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MIRA
INFORM REPORT
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Report Date : |
01.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
vishay passives (shanghai) co., ltd. |
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Registered Office : |
No.251 Jinyu Road, Jinqiao Export
Processing Zone, Shanghai,
201206 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.12.1994 |
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Com. Reg. No.: |
301604 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing and Selling Capacitance and Electronic Components. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
|
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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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
vishay passives (shanghai) co., ltd.
no.251 jinyu road,
jinqiao export processing zone,
shanghai, 201206 PR
CHINA
TEL: 86 (0)
21-58548877 FAX: 86 (0) 21-58548610
EXECUTIVE SUMMARY
INCORPORATION DATE : december 1, 1994
REGISTRATION NO. : 301604
REGISTERED LEGAL FORM : Wholly foreign-owned
enterprise
STAFF STRENGTH :
500
REGISTERED CAPITAL : usd 14,949,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 151,950,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY -550,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY6.86 = USD1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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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 December 1, 1994.
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 capacitance, electronic components,
selling its owned products.
SC is mainly
engaged in manufacturing and selling capacitance and electronic components.
Mr. Tan Cheng Poh
has been chairman of SC since 1994.
SC is known to
have approx. 500 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 Shanghai. Our checks reveal that
SC owns the total premise about 11,000 square meters.
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SC is not known to host web site of its own at present.
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No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
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MAIN SHAREHOLDERS:
Name %
of Shareholding
HK VALEN LIMITED 100
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l
Chairman:
Mr. Tan Cheng Poh (Singaporean), about 50 years old with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1994 to present Working
in SC as chairman.
l
General Manager:
Mr. Qiu Ruili, about 50 years old with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 1994 to present
Working in SC as general
manager.
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SC is mainly
engaged in manufacturing and selling capacitance and electronic components.
SC’s products
mainly include: resistance, capacitance, inductance, and diode.
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 5% of its products in domestic market, and 95%
to overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
==============
HK VALEN LIMITED
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SC is
not known to have any subsidiary at present.
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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.
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Shanghai Pudong Development Bank Jinqiao Sub-branch
AC#31401443588
Relationship:
Normal.
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Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2006 |
as
of Dec. 31, 2007 |
|
Cash & bank |
5,450 |
5,240 |
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Inventory |
22,410 |
17,190 |
|
Accounts
receivable |
19,540 |
37,920 |
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Other Accounts receivable |
390 |
550 |
|
To be
apportioned expense |
0 |
0 |
|
Other current
assets |
780 |
1,520 |
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|
------------------ |
------------------ |
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Current assets |
48,570 |
62,420 |
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Fixed assets net
value |
61,030 |
51,760 |
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Projects under
construction |
520 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
920 |
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------------------ |
------------------ |
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Total assets |
110,120 |
115,100 |
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============= |
============= |
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Short loans |
93,720 |
94,960 |
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Accounts payable |
15,730 |
11,180 |
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Other Accounts
payable |
8,390 |
9,430 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
-1,890 |
90 |
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------------------ |
------------------ |
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Current
liabilities |
115,950 |
115,660 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
-10 |
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------------------ |
------------------ |
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Total
liabilities |
115,950 |
115,650 |
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Equities |
-5,830 |
-550 |
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------------------ |
------------------ |
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Total
liabilities & equities |
110,120 |
115,100 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
|
Turnover |
149,420 |
151,950 |
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Cost of goods
sold |
139,600 |
129,200 |
|
Sales expense |
12,310 |
10,850 |
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Management expense |
6,170 |
7,200 |
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Finance expense |
460 |
120 |
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Profit before
tax |
-8,590 |
5,280 |
|
Less: profit tax |
0 |
0 |
|
Profits |
-8,590 |
5,280 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
|
*Current ratio |
0.42 |
0.54 |
|
*Quick ratio |
0.23 |
0.39 |
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*Liabilities
to assets |
1.05 |
1.00 |
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*Net profit
margin (%) |
-5.75 |
3.47 |
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*Return on
total assets (%) |
-7.80 |
4.59 |
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*Inventory
/Turnover ×365 |
55 days |
41 days |
|
*Accounts
receivable/Turnover ×365 |
48 days |
91 days |
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*Turnover/Total
assets |
1.36 |
1.32 |
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* Cost of
goods sold/Turnover |
0.93 |
0.85 |
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PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good, and it increased in 2007.
l
SC’s net profit margin is fair in 2006 and average in 2007.
l
SC’s net profit margin is fair in 2006 and average in 2007.
l
SC’s cost of goods sold is average in 2007, comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC appears fairly large.
l
The short-term loan of SC appears large.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: POOR
l
The debt ratio of SC is too high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
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SC is considered medium-sized in its line with fair financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition. Credit should be extended under guarantee, and COD is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.09 |
|
UK Pound |
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.63.48 |
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 |
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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%)