%20CO%20,%20LTD%20%20-%20151797%2019-Aug-2011_files/image003.jpg){kind=small}
MIRA INFORM REPORT
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Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SPROCOMM TECHNOLOGIES (WUXI) CO., LTD. |
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Registered Office : |
Bldg. 1, China Sensing Network Park, No. 200
Linghu Street, New District,
Wuxi, Jiangsu Province 214000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.03.2010 |
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Com. Reg. No.: |
320213000128774 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling
Communication Equipment |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 40,000 |
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Status : |
Small Company |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
sprocomm technologies (wuxi) co., ltd.
bldg. 1, china
sensing network park, no. 200 linghu street
new district, wuxi,
jiangsu province 214000 PR CHINA
TEL: 86 (0)
510-85386295
FAX: 86 (0) 510-85386295
EXECUTIVE SUMMARY
Date of Registration : march 19, 2010
REGISTRATION NO. : 320213000128774
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 10,000,000
staff :
11
BUSINESS CATEGORY : trading
Revenue :
CNY 4,800,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 4,590,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 40,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.39 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
Note: SC’s contact ways should be the heading ones,
while the given telephone/fax numbers (8675588292656/8675583404993) belong to
SC’s parent company-Shenzhen Sprocomm Technologies Co., Ltd.
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 320213000128774 on march
19, 2010.
SC’s Organization Code Certificate No.:
552477106
%20CO%20,%20LTD%20%20-%20151797%2019-Aug-2011_files/image005.jpg)
SC’s registered capital: cny 10,000,000
SC’s current paid-in capital: cny 10,000,000
No significant changes of SC have been noted in
SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hua Longxing |
10 |
|
Shenzhen Sprocomm Technologies Co., Ltd. |
65 |
|
Wuxi Guolian Venture Capital Co., Ltd. |
25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Li Chengjun |
|
General Manager |
Chen Aihui |
|
Directors |
Chen Aihui |
|
Miao Qiang |
|
|
Supervisor |
Hua Longxing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Hua Longxing 10
Shenzhen Sprocomm Technologies Co., Ltd. 65
Wuxi Guolian Venture Capital Co., Ltd. 25
%20CO%20,%20LTD%20%20-%20151797%2019-Aug-2011_files/image012.gif){kind=small}
Shenzhen Sprocomm
Technologies Co., Ltd.
=====================================
Date of Registration :
September 16, 2009
Registration No. :
440301104272765
Legal Form : Limited Liabilities Company
Registered Capital :
CNY 3,500,000
Tel: 86 (0) 755-88292656
Fax: 86 (0) 755-83404993
Web: www.sprocomm.com
E-mail: edwin.chen@sprocomm.com
Wuxi Guolian
Venture Capital Co., Ltd.
==================================
Registration No. :
320213000007292
Legal Form : Limited Liabilities Company
MANAGEMENT
Li Chengjun, Legal
Representative and Chairman
----------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 39
Ø
ID# 513101197205040513
Ø
Qualification:
University
Ø
Working
experience (s):
From 2010 to present, working in SC as legal representative
and chairman
Also working in Shenzhen Sprocomm Technologies Co., Ltd. as
legal representative
Chen Aihui,
General Manager
---------------------------------------------------
Ø
Gender: M
Ø
Age: 38
Ø
ID# 360102197306036316
Ø
Qualification:
University
Ø
Working
experience (s):
From 2010 to present, working in SC as general manager
Also as director in SC and Shenzhen Sprocomm Technologies Co., Ltd.
Miao Qiang, Director
-------------------------------------
Ø
Gender: M
Ø
Age: 40
Ø
ID# 320502197111162018
Ø
Qualification:
University
Hua Longxing,
Supervisor
----------------------------------------------
Ø
Gender: M
Ø
Age: 70
Ø
ID# 440301194110263817
BUSINESS OPERATION
SC’s registered business scope includes designing,
developing and selling communication equipment, mobile terminal equipment,
digital media set-top box, computer hardware and software, intelligent
equipment, monitoring equipment, sensing equipment, electronic components,
networking equipment; system integration, operating and acting as an agent of
importing and exporting various kinds of commodities and technology.
SC is mainly
engaged in selling communication equipment.
SC’s products
mainly include: mobile phones, smart phones, tablet PC, networking equipment.
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%20CO%20,%20LTD%20%20-%20151797%2019-Aug-2011_files/image009.jpg)
%20CO%20,%20LTD%20%20-%20151797%2019-Aug-2011_files/image011.jpg){kind=small}
SC sources its materials 100% from domestic
market, mainly Beijing. SC sells 40% of its products in domestic market, and
60% to overseas market, mainly India.
The buying terms
of SC include 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 Customers:
=============
Hangzhou Yinglun Information Technology Co., Ltd.
Micromax (India)
*Major Supplier:
=============
Beijing
Suntechlink Technology Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 11 staff at present.
SC rents an area
as its operating office of approx. 150 sq. meters at the heading address.
RELATED COMPANY
u
Shanghai Sprocomm Technologies Co., Ltd.
Date of Registration :
310112000936590
Registration No. : November 24, 2009
Legal Form : One-person Limited Liabilities Company
Registered Capital :
CNY 2,000,000
u
Sprocomm
Technologies Co., Limited (Hong Kong)
Company
File No. : 1374863
Date of Registration : September 18, 2009
Legal Form : Private
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Agricultural Bank of China Wuxi Branch
AC#：653401040007957
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
2,140 |
|
|
Accounts
receivable |
3,100 |
|
Advances to
suppliers |
14,090 |
|
Other receivable |
60 |
|
Inventory |
120 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
10 |
|
|
------------------ |
|
Current assets |
19,520 |
|
Fixed assets |
50 |
|
Long-term
prepaid expenses |
0 |
|
Deferred income
tax assets |
0 |
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Other
non-current assets |
0 |
|
|
------------------ |
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Total assets |
19,570 |
|
|
============= |
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Short-term loans |
13,400 |
|
Notes payable |
0 |
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Accounts payable |
20 |
|
Advances from
clients |
0 |
|
Other payable |
250 |
|
Other current
liabilities |
1,310 |
|
|
------------------ |
|
Current
liabilities |
14,980 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
14,980 |
|
Equities |
4,590 |
|
|
------------------ |
|
Total
liabilities & equities |
19,570 |
|
|
============= |
Note: Until December 31, 2010, SC’s paid-in capital was CNY 4,500,000
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
4,800 |
|
Cost of sales |
3,170 |
|
Sales expense |
0 |
|
Management expense |
1,420 |
|
Finance expense |
80 |
|
Profit before
tax |
120 |
|
Less: profit tax |
30 |
|
90 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
1.30 |
|
*Quick ratio |
1.30 |
|
*Liabilities
to assets |
0.77 |
|
*Net profit
margin (%) |
1.88 |
|
*Return on
total assets (%) |
0.46 |
|
*Inventory /
Revenue ×365 |
10 days |
|
*Accounts
receivable/ Revenue ×365 |
236 days |
|
*
Revenue/Total assets |
0.25 |
|
* Cost of
sales / Revenue |
0.66 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fair in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
The short-term loans of SC appear large.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial conditions.
The large amount of accounts receivable and short-term loans may be a threat to
SC’s financial condition. A credit line up to USD 40,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
UK Pound |
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.