MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
intec tianjin co., ltd. |
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Registered Office : |
No. 66 9th
Street, Economic & Technology Development Zone, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
May 31, 2001 |
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Com. Reg. No.: |
013858 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Manufacturing and
selling precision electric components and automobile essential spare parts. |
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 USD200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
intec tianjin co., ltd.
no.66
9th street, economic & technology development zone,
TEL : 86 (0) 22-66299798
FAX : 86 (0) 22-25322948
EXECUTIVE SUMMARY
INCORPORATION DATE : may 31, 2001
REGISTRATION NO. : 013858
REGISTERED LEGAL FORM : Wholly foreign-owned
STAFF STRENGTH :
160
REGISTERED CAPITAL : usd 1,001,500
BUSINESS LINE :
manufacturing
TURNOVER :
RMB 51,458,000 (AS OF DEC. 31, 2005)
EQUITIES :
RMB 19,847,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
RMB7.72= US$1 AS OF 2007-05-08
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
RMB -
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 May 31, 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
scopes include manufacturing and selling precision electric component,
automobile essential spare parts.
SC is mainly
engaged in manufacturing and selling precision electric components and
automobile essential spare parts.
Mr. Su Qingfu has
been chairman of SC since 2001.
SC owns about 160
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 Tianjin. Our checks
reveal that SC rents the total premise about 5,000 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
Singapore Intec Pte Ltd. 100
l
Chairman:
Mr. Su Qingfu, about 45 years old 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.
l
General Manager:
Mr. Dddie Sim (American), about 40 years old with university education.
He is currently responsible for the daily management of SC.
Working Experience(s):
From 2003 to present Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling precision electric components and
automobile essential spare parts.
SC sources its
materials 80% from domestic market, and 20% from international market. SC sells
50% of its products in domestic market, and 50% to international market, mainly
to
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
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
Account No.: N/A
Balance Sheet (as
of Dec. 31, 2005)
Unit: RMB’000
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Cash & bank |
3,140 |
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Inventory |
5,535 |
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Accounts
receivable |
5,764 |
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Other Accounts
receivable |
199 |
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To be
apportioned expense |
14 |
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Other current
assets |
248 |
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------------------ |
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Current assets |
14,900 |
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Fixed assets |
15,089 |
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Fixed assets net
value |
10,480 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
961 |
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Total assets |
26,341 |
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Short loans |
0 |
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Accounts payable |
5,084 |
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Other Accounts
payable |
193 |
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Withdraw the
expenses in advance |
328 |
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Other current
liabilities |
889 |
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Current
liabilities |
6,494 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
6,494 |
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Equities |
19,847 |
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Total
liabilities & equities |
26,341 |
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Income Statement (as
of Dec. 31, 2005)
Unit: RMB’000
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Turnover |
51,458 |
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Cost of goods
sold |
44,689 |
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Sales expense |
269 |
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Management expense |
2,809 |
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Finance expense |
-21 |
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Profit before
tax |
3,988 |
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Less: profit tax |
276 |
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Profits |
3,712 |
Important Ratios (as of Dec. 31, 2005)
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*Current ratio 2.29
*Quick ratio 1.44
*Liabilities to
assets 0.25
*Net profit
margin (%) 7.21
*Return on total
assets (%) 14.09
*Inventory /Turnover
×365 39 days
*Accounts
receivable/Turnover ×365 41 days
*Turnover/Total
assets 1.95
* Cost of goods
sold/Turnover 0.87
PROFITABILITY:
FAIRLY GOOD
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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 good.
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SC’s return on total assets is fairly good.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIRLY
GOOD
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The current ratio of SC is maintained in a normal
level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in an average
level.
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The accounts receivable of SC is maintained in an
acceptable level.
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SC has not short-term loan in 2005.
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SC’s turnover is in an acceptable level, comparing
with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
Over the past 5 years, SC has made a stable growth with satisfactory
profit. A credit line up to USD200,000 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%)