MIRA INFORM
REPORT
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Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
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Name : |
DIGITAL PRINTED CIRCUIT BOARD CO., LTD. |
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Registered Office : |
First Region Of Chashan Industrial Park, Shida Road, Chashan Town,
Dongguan, Guangdong Province 523380 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.03.2002 |
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Com. Reg. No.: |
441900400116148 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
manufacturing and Selling Electronic Components
and PCB. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 1,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
Slow but 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
DIGITAL PRINTED CIRCUIT BOARD CO., LTD.
FIRST REGION OF CHASHAN INDUSTRIAL PARK, SHIDA ROAD,
CHASHAN TOWN, DONGGUAN, GUANGDONG PROVINCE 523380 PR CHINA
TEL: 86 (0) 769-86485066
FAX: 86 (0) 769-86432280
EXECUTIVE SUMMARY
Date of Registration : march 28, 2002
REGISTRATION NO. : 441900400116148
LEGAL FORM : Wholly foreign-owned enterprise
CHIEF EXECUTIVE :
cai hanlin (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : usd 22,000,000
staff :
1,300
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 467,460,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 187,810,000 (AS OF DEC. 31, 2010)
WEBSITE : http://www.l-bridge.com.cn
E-MAIL :
0C-Jason_Lee@L-bridge.com.cn
PAYMENT :
AVERAGE
Recommended Credit
Limit : UP TO USD
1,000,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.48 = 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
SC was established as a wholly foreign-owned enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.:
441900400116148 on March 28, 2002.
SC’s Organization Code Certificate No.:
737551245
SC’s registered capital: usd 22,000,000.
SC’s paid-in capital: usd 22,000,000.
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 |
|
Momente International Holdings Limited (Samoa) |
100 |
SC’s Chief Executives:-
Legal Representative, Chairman and General Manager: Cai Hanlin
RECENT DEVELOPMENT
SC has got the OHSAS, TS169492009 and QC080000.
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
Momente International Holdings Limited (Samoa) 100
MANAGEMENT
Cai Hanlin, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general manager.
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling new type of electronic components (including chip components),
semiconductors, and special materials for components (multilayer PCB);
assembled circuit board etching, and plating process.
SC is mainly engaged in manufacturing and selling electronic components
and PCB.
Brand: 
SC’s products mainly include: electronic components, PCB
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 20% of its products in domestic market, and 80% to overseas
market, mainly Japan, USA, Europe and Southeast Asian 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, L/C and Credit of 30-60 days.
*Major Supplier:
=============
Ofuna Science & Technology (Dongguan) Co., Ltd.
Staff &
Office:
--------------------------
SC is known to have approx. 1,300 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: A
trade enquiry currently conducted with SC's supplier(s) reveal the following:
Supplier A
Products sold: CNC
equipment
Date account opened: Since 2009
to present
Line of credit: N/A
Terms: 30-60
days
Average monthly sales: N/A
Current balance: N/A
Rating Key : 3
Any Special Comments: N/a
Payment record keys:
1 = Prompt : Payment made before the credit period expires
2 = As agreed terms : Payment made upon due date
3 = Slightly slow but acceptable : Payment made 5 to 20 days beyond
agreed terms
4 = Slow : Payment made 16 to 45 days beyond agreed terms
5 = Poor : Payment made over 45 days beyond agreed terms
6 = No comment : Account is newly opened & record is not yet
established
Note : In some instances, payment
beyond terms can be the result of disputes over merchandise, lost invoices,
disputed accounts & etc.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
30,220 |
47,010 |
|
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Accounts receivable |
104,950 |
89,590 |
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Advances to suppliers |
0 |
0 |
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Other receivable |
3,670 |
5,540 |
|
Inventory |
79,500 |
120,980 |
|
Non-current assets within one year |
0 |
0 |
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Other current assets |
970 |
6,240 |
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------------------ |
------------------ |
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Current assets |
219,310 |
269,360 |
|
Fixed assets |
118,730 |
104,400 |
|
Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
18,170 |
15,840 |
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------------------ |
------------------ |
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Total assets |
356,210 |
389,600 |
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============= |
============= |
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Short-term loans |
28,680 |
15,670 |
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Accounts payable |
86,570 |
128,160 |
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Wages payable |
0 |
0 |
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Advances from clients |
0 |
0 |
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Other payable |
60,180 |
59,630 |
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Other current liabilities |
-1,270 |
-1,680 |
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------------------ |
------------------ |
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Current liabilities |
174,160 |
201,780 |
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Non-current liabilities |
0 |
10 |
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------------------ |
------------------ |
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Total liabilities |
174,160 |
201,790 |
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Equities |
182,050 |
187,810 |
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------------------ |
------------------ |
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Total liabilities & equities |
356,210 |
389,600 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
467,460 |
|
Cost of sales |
425,040 |
|
Sales expense |
12,370 |
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Management expense |
19,690 |
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Finance expense |
2,290 |
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Profit before tax |
7,950 |
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Less: profit tax |
2,290 |
|
5,660 |
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current ratio |
1.26 |
1.33 |
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*Quick ratio |
0.80 |
0.74 |
|
*Liabilities
to assets |
0.49 |
0.52 |
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*Net profit
margin (%) |
-- |
1.21 |
|
*Return on
total assets (%) |
-- |
1.45 |
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*Inventory /
Revenue ×365 |
-- |
95 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
70 days |
|
*
Revenue/Total assets |
-- |
1.20 |
|
* Total
business cost / Revenue |
-- |
0.91 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears fairly good in its line in 2010.
SC’s net profit margin is average in 2010.
SC’s return on total assets is average in 2010.
SC’s cost of goods sold is fairly high, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC appears slightly large.
The accounts receivable of SC is maintained in a slightly large level.
SC’s short-term loan is in an average level.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with stable financial
conditions. A credit line up to USD 1,000,000 is recommended upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.68 |
|
UK Pound |
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.29 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.