|
Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
TECHCOMP ( |
|
|
|
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Registered Office : |
Em
Macau, Rua De Pequim No.230-246, Centro Financeiro F7 |
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Country : |
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Financials (as on) : |
31.12.2013 (Consolidated) |
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Date of Incorporation : |
12.09.2002 |
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Com. Reg. No.: |
SO 25387 |
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|
Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
· engaged in trading of Analytical Instruments, Life Science Equipment & Laboratory Instruments · Subject also provides Daily Files Handling and Financial Services for its Group Companies. |
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|
|
No. of Employees |
About 5 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Slow but Correct |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Macau |
A2 |
A2 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 |
Macau ECONOMIC OVERVIEW
Since opening up its locally-controlled casino industry to foreign competition in 2001, Macau has attracted tens of billions of dollars in foreign investment, transforming the territory into one of the world's largest gaming centers. Macau's gaming and tourism businesses were fueled by China''s decision to relax travel restrictions on Chinese citizens wishing to visit Macau. - In 2013, Macau's gaming-related taxes accounted for more than 85% of total government revenue. Macau''s economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in 2010-13, largely on the back of tourism from mainland China and the gaming sectors. In 2013, this city of 607,500 hosted nearly 29.3 million visitors. Almost 64% came from mainland China. Macau''s traditional manufacturing industry has slowed greatly since the termination of the Multi-Fiber Agreement in 2005. China is Macau''s second largest goods export market, behind Hong Kong, and followed by the United States. In 2013, exports were US$1.1 billion, while gaming receipts were US$45.2 billion, an 18.6% increase over 2012. Macau''s economy expanded by 11.9% in 2013; although impressive, it was a slower growth rate than in previous years. Macau continues to face the challenges of managing its growing casino industry, money-laundering, and the need to diversify the economy away from heavy dependence on gaming revenues. Macau''s currency, the pataca, is closely tied to the Hong Kong dollar, which is also freely accepted in the territory.
|
Source
: CIA |
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天美（澳门离岸商业服务）有限公司 |
|
|
Company Name (in
English): |
|
|
Company Name (in Portuguese): |
Techcomp (Comercial Offshore De Macau) Limitada |
|
Supplied Name: |
|
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Trading Address: |
|
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Supplied Address: |
EM MACAU RUA DE PEAUIM NS ZOZA 246 CENTRO FINANCEIRO F7
MACAU |
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Telephone Number: |
|
|
Fax Number: |
Note: The exact
name and address are as above.
|
Credit
Opinion: |
Business connections are permissible. |
|
Registered Name: |
Techcomp (Macao Commercial Offshore) Limited |
|
Registered Address: |
Em
Macau, Rua De Pequim No.230-246, Centro Financeiro F7 |
|
Date of Registration: |
2002-9-12 |
|
Business
Registered Number: |
SO
25387 |
|
Legal Form: |
Private Limited Liability
Company |
|
Registered
Capital: |
MOP 10,000,000
(USD 1,228,000) (As
of 2014.07, 1 MOP = 0.1228 USD) |
|
Principal
Activities: |
· engaged in trading of Analytical Instruments, Life Science Equipment & Laboratory Instruments ·
Subject also provides
Daily Files Handling and Financial
Services for its Group Companies. |
|
Staff: |
About 5 Employees |
|
No |
|
|
Information
Ended at: |
2014-7-3 |
Subject was
incorporated on 2002-9-12 with registered number SO
25387 as Private Limited
Liability Company in Macau.
|
Subscription Amount |
Proportion of Investment (%) |
|
|
Techcomp Scientific Limited |
10,000,000 |
100% |
|
Total |
10,000,000 |
100% |
Major Shareholder Information:
|
Name: |
Techcomp Scientific Limited |
|
Address: |
Palm Grove House, P.O.Box
3190, Road Town, Tortola, British Virgin Islands |
Parent Company
|
Name: |
Techcomp Scientific Limited |
|
Address: |
Palm Grove House, P.O.Box
3190, Road Town, Tortola, British Virgin Islands |
Ultimate Parent Company
|
Name: |
Techcomp
(Holdings) Limited |
|
Registered Address: |
Canon’s Court, 22 Victoria
Street Hamilton HM 12 Bermuda |
|
Bermuda Company Registration
Number: |
34778 |
|
Principal Place of Business in Hong Kong: |
6/F., Mita Center, 552-566
Castle Peak Road, Kwai Chung, Kowloon, Hong Kong |
|
Listed at Stock Exchange: |
Yes; Stock Code: HKSE: 1298; SGX: T43 |
Core Management
Board of Directors:
|
1 |
|
|
Name: |
Xu Guoping |
|
Address: |
Room 1501, No.15, Lane 3751, Zhongshan North Road,
Changfeng New Street, Putuo District, Shanghai, China |
|
Position: |
Director |
|
Gender: |
Male |
|
Marital Status: |
Married |
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2 |
|
|
Name: |
Xia Yisheng |
|
Address: |
Room 1505, Bldg A1, No.105, Tiyu West Road, Tianhe
District, Guangzhou City, Guangdong Province, China |
|
Position: |
Director |
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Gender: |
Male |
|
Marital Status: |
Married |
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3 |
|
|
Name: |
Sin Sheung Nam
Gilbert |
|
Address: |
Flat F, 10th
Floor, Block 15A, Laguna Verde, Hunghom, Kowloon, Hong Kong |
|
Position: |
Secretary |
|
Gender: |
Male |
|
Marital Status: |
Married |
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Authorized Signatures |
|
|
Any one of the above directors
can sign on behalf of the subject with seal affixed. |
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Personnel Structure
|
Total Employees |
Offices & Factories
|
|
Office |
|
Address: |
|
|
Area: |
43.72
square meters |
|
Owned /Rented: |
Premises Information
Office address:
|
Address: |
Em
Macau, Rua De Pequim No.230-246, Centro Financeiro F7 |
|
Owners: |
Lou
Chu Kei & Tang U Fai |
|
Matriz: |
71780 |
|
Nature: |
Urban |
|
Duration: |
25
years; since 1991-4-12 |
Production Information
l
Subject is a trader of
analytical
instruments, life science equipment, laboratory instruments without any
production activities.
