MIRA
INFORM REPORT
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Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI TIMES SEIKO TECHNOLOGY CO., LTD. |
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Registered Office : |
Room 2201, Block B, Tangchen Centre, No. 188, Zhangyang Road, Pudong New
District, Shanghai 200120 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
24.01.2003 |
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Com. Reg. No.: |
310227000889993 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Processing with Cutting
Tools, Clips, Auxiliary Tools and Related Equipment. |
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 50,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHANGHAI TIMES SEIKO TECHNOLOGY CO., LTD.
ROOM 2201, BLOCK B,
TANGCHEN CENTRE, NO. 188, ZHANGYANG ROAD, PUDONG NEW DISTRICT, SHANGHAI 200120
pr china
TEL: 86 (0) 21-61021090
FAX: 86 (0) 21-38870739
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 24, 2003
REGISTRATION NO. :
310227000889993
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
20
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 22,790,000 (AS OF DEC. 31,
2007)
EQUITIES :
CNY 4,783,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 50,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.88531 =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 limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jan. 24, 2003.
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. 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. other shareholders and to
subscribe for the newly increased registered capital of the co.
SC’s registered business scope includes four technology services in
machinery technological field; landscaping service; importing and exporting
commodities and technologies; wholesaling and retailing mechanical &
electrical equipment and accessories, hardware tools, measuring tools, clips, building and decorating materials,
pressing products, daily necessaries,
steel, instruments, computers and accessories, elevators and electronic
components. (with permit if needed)
SC is mainly
engaged in processing with cutting tools, clips, auxiliary
tools and related equipment.
Mr. Wang Zhibin is
chairman of SC at present.
SC is known
to have approx. 20 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise, but SC’s accountant refused to release the gross area.
http://shtxjg.cut35.com The design is professional and the content
is well organized. At present it is in Chinese version.
Changes of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
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2007-7-17 |
Main Shareholders |
Wang Zhibin 28% Fei Li 24% Li Guofang 24% Wu Yuyan 24% |
Present ones |
MAIN SHAREHOLDERS:
Name
% of Shareholding
Wang Zhibin 36
Fei Li 28
Li Guofang 28
Wu Yuyan 8
l
Legal representative and Chairman:
Mr. Wang Zhibin, ID # 110108197007198990, born in 1970, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as Legal
representative and chairman.
SC is mainly
engaged in processing with cutting tools, clips, auxiliary
tools and related equipment.
SC’s products mainly include: cutting tools, clips,
auxiliary tools, and measuring tools, etc.
SC sources its
materials 90% from domestic market and 10% from the overseas market. SC sells
70% in domestic market and 30% to overseas market.
The buying terms of SC include L/C, T/T, Check, and Credit of 30-60
days. The payment terms of SC include T/T, Check, L/C, and Credit of 30-60
days.
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.
China Merchants Bank Zhangyang Sub-branch
AC#
096974-10803252001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
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Cash & bank |
1,412 |
1,181 |
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Inventory |
0 |
0 |
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Accounts
receivable |
10,697 |
9,939 |
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Other Accounts receivable |
0 |
0 |
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Advances to
suppliers |
0 |
0 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
12,109 |
11,120 |
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Fixed assets |
45 |
40 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
12,154 |
11,160 |
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=========== |
=========== |
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Short loans |
0 |
0 |
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Accounts payable |
1,469 |
1,365 |
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Advance from
clients |
0 |
0 |
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Other Accounts payable |
5,507 |
1,050 |
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Welfare payable |
0 |
0 |
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Taxes payable |
370 |
217 |
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Other unpayment |
13 |
7 |
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profit payable |
3,738 |
3,738 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
11,097 |
6,377 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
11,097 |
6,377 |
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Equities |
1,057 |
4,783 |
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Total
liabilities & equities |
12,154 |
11,160 |
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Income Statement
Unit: CNY’000
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As
of Dec. 31, 2007 |
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Turnover |
22,790 |
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Cost of goods
sold |
16,335 |
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Sales expense |
980 |
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Management expense |
1,082 |
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Finance expense |
117 |
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Profit before
tax |
4,253 |
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Less: profit tax |
526 |
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Profits |
3,727 |
Important Ratios
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As
of Dec. 31, 2006 |
As of Dec. 31, 2007 |
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*Current ratio |
1.09 |
1.74 |
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*Quick ratio |
1.09 |
1.74 |
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*Liabilities
to assets |
0.91 |
0.57 |
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*Net profit
margin (%) |
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16.35 |
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*Return on
total assets (%) |
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33.40 |
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*Inventory
/Turnover ×365 |
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/ |
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*Accounts
receivable/Turnover ×365 |
/ |
159 days |
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*Turnover/Total
assets |
/ |
2.04 |
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* Cost of
goods sold/Turnover |
/ |
0.72 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears average in its line.
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SC’s net profit margin is fairly good.
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SC’s return on total assets is good.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
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SC’s current ratio is maintained in a normal level.
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SC’s quick ratio is maintained in a normal level.
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SC has no inventory in both two years.
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The accounts receivable of SC appears fairly large.
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SC has no short-term loan in both 2 years.
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SC’s turnover is in an average level in 2007, comparing with the size of
its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC appears high in 2006 and average in 2007.
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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 could be a threat to SC’s financial
condition. The given credit amount would appear to be beyond SC’s capacities,
while a credit line up to USD 50,000 is recommended.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.52 |
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UK Pound |
1 |
Rs.75.08 |
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Euro |
1 |
Rs.63.72 |
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%)