MIRA INFORM REPORT
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Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
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Name : |
KEDA INDUSTRIAL CO., LTD. |
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Registered Office : |
No. 1, Huanzhen West Road, Guanglong Industry Park,
Chencun Town, Shunde District, Foshan, Guangdong Province, 528313 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.12.1996 |
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Com. Reg. No.: |
440000000016993 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing
and Selling Mechanical Equipment |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 8,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
Company name & address
KEDA
INDUSTRIAL CO., LTD.
NO. 1, HUANZHEN
WEST ROAD, GUANGLONG INDUSTRY PARK, CHENCUN TOWN, SHUNDE DISTRICT, FOSHAN,
GUANGDONG PROVINCE, 528313 PR CHINA
TEL: 86 (0) 757- 23832922 FAX:
86 (0) 757- 23832690
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 11, 1996
REGISTRATION NO. : 440000000016993
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
3,133
REGISTERED CAPITAL : CNY 607,082,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 2,064,695,000 (CONSOLIDATED, AS OF dec. 31, 2010)
EQUITIES :
CNY 1,722,139,000 (CONSOLIDATED, AS OF dec. 31, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.54 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: The “Dadu Industrial Zone,
SC was registered as a shares limited company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 11, 1996.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises
capital by public offer, the promoters must not subscribe less than 35% of
the total shares. the promoters’ shares are restricted to transfer- within
one year of the offer. A
state-owned enterprise that is restructured into a shares limited co. must comply with the conditions & requirements
specified under the law & administrative rule.
SC’s registered business scope manufacturing ceramic mechanical
equipment, stone material mechanical equipment, wall material mechanical equipment
and energy saving & environmental protection mechanical equipment ;
researching, developing and manufacturing automation technology and equipment;
selling mechanical & electronic parts, grinding wheel abrasive, abrasive
and ceramic products; exporting self-made commodities and technologies;
importing raw materials, machinery equipment, instruments, spare parts and
related technologies needed in manufacturing and researching (excluding
commodities prohibited by the state); processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement.
SC is mainly
engaged in manufacturing and selling mechanical equipment.
Mr. Bian Cheng is legal representative and
general manager of SC at present.
SC is known
to have approx. 3,133 employees, including 1,831 workers, 68 salesman, 548
technicians, 58 financial officers, 628 administrative staff.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Foshan. Our checks reveal that SC owns the total premise about 40,000 square
meters.
http://www.kedagroup.com/ The design
is professional and the content is well organized. At present it is in Chinese
and English versions.
Email: ied@kedachina.com.cn
SC is a listed company in Shanghai Stock Exchange with the
code of 600499.
Awards: (according to
SC’s website)
[2008-01]
[2007-10] The Most Creative New High-tech Enterprise of China
[2007-07] AAAA Quality Credit Certification of 2007
[2007-03] KEDA won
Revenue Contribute Prize.
[2006-08] Appointed a National Torch Project Key Hi-tech
[2006-06] Appointed grade A taxpayer.
[2006-03] MODULO charging system is appointed the Most Potential New
Product
[2006-03] KMX LUXCO production line is appointed the Excellent Potential
New Product
[2006-01] Be Honored among Top 10 Machinery and Mould Manufacturing
Enterprise of Shunde district.
[2006-01] Honored as one of FUBUSI Potential Hundred in
SC also got ISO Management System Certification.
MAIN
SHAREHOLDERS: (As of Dec. 31, 2010)
Name %
of Shareholding
Lu Qin 18.22
Bian Cheng 7.96
Rongtong New Blue-chip Security Investment
Fund 3.52
Industrial and Commercial Bank of
Nuoan Stock Security Investment Fund 2.23
Modern Land Group Co., Ltd. 2.12
Bank of China-Huaxia Return Security
Investment Fund 1.86
China Construction Bank-
Huaxia Dividend Mixed Open-ended Security
Investment Fund 1.86
Beijing Wanguocheng Hotel Operation
Management Co., Ltd. 1.66
Xinhua Life Insurance Co., Ltd. -
Dividend-Team Dividend-018L- FH001 Hu 1.29
Bank of China-Huaxia Return No. 2 Security
Investment Fund 1.14
Other shareholders 58.14
Modern Land Group Co., Ltd.
======================
Address: No. 1,
Tel: 010 - 64656668
Fax: 010 - 64654922
l
Chairman:
Mr. Lu Qin, born in 1960, with Master’s
degree. He is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as chairman.
Also working in Maanshan Keda Mechanical and Electrical Co., Ltd., Maanshan New Power Jieneng Co., Ltd., Jiangyin Tianjiang Pharmaceutical Co., Ltd. as directors.
l Legal
representative and General manager:
Mr. Bian Cheng, senior economist, born in 1964, with Master’s degree. He
is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as legal representative and general manager.