l
It is introduced that subject's group has factories in Mainland China
Purchase Information
l
Subject purchases
products from both home and abroad.
Sales Information
l
Subject is engaged in
sale of analytical instruments, life science equipment & laboratory
instruments
l
Subject also provides daily files handling and financial
services for its group companies.
l
Subject’s major
customers are laboratory, schools, government, etc.
Purchase
1.
Domestic
Purchase
|
Products |
Equipment, etc |
|
Payment Terms |
Interior Settlement, T/T, etc |
2.
Import
|
Products |
Equipment, etc |
|
Payment Terms |
T/T, etc |
Sales
1.
Domestic
Markets
|
Product |
Equipment, etc |
|
Selling Terms |
Cash, T/T, etc |
2.
Export
|
Product |
Equipment,
etc |
|
Selling Terms |
T/T,
etc |
The subject has no obligation to supply its financial
statement to the third party according to the relevant policy in Macao and the
only source from which we can obtain the information is the subject itself.
Subject’s
relevant staff declined to disclose its financial information citing the
grounds of company’s confidentiality; from other sources, the relevant
information is not available, either. We found the consolidated financial
information of subject’s ultimate parent company (Techcomp (Holdings) Limited)
from public files for reference.
Consolidated
Balance Sheet
Unit: USD/000
|
|
2013-12-31 |
2012-12-31 |
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and bank balances |
14,682 |
17,015 |
|
Trade and other receivables |
78,600 |
68,668 |
|
Inventories |
28,402 |
32,125 |
|
Income tax recoverable |
58 |
161 |
|
Amount due from an
associate |
2,033 |
2,771 |
|
Total current assets |
123,775 |
120,740 |
|
Non-current assets |
-- |
-- |
|
Properties, plant and
equipment |
13,322 |
13,230 |
|
Subsidiaries |
-- |
-- |
|
Goodwill |
3,166 |
1,839 |
|
Intangible assets |
3,891 |
5,003 |
|
Available-for-sale
investments |
944 |
534 |
|
Deferred tax assets |
67 |
88 |
|
Interest in an associate |
-- |
223 |
|
Total non-current assets |
21,390 |
20,917 |
|
Total assets |
145,165 |
141,657 |
|
LIABILITIES AND EQUITY |
|
|
|
Current liabilities |
|
|
|
Bank borrowings and
overdrafts |
31,272 |
30,312 |
|
Liabilities for trade bills
discounted with recourse |
5,042 |
5,015 |
|
Trade and other payables |
27,737 |
23,012 |
|
Income tax payable |
1,320 |
1,025 |
|
Total current liabilities |
65,371 |
59,364 |
|
Non-current liabilities |
|
|
|
Bank borrowings |
10,283 |
16,796 |
|
Deferred tax liabilities |
290 |
234 |
|
Total non-current
liabilities |
10,573 |
17,030 |
|
Capital, reserves and
non-controlling interests |
|
|
|
Share capital |
11,625 |
11,625 |
|
Reserves |
55,554 |
50,779 |
|
Equity attributable to
owners of the Company |
67,179 |
62,404 |
|
Non-controlling interests |
2,042 |
2,859 |
|
Total equity |
69,221 |
65,263 |
|
Total liabilities and
equity |
145,165 |
141,657 |
Consolidated Profit and Loss Account
Unit: USD/000
|
|
2013 |
2012 |
|
Revenue |
166,441 |
157,670 |
|
Cost of sales |
-116,233 |
-114,559 |
|
Gross profit |
50,208 |
43,111 |
|
Other operating income and
expenses |
1,619 |
1,676 |
|
Distribution costs |
-16,461 |
-14,669 |
|
Administrative expenses |
-30,217 |
-25,729 |
|
Share of results of an
associate |
-226 |
-163 |
|
Finance costs |
-1,657 |
-1,348 |
|
Profit
before income tax |
3,266 |
2,878 |
|
Income tax expense |
-496 |
-359 |
|
Profit for the year |
2,770 |
2,519 |
|
Other comprehensive income: |
|
|
|
Items that may be reclassified
subsequently to profit or loss: |
|
|
|
Exchange differences
arising on translation of foreign operations |
