MIRA
INFORM REPORT
|
Report Date : |
26.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHENZHEN EYCOM
TECHNOLOGY CO., LTD. |
|
|
|
|
Registered Office : |
Eycom Mansion, No. 3 Qimin Street, No. 2 Langshan Road, North Area Of Hi
Tech Industrial Park, Shenzhen, 518048 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
24.03.2004 |
|
|
|
|
Com. Reg. No.: |
440301103125825 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Producing and Selling Communication Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 400,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
SHENZHEN EYCOM
TECHNOLOGY CO., LTD.
EYCOM MANSION, NO. 3 QIMIN STREET, NO. 2
LANGSHAN ROAD, NORTH AREA OF HI TECH INDUSTRIAL PARK, SHENZHEN, 518048 PR CHINA
TEL: 0086-755-86278330 FAX:
0086-755-86278302
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 24, 2004
REGISTRATION NO. :
440301103125825
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. CHEN WEIRONG (CHAIRMAN)
STAFF STRENGTH :
100
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 623,910,000 (AS OF DEC. 31,
2007)
EQUITIES :
CNY 37,750,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 400,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.81600 = 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
SC was registered as a limited liabilities co. at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license) on Mar. 24, 2004.
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 industry investment (concrete
projects need application); producing and selling communication products
(excluding restrained items); technology development and sales of wireless
communication products, electronic products, electronic components, computer
software and hardware; other domestic trade, goods and materials supply and
marketing (not including specially operated, controlled and monopolized
commodities); importing and exporting commodities and
technologies.
SC is mainly
engaged in producing and selling communicative products.
Mr. Chen Weirong
has been legal representative and chairman of SC since 2004.
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 Shenzhen. Our checks reveal that
SC rents the total premise about 1,000 square meters.
http://www.szeycom.com/
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
E-Mail: yanbin@szeyang.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shenzhen Eyang Technology Development Co.,
Ltd. 90
Dongguan Eyang Technology Development Co.,
Ltd. 10
Shenzhen Eyang Technology Development Co.,
Ltd. is mainly doing the MLCC R&D, production and distribution. Begin from
the year of 2001, Eyang was taking up with the R&D on the electronic
components, and providing the components design & service for the
Communication, IT production, Video & Audio products etc. With the area
advantage and convenience transportation, Eyang have the 1.2 million m2 manufactory
in Dongguan. Invested RMB 0.5 billion Yuan, Eyang brought in the best and
advanced MLCC product line from Japan, German and America, and began the mass
producing on the micro MLCC products such as 0201,0402,0603,0805. Now the
output is as much as 60 billion per year. Products were passed the ISO9001,
ISO14001 and qualified for the WEEE & RoHS requirements. (http://www.szeyang.com/en/aboutus.asp
)
Add: Langshan Rd 2, North of High and New
Zone, Nanshan District, ShenZhen
Tel:+86-755-83572988
Fax：+86-755-83572963
E-mail: sales@szeyang.com
l
Legal representative and chairman:
Mr. Chen Weirong, about 51 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman and legal representative.
SC is mainly
engaged in producing and selling communication products.
SC’s products mainly include: mobile phone.
SC sources its materials 80% from domestic market and 20% from the
overseas market. SC sells 30% of its products to overseas market and 70% 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 Suppliers*
=============
Shenzhen PILOT TECH Co., Ltd.
*Major Customers*
==============
Wuhan Xinruitong Technology 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 Shenzhen Luohu Sub-branch
AC#：44201507300052508486
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2007 |
|
Cash & bank |
61,000 |
|
Bills receivable |
0 |
|
Accounts
receivable |
57,090 |
|
Other
receivables |
-2,350 |
|
Advances to
suppliers |
0 |
|
Inventory |
39,780 |
|
Prepaid expenses |
2,110 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
157,630 |
|
Fixed assets |
5,720 |
|
Fixed assets net
value |
5,720 |
|
Projects under
construction |
0 |
|
Long term
investment |
0 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
163,350 |
|
|
============= |
|
Short loans |
0 |
|
Bills payable |
7,770 |
|
Accounts payable |
84,380 |
|
Welfare payable |
1,580 |
|
Advances from
clients |
0 |
|
Accrued payroll |
1,530 |
|
Tax payable |
-5,730 |
|
Dividends
payable |
18,750 |
|
Other payable |
-680 |
|
Surcharge
payable |
1,110 |
|
Accrued expenses |
16,890 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
125,600 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
125,600 |
|
Equities |
37,750 |
|
|
------------------ |
|
Total
liabilities & equities |
163,350 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2007 |
|
Turnover |
623,910 |
|
Cost of goods
sold |
547,420 |
|
Sales expense |
35,450 |
|
Management expense |
14,060 |
|
Finance expense |
100 |
|
Profit before
tax |
25,660 |
|
Less: profit tax |
0 |
|
Profits |
25,660 |
Important Ratios
=============
|
|
as
of Dec. 31, 2007 |
|
*Current ratio |
1.26 |
|
*Quick ratio |
0.94 |
|
*Liabilities
to assets |
0.77 |
|
*Net profit
margin (%) |
4.11 |
|
*Return on
total assets (%) |
15.71 |
|
*Inventory
/Turnover ×365 |
24 days |
|
*Accounts
receivable/Turnover ×365 |
34 days |
|
*Turnover/Total
assets |
3.82 |
|
* Cost of
goods sold/Turnover |
0.88 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory conversion period of SC appears average.
l
The accounts receivable appears average, while the accounts payable
appears fairly large.
l
There’s no short-term loan of SC in 2007.
l
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of accounts payable could be a threat to SC’s financial
condition. A credit line up to USD 400,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.43 |
|
UK Pound |
1 |
Rs.85.38 |
|
Euro |
1 |
Rs.67.95 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)