MIRA
INFORM REPORT
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Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ZHENJIANG SAKI
ELECTRONICS Co., Ltd. |
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Registered Office : |
East of Zhennan Bridge, Nanmenwai, Zhenjiang, Jiangsu Province, 212143
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
18.09.1998 |
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Com. Reg. No.: |
321121000017621 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Simple Processing
and Sales of various Remote Controllers, Control Boards, Electronic Circuit
Boards, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 4,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
ZHENJIANG SAKI ELECTRONICS Co., Ltd.
EAST OF ZHENNAN BRIDGE, NANMENWAI,
ZHENJIANG, JIANGSU PROVINCE, 212143 PR CHINA.
TEL: 86 (0) 511-84526016 FAX: 86 (0) 511-84526000
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEPTEMBER 18, 1998
REGISTRATION NO. : 321121000017621
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 600,000
BUSINESS LINE : TRADING & SIMPLE PROCESSING
TURNOVER :
CNY 2,204,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 600,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 4,000 (PERIODICAL REVIEW)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly
stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.84924 = US$ 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: The given address was SC’s former address.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on September 18, 1998.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes manufacturing, processing and selling electric products
and plastic products; information consultant.
SC is mainly
engaged in simple processing and sales of various remote controllers, control
boards, electronic circuit boards, etc.
Ms. Jiang Yun has
been legal representative and chairman of SC since September 1998.
SC is known to have approx. 10 employees 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 Zhenjiang. Our checks
reveal that SC owns the premise, but SC’s accountant refused to release the
gross area.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with the local
Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiang Yun 50
Tan Yong 50
l
Legal representative and chairman:
Ms. Jiang Yun, about 45 years old. She is currently responsible for the
overall management of SC.
Working Experience(s):
From 1998 to present Working
in SC as chairman and legal representative.
l
General manager:
Mr. Tan Yong , born in 1958. He is currently responsible for the daily
management of SC.
Working Experience(s):
From 1998 to present Working
in SC as general manager.
SC is mainly
engaged in simple processing and sales of various remote controllers, control
boards, electronic circuit boards, etc.
Main Products:
Universal Remote Control, Universal & OEM Remote Contol, Super-thin &
OEM Remote Control, Open Remote Control, OEM Remote Control, Super-thin Remote
Control, etc.
SC sources its materials 100% from domestic
market. SC sells 100% of its products in domestic market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T and Credit of 30-60 days.
*Major Supplier:
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Changzhou Wujin Fangtian Plastic Electric Factory
*Major Customer:
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Foshan Dongjie
Electric (China) Co., Ltd
SC is jointly occupying the premise with Zhenjiang Saki Electronic Technologies Co., Ltd.
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’s suppliers
declined to make any comments.
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 Jiangsu Zhenjiang Huaguang Sub-branch
AC#00020693561012
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
220 |
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Inventory |
50 |
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Accounts
receivable |
810 |
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Advances to
suppliers |
0 |
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Other
receivables |
0 |
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Other current
assets |
0 |
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Current assets |
1,080 |
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Fixed assets net
value |
1,860 |
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Projects under
construction |
20 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
2,960 |
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============= |
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Short loans |
0 |
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Accounts payable |
1,190 |
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Advances from
customers |
0 |
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Accrued payroll |
0 |
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Welfare expenses
payable |
0 |
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Taxes payable |
-50 |
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Other payable |
1,220 |
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Other current
liabilities |
0 |
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Current
liabilities |
2,360 |
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Long term
liabilities |
0 |
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Total
liabilities |
2,360 |
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Equities |
600 |
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Total
liabilities & equities |
2,960 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
2,204 |
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Cost of goods sold |
1,992 |
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Taxes and additional of main operation |
10 |
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Sales expense |
16 |
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Management expense |
185 |
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Finance expense |
-2 |
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Profits |
2 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
0.46 |
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*Quick ratio |
0.44 |
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*Liabilities
to assets |
0.80 |
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*Net profit
margin (%) |
0.09 |
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*Return on
total assets (%) |
0.07 |
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*Inventory
/Turnover ×365 |
9 days |
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*Accounts
receivable/Turnover ×365 |
135 days |
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*Turnover/Total
assets |
0.74 |
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* Cost of
goods sold/Turnover |
0.90 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average 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 average, comparing with its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a poor level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC appears fairly large.
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SC has no short-term loan in 2007.
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SC’s turnover is in a fair 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 small-sized in its line with fairly stable financial conditions.
The large amount of accounts receivable & payable could be a threat to SC’s
financial condition. A credit line up to USD 4,000 would appear to be within
SC’s capacities upon a periodical
review basis.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.73 |
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UK Pound |
1 |
Rs.80.57 |
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Euro |
1 |
Rs.64.29 |
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%)