916 |
-611 |
|
Share of exchange reserve
of an associate |
3 |
2 |
|
Other comprehensive income
for the year, net of tax |
919 |
-609 |
|
Total comprehensive income
for the year |
3,689 |
1,910 |
|
Profit for the year
attributable to: |
|
|
|
Owners of the Company |
3,700 |
3,194 |
|
Non-controlling interests |
-930 |
-675 |
|
|
2,770 |
2,519 |
|
Total comprehensive income
attributable to: |
|
|
|
Owners of the Company |
4,506 |
2,596 |
|
Non-controlling interests |
-817 |
-686 |
|
|
3,689 |
1,910 |
|
Earnings per share (US
cents) |
|
|
|
Basic |
1.59 |
1.37 |
|
Diluted |
1.55 |
1.33 |
Consolidated Cash Flows
Unit: USD/000
|
|
2013 |
2012 |
|
Operating activities |
|
|
|
Profit before income tax |
3,266 |
2,878 |
|
Adjustments for: |
|
|
|
Depreciation of properties,
plant and equipment |
1,597 |
1,456 |
|
Interest income |
-17 |
-15 |
|
Finance costs |
1,657 |
1,348 |
|
Net (gain) loss on disposal
of properties, plant and equipment |
-8 |
7 |
|
Allowance for doubtful
debts |
1,110 |
412 |
|
Amortisation of intangible
assets |
1,828 |
1,866 |
|
Share of results of an
associate |
226 |
163 |
|
Share-based payment expense |
243 |
434 |
|
Impairment loss recognised
in respect of goodwill |
297 |
-- |
|
Gain on disposal of
investments carried at fair value through profit or loss |
-- |
-13 |
|
Intangible assets written
off |
-- |
598 |
|
Operating cash flows before
movements in working capital |
10,199 |
9,134 |
|
Inventories |
6,850 |
-1,123 |
|
Trade and other receivables |
-7,985 |
-2,641 |
|
Amount due from an
associate |
821 |
-2,012 |
|
Trade and other payables |
1,474 |
-6,191 |
|
Trade bills discounted with
recourse |
27 |
3,749 |
|
Cash from operations |
11,386 |
916 |
|
PRC Enterprise Income tax
(paid) refunded |
-22 |
32 |
|
Hong Kong Profits tax
refunded |
-- |
4 |
|
Tax paid in other
jurisdictions |
-2 |
-105 |
|
Net cash from operating
activities |
11,362 |
847 |
|
Investing activities |
|
|
|
Acquisition of subsidiaries |
-4,409 |
-1,131 |
|
Purchase of properties,
plant and equipment |
-1,256 |
-503 |
|
Product development costs
paid |
-589 |
-1,335 |
|
Acquisition of
available-for-sale investments |
-410 |
-- |
|
Proceeds on disposal of
properties, plant and equipment |
95 |
13 |
|
Interest received |
17 |
15 |
|
Repayment of
non-controlling interests |
-- |
-1,244 |
|
Proceeds on disposal of
investments carried at fair value through profit or loss |
-- |
570 |
|
Net cash used in investing
activities |
-6,552 |
-3,615 |
|
Financing activities |
|
|
|
Repayment of bank
borrowings |
-94,691 |
-103,440 |
|
Interest paid |
-1,657 |
-1,348 |
|
Proceeds from bank
borrowings |
88,069 |
119,386 |
|
Proceeds from placement of
warrants |
26 |
-- |
|
Dividends paid |
-- |
-1,848 |
|
Acquisition of
non-controlling interests in subsidiaries |
-- |
-1,402 |
|
Net cash (used in) from
financing activities |
-8,253 |
11,348 |
|
Net (decrease) increase in
cash and cash equivalents |
-3,443 |
8,580 |
|
Cash and cash equivalents
at beginning of the year |
15,930 |
7,298 |
|
Effect of foreign exchange
rate changes |
148 |
52 |
|
Cash and cash equivalents
at end of the year |
12,635 |
15,930 |
|
Cash and cash equivalents
comprised: |
|
|
|
Cash and bank balances |
14,682 |
17,015 |
|
Bank overdrafts |
-2,047 |
-1,085 |
|
|
12,635 |
15,930 |
Subject
declined to disclose its bank details; from other source we cannot obtain the
relevant information, either.
|
Name: |
Ms. Liu |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
|
UK Pound |
1 |
Rs.103.00 |
|
Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.