MIRA INFORM REPORT
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Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 1703, B Building, West
Electronic Zone, No. 18 Dianzi 1st Road, Xi’an City, Shannxi
Province 710065 Pr China |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.09.1999 |
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Com. Reg. No.: |
610116100002717 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling Fine Chemicals, Precision
Electronic Components |
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No. of Employees : |
210 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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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) |
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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
XI’AN UNIQUE ELECTRONIC AND
CHEMICAL CO., LTD.
ROOM
1703, B BUILDING, WEST ELECTRONIC ZONE, NO. 18 DIANZI 1ST ROAD
XI’AN
CITY, SHANNXI PROVINCE 710065 PR CHINA
TEL: 86
(0) 29-88238008
FAX: 86 (0)
29-88249438
EXECUTIVE SUMMARY
Date of Registration : SEPTEMBER 16, 1999
REGISTRATION NO. : 610116100002717
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 5,000,000
staff :
210
BUSINESS CATEGORY : manufacturing
Revenue : CNY 66,765,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 14,378,000 (AS OF DEC. 31, 2011)
WEBSITE : www.china-unique.com
E-MAIL : sales@china-unique.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.39 = 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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 610116100002717 on September 16, 1999.
SC’s Organization Code Certificate
No.: 710163947
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
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 |
|
Sun Kangji |
64.0 |
|
Gao Suxia |
15.8 |
|
Other Shareholders |
20.2 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Sun
Kangji |
|
Director |
Gao
Suxia |
|
Sun
Kangyi |
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|
Sun
Weiguo |
|
|
Wang
Erhu |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Sun Kangji 64.0
Gao Suxia 15.8
Other Shareholders 20.2
MANAGEMENT
Sun
Kangji, Legal Representative,
Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as legal
representative, chairman and general manager
Also working in Xi’an Maige Electromagnetic Technology Co., Ltd.
as legal representative
Directors:
--------------
Gao Suxia
Sun Kangyi
Sun Weiguo
Wang Erhu
Sales
Manager:
--------------------
Sun Dongwei
Mobile: 86 013399287207
BUSINESS OPERATION
SC’s registered business scope
includes selling fine chemicals, precision display devices, smart
security facilities and related electronic products, manufacturing and selling
LED packaging, high-power LED optical energy-saving products and lighting
accessories, operating and acting as an agent of importing and exporting
various kinds of commodities and technology, excluding the goods forbidden by
the government.
SC is
mainly engaged in manufacturing and selling fine chemicals, precision
electronic components.
Acting
Brand: BOROGARD ZB
SC’s
products mainly include: glass beads UGK (KOVAR), UGW (Tungsten) glass tube
UG49, Boron Oxide (B2O3), mask pin, and no-inner disk anode buttons.
SC sources its materials 20%
from domestic market, and 80% from overseas market, mainly USA. SC sells 80% of
its products in domestic market, and 20% to overseas market, mainly 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
Customer:
==============
Allied Mineral Products, Inc.
*Major
Supplier:
=============
U.S.
Borax Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 210
staff at present.
SC
rents an area as its operating office, and SC’s factory located in Yijing
Industrial Zone, Chang’an District, Xi’an, but the detailed information is
unknown.
RELATED COMPANY
n
Xi’an Maige Electromagnetic Technology Co., Ltd.
---------------------------------------------------------------------
Registration No.: 610116100010215
Legal Representative: Sun Kangji
Registered Capital: CNY 3,000,000
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
Basic Bank:
China Merchants Bank
AC#: 029900061732502
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
11,470 |
13,476 |
|
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Accounts
receivable |
9,250 |
21,635 |
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Advances
to suppliers |
0 |
0 |
|
Other
receivable |
1,600 |
890 |
|
Inventory |
18,800 |
24,168 |
|
Non-current
assets within one year |
0 |
0 |
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Other
current assets |
12,590 |
9,770 |
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|
------------------ |
------------------ |
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Current
assets |
53,710 |
69,939 |
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Fixed
assets |
10,010 |
9,834 |
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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 |
820 |
791 |
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|
------------------ |
------------------ |
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Total
assets |
64,540 |
80,564 |
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|
============= |
============= |
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Short-term
loans |
10,350 |
9,282 |
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Notes
payable |
0 |
0 |
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Accounts
payable |
28,080 |
35,759 |
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Wages
payable |
0 |
0 |
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Advances
from clients |
0 |
0 |
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Other
payable |
9,600 |
16,743 |
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Other
current liabilities |
3,680 |
4,357 |
|
|
------------------ |
------------------ |
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Current
liabilities |
51,710 |
66,141 |
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Non-current
liabilities |
50 |
45 |
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|
------------------ |
------------------ |
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Total
liabilities |
51,760 |
66,186 |
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Equities |
12,780 |
14,378 |
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------------------ |
------------------ |
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Total
liabilities & equities |
64,540 |
80,564 |
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============= |
============= |
Income Statement
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Unit:
CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
56,600 |
66,765 |
|
Cost of sales |
51,390 |
58,086 |
|
Sales expense |
2,230 |
2,563 |
|
Management expense |
3,340 |
3,947 |
|
Finance expense |
320 |
80 |
|
Profit
before tax |
1,280 |
2,054 |
|
Less:
profit tax |
40 |
180 |
|
1,240 |
1,874 |
Important
Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current
ratio |
1.04 |
1.06 |
|
*Quick
ratio |
0.68 |
0.69 |
|
*Liabilities
to assets |
0.80 |
0.82 |
|
*Net
profit margin (%) |
2.19 |
2.81 |
|
*Return
on total assets (%) |
1.92 |
2.33 |
|
*Inventory
/ Revenue ×365 |
122
days |
133 days |
|
*Accounts
receivable/ Revenue ×365 |
60
days |
119
days |
|
*
Revenue/Total assets |
0.88 |
0.83 |
|
*
Cost of sales / Revenue |
0.91 |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average, and it
was rising in 2011.
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 sales is average,
comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in
a normal level.
l
SC’s quick ratio is maintained in a
fair level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears
large.
l
The short-term loans of SC appear
average.
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 inventory and accounts receivable may
be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.55.76 |
|
UK Pound |
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.67.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
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.