NORAUTRON SUZHOU CO., LTD. 挪拉通科技 ( 苏州 ) 有限公司

Transcription

1 Business Credit Report NORAUTRON SUZHOU CO., LTD. 挪拉通科技 ( 苏州 ) 有限公司 Your Enquiry: Norautron Suzhou Co., Ltd Your Reference: SKY Date of Enquiry: Oct. 17, 2012 Report Type: Business Credit Report Type of Enquiry: Normal Date of Delivery: Oct. 19, / 13

2 PROFILE Subject Name: NORAUTRON SUZHOU CO., LTD. (Given by Subject) SUMMARY Establishment Date: Nov. 03, 2005 Legal Status: Limited liability company (wholly owned by a foreign corporation) Listed or Not: No Legal Rep.: OYVIND SEDIVY Registered Capital: 2,250,000 (USD) Sinotrust No.: Sales: 278,115,000 (2011) AIC No.: Net Profit: 14,517,000 (2011) N.O.C.: Total Assets: 138,630,000 (Dec. 31, 2011) Tax File No.: Net Worth: 56,561,000 (Dec. 31, 2011) Address: Bldg. 35, Dongjing Industrial Area, Suzhou Industrial Park Suzhou City Jiangsu Province Employees: 390 I/E License: Self-run I/E license Litigation Records: No Credit Records: No Public Records: No Zip Code: Telephone: ( ) Currency in this report is Chinese Yuan (RMB) unless Facsimile: ( ) otherwise stated. "--" in this report indicates "unavailable" or "no comments" due to insufficient Website: information. CREDIT ASSESSMENT RATING DISTRIBUTION IN SINOTRUST DATABASE Major Indicators Score Rating Business Size: 53 Medium Company Background: 42 Average Financial Position: 81 Strong Industry Outlook: 47 Steady Credit Rating: 63 CR4 Base Credit Limit: 3,000,000 MAIN BUSINESS & INDUSTRY CLASSIFICATION Main Business: Chinese SIC: ISIC: NACE: Production of positioning systems for ships 3900,Manufacture of computers, communication equipment and other electronic equipment 2600,Manufacture of computer, electronic and optical products 26,Manufacture of computer, electronic and optical products More information about Subject's lines of business can be found in OPERATIONS 2 / 13

3 FINANCIAL SUMMARY Sales 278,115, ,467, ,998,000 Total profit 16,656,000 10,371,000 6,319,000 Net profit 14,517,000 9,075,000 6,319,000 Total assets 138,630, ,510,000 86,010,000 Total liabilities 82,069,000 96,466,000 53,488,000 Total shareholders' equity 56,561,000 42,044,000 32,522,000 Total current assets 111,722, ,225,000 66,071,000 Total current liabilities 76,622,000 90,679,000 51,365,000 Working capital 35,100,000 18,546,000 14,706,000 Total fixed assets 25,719,000 27,305,000 17,291,000 Return on net assets (%) Net profit margin (%) Turnover of total assets Turnover of accounts receivable (days) Liabilities/assets ratio (%) Current ratio Quick ratio Sales growth (%) Gross profit growth (%) Total assets growth (%) GENERAL COMMENTS Founded in Nov. 2005, Subject is a wholly foreign-owned enterprise invested and founded by Norautron AS and mainly engaged in the production and sale of positioning systems for ships. Subject did not start formal production until It does not have a long history but it develops rapidly and has an optimistic development prospect under the supports of its shareholder in terms of capital, technology, channels, etc. Subject has a rosy future. Analysis on Subject's financial data suggests that its sales trended upwards in recent three years and along with reasonable operating costs the profits available for Subject were fairly big. In view of the assets statement, current assets dominated Subject's assets and accounts receivable were of a big amount, and Subject should strengthen the collection of accounts receivable. Debt ratio was normal and external repayment pressure in the long run was not so heavy. 3 / 13

