MIRA
INFORM REPORT
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Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
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Name : |
vigorhood
photoelectric shenzhen co., ltd. |
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Registered Office : |
F Building, A
Zone, Hongfa Technical Industrial Park Tang Tou Village, Shiyan Town, Bao’an
District, Shenzhen City Guangdong Province 518108 Pr |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
March 17, 2004 |
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Com. Reg. No.: |
316847 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Manufacturing digital cameras. |
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 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
vigorhood
photoelectric shenzhen co., ltd.
f building, a zone,
TEL :
86 (0) 755-61286945
FAX :
86 (0) 755-27637332
EXECUTIVE SUMMARY
INCORPORATION DATE : march 17, 2004
REGISTRATION NO. : 316847
REGISTERED LEGAL FORM : wholly foreign-owned
STAFF STRENGTH :
380
REGISTERED CAPITAL : cny 30,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
cny189,760,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 43,500,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 7.65 = US$1 AS OF 2007-05-25
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on March 17, 2004.
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 digital cameras, digital
video cameras, MP3, scanners, and relevant equipment; selling its homegrown
products; increased to: manufacturing shredders, laminators, slitters, and
electric stapling-machines.
SC is mainly
engaged in manufacturing digital cameras.
Mr.
Zeng Guoming has been chairman of SC since 2004.
SC
owns about 380 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 Shenzhen. Our
checks reveal that SC rents the total premise about 10,000 square meters.
http://www.vigorhood.com.cn The
design is professional and the content is well organized. At present the web
site is only in English version.
E-mail: ronaldlee@vigorhood.com.cn
On December 13, 2005, SC remanufactured from Chinese-foreign equity joint venture enterprise to wholly
foreign-owned enterprise. At the same time, SC changed its shareholding
structure, and the former was:
Name % of Shareholding
IVY BUSHES HOLDINGS LIMITED 50
SHENZHEN VIGORHOOD ELECTRONICS
MAIN SHAREHOLDERS:
Name % of
Shareholding
TRACKER SHINE LIMITED B.V.I 100
l
Chairman and
General Manager:
Mr. Zeng Guoming, in his 40’s with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working in SC
as chairman and general manager.
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Vice-chairman:
Mr. Lu Yanning, in his 40’s with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 2004 to present Working in SC as vice-chairman.
SC is mainly
engaged in manufacturing digital cameras.
SC’s products mainly include: various of
digital cameras.
SC sources its materials 40% from
overseas markets, mainly
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 15-30 days.
*Major Supplier:
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SYSRiCH Technology Corporation (
*Major Customer:
==============
AOSPA LIMITED (TAIWAN 
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.
Merchants Bank of
AC#：N/A
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
16,830 |
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Inventory |
14,880 |
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Accounts
receivable |
17,960 |
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Other Accounts
receivable |
12,240 |
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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 |
2,240 |
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Current assets |
64,150 |
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Fixed assets |
4,520 |
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Long term
investment |
0 |
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Other assets |
80 |
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Total assets |
68,750 |
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Short loans |
0 |
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Accounts payable |
25,300 |
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Accounts receivable
in advance |
0 |
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Other Accounts
payable |
160 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
-210 |
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Current
liabilities |
25,250 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
25,250 |
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Equities |
43,500 |
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Total
liabilities & equities |
68,750 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
189,760 |
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Cost of goods
sold |
163,650 |
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Sales expense |
2,740 |
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Management expense |
7,440 |
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Finance expense |
1,220 |
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Non-operating
expense |
520 |
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Profit before
tax |
14,190 |
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Less: profit tax |
0 |
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Profits |
14,190 |
Important Ratios
(as of Dec. 31, 2006)
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*Current ratio 2.54
*Quick ratio 1.95
*Liabilities to assets 0.37
*Net profit margin (%) 7.48
*Return on total assets (%) 20.64
*Inventory /Turnover ×365 29
days
*Accounts receivable/Turnover ×365 35
days
*Turnover/Total assets 2.76
*Cost of goods sold/Turnover 0.86
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 high,
comparing with its turnover.
LIQUIDITY: FAIRLY GOOD
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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
slightly large level.
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The accounts receivable of SC is maintained in a normal level.
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SC has no short-term loan in 2006.
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SC’s turnover is in a fairly good
level, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
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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:
Fairly good.
SC is considered
medium-sized in its line with fairly good financial conditions. A credit line
up to USD 500,000 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%)