%20CO%20,%20LTD%20%20-%20168920%2009-Feb-2012_files/image003.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ITT
HIGH PRECISION MANUFACTURED PRODUCTS (WUXI) CO., LTD. |
|
|
|
|
Registered Office : |
Itt High Precision Manufactured Products
(Wuxi) Co., Ltd., No. 570 Xida Road, Meicun, Wuxi New District,
Jiangsu Province 214112 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
14.07.2006 |
|
|
|
|
Com. Reg. No.: |
320200400027210 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
Manufacturing Shock Absorber of High-Speed
Train, Subway Shock Absorbers etc. |
|
|
|
|
No. of Employees : |
225 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Poor |
|
Payment Behaviour : |
Unknown |
|
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
ITT HIGH
PRECISION MANUFACTURED PRODUCTS (WUXI) CO., LTD.
no. 570
xida road, meicun, wuxi new district
jiangsu
province 214112 PR CHINA
TEL: 86
(0) 510-88556081
FAX: 86
(0) 510-88556112
EXECUTIVE SUMMARY
Date of Registration : july 14, 2006
REGISTRATION NO. : 320200400027210
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL :
usd 12,980,000
staff : 225
BUSINESS CATEGORY :
manufacturing
Revenue :
CNY 269,696,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY -11,163,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : Unknown
Recommended Credit Limit: c.o.d.
MARKET CONDITION : fair
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
DOWNWARD
GENERAL REPUTATION : fair
EXCHANGE RATE : CNY 6.31 = USD
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 complete name should be the heading
one, instead of the given name-ITT Percision Manufactured Products (Wuxi) Co.,
Ltd.
SC was
established as a wholly foreign-owned enterprise of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 320200400027210 on July 14, 2006.
SC’s Organization Code Certificate
No.: 78991386-9
%20CO%20,%20LTD%20%20-%20168920%2009-Feb-2012_files/image005.jpg)
SC’s registered capital: usd 12,980,000
SC’s paid-in capital: usd 12,980,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011 |
Legal Representative |
Kuchenbrod Michael Lee |
Taylor William Edward |
|
Registered Capital |
USD 9,980,000 |
USD 12,980,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
ITT (China) Investment Co.
Ltd. (U.S.A.) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Taylor William Edward |
|
General Manager |
Paul Richard Aram |
|
Director |
Liang Wencong |
|
Chen Zhaoqi |
|
|
Supervisor |
Yu Bei |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
%20CO%20,%20LTD%20%20-%20168920%2009-Feb-2012_files/image008.gif){kind=small}
ITT (China) Investment Co. Ltd.
(U.S.A.)
100
=============================
Date of Registration: May 3, 1996
Registration No.: 100000400006841
Legal Form: Wholly
Foreign-Owned Enterprise
Address: Room 902, Dongfang Square, No. 1
East Chang’an Street, Beijing
Tel: 86 010-85184188
Fax: 86 010-85188438
Web: www.itt.com.cn
MANAGEMENT
Taylor William Edward, Legal
Representative and Chairman
-------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 112778303
Ø
Qualification:
University
Ø
Working
experience (s):
From 2011 to present, working in SC as legal representative
and chairman
Also working in ITT (China)
Investment Co. Ltd. as legal representative
Paul Richard Aram, General Manager
--------------------------------------------------
Ø
Gender: M
Ø
ID# 761080452
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Director
-----------
Liang Wencong ID#
H0701427001
Chen Zhaoqi ID#
H0646271001
Supervisor
--------------
Yu Bei ID# 310105197611160823
BUSINESS OPERATION
SC’s registered business scope includes
manufacturing shock absorber of high-speed train, subway shock absorbers, light
rail vehicles shock absorbers, automotive shock absorbers, car brake pads,
water pump and its parts, liquid pumps, parts and components, marine toilet and
its parts, yacht parts hinge, vehicles and aircraft seat adjustment parts,
industrial production line with shock absorber, isolator; above products
wholesale, commission agency; operating importing and exporting various kinds of
commodities and technology.
SC is
mainly engaged in manufacturing and selling shock absorber and fluid control
equipment.
