnover/Total
assets /
*
Cost of goods sold/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 normal level.
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SC has no inventory in 2005.
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SC has no short-term loan in 2005.
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: Fair.
SC is considered small-sized in its line with fair financial
conditions. Credit dealings with SC are recommended under secured terms 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/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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