%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ACCURPRESS (SUZHOU) MACHINERY Co., Ltd. |
|
|
|
|
Registered Office : |
no. 87 Xinbei West
Road, Shaxi Town, Taicang, Suzhou,
Jiangsu Province, 215400 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
23.07.2003 |
|
|
|
|
Com. Reg. No.: |
320585400007088 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
Researching,
Developing, Manufacturing and Selling Numerical Control Machine Tools, etc. |
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 300,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
ACCURPRESS (SUZHOU) MACHINERY Co., Ltd.
NO. 87 XINBEI WEST
ROAD, SHAXI TOWN, TAICANG,
SUZHOU, JIANGSU
PROVINCE, 215400 PR CHINA.
TEL: 86 (0)
512-53221098/53223930 FAX: 86 (0)
512-53221099
EXECUTIVE SUMMARY
INCORPORATION DATE : JULY 23, 2003
REGISTRATION NO. : 320585400007088
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED
enterprise
STAFF STRENGTH :
100
REGISTERED CAPITAL : USD 5,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 48,980,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 27,400,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 300,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.8844 = 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
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image003.gif){kind=small}
Note: SC’s correct company name should be Accurpress (Suzhou) Machinery Co., Ltd.
instead of the given name.
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 July 23, 2003.
Company Status: Wholly foreign-owned enterprise (外商独资企业)
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 researching, developing and manufacturing above
nine-axe simultaneous numerical control machine tools (shearing machine tools,
bending machine tools, cutting tools, etc) and related products; selling
self-made products and supplying sales services.
SC is mainly
engaged in researching, developing, manufacturing and selling numerical control
machine tools, etc.
Mr. Tim Hilton has
been legal representative and chairman of SC since 2003.
SC is known to have approx. 100 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 Suzhou. Our checks reveal that SC
rents the total premise, but SC’s accountant refused to release the gross area.
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image004.gif){kind=small}
SC is not known to host website of its own at present.
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image005.gif){kind=small}
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image006.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
Canada Jilumu Corporation (in Chinese
Pinyin) 100
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image007.gif){kind=small}
l
Legal representative and chairman:
Mr. Tim Hilton, Canadian. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2003 to present Working
in SC as chairman and legal representative.
l
Vice chairman and general manager:
Mr. Zhou Xingfa, Chinese Canadian, born in 1964. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2003 to present Working
in SC as vice chairman and general manager.
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image008.gif){kind=small}
SC is mainly
engaged in researching, developing, manufacturing and selling numerical control
machine tools, etc.
Main Products:
hearing machine tool, bending machine tool, cutting tool, etc
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 60% of its products in domestic
market, and 40% to overseas market, mainly Canadian and Indian market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Supplier:
============
Wuxi Oriental Machinery Factory
*Major Customer:
=============
Baoshan Iron &
Steel Co., Ltd.
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image009.gif){kind=small}
SC is
not known to have any subsidiary at present.
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image010.gif){kind=small}
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.
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image011.gif){kind=small}
Bank of China Taicang Sub-branch Taoyuan Office
AC#26205608091001
Relationship:
Normal.
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image012.gif){kind=small}
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
|
Cash & bank |
7,440 |
|
Inventory |
14,300 |
|
Accounts
receivable |
8,710 |
|
Advances to
suppliers |
640 |
|
Other
receivables |
740 |
|
Prepaid expenses |
30 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
31,860 |
|
Fixed assets net
value |
3,120 |
|
Projects under
construction |
2,910 |
|
Long term
investment |
0 |
|
Intangible
assets |
2,000 |
|
Long-term
deferred expenses |
230 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
40,120 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
6,210 |
|
Advances from
customers |
5,370 |
|
Accrued payroll |
0 |
|
Welfare expenses
payable |
0 |
|
Taxes payable |
490 |
|
Other payable |
650 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current liabilities |
12,720 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
12,720 |
|
Equities |
27,400 |
|
|
------------------ |
|
Total
liabilities & equities |
40,120 |
|
|
============= |
Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
|
Turnover |
48,980 |
|
Cost of goods sold |
27,720 |
|
Income from
other operations |
30 |
|
Sales expense |
4,810 |
|
Management expense |
2,990 |
|
Finance expense |
240 |
|
Subsidy income |
4,500 |
|
Non-operating
income |
10 |
|
Non-operating expense |
60 |
|
Profit before
tax |
17,690 |
|
Less: profit tax |
0 |
|
Profits |
17,690 |
Important Ratios
=============
|
|
as
of Dec. 31, 2007 |
|
*Current ratio |
2.50 |
|
*Quick ratio |
1.38 |
|
*Liabilities
to assets |
0.32 |
|
*Net profit
margin (%) |
36.12 |
|
*Return on
total assets (%) |
44.09 |
|
*Inventory
/Turnover ×365 |
107 days |
|
*Accounts
receivable/Turnover ×365 |
65 days |
|
*Turnover/Total
assets |
1.22 |
|
* Cost of goods
sold/Turnover |
0.57 |
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image013.gif){kind=small}
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is good.
l
SC’s return on total assets is good.
l
SC’s cost of goods sold is low, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly good level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears average.
l
SC has no short-term loan in 2007.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
%20MACHINERY%20CO%20,%20LTD%20%20-66735%2003-Dec-2008_files/image014.gif){kind=small}
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial condition.
A credit line up to USD 300,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
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%)