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MIRA
INFORM REPORT
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Report Date : |
10.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
nanjing suspa high technical machinery & electronic co., ltd. |
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Registered Office : |
No. 2, Qingshuiting West Road, Jiangning Economic & Technical
Development Zone, Nanjing City, Jiangsu Province 210001 |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18.06.2001 |
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Com. Reg. No.: |
005477 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing
and selling electromechanical products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name and address of the company
SUSPA (NANJING) CO., LTD.
no. 2, qingshuiting
west road, jiangning economic & technical development zone, nanjing city,
jiangsu province 210001 PR CHINA
TEL: 86 (0)
25-52727058 FAX: 86 (0) 25-52727068
EXECUTIVE SUMMARY
INCORPORATION DATE : jun. 18, 2001
REGISTRATION NO. :
005477
REGISTERED LEGAL FORM : wholly foreign-owned enterprise
STAFF STRENGTH :
145
REGISTERED CAPITAL : EUR 1,616,488
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 26,830,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 1,030,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly poor
OPERATIONAL TREND : fair
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
7.39 =US1$
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 Jun.
18, 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 developing and manufacturing various special impact dampers, suspending
systems, machinery pressure rods, and distance rods; selling its products; and
supplying relevant after services.
SC is mainly engaged
in manufacturing and selling electromechanical
products
Mr. Wey
Gurdo has been chairman of SC since 2001.
SC is known
to have approx. 145 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Nanjing. Our checks
reveal that SC rents the total premise about 12,000 square meters.
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http://www.suspa.com
The design is professional and the content is well organized. At present it is
only in English version.
E-mail: sales@suspa.cn
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Until December 31, 2006, SC’s paid-up capital was CNY 15,400,000.
Investigations were made with the local AIC, SC was formerly named “nanjing suspa high
technical machinery & electronic ltd.” and adopted present name on
December 12, 2007, and meanwhile, SC was remanufactured from Chinese-foreign
equity joint venture enterprise to the present.
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MAIN SHAREHOLDERS:
Name
% of Shareholding
Suspa Holding GmbH 80
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l
Chairman:
Mr. WEY GURDO German, 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.
l
Vice-chairman:
Mr. Yang Yuhua (杨宇华), 60 years old with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2001 to present Working in SC as
vice-chairman.
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SC is mainly
engaged in manufacturing and selling electromechanical
products.
SC’s products mainly include: gas springs, adjustment systems, dampers,
and crash-management, etc.
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SC sources its
materials 60% from domestic market, mainly Jiangsu province, and 40% from
overseas market, mainly Germany. SC sells 70% in domestic market, mainly
Shandong and Jiangsu province, and 30% to overseas market, mainly America,
Germany, and Singapore.
The buying terms of SC include T/T, L/C, Check and Credit of 30-60 days.
The payment terms of SC include T/T, L/C, Check and Credit of 30-60 days.
*Major Supplier:
============
Nanjing Ruixiyuan Science & Technology Co., Ltd.
*Major Customer:
============
Qingdao Haier Group Co., Ltd.
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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 records 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.
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China Merchants
Bank Nanjing Branch Jiangning Sub-branch
AC#：078002380291910001
Relationship:
Normal.
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Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
1,750 |
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Inventory |
10,030 |
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Accounts
receivable |
8,260 |
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Bills receivable |
0 |
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Other Accounts
receivable |
140 |
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Advances to
suppliers |
2,080 |
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To be
apportioned expense |
0 |
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Other current
assets |
-10 |
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------------------ |
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Current assets |
22,250 |
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Fixed assets |
14,790 |
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Fixed assets net
value |
13,920 |
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Projects under
construction |
870 |
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Long term
investment |
0 |
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Other assets |
1,210 |
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------------------ |
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Total assets |
38,250 |
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============= |
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Short loans |
0 |
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Accounts payable |
38,050 |
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Advance from
clients |
40 |
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Taxes payable |
-940 |
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Other Accounts
payable |
8 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
62 |
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------------------ |
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Current
liabilities |
37,220 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
37,220 |
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Equities |
1,030 |
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------------------ |
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Total
liabilities & equities |
38,250 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
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Turnover |
26,830 |
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Cost of goods
sold |
28,700 |
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Sales expense |
2,100 |
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Management expense |
4,470 |
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Finance expense |
1,140 |
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Profit before
tax |
-9,620 |
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Less: profit tax |
40 |
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Profits |
-9,660 |
Important Ratios
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|
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As
of Dec. 31, 2006 |
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*Current ratio |
0.60 |
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*Quick ratio |
0.33 |
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*Liabilities
to assets |
0.97 |
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*Net profit
margin (%) |
-36.00 |
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*Return on
total assets (%) |
-25.25 |
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*Inventory
/Turnover ×365 |
136days |
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*Accounts
receivable/Turnover ×365 |
112days |
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*Turnover/Total
assets |
0.70 |
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* Cost of
goods sold/Turnover |
1.07 |
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PROFITABILITY:
POOR
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The turnover of SC appears average in its line.
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SC’s net profit margin is poor.
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SC’s return on total assets is poor.
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SC’s cost of goods sold is high, 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 fair level.
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The inventory of SC appears LARGE.
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The accounts receivable of SC appears fairly large.
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SC has no short-term loan in 2006.
l
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: POOR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly poor.
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SC is considered small-sized in its line with fairly poor financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition. Great caution is required in providing credit to SC & COD is
recommended.
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%)