%20CO%20,%20LTD%20%20-%20156305%2012-Oct-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
NEXTEER AUTOMOTIVE (SUZHOU) CO., LTD. |
|
|
|
|
Registered Office : |
No. 72 Fengli Street, Suzhou Industrial Park Jiangsu Province
215126 Pr |
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|
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Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
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|
|
|
Date of Incorporation : |
24.01.2007 |
|
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Com. Reg. No.: |
320594400015900 |
|
|
|
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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|
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Line of Business : |
Designing, R&D, manufacturing automotive steering systems and components; selling its owned products; providing related technologies and after-sales service; enterprise management consulting; international economic information consultation. |
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 2,000,000 |
|
Status : |
Satisfactory |
|
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 – 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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
NEXTEER AUTOMOTIVE (SUZHOU) CO., LTD.
NO. 72 FENGLI STREET, SUZHOU INDUSTRIAL PARK
JIANGSU PROVINCE 215126 PR CHINA
TEL: 86 (0) 512-69009447
FAX: 86 (0) 512-62836165
EXECUTIVE SUMMARY
Date of Registration : january 24, 2007
REGISTRATION NO. : 320594400015900
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : usd 21,000,000
staff :
662
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 737,098,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 222,869,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 2,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE :
CNY 6.37 = 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.: 320594400015900 on
January 24, 2007.
SC’s Organization Code Certificate No.:
79652398-1
%20CO%20,%20LTD%20%20-%20156305%2012-Oct-2011_files/image004.jpg)
SC’s Tax No.: 321700796523981
SC’s Customs Registration No: 3205241400
SC’s registered capital: usd 21,000,000
SC’s paid-in capital: usd 21,000,000 (CNY 150,761,848.65)
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 |
|
Steering Holding Pet. Ltd. (Singapore) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Michael Paul
Richardson |
|
General Manager |
Liu Tao |
|
Director |
Lloyd O. Doddridge |
|
Brian James Darling |
|
|
Supervisor |
Yu Dong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Steering Holding Pet. Ltd. (Singapore) 100
MANAGEMENT
Michael Paul
Richardson, Legal Representative and Chairman
---------------------------------------------------------------------------------
Ø
Gender: M
Ø
Certificate
No.: 027533510
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative and chairman
Liu Tao , General
Manager
-------------------------------------------
Ø
Gender: M
Ø
Age: 46
Ø
ID# 110108196503189036
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as general manager
Director
-----------
Lloyd O. Doddridge Certificate
No.: 9646209
Brian James Darling Certificate
No.: 211272414
Supervisor
--------------
Yu Dong ID# 350206730330001
BUSINESS OPERATION
SC’s registered business scope includes designing,
R&D, manufacturing automotive steering systems and components; selling its
owned products; providing related technologies and after-sales service;
enterprise management consulting; international economic information
consultation.
SC is mainly
engaged in manufacturing and selling automotive steering systems and
components.
Brand: Nexteer
SC’s products
mainly include: electric power steering, hydraulic power steering, steering
pipe and transmission shaft.
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%20CO%20,%20LTD%20%20-%20156305%2012-Oct-2011_files/image012.jpg)
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 78% of its products in domestic
market, and 22% to overseas 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 Customers:
==============
VOLKSWAGEN
FIAT
FORD
TOYOTA
CHRYSLER
Staff & Office:
--------------------------
SC is known
to have approx. 662 staff at
present.
SC rents an area
as its operating office & factory of approx. 45,948 sq. meters at the
heading address.
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 records 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
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 |
|
62,088 |
93,539 |
|
|
Notes receivable |
15,221 |
12,237 |
|
Accounts
receivable |
110,798 |
146,631 |
|
Advances to
suppliers |
2,520 |
5,354 |
|
Other receivable |
18,939 |
19,572 |
|
Inventory |
55,506 |
67,487 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current assets |
737 |
2,010 |
|
|
------------------ |
------------------ |
|
Current assets |
265,809 |
346,830 |
|
Fixed assets |
259,241 |
298,772 |
|
Construction in
progress |
21,702 |
30,365 |
|
Intangible
assets |
942 |
1,072 |
|
Long-term
prepaid expenses |
1,332 |
2,489 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
-1,463 |
-1,465 |
|
|
------------------ |
------------------ |
|
Total assets |
547,563 |
678,063 |
|
|
============= |
============= |
|
Short-term loans |
0 |
42,932 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
113,221 |
165,244 |
|
Wages payable |
12,051 |
18,239 |
|
Tax payable |
9,260 |
3,854 |
|
Advances from
clients |
2,616 |
1,030 |
|
Other payable |
10,779 |
3,799 |
|
Other current
liabilities |
39,904 |
55,816 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
187,831 |
290,914 |
|
Non-current
liabilities |
191,639 |
164,280 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
379,470 |
455,194 |
|
Equities |
168,093 |
222,869 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
547,563 |
678,063 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
576,818 |
737,098 |
|
Cost of sales |
475,850 |
609,171 |
|
Sales expense |
4,395 |
12,572 |
|
Management expense |
57,106 |
89,935 |
|
Finance expense |
11,686 |
11,415 |
|
Profit before
tax |
26,132 |
17,697 |
|
Less: profit tax |
1,992 |
4,032 |
|
24,140 |
13,665 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.42 |
1.19 |
|
*Quick ratio |
1.12 |
0.96 |
|
*Liabilities
to assets |
0.69 |
0.67 |
|
*Net profit
margin (%) |
4.19 |
1.85 |
|
*Return on
total assets (%) |
4.41 |
2.02 |
|
*Inventory /
Revenue ×365 |
36 days |
34 days |
|
*Accounts
receivable/ Revenue ×365 |
71 days |
73 days |
|
*
Revenue/Total assets |
1.05 |
1.09 |
|
* Cost of
sales / Revenue |
0.82 |
0.83 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good, and it was
rising in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan is in an average level in
2010.
l
SC’s revenue is in an average 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 low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions. Taking into consideration of SC’s background, 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 2,000,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.03 |
|
|
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.66.80 |
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.