MIRA
INFORM REPORT
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Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
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Name : |
WASAM TECHNOLOGY (SHENZHEN) CO., LTD. |
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Registered Office : |
Bldg. B & F, Taifeng Industrial Zone (Hengqiang
Industrial Park), Tanggang, Shajing Bao’an District, Shenzhen, Guangdong
Province 518000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.09.2005 |
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Com. Reg. No.: |
440301503245965 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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LINE OF BUSINESS : |
MANUFACTURING
AND SELLING MOBILE PHONES, DVD MODULE, VCD MODULE, ETC. |
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No. of Employees : |
300 |
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 |
|
Maximum Credit Limit : |
usd 500,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 and address
WASAM TECHNOLOGY (SHENZHEN) CO., LTD.
BLDG. B & F, TAIFENG INDUSTRIAL ZONE
(HENGQIANG INDUSTRIAL PARK), TANGGANG, SHAJING
BAO’AN DISTRICT, SHENZHEN, GUANGDONG PROVINCE 518000 PR CHINA
TEL: 86 (0) 755-61681029/61180966/61180666
FAX: 86 (0) 755-61181223
EXECUTIVE SUMMARY
Date of Registration : SEPTEMBER 7, 2005
REGISTRATION NO. : 440301503245965
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : HKD 32,000,000
staff :
300
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 668,850,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 79,430,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: up to usd 500,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30 = 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: According to the given address, we locate SC.
SC’s factory address should be the heading one,
while SC’s sales office locates in the given address-(Unit E, 12/F, Jinsong
Building, Chegongmiao, Futian District, Shenzhen)
SC was established
as a wholly foreign-owned enterprise of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 440301503245965 on
September 7, 2005.
SC’s Organization Code Certificate No.:
77715466-6
%20CO%20,%20LTD%20%20–%20170339%2022-Feb-2012_files/image002.jpg)
SC’s registered capital: HKD 32,000,000
SC’s paid-in capital: HKD 32,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal Representative |
Huang Zhiwen |
Huang Lijuan |
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Registered Capital |
HKD 3,000,000 |
HKD 16,000,000 |
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|
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Registration No. |
316217 |
440301503245965 |
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|
Registered Capital |
HKD 16,000,000 |
HKD 32,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wasam Technology (Hong Kong) Company
Limited |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Huang Lijuan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Wasam Technology (Hong Kong) Company Limited 100
----------------------------------------------------------------
Registration No.: 0974088
Date of Registration: May 31, 2005
Legal Form: Private
Status: Live
MANAGEMENT
Huang Lijuan ,
Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Age: 52
Ø
Qualification:
University
Ø
Working
experience (s):
From 2006
to present, working in SC as legal representative, chairman and general manager
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and selling DVD module, VCD module,
computer peripheral equipment, plastic hardware products, rubber & plastic mould,
digital photo frame, DVD sound, car DVD, audio frequency player, video
frequency player, mobile telephone set and new flat display. Added:
manufacturing and selling laptop and main board of laptop,
SC is mainly
engaged in manufacturing and selling mobile phones, DVD module, VCD module,
etc.
SC’s products
mainly include mobile phone, DVD module and VCD module, etc.
SC sources its materials 50% from domestic
market, and 50% from overseas market, mainly Hong Kong. SC sells 10% of its
products in domestic market, and 90% to overseas market, mainly Hong Kong and
Korea.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 300 staff at
present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
n
Sales Office
Add.:
Unit E, 12/F, Jinsong Building, Chegongmiao, Futian District, Shenzhen
n
Wasam Technology (Holdings) Limited
Registration No.: 1270060
Date of Registration: Sep. 3, 2008
Legal Form: Private
Status: Live
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
Basic Bank:
Industrial & Commercial Bank of China Shenzhen Shajing Sub-branch
AC#: N/A
Note: SC’s accountant refused to release if
the given bank information (Nanyang Commercial Bank Ltd. Nathan Road Branch, Hong
Kong, Swift: NYCBHKHH, A/C No.: 043-482-08007313 (USD)) belongs to SC or other
company.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
11,390 |
|
|
Accounts
receivable |
310,470 |
|
Advances to
suppliers |
0 |
|
Other receivable |
46,490 |
|
Inventory |
77,290 |
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Non-current
assets within one year |
0 |
|
Other current
assets |
2,020 |
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|
------------------ |
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Current assets |
447,660 |
|
Fixed assets |
3,820 |
|
Construction in
progress |
0 |
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Intangible
assets |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
0 |
|
|
------------------ |
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Total assets |
451,480 |
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============= |
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Short-term loans |
81,160 |
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Notes payable |
0 |
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Accounts payable |
294,090 |
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Wages payable |
0 |
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Other payable |
0 |
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Other current
liabilities |
-3,200 |
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|
------------------ |
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Current
liabilities |
372,050 |
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Non-current
liabilities |
0 |
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|
------------------ |
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Total
liabilities |
372,050 |
|
Equities |
79,430 |
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|
------------------ |
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Total
liabilities & equities |
451,480 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
668,850 |
|
Cost of sales |
591,920 |
|
Sales expense |
8,200 |
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Management expense |
27,320 |
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Finance expense |
14,500 |
|
Profit before
tax |
30,400 |
|
Less: profit tax |
2,760 |
|
27,640 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
1.20 |
|
*Quick ratio |
1.00 |
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*Liabilities
to assets |
0.82 |
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*Net profit
margin (%) |
4.13 |
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*Return on
total assets (%) |
6.12 |
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*Inventory /
Revenue ×365 |
43 days |
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*Accounts
receivable/ Revenue ×365 |
170 days |
|
*
Revenue/Total assets |
1.48 |
|
* Cost of
sales / Revenue |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
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.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large.
l
The short-term loans of SC appear fairly large.
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 high.
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 accounts receivable may be a threat to SC’s
financial condition. A credit line up to USD 500,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
|
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.17 |
RATING EXPLANATIONS
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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.