4 REGISTRATION Establishment Date: Nov. 03, 2005 Registered Address: No. 35 Factory Building, Dongjing Industrial Workshop, Suzhou Industrial Park, Jiangsu Zip Code: Registry: Suzhou Industrial Park Administration for Industry and Commerce, Jiangsu Legal Rep.: OYVIND SEDIVY AIC No.: Legal Status: Limited liability company (wholly owned by a foreign corporation) Registered Capital: 2,250, (USD) Business Scope: Licensed items: no; general items: Research, design and production of high-end routers, hybrid IC series new-type electronic components, electronic parameter testers, acoustic equipment and computer connectors; sale of self-made products and provision of related after-sales service Duration of Operation: From Nov. 03, 2005 To Nov. 02, 2035 Latest Yearly Inspection: 2011 CHANGES IN REGISTRATION Date of Change Change(s) From To Unavailable AIC No Jun.2010 Legal Representative (Principal) JON KNUTSEN OYVIND SEDIVY SHAREHOLDERS AND SHARES Shareholders Capital Subscribed % of Total Norautron AS 2,250,000 (USD) Total 2,250,000 (USD) Shareholders Way of Investment Paid-up % Norautron AS Cash BACKGROUND OF MAJOR SHAREHOLDERS Name: Norautron AS Sinotrust No.: Address: Norway Other Information: Registration certificate number: Note: Information provided herein comes directly from Sinotrust database and may contain obsolete information. HISTORY 2005 Subject was incorporated in Nov In Apr., the Subject's first production line was built up and put into trial operation; in Dec., Subject passed the DNV certification and ISO9001:2000 quality system certification In Jul., the Subject's second production line was built up In Nov., Subject became a member enterprise of IPC In Aug., Subject passed the DNV certification and the ISO 14001:2004 and OHSAS 18001:2007 certifications. 4 / 13

5 2010 In Mar., Subject's 3rd production line was successfully put into production. MAIN EXECUTIVE(S) Name: OYVIND SEDIVY Post: Chairman of the Board Gender: Male Date of Birth: 1957 Working Experience: Now with Subject as Chairman of the Board Nationality: Norway BOARD OF DIRECTORS Name: OYVIND SEDIVY Post: Chairman of the Board Nationality: Norway Date of Birth: 1957 Name: Post: Name: Post: Gender: Name: Post: Wong Sung Yee Director and General Manager ROAR FALLET Director Male Rune Bakke Director NUMBER OF EMPLOYEES Total Employees: 390 The information above was sourced via official channels in Oct OFFICE FACILITIES Location: Area: Property Ownership: Traffic Convenience: Subject is based at No. 35 Factory Building, Dongjing Industrial Workshop, Suzhou Industrial Park, Jiangsu. Plot area is 280,000 square meters Rented Traffic is handy. OPERATIONS Main Business: Chinese SIC: ISIC: NACE: Production of positioning systems for ships 3900,Manufacture of computers, communication equipment and other electronic equipment 2600,Manufacture of computer, electronic and optical products 26,Manufacture of computer, electronic and optical products Subject is a wholly foreign-owned enterprise mainly engaged in the production and sale of positioning systems for ships. According to its staff, Subject is a production base of Norautron AS in China. Its products include high-end routers, signal receiving system equipment (excluding navigation systems), mobile communication system equipment, electronic main control system and sub-system equipment, etc. Now its mainstay products are radar positioning devices for ocean-going vessels. 5 / 13

6 TRADEMARKS & PATENTS Our check with the Trademark Office of The State Administration for Industry and Commerce of the People s Republic of China found no trademark registered to Subject. Thus far, no patent application filed by Subject is found from State Intellectual Property Office of the PRC. PURCHASING INFORMATION Main Purchases: Major Suppliers: Main Payment Terms: Instruments and meters, plastic/metal molds, wiring harness and parts and components needed in production Norautron AS, USA Universal Instruments Co., etc. T/T or L/C According to its staff, Subject's production raw materials are mainly imported and the import territories include Japan, South Korea, Malaysia, Singapore, the UK, Norway, Germany, the USA and some other countries and regions. The information above was provided by a staff member of Subject in Oct SELLING INFORMATION Overseas: 100% Regions: Norway, Sweden, France, Denmark, etc. Customers: Norautron AS, etc. Sales Terms: L/C or T/T According to its staff, Subject's products are all exported and its domestic business is under negotiation. The information above was provided by a staff member of Subject in Oct IMPORT & EXPORT I/E License: Self-run I/E license Customs' Rating: A (Oct. 19, 2012) Total Imports: 2,000-3,000 (Unit: USD 10,000) (2011) Total Exports: 3,000-4,000 (Unit: USD 10,000) (2011) Definitions of Ratings of General Customs: AA: Excellent A: Good B: Average C: Fairly Poor D: Very Poor Please order our Business I/E Records Report for more detailed import and export information of Subject. CREDIT RECORDS Since Subject's main suppliers are concentrated abroad, its payment records cannot be obtained. LITIGATION RECORDS As of the completion date of the report, no litigation records by or against Subject have been found for the past 3 years through our querying the website the local court's website and other major search engines. 6 / 13

