MIRA
INFORM REPORT
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Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
THYSSENKRUPP
PRESTA DALIAN CO., LTD. |
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Registered Office : |
No. 48 Industrial Area, Development Zone, Dalian, Liaoning Province,
116600 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
10.03. 2005 |
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Com. Reg. No.: |
7000376 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing Automobile Engine Parts. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
naem & address
thyssenkrupp presta dalian Co., Ltd.
NO. 48 INDUSTRIAL
AREA, DEVELOPMENT ZONE,
DALIAN, LIAONING
PROVINCE, 116600 PR CHINA.
TEL: 86 (0)
411-39225888-5823 FAX: 86 (0) 411-39225800
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH
10, 2005
REGISTRATION NO. : 7000376
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED
enterprise
STAFF STRENGTH :
100
REGISTERED CAPITAL : EUR 6,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 88,000,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 73,700,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 500,000 (periodical review)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.833 = 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
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 March 10, 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 applying, developing, assembling and manufacturing
exhaust control equipment for automobile engines and related parts; selling
self-made and assembling products; supplying related sales services; importing and exporting commodities and
technology (excluding importing commodities distribution) (Not engage in
any items prohibited by laws and administrative regulation; able to engage in
items that need permit according to the regulation of laws and administrative
regulation, after obtaining the permit from relative authorities and the
registration in the AIC).
SC is mainly
engaged in manufacturing automobile engine parts.
Mr. Aerta (in
Chinese Pinyin) has been legal representative and chairman of SC since 2005.
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 Dalian. Our checks
reveal that SC owns the total premise, but SC’s accountant refused to release
the gross area.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
ThyssenKrupp (China) Investment Co., Ltd. 100
l
Legal representative and chairman:
Mr. Aerta (in Chinese Pinyin), German. 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.
l
General manager:
Mr. Liu Chengyi, about 40 years old. He is currently responsible for the
daily management of SC.
Working Experience(s):
At present Working
in SC as general manager.
SC is mainly
engaged in manufacturing automobile engine parts.
Main Products: exhaust
control equipment for automobile engines and other automobile engine parts
SC sources its materials 40% from domestic
market, and 60% from overseas market. SC sells 100% of its products in domestic
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 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 Construction Bank Dalian Development Zone Branch
AC#21201500900059999999
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
12,140 |
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Inventory |
19,740 |
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Accounts
receivable |
12,990 |
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Advances to suppliers |
910 |
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Other
receivables |
890 |
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Prepaid expenses |
300 |
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Other current
assets |
10 |
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------------------ |
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Current assets |
46,980 |
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Fixed assets net
value |
74,430 |
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Projects under
construction |
7,590 |
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Long term
investment |
0 |
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Intangible
assets |
5,330 |
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Long-term
deferred expenses |
30 |
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Other assets |
0 |
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------------------ |
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Total assets |
134,360 |
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============= |
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Short loans |
35,000 |
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Accounts payable |
15,000 |
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Advances from
customers |
0 |
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Accrued payroll |
290 |
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Welfare expenses
payable |
60 |
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Taxes payable |
620 |
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Other payable |
4,160 |
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Accrued expenses |
5,420 |
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Other current
liabilities |
110 |
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Current
liabilities |
60,660 |
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Long term
liabilities |
0 |
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Total
liabilities |
60,660 |
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Equities |
73,700 |
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------------------ |
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Total
liabilities & equities |
134,360 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
88,000 |
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Cost of goods
sold |
51,230 |
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Sales expense |
950 |
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Management expense |
14,440 |
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Finance expense |
1,510 |
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Profit before
tax |
19,870 |
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Less: profit tax |
0 |
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Profits |
19,870 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
0.77 |
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*Quick ratio |
0.45 |
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*Liabilities
to assets |
0.45 |
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*Net profit
margin (%) |
22.58 |
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*Return on
total assets (%) |
14.79 |
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*Inventory
/Turnover ×365 |
82 days |
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*Accounts receivable/Turnover
×365 |
54 days |
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*Turnover/Total
assets |
0.65 |
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* Cost of
goods sold/Turnover |
0.58 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is low, comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC appears fairly large.
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The accounts receivable of SC is maintained in an average level.
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SC’s short-term loan appears large.
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SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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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 medium-sized in its line with fairly stable financial conditions.
The given credit amount would appear to be within of SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
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UK Pound |
1 |
Rs.84.37 |
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Euro |
1 |
Rs.65.70 |
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%)