MIRA INFORM REPORT
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Report Date : |
10.08.2011 |
IDENTIFICATION DETAILS
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Name : |
GUILIN HIVISION TECHNOLOGY CO., LTD. |
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Registered Office : |
(No. 12 Chaoyang Road), National Information
And Technology Park, Guilin, Guangxi 541004 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.09.2005 |
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Com. Reg. No.: |
450305000016387 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling LED products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 120,000 |
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Status : |
Moderate |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Company name & address
guilin hivision technology co., ltd.
(no. 12 chaoyang
road)
national information
and technology park
guilin, guangxi
541004 PR CHINA
TEL: 86 (0)
773-5801111
FAX: 86 (0)
773-5802222
EXECUTIVE SUMMARY
Date of Registration : september 14, 2005
REGISTRATION NO. : 450305000016387
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 10,000,000
staff : 300
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 47,890,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 19,670,000 (AS OF DEC. 31, 2010)
WEBSITE : www.hivision.com.cn
E-MAIL :
glhv@hivision.com.cn
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
120,000 (PERIODICAL REVIEW)
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.44 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect of
its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 450305000016387 on september 14, 2005.
SC’s Organization Code Certificate No.: 779126351
SC’s registered capital: cny 10,000,000
SC’s paid-in capital: cny 10,000,000
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhou Ming |
70 |
|
Yang Lichuan |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhou Ming |
|
Supervisor |
Yang
Lichuan |
RECENT DEVELOPMENT
SC will provide LED for 26th World
University Student Summer Games on August 12, 2011.
Honors:
=========================
²
SC has got the certificate ISO9001.
²
SC has gained the title of “Guilin City Top Ten Credit
Unit”.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zhou Ming 70
Yang Lichuan 30
MANAGEMENT
Zhou Ming, Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 450305196612210017
Ø
Age: 45
Ø
Qualification:
University
Ø
Working
experience (s):
From 2005 to present, working in SC as legal representative,
chairman and general manager
Yang
Lichuan, Supervisor
----------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Liao Hongping, Manager
of SC’s international department
----------------------------------------------------------------------------------------
Ø
Gender: F
Ø
ID# 430304197807031064
Ø
Age: 33
Ø
Qualification:
University
Ø
Mobile
Phone No.: 86 (0) 13977388757
BUSINESS OPERATION
SC’s registered business scope includes R&D,
manufacturing, selling, installing and maintaining LED lighting systems, LED
packaging products and other electronic products, LED products leasing,
international trade, city and road lighting project construction and
installation.
SC is
mainly engaged in manufacturing and selling LED products.
Brand: 
SC’s
products mainly include: P21.33 high contrast outdoor, P16/20 thru-hole sports
perime, P16 high contrast thru-hole, P25 thru-hole, P16 2R
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 20% of its products in domestic
market, and 80% to overseas market, mainly USA, etc.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 300 staff at present.
SC
owns an area as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
u
Nanning
Bohan Equipment Leasing Co., Ltd.
-------------------------------------------------------------
Date of Registration :
May 18, 2011
Registration No. :
450103200104369
Legal Form : Limited Liabilities Company
Registered Capital :
CNY
500,000
u
Beijing
Marketing Center
-------------------------------------
Address:
Room 12B8, Huajie Mansion, 13-1 Dazhongsi, Haidian District, Beijing
Tel: 86
010-62198182
Fax: 86
010-62198147
u
Guangzhou
Office
---------------------------
Address:
Room 901-902, No. 333 Yanjiang Middle Road, Yuexiu District, Guangzhou
Tel: 86
020-83788306/83788410
Fax: 86
020-83788306
u
Xinjiang
Office
-------------------------
Address:
No. 1468 Qidaowan Road, Urumqi
Tel: 86
0991-8631860
Fax: 86
0991-4600929
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
9,280 |
|
|
Accounts
receivable |
17,620 |
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Advances to
suppliers |
0 |
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Other receivable |
3,990 |
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Inventory |
6,860 |
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Non-current
assets within one year |
0 |
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Other current
assets |
7,730 |
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|
------------------ |
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Current assets |
45,480 |
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Fixed assets |
18,690 |
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Construction in
progress |
0 |
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Intangible
assets |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
2,030 |
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------------------ |
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Total assets |
66,200 |
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============= |
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Short-term loans |
6,500 |
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Accounts payable |
14,570 |
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Advances from
clients |
0 |
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Other payable |
11,100 |
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Other current
liabilities |
14,360 |
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|
------------------ |
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Current
liabilities |
46,530 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
46,530 |
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Equities |
19,670 |
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------------------ |
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Total
liabilities & equities |
66,200 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
47,890 |
|
Cost of sales |
39,730 |
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Sales expense |
4,930 |
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Management expense |
4,660 |
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Finance expense |
580 |
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Other operating
revenue |
4,220 |
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Profit before
tax |
2,130 |
|
Less: profit tax |
590 |
|
1,540 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
0.98 |
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*Quick ratio |
0.83 |
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*Liabilities
to assets |
0.70 |
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*Net profit
margin (%) |
3.22 |
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*Return on
total assets (%) |
2.33 |
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*Inventory /
Revenue ×365 |
53 days |
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*Accounts
receivable/ Revenue ×365 |
135 days |
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*
Revenue/Total assets |
0.72 |
|
* Cost of
sales / Revenue |
0.83 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
SC’s short-term loan is in an average level.
l
SC’s revenue 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.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. The large amount of accounts
receivable may be a threat to SC’s financial condition. Taking into
consideration of SC’s general performance, reputation as well as market conditions,
a credit line up to USD 120,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.17 |
|
UK Pound |
1 |
Rs.73.72 |
|
Euro |
1 |
Rs.64.26 |
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 |
|
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 |
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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.