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MIRA
INFORM REPORT
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Report Date : |
04.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
LINAK (SHENZHEN)
ACTUATOR SYSTEMS LTD |
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Registered Office : |
6/F, North Block H-2, Eastern Industrial Park, Overseas Chinese City, No.1
Xiangshan East Road, Nanshan District, Shenzhen, Guangdong Province, Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
05.04.2005 |
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Com. Reg. No.: |
315152 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Producing and Selling Actuators |
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 10,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
LINAK (SHENZHEN)
ACTUATOR SYSTEMS LTD.
6/F, NORTH BLOCK H-2, EASTERN INDUSTRIAL
PARK, OVERSEAS CHINESE CITY, NO.1 XIANGSHAN EAST ROAD, NANSHAN DISTRICT,
SHENZHEN,
GUANGDONG PROVINCE, PR CHINA
1 H-26
TEL: 0086-755-86106639 FAX:
0086-755-86106990
EXECUTIVE SUMMARY
INCORPORATION DATE :
APR. 5, 2005
REGISTRATION NO. :
315152
REGISTERED LEGAL FORM : WHOLLY
FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. BENT JENSEN (CHAIRMAN)
STAFF STRENGTH :
61
REGISTERED CAPITAL : US$ 815,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 21,240,000 (AS OF DEC. 31,
2006)
EQUITIES :
CNY 1,750,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 10,000 (PERIODICAL REVIEW)
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.11190 = 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
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Note: Instead of the given name, SC’s complete name should be the heading one. Instead of the given address, SC is operating in the heading address.
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 Apr. 5,
2005.
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 importing, exporting and
wholesaling actuator system products and components; providing after-sale services;
producing and selling new-type electromechanical components.
SC is mainly
engaged in producing and selling actuators.
Mr. Bent Jensen
has been legal representative and chairman of SC since 2005.
SC is known to have approx. 61 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 rents the total premise about 2,000 square meters.
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SC is not known to host website of its own at present.
E-Mail: sj@linak.cn
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No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
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MAIN SHAREHOLDERS:
Name %
of Shareholding
LINAK A/S (Denmark) 100
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l
Legal representative and chairman:
%20ACTUATOR%20SYSTEMS%20LTD%2004-Mar-2008_files/image011.jpg)
Mr. Bent Jensen, in his 50’s with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and legal representative.
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SC is mainly
engaged in producing and selling actuators.
SC’s products mainly include: Linear Actuators, Built-in Actuators and
DC Linear Actuators.
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%20ACTUATOR%20SYSTEMS%20LTD%2004-Mar-2008_files/image016.gif)
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SC sources its materials 70% from domestic market and 30% from the overseas
market. SC sells 20% of its products to overseas market and 80% in domestic market.
The buying terms of SC include Check, L/C, T/T 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*
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LINAK A/S (Denmark)
*Major Customer*
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Zhongshan Rongnan Machinery Industry 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 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 Shenzhen Sub-branch.
AC#3187538110001
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 |
3,690 |
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Bills receivable |
0 |
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Accounts
receivable |
5,740 |
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Other
receivables |
1,770 |
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Advances to
suppliers |
0 |
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Inventory |
8,900 |
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Prepaid expenses |
190 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
20,290 |
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Fixed assets |
3,860 |
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Fixed assets net
value |
3,860 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
550 |
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Deferred assets |
930 |
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Total assets |
25,630 |
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Short loans |
2,070 |
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Bills payable |
0 |
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Accounts payable |
20,830 |
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Welfare payable |
0 |
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Advances from
clients |
0 |
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Accrued payroll |
0 |
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Tax payable |
-410 |
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Other payable |
1,390 |
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Surcharge
payable |
0 |
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Other current
liabilities |
0 |
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Current
liabilities |
23,880 |
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Long term
liabilities |
0 |
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Total
liabilities |
23,880 |
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Equities |
1,750 |
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Total
liabilities & equities |
25,630 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2006 |
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Turnover |
21,240 |
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Cost of goods
sold |
15,730 |
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Sales expense |
290 |
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Management expense |
9,610 |
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Finance expense |
-20 |
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Profit before
tax |
-3,770 |
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Less: profit tax |
0 |
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Profits |
-3,770 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
0.85 |
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*Quick ratio |
0.48 |
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*Liabilities
to assets |
0.93 |
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*Net profit
margin (%) |
-17.75 |
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*Return on
total assets (%) |
-14.71 |
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*Fixed
assets/Total assets |
0.15 |
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*Inventory
/Turnover ×365 |
153 days |
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*Accounts
receivable/Turnover ×365 |
99 days |
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*Turnover/Total
assets |
0.83 |
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* Cost of
goods sold/Turnover |
0.74 |
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PROFITABILITY:
FAIR
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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 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 conversion period of SC appears long.
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The accounts receivable of SC appears fairly large.
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SC’s short-term loan is in an average level.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
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Credit Opinion: USD 500,000
SC is considered small-sized in its line with fair financial conditions.
The large amount of inventory could be a threat to SC’s financial condition. A
credit line at the above amount appears beyond SC’s capacities, while a credit
line up to USD 10,000 would appear to be within SC’s capacities upon a
periodical review basis.
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%)