MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
wuxi st. hans air controls e/i co., ltd. |
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Registered Office : |
No. 27-1, Longshan Road, New Zone, Wuxi
City Jiangsu Province 214031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
09.05.2005 |
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Com. Reg. No.: |
320213000057662 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Pneumatic Valve 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 20,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
wuxi st. hans air controls e/i co., ltd.
no. 27-1, longshan
road, new zone, wuxi city
jiangsu PROVINCE
214031 PR CHINA
TEL: 86 (0)
510-85222125 FAX: 86 (0)
510-85223552
EXECUTIVE SUMMARY
INCORPORATION DATE : may 9, 2005
REGISTRATION NO. : 320213000057662
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
14
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
trading
TURNOVER :
CNY 21,180,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 1,900,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 20,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.85 = 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
Note: SC’s name should be the heading one, while the given name ATC Industry Co., Ltd.- 阿belongs to a company registered in Hong Kong. Ms. Mo, SC’s sales, released that SC also uses this name as trade name in export business.
ATC Industry Co., Ltd.’s general registered information is as follows:
INCORPORATION DATE : sep. 20, 2006
REGISTRATION NO. : 1075456
REGISTERED LEGAL FORM : private
company
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 May 9, 2005.
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 selling valves, valve actuators, raw materials,
accessories & components, textiles, garments, machinery, metal materials,
hardware, instruments & apparatus, arts & crafts, building materials,
and porcelain products; importing and exporting the above commodities.
SC is mainly
engaged in selling pneumatic valve actuators.
Mr. Chen Chao has
been chairman of SC since 2005.
SC is known to
have approx. 14 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the new zone of Wuxi. Our checks reveal that SC rents the
total premise about 250 square meters.
SC is not known to host website of its own at present.
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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2008 |
Registration No. |
3202132105667 |
320213000057662 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wu Weiguo 35
Wuxi St. Hans Pneumatic Valve Actuators Maker
Co., Ltd. 25
Chen Chao 20
Xiang Xikun 20
l
Chairman:
Mr. Chen Chao, 23 years old 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.
l
General Manager:
Mr. Wu Weiguo, 51 years old with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2005 to present Working
in SC as general manager.
l
Supervisor:
Xiang Xikun
SC is mainly
engaged in selling pneumatic valve actuators.
SC’s products
mainly include: pneumatic actuators & valves, and components.
SC sources its materials 100% from domestic market,
mainly Jiangsu province. SC sells 20% of its products in domestic market, and
80% to overseas market, mainly Hong Kong.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Supplier:
==============
Wuxi St. Hans Pneumatic Valve Actuators
Maker Co., Ltd.
*Major Customer:
==============
Chongqing Chuanyi No.11 Factory Co., Ltd.
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’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.
China Construction Bank
AC#32001615436052502095
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 |
1,330 |
1,060 |
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Inventory |
160 |
70 |
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Accounts
receivable |
530 |
2,530 |
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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 |
10 |
10 |
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------------------ |
------------------ |
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Current assets |
2,030 |
3,670 |
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Fixed assets net
value |
350 |
560 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
-10 |
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------------------ |
------------------ |
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Total assets |
2,380 |
4,220 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
1,770 |
2,870 |
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Other Accounts
payable |
0 |
0 |
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Taxes payable |
-650 |
-820 |
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Advances from
clients |
0 |
0 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current liabilities |
30 |
270 |
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------------------ |
------------------ |
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Current
liabilities |
1,150 |
2,320 |
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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 |
1,150 |
2,320 |
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Equities |
1,230 |
1,900 |
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Total
liabilities & equities |
2,380 |
4,220 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2007 |
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Turnover |
21,180 |
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Cost of goods
sold |
17,750 |
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Sales expense |
618 |
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Management expense |
860 |
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Finance expense |
160 |
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Profit before
tax |
1,700 |
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Less: profit tax |
560 |
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Profits |
1,140 |
Important
Ratios
=============
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As
of Dec. 31, 2006 |
As of Dec. 31, 2007 |
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*Current ratio |
1.77 |
1.58 |
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*Quick ratio |
1.63 |
1.55 |
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*Liabilities
to assets |
0.48 |
0.55 |
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*Net profit
margin (%) |
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5.38 |
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*Return on
total assets (%) |
/ |
27.01 |
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*Inventory
/Turnover ×365 |
/ |
1day |
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*Accounts
receivable/Turnover ×365 |
/ |
44days |
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*Turnover/Total
assets |
/ |
5.02 |
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* Cost of
goods sold/Turnover |
/ |
0.84 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in 2007.
l
SC’s net profit margin is average in 2007.
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SC’s return on total assets is good in 2007.
l
SC’s cost of goods sold is average in 2007, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level in 2006 and
2007.
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SC’s quick ratio is maintained in a fairly good level in 2006 and 2007.
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The inventory of SC is maintained in an average level in 2007.
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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 a fairly good level in 2007, comparing with the size
of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both 2 years.
l
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 & payable could be a threat
to SC’s financial condition. A credit line up to USD 20,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.83 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
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%)