MIRA INFORM REPORT
|
Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
Wuxi
Taiwei Electronics Co., Ltd. |
|
|
|
|
Registered Office : |
No. 90 Nancao South Road, Wanshi
Town, Yixing, Jiangsu Province 214217
PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
12.05.2004 |
|
|
|
|
Com. Reg. No.: |
320282400004231 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
|
|
|
|
Line of Business : |
Subject engaged
in manufacturing and selling electrolytic capacitor, electrode foil,
electrolyte, and molding compound. |
|
|
|
|
No. of Employees : |
203 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
|
Source : CIA |
company name & address
Wuxi Taiwei
Electronics Co., Ltd.
no. 90
nancao south road, wanshi town, yixing
jiangsu
PROVINCE 214217 PR CHINA
TEL: 86
(0) 510-83728668/87856088
FAX: 86
(0) 510-87856088
EXECUTIVE SUMMARY
Date of Registration : MAY 12, 2004
REGISTRATION NO. : 320282400004231
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL :
USD 300,000
staff : 203
BUSINESS CATEGORY :
MANUFACTURING & TRADING
Revenue : CNY 28,584,000 (AS OF DEC.
31, 2012)
EQUITIES : CNY 11,172,000 (AS OF DEC. 31, 2012)
WEBSITE : www.wxtwdz.com
E-MAIL : keykeyhl8989@21cn.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.23 = 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 Chinese-foreign equity joint venture enterprise
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 320282400004231
on May 12, 2004.
SC’s Organization Code Certificate No.:
76151047-8
SC’s Tax No.: 320282761510478
SC’s registered capital: USD 300,000
SC’s paid-in capital: USD 300,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
007053 |
320282400004231 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wuxi Keda Plastic Products
Co., Ltd. |
55 |
|
Sen Yuan Guang (Japan) |
45 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Tang
Yalong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Wuxi Keda Plastic Products Co.,
Ltd. 55
Sen Yuan Guang (Japan) 45
n Wuxi
Keda Plastic Products Co., Ltd.
---------------------------------------------------
Registration No.: 320282000112796
MANAGEMENT
Tang
Yalong, Legal Representative,
Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 320223196706086916
Ø
Age: 46
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative, chairman and
general manager
BUSINESS OPERATION
SC’s
registered business scope includes manufacturing aluminum electrolytic
capacitor, electrode foil, electrolyte, and molding compound; and selling its
products.
SC is mainly
engaged in manufacturing and selling electrolytic capacitor, electrode foil,
electrolyte, and molding compound.
SC’s
products mainly include:
|
|
|
|
SC sources its materials 100% from domestic market. SC sells 70% in domestic market and 30% to overseas market, mainly Southeast Asia, etc.
The buying terms of SC include Check, 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.
Staff & Office:
--------------------------
SC is
known to have approx. 203 staff
at present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is not known to have the subsidiary at present.
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:
Yixing
Nancao Credit Union
AC#:
3202233301200000052208
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
4,779 |
4,948 |
|
|
Notes receivable |
2,940 |
2,934 |
|
Accounts
receivable |
13,804 |
9,585 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
2,310 |
1,819 |
|
Inventory |
3,574 |
2,293 |
|
Deferred
expenses |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
27,407 |
21,579 |
|
Fixed assets |
7,219 |
6,737 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
750 |
393 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
35,376 |
28,709 |
|
|
============= |
============= |
|
Short-term loans |
4,976 |
13,300 |
|
Notes payable |
3,800 |
8,350 |
|
Accounts payable |
7,672 |
5,087 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
219 |
162 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
4,695 |
-8,776 |
|
Accrued expense |
0 |
-600 |
|
Other current
liabilities |
20 |
14 |
|
|
------------------ |
------------------ |
|
Current liabilities |
21,382 |
17,537 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
21,382 |
17,537 |
|
Equities |
13,994 |
11,172 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
35,376 |
28,709 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
38,281 |
28,584 |
|
Cost of sales |
33,731 |
25,423 |
|
Taxes and surcharges |
202 |
119 |
|
Sales expense |
396 |
375 |
|
Management expense |
3,404 |
3,160 |
|
Finance expense |
593 |
1,096 |
|
Subsidy income |
0 |
1,120 |
|
Non-operating
income |
1,745 |
569 |
|
Non-operating expense |
115 |
1,226 |
|
Profit before
tax |
1,585 |
-1,126 |
|
Less: profit tax |
191 |
13 |
|
1,394 |
-1,139 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
1.28 |
1.23 |
|
*Quick ratio |
1.11 |
1.10 |
|
*Liabilities
to assets |
0.60 |
0.61 |
|
*Net profit
margin (%) |
3.64 |
-3.98 |
|
*Return on
total assets (%) |
3.94 |
-3.97 |
|
*Inventory /
Revenue ×365 |
35 days |
30 days |
|
*Accounts
receivable/ Revenue ×365 |
132 days |
123 days |
|
*
Revenue/Total assets |
1.08 |
1.00 |
|
* Cost of sales
/ Revenue |
0.88 |
0.89 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l The revenue of SC
appears average in its line in both years.
l SC’s net profit
margin is average in 2011, fair in 2012.
l SC’s return on
total assets is average in 2011, fair in 2012.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large in both
years.
l
SC’s short-term loans appear large in 2012.
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 average.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair
financial conditions. The large amount of accounts receivable
& short-term loans may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
UK Pound |
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.