MIRA
INFORM REPORT
|
Report Date : |
01.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
suzhou meiki electronics ind. co., ltd. |
|
|
|
|
Registered Office : |
No. 431, Xiangjiang Road, Fengqiao Industrial Park, High & New Zone
Suzhou City, Jiangsu Province 215129 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
15.01. 2001 |
|
|
|
|
Com. Reg. No.: |
320500400008125 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
Manufacturing and Selling
Electronic Components. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 80,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
suzhou meiki electronics ind. co., ltd.
no. 431, xiangjiang
road, fengqiao industrial park, high & new zone suzhou city, jiangsu
province 215129 pr china
TEL: 86 (0)
512-66613698 FAX: 86 (0)
512-66610818
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 15, 2001
REGISTRATION NO. :
320500400008125
REGISTERED LEGAL FORM : wholly foreign-owned enterprise
STAFF STRENGTH :
80
REGISTERED CAPITAL : USD 800,000
BUSINESS LINE :
MANUFACTURING
TURNOVER : CNY 15,620,000 (AS OF DEC. 31,
2007)
EQUITIES :
CNY 11,510,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 80,000
MARKET CONDITION : average
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.83 =USD 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
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 Jan.
15, 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 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 chip components, new types of
electromechanical components, injection parts, other electronic parts, and
non-metal moulds.
SC is mainly
engaged in manufacturing and selling electronic components.
Mr. Xu Chengliang
has been chairman of SC since 2001.
SC is known
to have approx. 80 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the high and new zone of Suzhou. 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.
Till December 31, 2007, SC’s paid-up capital reached CNY 6,600,000.
SC’s aggregate investment was USD 1,120,000.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Xu Chengliang (Malaysian) 40
Liang Yixiong (Singaporean) 30
Zhang Runming (Malaysian) 30
l
Chairman:
Mr. Xu Chengliang, Malaysian, 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. Liang Yixiong, Singaporean, with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2001 to present Working in SC as general
manager.
l
Deputy General Manager:
Mr. Zhang Runming, Malaysian, with
university education. He is currently responsible for the daily management of
SC.
Working Experience(s):
From 2001 to present Working in SC as deputy
general manager.
SC is mainly
engaged in manufacturing and selling electronic components.
SC’s products mainly include: chip components, new
types of electromechanical components, injection parts, etc.
SC sources its
materials 60% from domestic market, mainly Jiangsu, and 40% from overseas market.
SC sells 95% in domestic market, mainly Jiangsu and Shanghai, and 5% to
overseas market, mainly Southeast Asia, Europe, and America.
The buying terms of SC include T/T, Check, L/C, and Credit of 30-60
days. The payment terms of SC include T/T, Check, L/C, and Credit of 30-60
days.
*Major Supplier:
==============
Xinhuamei Company
*Major Customer:
==============
Philips 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’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 China
AC#08927908091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
|
Cash & bank |
3,540 |
1,480 |
|
Inventory |
810 |
2,470 |
|
Accounts
receivable |
4,540 |
5,610 |
|
Other Accounts
receivable |
70 |
440 |
|
Advances to
suppliers |
0 |
0 |
|
To be
apportioned expense |
0 |
0 |
|
Other current
assets |
1,440 |
640 |
|
|
------------------ |
------------------ |
|
Current assets |
10,400 |
10,640 |
|
Fixed assets net
value |
6,230 |
5,840 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Other assets |
1,520 |
1,080 |
|
|
------------------ |
------------------ |
|
Total assets |
18,150 |
17,560 |
|
|
============= |
============= |
|
Short loans |
1,950 |
1,830 |
|
Accounts payable |
3,180 |
3,330 |
|
Other Accounts
payable |
430 |
480 |
|
Advances from
clients |
0 |
0 |
|
Withdraw the
expenses in advance |
0 |
0 |
|
Other current
liabilities |
1,530 |
410 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
7,090 |
6,050 |
|
Long term
liabilities |
0 |
0 |
|
Other liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
7,090 |
6,050 |
|
Equities |
11,060 |
11,510 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
18,150 |
17,560 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2007 |
|
Turnover |
15,620 |
|
Cost of goods
sold |
11,940 |
|
Sales expense |
0 |
|
Management expense |
3,260 |
|
Finance expense |
60 |
|
Profit before
tax |
680 |
|
Less: profit tax |
230 |
|
Profits |
450 |
Important
Ratios
=============
|
|
2006 |
2007 |
|
*Current ratio |
1.47 |
1.76 |
|
*Quick ratio |
1.35 |
1.35 |
|
*Liabilities
to assets |
0.39 |
0.34 |
|
*Net profit
margin (%) |
/ |
2.88 |
|
*Return on
total assets (%) |
/ |
2.56 |
|
*Inventory
/Turnover ×365 |
/ |
58days |
|
*Accounts
receivable/Turnover ×365 |
/ |
131days |
|
*Turnover/Total
assets |
/ |
0.89 |
|
* Cost of
goods sold/Turnover |
/ |
0.76 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in 2007.
l
SC’s net profit margin is average in 2007.
l
SC’s return on total assets is average in 2007.
l
SC’s cost of goods sold is average in 2007, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level in 2006 and
2007.
l
SC’s quick ratio is maintained in a normal level in 2006 and 2007.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large.
l
The short-term loan of SC is maintained in an average level in both 2
years.
l
SC’s turnover is in an average level in 2007, comparing with the size of
its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low in both 2 years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial conditions.
A credit line at the above amount appears to be beyond SC’s capacities, while a
credit line up to USD 80,000 is recommended.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.84 |
|
UK Pound |
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
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. |
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%)