MIRA INFORM REPORT
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Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN SET ELECTRONICS CO., LTD. |
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Registered Office : |
No. 8067, West Xiang’an Road, Torch Hi-Tech (Xiang’an) Industrial District, Xiamen, Fujian Province, 361101 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.07.2000 |
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Com. Reg. No.: |
350206200082484 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling
electronic products |
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No. of Employees
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440 |
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 150,000 |
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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 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
xiamen set electronics CO., LTD.
no. 8067, west
xiang’an road, torch hi-tech (xiang’an) industrial district, xiamen, fujian
province, 361101 PR CHINA
TEL: 86 (0)
592-5715505/5715838
FAX: 86 (0)
592-5715839
EXECUTIVE SUMMARY
INCORPORATION DATE : july 14, 2000
REGISTRATION NO. : 350206200082484
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
440
REGISTERED CAPITAL : CNY 8,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 57,450,000 (unaudited, AS OF
DEC. 31, 2011)
EQUITIES :
CNY 18,000,000 (unaudited, AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 150,000
MARKET CONDITION : average
FINANCIAL CONDITION : Fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.34 = usd 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on July 14, 2000.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes researching, developing, manufacturing & selling electronic
products and parts; exporting self-made products and importing the needed
machinery equipment, parts and raw & auxiliary materials, excluding the
items prohibited or limited by the country.
SC is mainly
engaged in manufacturing and selling electronic products.
Mr. Xu Zhonghou is
legal representative, chairman and general manager of SC at present.
SC is known to
have approx. 440 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the hi-tech zone of Xiamen. SC’s employee refused
to release the detailed information of the premise.
Note: SC
also has the other address – 2/
http://www.setfuse.com The design
is professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: sales@setfuse.com
Qualifications:
============
In Mar. 2008, SC was awarded as Credit A+ by Xiamen financial advisory
& credit assessment Co, Ltd.;
In Jan. 2005, SC passed ISO 9001:2000;
In May 2006, SC was awarded as Xiamen Private Technology intensive
enterprises;
In May 2007, SC was awarded as High-tech Enterprises
SC’s product has passed UL, CUL, VDE, TUV, PSE,
KTL, CCC, etc.
Etc.
Changes of its registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
2011 |
Registered capital |
CNY 3,000,000 |
Present amount |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xu Zhonghou 95
Xu Yousheng 5
Legal
representative, chairman and general manager:
Mr. Xu Zhonghou, in his
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
SC is mainly
engaged in manufacturing and selling electronic products.
SC’s products mainly include: thermal cutoffs (TCO), thermally protected
MOV (TMOV), wire wound resistor (WWR), OEM products.
SC sources its materials 99% from domestic
market, and 1% from overseas market. SC sells 92% of its products in domestic
market, and 8% to overseas market.
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.
Note: SC refused to release its major
clients and suppliers.
According
to SC’s website, SC has offices in Suzhou, Foshan and Shenzhen.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
SC declined to
release its banking details.
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
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Cash & bank |
770 |
1,140 |
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Inventory |
7,590 |
7,880 |
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Bills receivable |
640 |
0 |
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Accounts
receivable |
10,480 |
11,420 |
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Other Accounts
receivable |
120 |
430 |
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Advances to
suppliers |
0 |
870 |
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To be apportioned
expense |
60 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
19,660 |
21,740 |
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Fixed assets net
value |
17,240 |
18,540 |
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Long-term
investment |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Other assets |
1,550 |
2,150 |
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------------------ |
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Total assets |
38,450 |
42,430 |
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============= |
============= |
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Short loans |
6,620 |
5,740 |
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Accounts payable |
930 |
1,400 |
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Advance from customers |
0 |
110 |
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Welfare payable |
1,250 |
0 |
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Other Accounts
payable |
4,190 |
5,060 |
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Taxes payable |
240 |
140 |
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Other accounts
unpaid |
10 |
1,560 |
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Withdraw the
expenses in advance |
390 |
0 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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13,630 |
14,010 |
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Long term
liabilities |
8,010 |
10,420 |
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Other
liabilities |
1,910 |
0 |
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Total
liabilities |
23,550 |
24,430 |
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Equities |
14,900 |
18,000 |
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------------------ |
------------------ |
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38,450 |
42,430 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
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Turnover |
50,790 |
57,450 |
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Cost of goods sold |
35,390 |
41,160 |
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Sales expense |
2,250 |
2,050 |
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Management expense |
9,100 |
10,420 |
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Finance expense |
690 |
330 |
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Profit before
tax |
4,780 |
3,230 |
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Less: profit tax |
120 |
120 |
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Profits |
4,660 |
3,110 |
Note: SC’s financial statements for Year 2011 have not been audited.
Important Ratios
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
1.44 |
1.55 |
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*Quick ratio |
0.89 |
0.99 |
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*Liabilities
to assets |
0.61 |
0.58 |
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*Net profit
margin (%) |
9.18 |
5.41 |
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*Return on
total assets (%) |
12.12 |
7.33 |
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*Inventory
/Turnover ×365 |
55 days |
50 days |
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*Accounts receivable/Turnover
×365 |
75 days |
73 days |
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*Turnover/Total
assets |
1.32 |
1.35 |
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* Cost of
goods sold/Turnover |
0.70 |
0.72 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears average in both years.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
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 is average in both years.
l
The accounts receivable
of SC is fairly large in both years.
l
SC’s short-term loan appears average in both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of accounts
receivable could be a threat to SC’s financial condition. A credit line up
to USD 150,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.22 |
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UK Pound |
1 |
Rs.78.64 |
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Euro |
1 |
Rs.65.54 |
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.