MIRA INFORM REPORT
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Report Date : |
24.12.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 8067, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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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 of Electronic Products. |
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No. of Employees : |
600 |
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.
ECGC Country Risk Classification List – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
Since the late 1970s
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Source
: CIA |
Company Name and 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)
592-5715505/5715838/5718935 FAX:
86 (0) 592-5715839
EXECUTIVE SUMMARY
INCORPORATION DATE : july 14, 2000
REGISTRATION NO. : 350206200082484
REGISTERED LEGAL
FORM : Limited liabilities
company
STAFF STRENGTH : 600
REGISTERED CAPITAL : CNY 30,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER : CNY 71,330,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 40,790,000
(AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION
: Fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.22 = 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. 600 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.
Organization code: 705445106
For the past two years there is no record of
litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xu Zhonghou 93.5
Xu Yousheng 6.5
l Legal
representative, chairman and general manager:
Mr. Xu Zhonghou is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
chairman and general manager.
l Supervisor:
Xu Yousheng
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.
Trademark & Patents
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Registration
No. |
11583910 |
11583947 |
11583976 |
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Registration
Date |
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Trademark
Design |
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SC is not known to have the
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 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, 2013 |
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Cash & bank |
1,700 |
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Inventory |
29,850 |
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Bills receivable |
0 |
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Accounts receivable |
19,290 |
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Advances to suppliers |
2,840 |
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Other receivables |
1,090 |
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Other current assets |
470 |
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Current assets |
55,240 |
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Fixed assets net value |
31,260 |
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Long term investment |
0 |
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Projects under construction |
6,130 |
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Intangible and other assets |
1,390 |
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Total assets |
94,020 |
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Short loan |
22,660 |
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Accounts payable |
9,660 |
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Advances from clients |
3,000 |
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Other Accounts payable |
6,450 |
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Other current liabilities |
1,280 |
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Current liabilities |
43,050 |
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Long term liabilities |
10,180 |
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Total liabilities |
53,230 |
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Equities |
40,790 |
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Total liabilities & equities |
94,020 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2013 |
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Turnover |
71,330 |
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Cost of
goods sold |
46,010 |
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Sales expense |
2,730 |
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Management expense |
18,760 |
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Finance expense |
1,700 |
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Profit
before tax |
5,680 |
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Less:
profit tax |
540 |
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Profits |
5,140 |
Important Ratios
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As of Dec.
31, 2013 |
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*Current
ratio |
1.28 |
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*Quick
ratio |
0.59 |
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*Liabilities
to assets |
0.57 |
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*Net profit
margin (%) |
7.21 |
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*Return on
total assets (%) |
5.47 |
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*Inventory
/Turnover ×365 |
153 days |
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*Accounts
receivable/Turnover ×365 |
99 days |
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*Turnover/Total
assets |
0.76 |
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* Cost of
goods sold/Turnover |
0.65 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of SC
appears average.
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 turnover.
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 fairly large.
l The accounts
receivable of SC appears fairly large.
l The short-term
loan of SC appears fairly large.
l SC’s turnover 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.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory,
accounts receivable and short-term
loan could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.45 |
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1 |
Rs.98.88 |
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Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIT |
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.