MIRA
INFORM REPORT
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Report Date : |
09.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHENZHEN HASEE COMPUTER COMPANY LIMITED |
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Registered Office : |
Xintianxia
Industrial City, Banxuegang Industrial Area,
Longgang District, Shenzhen City, Guangdong Province 518112 Pr. |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jan.15, 2001 |
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Com. Reg. No.: |
440307102787772 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling Computers. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
usd 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME AND ADDRESS OF
THE COMPANY
shenzhen hasee
computer co., ltd.
XINTIANXIA INDUSTRIAL CITY, BANXUEGANG INDUSTRIAL AREA,
LONGGANG DISTRICT, SHENZHEN CITY, GUANGDONG PROVINCE
518112 PR CHINA
TEL: 86 (0) 755-89604071
FAX: 86 (0) 755-89742389
EXECUTIVE SUMMARY
INCORPORATION
DATE : jan. 15,
2001
REGISTRATION
NO. :
440307102787772
REGISTERED
LEGAL FORM : limited liabilities company
STAFF
STRENGTH :
1,800
REGISTERED
CAPITAL : cny 98,000,000
BUSINESS
LINE :
MANUFACTURING
TURNOVER : CNY
1,742,240,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 367,300,000 (AS OF DEC. 31, 2006)
PAYMENT
:
AVERAGE
RECOMM.
CREDIT RANGE : up to usd
2,000,000 (PERIODICAL REIVEW)
MARKET
CONDITION :
competitive
FINANCIAL
CONDITION : FAIRLY
stable
OPERATIONAL
TREND : steady
GENERAL
REPUTATION : well
known
EXCHANGE
RATE : CNY
7.26 =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 Renminbin
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. 15, 2001.
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
researching, developing, selling, and manufacturing computer systems; domestic
commerce; supplying and selling of commodities (excluding the products
privileged, prohibited or franchised); international trade; technical
development and sales of ERP system software, other software and hardware;
technical development of computer system integration and intelligent buildings;
and information consultation.
SC is mainly
engaged in manufacturing and selling computers.
Mr. Wu Haijun
has been chairman of SC since 2001.
SC is
known to have approx. 1,800 staff members 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 Shenzhen. Our checks reveal that SC owns the total premise about 85,000
square meters.
http://cnc.hasee.com The design is
professional and the content is well organized. At present, the web is both in
Chinese and English versions.
E-mail: international@hasee.com
In Aug.
of 2007, SC changed its registration number from 4403011058708 to the present
one.
MAIN SHAREHOLDERS:
Name
% of Shareholding
SHENZHEN HASEE GROUP CO., LTD. 85.2658
Shenzhen Zhimei Jiayu Advertisement Co., Ltd. 5.1021
Wu Haijun 9.6321
l
Chairman and General Manager:
Mr. Wu Haijun, in his 50’s 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 and general
manager;
At present Working in SHENZHEN
HASEE GROUP CO., LTD.
as chairman.
Sales Manager:
Mr. Zhuang Changhu
Tel: 86-0755-84710140
Fax: 86-0755-84710144
SC is mainly engaged in manufacturing and
selling computers.
SC’s products mainly include: computers.
SC sources its materials 70% from domestic market,
mainly Guangdong, and 30% from overseas market. SC sells its products 45% in
domestic market, and 55% to overseas market, mainly Hong Kong, European and
American countries.
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.
SC is known to have the following subsidiaries at present:
SHENZHEN HASEE COMPUTER CO., LTD. HASEE ELECTRONICS FACTORY
Add: XINTIANXIA INDUSTRIAL CITY, BANXUEGANG INDUSTRIAL AREA
LONGGANG
DISTRICT, SHENZHEN CITY, GUANGDONG PROVINCE
Tel: 0755-84710000
SHENZHEN HASEE COMPUTER CO., LTD. JINAN BRANCH
Add: NO. 160, SHANDA ROAD, JINAN
Tel: 0531-88587540
SHENZHEN HASEE COMPUTER CO., LTD. SHANGHAI BRANCH
Add: NO. 41, CAOXI NORTH ROAD,
SHANGHAI
Tel: 021-54900481
SHENZHEN HASEE COMPUTER CO., LTD. SHENYANG BRANCH
Add: NO. 54, SANHAO STREET, SHENYANG
Tel: 024-83960217
SHENZHEN HASEE COMPUTER CO., LTD. HANGZHOU BRANCH
Add: NO. 388, WENSAN ROAD, HANGZHOU
Tel: 0571-88212976
SHENZHEN HASEE COMPUTER CO., LTD. CHENGDU BRANCH
Add: NO. 118, XINNAN ROAD, CHENGDU
Tel: 028-85228456
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.
SC’s management declined to
release its bank information.
Balance
Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
63,660 |
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Inventory |
376,580 |
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Accounts receivable |
25,250 |
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Other Accounts receivable |
64,750 |
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Advances to suppliers |
0 |
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To be apportioned expense |
0 |
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Other current assets |
73,180 |
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Current assets |
603,420 |
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Fixed
assets |
132,320 |
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Fixed assets net value |
19,960 |
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Projects under construction |
112,360 |
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Long term investment |
266,660 |
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Other assets |
2,070 |
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Total assets |
1,004,470 |
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Short loans |
283,510 |
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Accounts payable |
144,720 |
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Advance from clients |
0 |
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Other Accounts payable |
22,660 |
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Withdraw the expenses in advance |
0 |
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Other current liabilities |
186,280 |
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Current liabilities |
637,170 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
637,170 |
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Equities |
367,300 |
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Total liabilities & equities |
1,004,470 |
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Income
Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
1,742,240 |
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Cost of goods sold |
1,540,860 |
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Sales expense |
100,780 |
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Management expense |
61,730 |
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Finance expense |
26,240 |
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Profit before tax |
42,140 |
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Less: profit tax |
1,000 |
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Profits |
41,140 |
Important
Ratios (as of Dec. 31, 2006)
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*Current ratio 0.95
*Quick ratio 0.36
*Liabilities to assets 0.63
*Net profit margin (%) 2.36
*Return on total assets (%) 4.10
*Inventory /Turnover ×365 79days
*Accounts receivable/Turnover ×365 5days
*Turnover/Total assets 1.73
* Cost of goods sold/Turnover 0.88
PROFITABILITY: AVERAGE
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The
turnover of SC appears fairly good 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 fair level.
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SC’s
quick ratio is maintained in a poor level.
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The
inventory of SC appears large.
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The accounts
receivable of SC is maintained in an average level.
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The short-term
loan of SC appears fairly large.
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SC’s
turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The
debt ratio of SC is average.
l
The
risk for SC to go bankrupt is low.
Overall financial condition of
the SC: Fairly stable.
SC is considered
large-sized in its line with fairly stable financial conditions. Taking into
consideration of SC’s background, general performance, reputation as well as
market conditions, we would rate SC as an average credit risk company.
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%)