7 FINANCE Balance Sheet ('000): Dec. 31, 2011 (Unconsolidated) Dec. 31, 2010 (Unconsolidated) Dec. 31, 2009 (Unconsolidated) Cash & bank 9,542 5,037 5,725 Notes receivable Accounts receivable 45,972 52,641 30,590 Advances to suppliers 2,965 1, Other receivables 2,514 4, Inventory 49,794 45,765 28,060 Other current assets Total Current Assets 111, ,225 66,071 Fixed assets 25,719 27,305 17,291 Construction-in-progress Intangible assets Long-term prepaid & deferred expense 217 1,032 1,693 Other non-current assets Total Non-Current Assets 26,908 29,285 19,939 TOTAL ASSETS 138, ,510 86,010 Short-term loans 33,834 36,991 14,242 Accounts payable 35,432 47,239 35,326 Advances from customers 3,832 1, Accrued payroll 1,516 2,013 1,465 Taxes payable 76-2,733-1,138 Other payables Non-current liabilities due within one year -- 3,490 0 Other current liabilities 1,821 2,001 0 Total Current Liabilities 76,622 90,679 51,365 Long-term loans ,271 Long-term payables 4,861 4, Total Non-Current Liabilities 5,447 5,787 2,123 TOTAL LIABILITIES 82,069 96,466 53,488 Paid-up capital 17,944 17,944 17,944 Surplus reserve 2,384 2, Undistributed profit 36,233 21,716 13,778 TOTAL SHLDRS EQUITY 56,561 42,044 32,522 TOTAL LIABILITIES & SHLDRS EQUITY 138, ,510 86,010 Income Statement ('000) Sales 278, , ,998 Less: Cost of sales 231, ,128 84,927 Sales taxes and additional Gross Profit 46,537 31,339 21,027 Less: Selling expenses 4,527 2, Administrative expenses 23,930 17,021 13,400 Financial expenses 2,135 2,263 1,193 Operating Profit 15,945 9,365 6,408 Plus: Non-operating income / 13

8 Less: Non-operating expenses 7 8 1,040 Other profit Total profit 16,656 10,371 6,319 Less: Income tax 2,139 1,296 0 Net profit 14,517 9,075 6,319 NOTES TO FINANCE Due to lack of clear government policy regarding transparency of enterprise financial information, many financial items might be missing in the above financial statements, causing possible inequality between the sum of the provided items and the provided Total Number. Change of Key Financials ('000) 2011 Growth Rate (%) 2010 Sales 278, ,467 Net profit 14, ,075 Total assets 138, ,510 Total liabilities 82, ,466 Total shareholders equity 56, ,044 Total current assets 111, ,225 Total current liabilities 76, ,679 Working capital 35, ,546 Total fixed assets 25, ,305 Important Ratios: Profitability Return on net assets (%) Return on total assets (%) Gross profit margin (%) Net profit margin (%) Efficiency Turnover of total assets Turnover of current assets Turnover of accounts receivable (days) Solvency Liabilities/assets ratio (%) Current ratio Quick ratio Growth Sales growth (%) Gross profit growth (%) Total assets growth (%) INDUSTRY PROFILE 3900,Manufacture of computers, communication equipment and other electronic equipment Industry Definition: This industry includes the manufacture of communication equipment, manufacture of radar and auxiliary equipment, manufacture of radio and television broadcast equipment, manufacture of computers, manufacture 8 / 13

