MIRA
INFORM REPORT
|
Report Date : |
28.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FOXCONN BEIJING TRADING CO., LTD. |
|
|
|
|
Registered Office : |
-- |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
-- |
|
|
|
|
Com. Reg. No.: |
-- |
|
|
|
|
Legal Form : |
-- |
|
|
|
|
Line of Business : |
-- |
RATING &
COMMENTS
|
MIRA’s Rating : |
NR |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
NR |
In view of the lack of information, we have no basis upon which to recommend
credit dealings |
No Rating |
|
Status : |
Undetermined |
|
|
|
|
Payment Behaviour : |
-- |
|
|
|
|
Litigation : |
-- |
name
FOXCONN BEIJING TRADING CO., LTD.
Narrative report
This refers to a type of report whose format is different from that of a standard report. Such type of report is provided when:
l
Information obtained is insufficient for compiling a standard report.
l
The enquired co has been out of business or its business address has
been untraceable.
It should be noted that the time and manpower spent on preparing such
type of report might be greater than those on a standard report. On many
occasions, the information in this type of report still indicates the current
status of the enquired co. and serves as a useful reference to assess its
credit standing.
We failed to find SC’s telephone number in Beijing.
From the annual report of Foxconn International Holding Co., Ltd.
(Listed on Hong Kong Stock Market with stock number: 2038), we know that SC was
registered in BRITISH VIRGIN ISLANDS — B.V.I on Aug. 8, 2002.
It is mainly engaged in selling mobile phones of its group.
Note: As the companies registered in B.V.I enjoy high confidentiality, their
registration and financial information do not open to the public, so we can’t
get SC’s registration and financial information.
We communicated with the receptionist of the following company, and the operator
said she has never heard of SC before.
Foxconn Precision Component (Beijing) Co., Ltd.
No. 18 Tongji Mid Road, Beijing Economic & Technology
Development Area, Beijing, 100176 Pr China
TEL: 86 (0) 10-67879988
FAX: 86 (0) 10-67879988
The lady refused to exchange the telephone to the managers.
Careful investigations were made with the local Administration for Industry and Commerce (AIC). However, no registration record of SC was found.
SC is registered as a legal entity at B.V.I, and information obtained is
insufficient for compiling a standard report.
The credit report of Foxconn Precision Component (Beijing) Co., Ltd is
attached , which is also one subsidiary of Foxconn International Holding Co.,
Ltd. registered in Beijing China.
Attached: credit report of Foxconn
Precision Component (Beijing) Co., Ltd
name & address
FOXCONN PRECISION COMPONENT (BEIJING) CO., LTD.
NO. 18 TONGJI MID ROAD, BEIJING ECONOMIC & TECHNOLOGY
DEVELOPMENT AREA, BEIJING, 100176 PR CHINA
TEL : 86 (0) 10-67879988
FAX : 86 (0)
10-67879988
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 13, 2001
REGISTRATION NO. :
015647
REGISTERED LEGAL FORM : WHOLLY
FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH : 7,500
REGISTERED CAPITAL : USD 38,800,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 7,485,630,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 2,283,380,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 5,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STRONG
OPERATIONAL TREND : UPWARD
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE : CNY 7.73=US$1 AS OF 2007-4-27
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
RMB - China Ren Min Bi Yuan
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 Mar. 13, 2001.
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 developing and
manufacturing new type instrument components, precision mode, computer, mobile
communication products and the related parts.
SC is mainly engaged in manufacturing and developing communication products and components.
Mr. Dai Fengshu has
been chairman of SC since 2001.
SC owns about 7,500 staff.
SC is currently operating at the above stated address, and
this address houses its operating office and factory in economic and technology
development zone of Beijing. Our checks reveal that SC owns the total premise
about 125,000 square meters.
http://www.foxconn.com. The design is professional and the
content is well organized. At present it is both in Chinese and English
versions.
No significant events or changes were found during our checks with local
Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of shareholding
Foxconn International Holdings Ltd. (Hong
Kong) 100
It was incorporated on Feb. 8, 2000 in
Cayman Islands. It is a Hong Kong listed company and the stock number is 2038.
Main shareholders:
Foxconn (Far East)Limited - 85.11%
Add: Room 25-27 6/F No. 24-48 Shengang
Center, No. 9 Shangshui Caiyuan Road, Hong Kong.
l
Chairman:
Mr. Dai Fengshu, in his 50’s with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman.
Also working in Foxconn International Holdings Ltd as CEO.
l
CEO:
Mr. Guo Taiming,
in his 50’s with university education. He is currently responsible for the
overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as CEO.
Also working in Honhai Precision Industry Co., Ltd as chairman.
SC is mainly engaged in manufacturing and developing communication
products and components.
SC’s products
mainly include: precision connector, precision cable, mobile phone and its
parts.
SC
sources its materials 60% from domestic market and 40% from Europe and American.
SC sells 60% of its products in domestic market and exports 40% to Europe and
American Countries.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
*Major Customers:
==============
Nokia
Motorola
Cisco
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 China
Financial Summary
===============
Unit: CNY’000
|
|
As of Dec. 31,
2004 |
As of Dec. 31,
2005 |
|
Accounts
receivable |
420,640 |
1,496,990 |
|
Inventory |
437,690 |
------- |
|
Current assets |
1,777,170 |
3,643,170 |
|
Fixed assets |
586,340 |
724,240 |
|
Long term
investment |
325,650 |
------- |
|
Total assets |
3,425,890 |
4,424,340 |
|
Current
liabilities |
1,821,690 |
2,140,960 |
|
Total
liabilities |
1,821,690 |
2,140,960 |
|
Equities |
1,604,200 |
2,283,380 |
|
Total
liabilities & equities |
3,425,890 |
4,424,340 |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2004 |
As of Dec. 31,
2005 |
|
Turnover |
3,192,390 |
7,485,630 |
|
Cost of goods
sold |
2,774,260 |
6,446,180 |
|
Sales expense |
2,520 |
3,780 |
|
Management expense |
29,600 |
47,510 |
|
Finance expense |
8,490 |
-19,120 |
|
Profit before
tax |
328,650 |
1,046,090 |
|
Less: profit tax |
0 |
0 |
|
Profits |
328,650 |
1,046,090 |
Important Ratios
=============
|
|
As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
|
*Current
ratio |
0.98 |
1.70 |
|
*Quick
ratio |
0.74 |
/ |
|
*Liabilities
to assets |
0.53 |
0.48 |
|
*Net
profit margin (%) |
10.29 |
13.97 |
|
*Return
on total assets (%) |
9.59 |
23.64 |
|
*Fixed
assets/Total assets |
0.16 |
0.16 |
|
*Inventory
/Turnover ×365 |
50days |
/ |
|
*Accounts
receivable/Turnover ×365 |
48days |
73days |
|
*Turnover/Total
assets |
0.93 |
1.69 |
|
* Cost of
goods sold/Turnover |
0.87 |
0.86 |
PROFITABILITY: FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
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
l
The current ratio of SC is maintained in a fairly good level.
l
The accounts receivable of SC appears fairly large in 2004.
l
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial condition of the SC: Strong.
Over the past 5 years, SC has made a stable growth with satisfactory profit.
A credit line of USD 5,000,000 would appear to be within SC’s capacities.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)