MIRA
INFORM REPORT
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Report Date : |
24.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PHILIPS & YAMING LIGHTING CO., LTD. |
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Registered Office : |
No. 66 Liaoyang
Road, Yangpu District, Shanghai, 200082 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
april 22, 1998 |
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Com. Reg. No.: |
004970 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Manufacturing and selling lighting products and parts. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To usd 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
PHILIPS & YAMING LIGHTING CO., LTD.
no. 66 liaoyang road, yangpu district,
shanghai, 200082 PR CHINA
TEL :
86 (0) 21-65451341
FAX :
86 (0) 21-65415905
EXECUTIVE SUMMARY
INCORPORATION DATE : april 22, 1998
REGISTRATION NO. : 004970
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture enterprise
CHIEF EXECUTIVE :
MR. YANG ZONGZHI
(CHAIRMAN)
STAFF STRENGTH :
1,303
REGISTERED CAPITAL : usd 32,090,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 823,540,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 324,147,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : AVERAGE
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY7.74 = US$1 AS OF 2007-3-9
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 Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on April 22, 1998.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The joint venture
usually have a limited duration of 10 to 50 years. Enterprise with large
investment, long construction periods, low investment returns, introducing
of advanced technology & advanced technology products which have good
competition position in international market may extend beyond the 50 years
limit.
SC’s registered
business scope includes manufacturing and selling lighting products and parts,
lighting production equipment.
SC is mainly
engaged in manufacturing and selling lighting products and parts.
Mr. Yang Zongzhi
has been chairman of SC since 1998.
SC owns about 1,303 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 owns the total premise about 50,000 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
Philips Electronics (China) Co., Ltd. 60.00
Shanghai Yaming Lighting Co., Ltd. 32.26
Shanghai Instrument Electron Holding Group
Corporation 7.74
l
Chairman and
General Manager:
Mr. Yang Zongzhi, 68 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
Before 1998 Working
in Shanghai Instrument Electron Holding Group Corporation as vice
CEO.
From 1998 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in manufacturing and selling lighting products and parts.
Brand: PHILIPS.
SC’s products
mainly include: energy-saving lamp, fluorescent lamp, and incandescent lamp.
SC sources its materials 70% from domestic
market, and 30% from overseas market, mainly Europe. SC sells 100% of its
products in domestic market.
The buying terms of SC include T/T, L/C and Credit of 30 days. The
payment terms of SC include T/T and Credit of 30 days.
*Major Customers:
==============
Shanghai Yayuan Lighting Appliance Co., Ltd.
Shanghai Jinyue Electronic Equipment 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.
Industrial and Commercial Bank of China Shanghai Branch
AC#：1001246919006960903
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Accounts
receivable |
70,272 |
160,968 |
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Current assets |
225,290 |
232,308 |
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Fixed assets |
299,177 |
260,329 |
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Total assets |
531,360 |
570,944 |
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Total
liabilities |
211,610 |
246,797 |
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Equities |
319,750 |
324,147 |
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Total
liabilities & equities |
531,360 |
570,944 |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Turnover |
598,592 |
823,540 |
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Cost of goods
sold |
478,995 |
680,444 |
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Sales expense |
11,042 |
25,432 |
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Management expense |
72,673 |
71,846 |
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Finance expense |
695 |
533 |
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Profit before
tax |
39,562 |
40,752 |
Important Ratios
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As
of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
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*Current ratio |
/ |
/ |
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*Quick ratio |
/ |
/ |
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*Liabilities
to assets |
0.40 |
0.43 |
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*Net profit
margin (%) |
/ |
/ |
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*Return on total
assets (%) |
/ |
/ |
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*Inventory
/Turnover ×365 |
/ |
/ |
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*Accounts
receivable/Turnover ×365 |
43 |
71 |
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*Turnover/Total
assets |
1.13 |
1.44 |
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* Cost of
goods sold/Turnover |
0.80 |
0.83 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line，and it
increased a lot in 2005.
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SC’s profit before tax appears average in 2004 and 2005.
l
SC’s cost of goods sold remains in an average level, comparing with its
turnover.
LIQUIDITY: AVERAGE
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The accounts receivable of SC is maintained in an acceptable level.
l
SC’s turnover is in an acceptable level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
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The debt ratio of SC is fairly low.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD 1,000,000
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%)