MIRA
INFORM REPORT
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Report Date : |
23.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
BEIJING ARD SECURITY TECHNOLOGY CO., LTD. |
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Registered Office : |
Room 601, Ronghai Building, No. A3, Liuliqiao Beili,
Beijing 100073 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
jul. 5, 1996 |
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Com. Reg. No.: |
1101062464922 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in selling burglarproof and alarm
equipments. |
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/normal. |
Small |
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Maximum Credit Limit : |
Up To usd 2,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
beijing ard security
technology co., ltd.
ROOM 601, RONGHAI BUILDING, NO. A3, LIULIQIAO BEILI
BEIJING 100073 PR CHINA
TEL :
86 (0) 10-63469365
FAX :
86 (0) 10-63481117
EXECUTIVE SUMMARY
INCORPORATION DATE : jul. 5, 1996
REGISTRATION NO. : 1101062464922
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
trading
TURNOVER :
cny 140,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 284,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 2,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.73 = US$1 AS OF 2007-03-22
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
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 Jul. 5, 1996.
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 security
technical development, transferring, service, training, and consultation;
selling self-developed products, telecommunication equipments,
computer software and hardware, machinery, burglarproof and alarm equipments.
SC is
mainly engaged in selling burglarproof and alarm equipments.
Mr. Linghu
Dongping has been chairman of SC since 1996.
SC owns about 8
staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. Our checks reveal that SC
rents the total premise about 100 square meters.
http://www.ard.com.cn The design is
professional and the content is well organized. At present, the web is only in
Chinese version.
E-mail: sales@ard.com.cn
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Linghu Dongping 45
Zhang Qiuzhen 35
Ma Xiaoguang 20
l
Chairman and
General manager:
Mr. Linghu Dongping, born in 1962, 45 years old with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1996 to present Working in SC as chairman and general manager;
At present Working in Beijing ARD Electric Technology Co., Ltd. as legal representative.
SC is mainly
engaged in selling burglarproof and alarm equipments.
SC’s products
mainly include: Various exit and access administration system, and
second-generation intercom system and alarm controller, etc.
SC sources its
materials 20% from domestic market, and 80% from overseas market, mainly
England; and SC sells its products 100% in domestic market, mainly Beijing.
The buying terms of
SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC include
T/T and Credit of 15-30 days.
*Major Supplier:
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Guardall Ltd. (England)
*Major Customers:
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Beijing Commercial Bank
HP China Co., Ltd.
China Merchants Bank Beijing Office
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.
Constructions
Bank of China
AC#: N/A
Relation: Normal
Balance Sheet (as
of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
110 |
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Inventory |
110 |
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Accounts
receivable |
30 |
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Other Accounts
receivable |
30 |
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Accounts payable
in advance |
0 |
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To be
apportioned expense |
0 |
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Other current
assets |
0 |
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Current assets |
280 |
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Fixed assets |
5 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
285 |
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Short loans |
0 |
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Accounts payable |
0 |
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Accounts
receivable in advance |
0 |
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Other Accounts
payable |
0 |
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Salaries payable |
0 |
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Welfares payable |
0 |
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Taxes payable |
0 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
1 |
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Current
liabilities |
1 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
1 |
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Equities |
284 |
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Total
liabilities & equities |
285 |
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Income Statement (as
of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
140 |
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Cost of goods
sold |
75 |
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Sales expense |
45 |
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Management expense |
20 |
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Finance expense |
0 |
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Non-operating
income |
3 |
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Profit before
tax |
3 |
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Less: profit tax |
1 |
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Profits |
2 |
Important Ratios (as of Dec. 31, 2005)
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*Current ratio 280
*Quick ratio 170
*Liabilities to
assets 0.004
*Net profit
margin (%) 1.43
*Return on total
assets (%) 0.70
*Inventory
/Turnover ×365 287 days
*Accounts
receivable/Turnover ×365 78 days
*Turnover/Total
assets 0.49
* Cost of goods
sold/Turnover 0.54
PROFITABILITY:
FAIR
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The turnover of SC appears fair in its line.
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SC’s net profit margin is acceptable.
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SC’s return on total assets is acceptable.
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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 a fairly good
level.
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SC’s quick ratio is maintained in a fairly good level.
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The inventory of SC is maintained in a large level.
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The accounts receivable of SC is maintained in an acceptable
level.
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SC has no short-term loan in 2005.
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SC’s turnover is in a fair level, comparing with the size of
its total assets.
LEVERAGE:
AVERAGE
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The debt ratio of SC is low.
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The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions. A credit line up to USD 2,000 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%)