MIRA
INFORM REPORT
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Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
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Name : |
panyu tsai yi
machinery industrial co., ltd. |
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Registered Office : |
Mixed Development
Zone, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Nov. 17, 1993 |
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Com. Reg. No.: |
300475 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Manufacturing printing machines. |
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 80,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
panyu tsai yi
machinery industrial co., ltd.
mixed development zone,
panyu district,
TEL :
86 (0) 20-34731520
FAX :
86 (0) 20-34731573
EXECUTIVE SUMMARY
INCORPORATION DATE : nov. 17, 1993
REGISTRATION NO. : 300475
REGISTERED LEGAL FORM : wholly foreign-owned
STAFF STRENGTH :
350
REGISTERED CAPITAL : USD 700,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 76,230,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 10,930,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 7.50 = US$1
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 Nov. 17, 1993.
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 investor 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 manufacturing and selling its printing
products, post-printing processing equipment, and paper manufacturing machines.
SC is
mainly engaged in manufacturing printing machines.
Mr. Li
Shihao has been chairman of SC since 1993.
SC is known to have approx. 350 staff members at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the development zone of
Guangzhou. Our checks reveal that SC rents the total premise about 20,000
square meters.
http://www.tsaiyi.com The design is
professional and the content is well organized. At present it is only in
Chinese version.
E-mail: tsaiyi@tsaiyi.com
Until December 31, 2006, SC’s paid-up capital was CNY5,940,000.
In 2000, SC passed ISO 9002 International Certificate, and in 2004, it achieved
ISO 9001:2000 International Certificate and passed CE Authentication.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Taiwan Tsai Yi Machinery
Industrial Ltd. 100
l
Chairman:
Mr. Li Shihao, in his
Working Experience(s):
At present Working in SC as chairman.
l
General Manager:
Ms. Cao Guichan, in her
Working Experience(s):
At present Working in SC as general manager.
SC is mainly engaged
in manufacturing printing machines.
SC’s
products mainly include:
High Speed UV Spot and Overall Coating Machine
Automatic UV Spot and Overall Coating Machine
Automatic UV Roller (Overall) Coating Machine
Automatic Flexo Printer Slotter (Two, Three, Four Color)
Automatic Flexo Printer Slotter & Automatic Sheet
Stacker
Automatic Flexo Printer Slotter & In Line Folder Gluer
Automatic OPP Film Laminating Machine For Water Base
Automatic OPP Film Laminating Machine For Solvent Base
Automatic OPP Film Laminating Machine For Solvent Base And
Water Base
Automatic Flute Laminating Machine
Automatic Varnishing Machine
Automatic Calendering Machine
Automatic Rotary Die Cutter
Automatic Slitting Machine
SC sources its materials 80% from
domestic market, 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, and Credit of 15-30 days.
*Major Supplier:
==============
Guangzhou Iron & Steel
Enterprises Holdings Ltd.
*Major Customer:
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Suzhou Yunhe Plastic Products 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.
Guangdong Development Bank
Chenchong Office
AC#：128009515010000141
Relationship:
Balance Sheet (as
of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
2,160 |
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Inventory |
4,280 |
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Accounts
receivable |
16,610 |
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Bills receivable |
3,420 |
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Other Accounts
receivable |
19,210 |
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Advances to
suppliers |
7,360 |
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To be
apportioned expense |
0 |
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Other current
assets |
30 |
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Current assets |
53,070 |
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Fixed assets |
5,450 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
58,520 |
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Short loans |
0 |
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Accounts payable |
9,160 |
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Advance from
clients |
38,000 |
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Taxes payable |
250 |
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Other Accounts
payable |
100 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
80 |
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Current
liabilities |
47,590 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
47,590 |
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Equities |
10,930 |
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Total
liabilities & equities |
58,520 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
76,230 |
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Cost of goods
sold |
67,430 |
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Sales expense |
3,800 |
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Management expense |
3,410 |
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Finance expense |
320 |
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Profit before
tax |
1,550 |
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Less: profit tax |
430 |
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Profits |
1,120 |
Important Ratios (as
of Dec. 31, 2006)
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*Current ratio 1.12
*Quick ratio 1.03
*Liabilities to assets 0.81
*Net profit margin (%) 1.47
*Return on total assets (%) 1.91
*Inventory /Turnover ×365 20
days
*Accounts receivable/Turnover ×365 80
days
*Turnover/Total assets 1.30
* Cost of goods sold/Turnover 0.88
PROFITABILITY: AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
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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 an average 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 a
fairly large level.
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SC has no short-term loan in 2006.
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SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC is considered
medium-sized in its line with fairly stable financial conditions. A credit line
up to USD 80,000 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. |
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%)