MIRA
INFORM REPORT
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Report Date : |
20.04.2012 |
IDENTIFICATION DETAILS
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Name : |
ZAIDTEK ELECTRONIC TECHNOLOGY (XIAMEN) CO., LTD. |
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Registered Office : |
No. 285 Wengjiao Road, Haicang District Xiamen, Fujian
Province 361022 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
09.09.2006 |
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Com. Reg. No.: |
350200490000089 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing and selling computer peripheral equipment. |
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No. of Employees : |
533 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 700,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 and address
ZAIDTEK ELECTRONIC TECHNOLOGY (XIAMEN) CO., LTD.
NO. 285 WENGJIAO ROAD, HAICANG DISTRICT
XIAMEN, FUJIAN PROVINCE 361022 PR CHINA
TEL: 86 (0) 592-6881679/6881610
FAX: 86 (0) 592-6881618
EXECUTIVE SUMMARY
Date of Registration : SEPTEMBER 9, 2006
REGISTRATION NO. : 350200490000089
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : USD 12,000,000
staff :
533
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 150,352,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 98,171,000 (AS OF DEC. 31, 2011)
WEBSITE : www.yafox.net.cn
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 700,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31 = 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.: 350200490000089 on September 9, 2006.
SC’s Organization Code Certificate No.:
79125775-X
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SC’s Tax No.: 35020579125775X
SC’s registered capital: usd 12,000,000
SC’s paid-in capital: usd 12,000,000 (cny 88,368,879.56)
Registration Change Record:
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 |
|
Lin Zai De (Canada) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Lin Zai De |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Lin Zai De (Canada) 100
MANAGEMENT
Lin Zai De , Legal
Representative, Chairman, and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: Canada
Ø
Passport No.: BA475554
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman, and general manager
Also
working in Zaidtek Electronic Technology (Jiangxi) Co., Ltd. as legal
representative
BUSINESS OPERATION
SC’s registered
business scope includes developing, designing, manufacturing, and processing
computer & peripheral equipment, mould & components, mobile
communication & terminal equipment, copper wire & other crafts;
importing and exporting package products for electronics, and wholesaling
business.
SC is mainly
engaged in manufacturing and selling computer peripheral equipment.
SC’s products mainly include:
Mid
7 inches
Mouse
Mini Mouse
Optical Mouse
Wireless Mouse
Keyboard
Mini keyboard
Standard keyboard
Multimedia keyboard
Wireless-Touchpad
Wireless combo
Others
Adapter
Power Bank
Other
Mini Spesaker
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%20CO%20,%20LTD%20%20–%20177032%2020-Apr-2012_files/image007.jpg)
%20CO%20,%20LTD%20%20–%20177032%2020-Apr-2012_files/image009.jpg)
%20CO%20,%20LTD%20%20–%20177032%2020-Apr-2012_files/image011.jpg)
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 70% in domestic market, and 30% to overseas market, mainly
Europe, Mid East, Southeast Asia, etc.
The buying terms of SC include Check, 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 Customers:
---------------------
BENQ, ACER,
SAMSUNG etc.
Staff & Office:
--------------------------
SC is known
to have approx. 533 staff at
present.
SC owns an area as
its operating office & factory of approx. 50,000 sq. meters at the heading
address.
RELATED COMPANY
n
Zaidtek Electronic Technology (Jiangxi) Co., Ltd.
Registration
No.: 360903210000083
Date
of Registration: October 11, 2011
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 100,000,000
Legal
Representative: Lin Zai De
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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
29,471 |
61,467 |
|
|
Short-term investment |
8,613 |
481 |
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
23,814 |
31,945 |
|
Advances to
suppliers |
8,275 |
8,969 |
|
Other receivable |
23,803 |
9,301 |
|
Inventory |
52,408 |
65,467 |
|
Prepaid expenses |
0 |
0 |
|
Other current
assets |
1,845 |
1,295 |
|
|
------------------ |
------------------ |
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Current assets |
148,229 |
178,925 |
|
Long-term
investment |
0 |
21,000 |
|
Fixed assets |
48,146 |
45,463 |
|
Construction in
progress |
1,456 |
1,456 |
|
Intangible
assets |
8,460 |
8,275 |
|
Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
206,291 |
255,119 |
|
|
============= |
============= |
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Short-term loans |
102,000 |
108,628 |
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Notes payable |
0 |
36,585 |
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Accounts payable |
0 |
0 |
|
Wages payable |
0 |
0 |
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Taxes payable |
-838 |
-185 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
2,270 |
3,350 |
|
Other current
liabilities |
0 |
8,570 |
|
|
------------------ |
------------------ |
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Current
liabilities |
103,432 |
156,948 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
103,432 |
156,948 |
|
Equities |
102,859 |
98,171 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
206,291 |
255,119 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
119,492 |
150,352 |
|
Cost of sales |
99,859 |
113,637 |
|
Taxes and surcharges |
84 |
164 |
|
Sales expense |
1,909 |
2,600 |
|
Management expense |
9,429 |
19,928 |
|
Finance expense |
6,083 |
7,848 |
|
Non-business
income |
383 |
213 |
|
Non-business expense |
49 |
0 |
|
Profit before
tax |
2,465 |
6,387 |
|
Less: profit tax |
354 |
75 |
|
2,111 |
6,312 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.43 |
1.14 |
|
*Quick ratio |
0.93 |
0.72 |
|
*Liabilities
to assets |
0.50 |
0.62 |
|
*Net profit
margin (%) |
1.77 |
4.20 |
|
*Return on
total assets (%) |
1.02 |
2.47 |
|
*Inventory /
Revenue ×365 |
161 days |
159 days |
|
*Accounts
receivable/ Revenue ×365 |
73 days |
78 days |
|
*
Revenue/Total assets |
0.58 |
0.59 |
|
* Cost of
sales / Revenue |
0.84 |
0.76 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in both
years.
l
SC’s net profit margin is average in 2010 and fairly
good in 2011.
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 fair level in
both years.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appear average.
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 medium-sized in its line with fairly stable financial
conditions. The large amount of short-term loans may be a threat to SC’s
financial condition. Credit line up to USD 700,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.89 |
|
|
1 |
Rs.83.18 |
|
Euro |
1 |
Rs.68.06 |
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.