MIRA
INFORM REPORT
|
Report Date : |
07.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
PHILIPS & YAMING LIGHTING CO., LTD. |
|
|
|
|
Registered Office : |
No. 1805, Huyi Road, Malu Town, Jiading District Shanghai
201801 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.12.1993 |
|
|
|
|
Com. Reg. No.: |
310000400070086 |
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing lighting products & components, production equipment of manufacturing light, selling its products, importing and exporting commodities and technology. |
|
|
|
|
No. of Employees : |
1,149 |
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 5,000,000 |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
PHILIPS & YAMING LIGHTING CO., LTD.
NO. 1805, HUYI ROAD, MALU TOWN, JIADING DISTRICT
SHANGHAI 201801 PR CHINA
TEL: 86 (0) 21-65451341/59154466/59154081
FAX: 86 (0) 21-65415905
EXECUTIVE SUMMARY
Date of Registration : december 23, 1993
REGISTRATION NO. : 310000400070086
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : cny 276,654,110
staff :
1,149
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 709,170,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 349,630,000 (AS OF DEC. 31, 2010)
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 5,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY 6.36 = 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 locates in the heading address, while
the given address (No. 66, Liaoyang Road, Yangpu District, Shanghai 200082) was
its former one.
SC was established
as a Chinese-foreign equity joint venture enterprise of PRC on December 23,
1993. However, SC changed to present legal form, and was registered as
one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 310000400070086 later.
SC’s Organization Code Certificate No.:
60726790-8
SC’s registered capital: CNY 276,654,110
SC’s paid-in capital: CNY 276,654,110
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Legal Representative |
Yang Zongzhi |
Leong Hon Foong |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Phillips Electrical Technologies
(Shanghai) Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Leong Hon Foong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Phillips Electrical Technologies (Shanghai)
Co., Ltd. 100
---------------------------------------------
Registration No.: 310000400364373
Legal Form: Wholly foreign-owned enterprise
Registered Capital: EUR 13,125,000
Legal Representative: Leong Hon Foong
Shareholder of Phillips Electrical
Technologies (Shanghai) Co., Ltd.:
Philips Electronics (China) Co., Ltd. (100%)
MANAGEMENT
Leong Hon Foong,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
Since 2011, working in SC as legal representative, chairman
and general manager
Also
working in Phillips Electrical Technologies (Shanghai) Co., Ltd. as legal
representative
***Note: The given contact
person (Mr. Yang Zongzhi) is SC’s former legal representative.
BUSINESS OPERATION
SC’s registered business scope includes
manufacturing lighting products & components, production equipment of
manufacturing light, selling its products, importing and exporting commodities
and technology.
SC is mainly
engaged in manufacturing and selling lighting
products & components.
Brand: Philips
SC’s products
mainly include: energy-saving lamp, fluorescent lamp, incandescent lamp, etc.
SC sources its materials 60% from domestic
market, and 40% from overseas market, mainly Europe. SC sells 100% of its
products in domestic market.
The buying terms
of SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T and Credit of 30-60 days.
*Major Customer:
=============
Shanghai Yayuan Lighting Appliance Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 1,149 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
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 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.
BANKING
Basic Bank
Industrial and Commercial Bank of China Shanghai Branch
AC#: 1001246919006960903
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,940 |
7,990 |
|
|
Short-term investment |
166,270 |
198,780 |
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
118,460 |
76,540 |
|
Advances to
suppliers |
2,680 |
4,310 |
|
Other receivable |
460 |
970 |
|
Inventory |
41,780 |
37,410 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
790 |
2,140 |
|
|
------------------ |
------------------ |
|
Current assets |
332,380 |
328,140 |
|
Fixed assets |
124,190 |
107,080 |
|
Construction in progress |
5,770 |
35,080 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
25,630 |
18,910 |
|
|
------------------ |
------------------ |
|
Total assets |
487,970 |
489,210 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
87,830 |
137,850 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
0 |
0 |
|
Interest payable |
0 |
0 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
530 |
780 |
|
Other current
liabilities |
13,120 |
950 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
101,480 |
139,580 |
|
Non-current
liabilities |
3,000 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
104,480 |
139,580 |
|
Equities |
383,490 |
349,630 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
487,970 |
489,210 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
709,170 |
|
Cost of sales |
572,160 |
|
Sales expense |
12,870 |
|
Management expense |
58,580 |
|
Finance expense |
-3,740 |
|
Profit before
tax |
49,070 |
|
Less: profit tax |
13,870 |
|
35,200 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
3.28 |
2.35 |
|
*Quick ratio |
2.86 |
2.08 |
|
*Liabilities
to assets |
0.21 |
0.29 |
|
*Net profit
margin (%) |
-- |
4.96 |
|
*Return on total
assets (%) |
-- |
7.20 |
|
*Inventory /
Revenue ×365 |
-- |
20 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
40 days |
|
*
Revenue/Total assets |
-- |
1.45 |
|
* Cost of
sales / Revenue |
-- |
0.81 |
FINANCIAL COMMENTS
PROFITABILITY: FAIRLY
GOOD
l
The revenue of SC appears fairly good in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. Taking into consideration of SC’s general performance, reputation
as well as market conditions, we consider higher credit amount appears to be within
SC’s capacities comparing with the above given one, and USD 5,000,000 is
recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.39 |
|
|
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
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.