MIRA
INFORM REPORT
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Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN CANDO ELECTRONICS CO., LTD |
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Registered Office : |
Building A, Dagang Industrial
Zone, Changzhen Community, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
15.04.2001 |
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Com. Reg. No.: |
440306102726924 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing
and Selling Color Television Set and Television Spare Parts. |
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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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.
Name and address
SHENZHEN CANDO ELECTRONICS CO., LTD.
BUILDING A, DAGANG INDUSTRIAL
ZONE, CHANGZHEN COMMUNITY,
TEL: 86 (0) 755-27653870/27652430 FAX:
86 (0) 755-27653815
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 15, 2001
REGISTRATION NO. : 440306102726924
REGISTERED LEGAL FORM :
LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 500 (according to its
employee)
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : MANUFACTURING AND
TRADING
TURNOVER : cny 105,276,000 (AS OF DEC. 31, 2007)
EQUITIES : cny 9,633,000 (AS OF DEC. 31,
2007)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.83= USD 1
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a limited liabilities
company at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Apr. 15, 2001.
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 manufacturing and
selling color television set and television spare parts; import and export
business.
SC is
mainly engaged in manufacturing and selling color television set and television
spare parts.
Mr.
Xie Hua has been legal representative
and chairman of SC since 2001.
SC is
known to have approx. 500 employees at present (according to its employee)
SC is currently operating at the above stated
address, and this address houses its operating office and factory in the
industrial zone of Shenzhen. SC’s management declined to release the detailed
information of the premise.
SC is not known to host website of its own at present.
Changes of its registered information are as follows:
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Date
of change |
Item |
Before
the change |
After
the change |
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|
Shareholders |
Tian Jianwen : 10%; Xie Hua : 54%; |
Wang Lei : 46%; Xie Hua : 54% |
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Registered capital |
CNY 500,000 |
CNY 1,000,000 |
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Shareholders |
Wang Lei : 46%; Xie Hua : 54% |
Wang Lei: 25%; Xie Hua: 75% |
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Registration No. |
4403012063835 |
440306102726924 |
*To what
extent is your company affected by the current Credit Crisis?
SC’s salesman disclosed that SC suffered some from the
current crisis.
MAIN SHAREHOLDERS:
Name % of Shareholding
Wang Lei 25
Xie Hua 75
l
Legal representative and chairman:
Mr. Xie Hua , he is currently responsible for the overall
management of SC.
Working Experience(s):
From 2001 to present Working in SC as legal representative and chairman
l
General manager:
Mr. Wang Lei (王蕾), he
is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager
Supervisor:
========
Fei Yongjia
SC is
mainly engaged in manufacturing and selling color television set and television
spare parts.
SC’s
products mainly include: 14"/15"/21"/29" CRT Color TV, TV
Chassis SKD, TV Chassis CKD, 14"/21"/29"Slim TV, 21" Ultra
Slim TV, etc.
SC sources its materials 90% from domestic market and 10%
from the overseas market. SC sells 90% of its products to overseas market, mainly South American,
Eastern Europe, Southeast Asia, Africa, Oceania, Middle East,
The buying terms of SC include Check, L/C, 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.
SC is not known to have any subsidiary
at present.
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 refused to release any information of its
domestic suppliers and the trade reference was not available.
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’s
management declined to release its bank details.
Balance
Sheet
Unit:
CNY’000
|
|
As of Dec. 31, 2006 |
As of Dec. 31, 2007 |
|
Cash
& bank |
6,011 |
23,019 |
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Inventory |
6,617 |
8,495 |
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Accounts
receivable |
16,292 |
23,463 |
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Advances
to suppliers |
1 |
0 |
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Other
receivables |
2,385 |
263 |
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Prepaid
expenses |
30 |
2 |
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Other
current assets |
0 |
0 |
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------------------- |
------------------ |
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Current
assets |
31,336 |
55,242 |
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Fixed
assets net value |
1,491 |
3,383 |
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Projects
under construction |
0 |
0 |
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Long
term investment |
0 |
0 |
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Intangible
and other assets |
0 |
0 |
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------------------- |
------------------ |
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Total
assets |
32,827 |
58,625 |
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============= |
============= |
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Short
loans |
0 |
0 |
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Bills
payable |
4,445 |
22,031 |
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Accounts
payable |
16,042 |
22,842 |
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Advances
from clients |
994 |
0 |
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Taxes
payable |
15 |
20 |
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Welfare
expenses payable |
290 |
476 |
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Other
payable |
1,817 |
3,623 |
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Accrued
expenses |
48 |
0 |
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Other
current liabilities |
0 |
0 |
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------------------- |
------------------ |
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Current
liabilities |
23,651 |
48,992 |
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Long
term liabilities |
0 |
0 |
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------------------- |
------------------ |
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Total
liabilities |
23,651 |
48,992 |
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Equities |
9,176 |
9,633 |
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-------------------- |
------------------ |
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Total
liabilities & equities |
32,827 |
58,625 |
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============= |
============= |
Income
Statement
Unit:
CNY’000
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As
of Dec. 31, 2006 |
As of
Dec. 31, 2007 |
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Turnover |
58,412 |
105,276 |
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Cost
of goods sold |
55,440 |
101,829 |
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Taxes
and additional of main operation |
0 |
9 |
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Sales expense |
1,630 |
1,458 |
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Management expense |
1,519 |
1,565 |
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Finance expense |
-279 |
-125 |
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Add:
Income from other operations |
29 |
18 |
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Non-operating
income |
175 |
44 |
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Non-operating
expense |
4 |
108 |
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Profit
before tax |
302 |
494 |
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Less:
profit tax |
29 |
38 |
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Profits |
273 |
456 |
Important
Ratios
=============
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|
2006 |
2007 |
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*Current
ratio |
1.32
|
1.13
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*Quick
ratio |
1.05
|
0.95
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*Liabilities
to assets |
0.72
|
0.84
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*Net
profit margin (%) |
0.47
|
0.43
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*Return
on total assets (%) |
0.83
|
0.78
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*Inventory
/Turnover ×365 |
41days
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29days
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*Accounts
receivable/Turnover ×365 |
102days
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81days
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*Turnover/Total
assets |
1.78
|
1.80
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*
Cost of goods sold/Turnover |
0.95
|
0.97
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PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in
2006, fairly good in 2007, and it increased greatly in 2007.
l
SC’s net profit margin is average in
both 2 years.
l
SC’s return on total assets is average
in both 2 years.
l
SC’s cost of goods sold is fairly high,
comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a normal level in both 2 years.
l
SC’s quick ratio is maintained in a
normal level in both 2 years.
l
The accounts receivable of SC appears
fairly large.
l
The inventory of SC appears average in
both 2 years.
l
There is no short loan of SC in both 2
years.
l
SC’s turnover is in an average level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.81 |
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 |
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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 |
-- |
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.