9 of electronic devices, manufacture of electronic components, manufacture of household audio and video equipment and manufacture of other electronic equipment. Industry Status & Trend: This capital- and technology-intensive industry is a pedestal to underpin the development of China's national economy and the main recipient of foreign investments in China's manufacturing sector. The industry is concentrated in China's Guangdong, Jiangsu, Shanghai, Zhejiang, Beijing and some other regions. According to statistics, there were 10,734 up-scale enterprises in this industry in the first 9 months of 2011, which realized product sales income of RMB4,550,144,479,000, up by 19.05% year-on-year; and realized total profit of RMB138,691,293,000. Further, in 2011, the import & export of electronic information products in China stably grew and the import & export value of electronic information products hit US$1, billion, up by 11.5% year-on-year and accounting for 31.0% of total foreign trade value, down 3.1 percentage points against the same period of the previous year; thereinto, the export value was US$ billion, up by 11.9% year-on-year and claiming 34.8% in the total export value of China and 21.9% in the total foreign trade export growth contribution rate of China; the import value was US$ billion, up by 11.0% and claiming 26.8% in the total import value of China and 13.3% in the total foreign trade import growth contribution rate of China. The industry, as the backbone and leading force of national economy, is the first pillar industry in the development of national economy and plays a crucial role in economic development. The industry is encouraged by the state, and benefited by some favorable factors like support of domestic policy, steady market development, increase in investment, etc., the industry will maintain stable growth momentum in the future. INDUSTRY FINANCIAL RATIOS 3900,Manufacture of computers, communication equipment and other electronic equipment 2011 Best Average Worst Return on net assets (%) Return on total assets (%) Gross profit margin (%) Turnover of total assets Turnover of current assets Turnover of accounts receivable (days) Liabilities/assets ratio (%) Current ratio Quick ratio Sales growth (%) Gross profit growth (%) Total assets growth (%) Best Average Worst Return on net assets (%) Return on total assets (%) Gross profit margin (%) Turnover of total assets Turnover of current assets Turnover of accounts receivable (days) Liabilities/assets ratio (%) Current ratio Quick ratio Sales growth (%) Gross profit growth (%) Total assets growth (%) * The above indicators come from industry statistics regularly published by the government. 9 / 13

10 TREND CHART OF KEY INDICATORS 3900,Manufacture of computers, communication equipment and other electronic equipment Trend of Gross Profit Margin (Average): Trend of Turnover of Accounts Receivable (Days) (Average): Trend of Liabilities/assets Ratio (Average): Trend of Sales Growth (Average): 10 / 13

11 CREDIT RATING CR4 In assessing credit status of a business, SINOTRUST takes into consideration its size, history and background, financials and operations against industry average, credit history, etc. Indications of SINOTRUST credit ratings are as follows. Rating Risk Level Indications CR1 Very low Credit can be extended on very loose terms. CR2 Low Credit can be extended on fairly loose terms. CR3 Below average Credit can be extended on normal terms. CR4 Average Credit should be on closely monitoring basis. CR5 Above average Credit should be avoided as much as possible. CR6 High Credit should be on secured basis. CR7 Very high Transaction should be on COD basis. BASE CREDIT LIMIT 3,000,000 When calculating base credit limit, SINOTRUST presupposes that Subject purchases main commodities/services equally from many suppliers. Main factors considered include Net Assets, Total Assets, Total Sales, Profit, Credit Rating, etc. No consideration is given to the specific situation of your transaction with Subject. You may refer to the following recommendations when making credit decisions, but it is advisable that necessary adjustments be made in accordance with your sales strategies and credit policies. Annual Supply/Subject's Sales Above 40% 30%~40% 20%~30% 10%~20% Below 10% Recommended Credit Limit Above 4 times of base credit limit 3 to 4 times of base credit limit 2 to 3 times of base credit limit 1 to 2 times of base credit limit Within base credit limit End of the Report / 13

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13 For further explanation or information regarding this report, please contact us at or call your sales representative at the toll free number (from the US only) or Sinotrust DISCLAIMER 1. THE SERVICE IS PROVIDED ON AN "AS IS" BASIS AND WITHOUT WARRANTIES OF ANY KIND EITHER EXPRESS OR IMPLIED. TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, CRIF DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE OR ANY IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR USAGE OF TRADE. 2. CRIF MAKES NO REP RESENTATIONS AND/OR WARRANTIES REGARDING THE ACCURACY AND/OR THE COMPLETENESS OF THE CONTENT OR OF THE RESULT OBTAINED FROM USING IT. TO THE FULL EXTENT PERMISSIBLE UNDER APPLICABLE LAW, CRIF DISCLAIMS ANY AND ALL SUCH WARRANTIES. 3. CRIF WILL NOT BE LIABLE WHETHER IN CONTRACT, WARRANTY, TORT, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE, PRODUCT LIABILITY OR OTHER THEORY, TO THE OTHER PARTY OR ANY OTHER PERSON OR ENTITY FOR COST OF COVER OR FOR ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OF PROFIT, REVENUE, BUSINESS OR DATA) ARISING OUT OF THIS AGREEMENT, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH COSTS OR DAMAGES CRIF Corporation. All rights reserved. 13 / 13