Also working in Foshan Keda Stone-Machine Co., Ltd. as director; working in Maanshan Keda Mechanical and Electrical Co., Ltd., Maanshan New Power Jieneng Co., Ltd. as chairman.
SC is mainly
engaged in manufacturing and selling mechanical equipment.
SC’s mainly
products include ceramic mechanical equipment, wall materials technology
equipment, etc.
SC sources its materials 50%
from domestic market, and 50% from overseas market. SC sells 60% of its
products in domestic market and 40% 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.
*Major Customers:
==============
Zibo Oujun Ceramic Co., Ltd.
Zibo Kelitai Ceramic Co., Ltd.
Foshan Huizhiyuan Ceramics Co., Ltd.
*Major Suppliers:
=============
Shaoguan Jiafa Electromechanical Industrial Co., Ltd.
Shaoguan Huarong Machinery Co., Ltd.
Shanghai Hai Tuosi Hydraulisk Utstyr Co., Ltd.
· Maanshan New Power Jieneng Co., Ltd. (in Chinese Pinyin)
· Jiangyin Tianjiang Pharmaceutical Co., Ltd.
Subsidiaries:
· Foshan Keda Stone-Machine Co., Ltd.
· Maanshan Keda Jieneng Co., Ltd.
· Maanshan Keda Mechanical and Electrical Co., Ltd.
· Emeishan Keda Jieneng Co., Ltd.
· Yixing Keda Clean Energy Co., Ltd.
· Linyi Keda Clean Energy Co., Ltd.
· Shenyang Keda Jieneng Gas Co., Ltd.
· Foshan Keda Jieneng Co., Ltd.
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’s supplier
refused to make any comments.
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’s management
declined to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
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as of Dec. 31,
2009 |
as of Dec. 31, 2010 |
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Cash & bank |
671,974 |
918,986 |
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Notes receivable |
11,215 |
21,578 |
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Inventory |
329,980 |
501,661 |
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Accounts
receivable |
154,161 |
239,474 |
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Advances to
supplies |
57,273 |
51,962 |
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Other
receivables |
9,314 |
10,075 |
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Other current
assets |
5,716 |
4,483 |
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------------------ |
------------------ |
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Current assets |
1,239,633 |
1,748,219 |
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Long-term
investments |
138,982 |
242,968 |
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Fixed assets |
550,842 |
629,354 |
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Projects under
construction |
29,909 |
56,195 |
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Intangible
assets |
111,014 |
252,041 |
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Other assets |
2,187 |
2,884 |
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------------------ |
------------------ |
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Total assets |
2,072,567 |
2,931,661 |
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============= |
============= |
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Short loans |
110,000 |
160,000 |
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Notes payable |
75,661 |
166,694 |
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Accounts payable |
394,362 |
425,717 |
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Advances from
customers |
134,880 |
209,134 |
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Salaries
and welfare payable |
19,898 |
19,396 |
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Taxes payable |
29,609 |
38,343 |
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Other accounts
payable |
41,905 |
48,083 |
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Other
current liabilities |
0 |
1 |
|
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----------------- |
----------------- |
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Current
liabilities |
806,315 |
1,067,368 |
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Long term
liabilities |
0 |
142,154 |
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------------------ |
------------------ |
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Total
liabilities |
806,315 |
1,209,522 |
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Shareholders
equities |
1266,252 |
1,722,139 |
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------------------ |
------------------ |
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Total
liabilities & equities |
2,072,567 |
2,931,661 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
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as of Dec. 31,
2009 |
as of Dec. 31, 2010 |
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Turnover |
1,425,657 |
2,064,695 |
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Cost of goods
sold |
1,162,745 |
1,655,830 |
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Sales expense |
58,544 |
80,586 |
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Management expense |
68,692 |
142,699 |
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Finance expense |
423 |
5,821 |
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Investment
income |
62,790 |
53,376 |
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Profit before
tax |
208,571 |
275,723 |
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Less: profit tax |
25,811 |
29,913 |
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Net profit |
182,760 |
245,810 |
Important Ratios
=============
|
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as of Dec. 31,
2009 |
as of Dec. 31, 2010 |
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*Current ratio |
1.54 |
1.64 |
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*Quick ratio |
1.13 |
1.17 |
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*Liabilities
to assets |
0.39 |
0.41 |
|
*Net profit
margin (%) |
12.82 |
11.91 |
|
*Return on
total assets (%) |
8.82 |
8.38 |
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*Inventory
/Turnover ×365 |
84 days |
89 days |
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*Accounts
receivable/Turnover ×365 |
39 days |
42 days |
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*Turnover/Total
assets |
0.69 |
0.70 |
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* Cost of
goods sold/Turnover |
0.82 |
0.80 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
and it increased greatly in 2010.
l
SC’s net profit margin is 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: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears average.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good
SC is considered well-known in its line with fairly good financial conditions.
A credit line up to USD 8,000,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.48 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.42 |
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 |
|
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 |
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.