MIRA
INFORM REPORT
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Report Date : |
30.09.2014 |
IDENTIFICATION DETAILS
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Name : |
PLEXUS
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Registered Office : |
No. 6, Xiangxing 2nd Road, Modern Logistics Zone, Xiangyu Free Trade Zone, Xiamen, Fujian Province, 361006, PR |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
08.05.2001 |
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Com. Reg. No.: |
350299400001041 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged in producing and selling electronic products. |
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No. of Employees : |
800 |
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 : |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Several factors
are converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. However, China has made only
marginal progress toward these rebalancing goals. The new government of
President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources
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Source
: CIA |
Company name and address
PLEXUS
(XIAMEN) CO., LTD.
NO. 6, XIANGXING 2ND
ROAD, MODERN LOGISTICS ZONE, XIANGYU FREE TRADE ZONE, XIAMEN, FUJIAN PROVINCE,
361006, PR CHINA
TEL: 86 (0) 592-5751003 FAX:
N/A
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAY 8, 2001
REGISTRATION NO. :
350299400001041
REGISTERED LEGAL FORM :
WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. LIM
YONG JIN (CHAIRMAN)
STAFF STRENGTH :
800
REGISTERED CAPITAL : USD 8,500,000
BUSINESS LINE : MANUFACTURING &
TRADING
TURNOVER : N/A
EQUITIES : CNY 699,823,000 (AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.15 = 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
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image014.gif){kind=small}
Note: SC’s correct company name should be the heading one.
SC was registered as a
wholly foreign-owned enterprise at
local Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on May 8, 2001.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s
registered business scope includes designing, integrating, developing,
assembling, processing (including processing with supplied materials and
processing with imported materials) and selling IC molding boards, electronic
products and related products; repairing electronic products; storage
(excluding hazardous chemicals and
monitored and controlled chemicals), bonded product exhibition, import
distribution; importing and exporting commodities and technology (no
additionally attaching importing and
exporting commodity catalog), excluding the items prohibited by the
state.
SC is
mainly engaged in producing and selling electronic products.
Mr. Lim Yong Jin is legal representative and chairman of SC at present.
SC is known to have approx. 800 employees at
present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the free trade zone of Xiamen. The
detailed information of the premise is unspecified.
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image015.gif){kind=small}
SC is not known to host website of its own at present.
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image016.gif){kind=small}
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
Organization Code: 612042551
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image017.gif){kind=small}
For the past two years there is no record of litigation.
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image018.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
Plexus Asia Ltd. (British Virgin
Islands) 100
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image019.gif){kind=small}
l
Legal representative and chairman:
Mr. Lim Yong Jin, Malaysian, he holds a bachelor's degree in mechanical
engineering from University Technology of Malaysia. He is currently responsible
for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative and
chairman
Also working in Plexus
(Hangzhou) Co., Ltd. as legal representative
YJ is Regional President of the Asia-Pacific
region. YJ joined Plexus in 1998 as Managing Director and progressed through a
number of management positions in Asia-Pacific region. In his current role, he
is responsible for providing strategic leadership for the Asia-Pacific region
and oversight of key managers across the region.
Prior to joining Plexus, YJ held a number of
leadership roles in engineering and operations. He has over 29 years of
experience in the electronics industry.
Directors:
======
George Whitney Setton
Angelo Michael Ninivaggi Jr
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image020.gif){kind=small}
SC is
mainly engaged in producing and selling electronic products.
SC’s products mainly include: electronic products.
Trademarks & patens:
N/A
SC sources its materials 80% from domestic market and 20%
from the overseas market. SC sells 40% of its products to overseas market, and 60% in domestic
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’s management declined to release its main clients and
suppliers.
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image021.gif){kind=small}
Plexus Corp.
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One Plexus Way,
P.O. Box 156, Neenah, WI 54957-0156
Phone: +1 920
722 3451
Fax: +1 920 751
5395
Plexus
(Hangzhou) Co., Ltd.
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Incorporation Date:
Sep. 26, 2008
Registration No.:
330100400024881
Registered Legal
Form: Wholly Foreign-Owned
Chief Executive: Mr.
Lim Yong Jin (Legal representative)
Registered Capital:
USD 12,500,000
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image022.gif){kind=small}
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.
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image023.gif){kind=small}
China Construction Bank Xiamen Branch
AC#：35101566001050001030
Relationship: Normal.
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image024.gif){kind=small}
Financial
Information
Unit: CNY’000
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as of Dec. 31,
2013 |
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Total
liabilities |
293,191 |
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Shareholders
equities |
699,823 |
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Total Assets |
993,014 |
Important Ratios
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as of Dec. 31,
2013 |
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*Liabilities
to assets |
0.30 |
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image025.gif){kind=small}
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
%20CO%20,%20LTD%20%20-%20288436%2030-Sep-2014_files/image026.gif){kind=small}
SC is considered medium-sized in its line with a development
history of 13 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.42 |
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1 |
Rs.99.72 |
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Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
PDT |
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.