MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
shanghai vico
precision mold & plastics co., ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
April 21, 1999 |
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Com. Reg. No.: |
025947 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Engaged in manufacturing
and selling precision mold. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Up To usd 800,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
shanghai vico
precision mold & plastics co., ltd.
no.
TEL :
86 (0) 21-64967718
FAX :
86 (0) 21-64965005
EXECUTIVE SUMMARY
INCORPORATION DATE : april 21, 1999
REGISTRATION NO. : 025947
REGISTERED LEGAL FORM : Wholly foreign-owned
STAFF STRENGTH :
580
REGISTERED CAPITAL : usd 6,900,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 135,150,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 74,810,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY7.62 = US$1 AS OF
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 wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on April 21, 1999.
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 manufacturing precision new electronic components,
electronic connectors and relation precision mold, selling self-made products
and providing relation technology consultation service, in accordance with the
license.
SC is mainly
engaged in manufacturing and selling precision mold.
Mr. Chen Yanlai has
been chairman of SC since 1999.
SC owns about 580
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 Shanghai. Our checks
reveal that SC rents the total premise about 30,000 square meters.
SC is not known to host web site of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
(
l
Chairman and
General Manager:
Mr. Chen Yanlai, 39 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working
in SC as chairman.
l
Vice General
Manager:
Ms. Zhang Yin, 38 years old with university education. She is currently
responsible for the daily management of SC.
Working Experience(s):
From 1999 to present Working in SC as vice general
manager.
SC is mainly
engaged in manufacturing and selling precision mold.
SC’s products
mainly include: precision mold plastics.
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, L/C and Credit of 30 days.
*Major Customer:
==============
Shanghai Yilisu Electronic Industry Co., Ltd.
*Major Supplier:
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Sunbest Mold Technology (
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
AC#：31684500005050127
Relationship:
Balance Sheet (as of
Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
20,060 |
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Inventory |
19,620 |
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Accounts
receivable |
32,860 |
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Other Accounts
receivable |
8,630 |
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To be
apportioned expense |
0 |
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Other current
assets |
2,960 |
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------------------ |
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Current assets |
84,130 |
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Fixed assets net
value |
56,330 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
2,040 |
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Total assets |
142,500 |
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Short loans |
14,800 |
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Accounts payable |
19,440 |
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Advances from
customers |
26,660 |
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Other Accounts
payable |
1,830 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
4,960 |
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Current
liabilities |
67,690 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
67,690 |
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Equities |
74,810 |
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Total
liabilities & equities |
142,500 |
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Income Statement (as
of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
135,150 |
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Cost of goods
sold |
93,310 |
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Sales expense |
2,000 |
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Management expense |
11,300 |
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Finance expense |
380 |
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Profit before
tax |
29,520 |
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Less: profit tax |
3,500 |
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Profits |
26,020 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.24
*Quick ratio 0.95
*Liabilities to
assets 0.48
*Net profit
margin (%) 19.25
*Return on total
assets (%) 18.26
*Inventory /Turnover
×365 53 days
*Accounts
receivable/Turnover ×365 89 days
*Turnover/Total
assets 0.95
*Cost of goods
sold/Turnover 0.69
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
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SC’s net profit margin is fairly good.
l
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 an average
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
acceptable level.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in an acceptable 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: Stable.
Over the past 8 years, SC has made a stable growth with satisfactory
profit. A credit line up to USD 800,000
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/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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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%)