SC’s
products mainly include: shock absorber of
high-speed train, subway shock absorbers, light rail vehicles shock absorbers,
automotive shock absorbers, car brake pads, water pump and its parts, liquid
pumps.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 93% of its products in domestic
market, and 7% to overseas market, mainly U.S.A., Japan, UK, Hong Kong, etc.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
USA |
8,571,600 |
9,190,200 |
|
Japan |
3,583,800 |
50,600 |
|
UK |
2,031,900 |
2,714,600 |
|
Australia |
1,875,500 |
-- |
|
Hong Kong |
618,000 |
283,000 |
|
Singapore |
607,900 |
23,300 |
|
Other countries |
3,361,700 |
10,245,100 |
|
|
------------------- |
------------------- |
|
Total Amount |
20,650,400 |
22,506,800 |
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.
Staff & Office:
--------------------------
SC is
known to have approx. 225
staff at present.
SC rents an area
as its operating office & factory of approx. 63,000 sq. meters at the
heading address.
%20CO%20,%20LTD%20%20-%20168920%2009-Feb-2012_files/image007.jpg)
RELATED COMPANY
SC is known to have a
branch at present,
n
ITT High Precision Manufactured Products (Wuxi) Co., Ltd. Nanjing Branch
Related Company,
n
ITT Cannon Electronics (SZ) Co., Ltd.
Address:
Tuopandun Industry Zone, Jindacheng, Xin'ercun, Shajing Town, Bao'an District,
Shenzhen
Tel:
86-755-2726-7888
Fax:
86-755-2726-7001
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 SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
2,536 |
50,185 |
|
|
Notes receivable |
0 |
550 |
|
Accounts
receivable |
22,443 |
90,543 |
|
Advances to suppliers |
605 |
2,121 |
|
Other receivable |
4,749 |
1,280 |
|
Inventory |
35,887 |
67,033 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
373 |
349 |
|
|
------------------ |
------------------ |
|
Current assets |
66,593 |
212,061 |
|
Fixed assets |
33,166 |
27,709 |
|
Construction in
progress |
1,923 |
6,249 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
628 |
269 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
102,310 |
246,288 |
|
|
============= |
============= |
|
Short-term loans |
19,703 |
58,258 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
45,176 |
125,412 |
|
Wages payable |
1,225 |
1,670 |
|
Taxes payable |
-3,185 |
1,443 |
|
Advances from
clients |
699 |
474 |
|
Other payable |
31,847 |
51,596 |
|
Other current
liabilities |
7,024 |
18,598 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
102,489 |
257,451 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
102,489 |
257,451 |
|
Equities |
-179 |
-11,163 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
102,310 |
246,288 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
69,460 |
269,696 |
|
Cost of sales |
59,761 |
230,725 |
|
Sales expense |
5,124 |
8,217 |
|
Management expense |
40,190 |
43,917 |
|
Finance expense |
1,639 |
-2,101 |
|
Non-business
income |
31 |
98 |
|
Non-business expense |
189 |
20 |
|
Profit before
tax |
-37,413 |
-10,984 |
|
Less: profit tax |
0 |
0 |
|
-37,413 |
-10,984 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.65 |
0.82 |
|
*Quick ratio |
0.30 |
0.56 |
|
*Liabilities
to assets |
1.00 |
1.05 |
|
*Net profit
margin (%) |
-53.86 |
-4.07 |
|
*Return on
total assets (%) |
-36.57 |
-4.46 |
|
*Inventory /
Revenue ×365 |
189 days |
91 days |
|
*Accounts
receivable/ Revenue ×365 |
118 days |
123 days |
|
*
Revenue/Total assets |
0.68 |
1.10 |
|
* Cost of
sales / Revenue |
0.86 |
0.86 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears average, and it was
rising in 2010.
l
SC’s net profit margin is poor in 2009 and fair in
2010.
l
SC’s return on total assets is poor in 2009 and
fair in 2010.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears large.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
POOR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is high.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
Credit Opinion: USD 1,500,000
SC is considered medium-sized in its line with
poor financial conditions. The large amount of inventory and accounts
receivable may be a threat to SC’s financial condition. A credit line at the above amount appears beyond SC’s capacities, great
caution is required in providing credit to SC and C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.06 |
|
|
1 |
Rs.78.08 |
|
Euro |
1 |
Rs.65.15 |
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.