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MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
CVC TECHNOLOGIES INC ( |
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Registered Office : |
1 # Building, Lane 1343 Tongpu Road, Putuo District, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
26.09.2000 |
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Com. Reg. No.: |
027620 |
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Legal Form : |
Wholly Foreign – Owned |
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Line of Business : |
Subject is mainly engaged in manufacturing and filling branders,
filling machines, Bottle cap-making machines and printing label machines. |
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 10000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME AND ADDRESS
CVC TECHNOLOGIES INC (
1# BUILDING, LANE 1343 TONGPU ROAD, PUTUO DISTRICT,
SHANGHAI, 200062, PR
TEL: 86 (0)
21-52703030
FAX: 86 (0) 21-52696019
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEPTEMBER 26, 2000
REGISTRATION NO. :
027620
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED
STAFF STRENGTH : 38
REGISTERED CAPITAL : USD 1,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 26,010,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 2,240,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fair
GENERAL REPUTATION : AVERAGE
exchange rate :
cny 7.60 =us$1 as of 2007-7-3
HISTORY
SC was registered as a wholly foreign-owned enterprise at local Administration for
Industry & Commerce (The official body of issuing and renewing business
license) on September 26, 2000.
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, processing branders, filling machines, bottle cap-making
machines, and printing label machines, selling self-made products, in accordance
with the license.
SC is
mainly engaged in manufacturing and selling branders, filling machines, Bottle
cap-making machines and printing label machines.
Mr. Yang
ShengHui has been chairman of SC since 2000.
SC owns
about 38 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 1,000 square meters.
WEBSITE
http://www.kkpower.com the design
is professional and the content is well organized. At present it is in Chinese
version.
E-mail: kkpower@online.ch.cn
KEY EVENTS / RECENT
DEVELOPMENT
The name of SC was changed from “Shanghai Shikai Machinery Co., Ltd.” to
the present one on April 13, 2004.
SC’s registered capital was changed from USD 350,000 to USD 1,000,000 on
May 8, 2005.
SC’s former address was No.1, Building, Lane 1343,
OWNERSHIP MANAGEMENT
MAIN SHAREHOLDERS:
Name
% of shareholding
CVC TECHNOLOGIES INC. (
MANAGEMENT
l
Chairman and General Manager:
Mr. Yang ShengHui is about 62 years old with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2000 to present Working in SC as Chairman and general
manager.
BUSINESS OPERATIONS
SC is mainly
engaged in manufacturing and selling of auto-labeler machines, bottle
cap-making machines and label printing machines.
SC
sources its materials 60% from domestic markets and 40% from overseas market. SC sells 20% of its products in domestic market, and 80%
of its products to overseas market.
The buying terms of SC include T/T, L/C and Credit of 30 days. The
payment terms of SC include T/T, L/C and Credit of 30 days.
*Main Customer*
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Shanghai Huangjia Pharmaceutical Equipment
Co., Ltd.
*Main Suppliers*
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CVC Technologies Inc. (
RELATED COMPANIES
Company Name :
CVC TECHNOLOGIES INC
Global Identifier :
P0351948
Address :
Unit 211 Prestige Centre Point 7
Relationship :
Affiliate
Formation :
Private
Company Type :
Trader
Industry :
Machinery
Company Name :
CVC TECHNOLOGIES INC
Global Identifier :
P0351953
Address :
58 Ul Kantemirovskaya Block 7033
Country :
Relationship :
Affiliate
Formation :
Private
Company Type :
Trader
Industry :
Machinery
Company Name :
CVC TECHNOLOGIES
Global Identifier :
P0351949
Address :
25 Jalan Gading Kirana Timur Block A 13
Country :
Relationship :
Affiliate
Formation :
Private
Company Type :
Trader
Industry :
Machinery
Company Name :
JAN CHENG TECHNOLOGIES CO LTD
Global Identifier :
P0350200
Address :
1Fl, 2, Lane 64,
Country :
Relationship :
Affiliate
Formation :
Private
Company Type :
Trader
Industry :
Machinery
Company Name :
KK POWER (
Global Identifier :
31516811
Address :
Country :
Relationship :
Affiliate
Formation :
Private
Company Type :
Manufacturer
Industry :
Machinery
PAYMENT
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.
BANKING
Industrial and Commercial Bank of
AC# :
022427-1001242709200000871
Relationship:
FINANCIAL HIGHLIGHTS
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
2,880 |
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Inventory |
5,340 |
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Accounts
receivable |
6,840 |
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Other Accounts
receivable |
1,560 |
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To be
apportioned expense |
0 |
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Other current
assets |
1,160 |
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Current assets |
17,780 |
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Fixed assets net
value |
660 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
1,890 |
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Total assets |
20,330 |
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Short loans |
0 |
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Accounts payable |
5,990 |
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Other Accounts
payable |
12,030 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
70 |
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Current
liabilities |
18,090 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
18,090 |
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Equities |
2,240 |
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Total
liabilities & equities |
20,330 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
26,010 |
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Cost of goods
sold |
16,210 |
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Sales expense |
9,440 |
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Management expense |
2,400 |
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Finance expense |
0 |
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Profit before
tax |
-2,050 |
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Less: profit tax |
0 |
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Profits |
-2,050 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 0.98
*Quick ratio 0.69
*Liabilities to
assets 0.89
*Net profit
margin (%) -7.88
*Return on total
assets (%) -10.08
*Inventory
/Turnover ×365 75 days
*Accounts
receivable/Turnover ×365 96 days
*Turnover/Total
assets 1.28
* Cost of goods
sold/Turnover 0.62
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is fairly poor.
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SC’s return on total assets is fairly poor.
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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 an average
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 a fairly large
level.
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The accounts receivable of SC is maintained in a
fairly large level.
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SC has no short-term loan in 2006.
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SC’s turnover is in an acceptable level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
REMARKS
SC is considered
small-sized in its line with fair financial conditions. A credit line up to USD
10,000 would appear to be within
SC’s capacities upon a periodical 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/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%)