MIRA INFORM
REPORT
|
Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO.,
LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
30.11.2001 |
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Com. Reg. No.: |
330100400011434 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
researching, Developing, Manufacturing and Selling Security &
Protection video surveillance products. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 15,000,000 |
|
Status : |
Good |
|
Payment
Behaviour : |
No Complaints |
|
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 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Hangzhou Hikvision Digital Technology Co., Ltd.
NO.
36
TEL: 86 (0) 571-88075998 FAX: 86 (0) 571-89935635/84935635
EXECUTIVE SUMMARY
INCORPORATION DATE : NOVEMBER 30, 2001
REGISTRATION NO. : 330100400011434
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
2,300
REGISTERED CAPITAL : CNY 500,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 2,393,076,000 (JAN. 1 TO SEP. 30, 2010)
EQUITIES :
CNY 5,242,642,000 (AS OF SEP. 30, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.63 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC’s correct name should be the above stated one, instead of the given name - Hangzhou Hikivision Digital Technology Co Ltd.
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on November 30, 2001 and has been under present legal form since 2008.
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 includes researching, developing and manufacturing electronic products;
selling self-made products; supplying technology services (excluding limited
and prohibit items).
SC is mainly
engaged in researching, developing, manufacturing and selling security &
protection. video surveillance products.
Mr. Chen Zongnian
is legal representative and chairman of SC at present.
SC is known to have approx. 2,300 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Hangzhou. SC’s accountant refused to
release the detail information of the total premise or its factory address.
http://www.hikvision.com/
The design is professional and the content is well organized. At present it is
in Chinese, English and etc. versions.
Email: Hkvs@hikvision.com
SC listed in Shenzhen Stock Exchange and the stock number is 002415.
SC awarded three years in a roll by Deloitte as Top 50 High-tech
Fast-growing
SC’s quality system meets the international standards of ISO9001 and
ISO14001.
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2008-06 |
Company’s Chinese name |
杭州海康威视数字技术有限公司 |
杭州海康威视数字技术股份有限公司 |
|
Registered Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
|
2010 |
Registered capital |
CNY 450,000,000 |
CNY 500,000,000 |
Note: SC changed its Chinese name in 2008, while its English name
remains the same.
MAIN
SHAREHOLDERS: (As of June 30, 2010)
Name %
of Shareholding
No. 52 Research Institute of
Gong Hongjia (
Hangzhou Weixun Investment & Management
Co., Ltd. 12.83
Zhejiang Orient Holdings Co., Ltd. 4.50
Hangzhou Kangpu Investment Co., Ltd. 4.28
The National Council for Social Security
Fund of the PRC 1.00
Industrial and Commercial Bank of
China-China Universal Equilibrium
Growth Stock Securities Investment Fund 0.76
Industrial and Commercial Bank of
China-China Universal Growth Focus
Equity Securities Investment Fund 0.41
Industrial and Commercial Bank of
China-Southern blue-chip Growth
Stock Securities Investment Fund 0.36
Bank of Communications-Anshun Securities
Investment Fund 0.27
Other shareholders 8.18
No. 52 Research Institute of
=========================================================
Add:
Fax: 86 0571-88075951
Tel: 86 0571-88076001
Email: cetc52@cetc52.com
Hangzhou Weixun Investment & Management
Co., Ltd.:
=========================================
Address: Room 402, 36# Building,
Tel: 86 0571-88075998
Zhejiang Orient Holdings Co., Ltd.:
==========================
Established in December, 1988, Zhejiang Orient
Holdings Co., Ltd. has kept a constant and rapid increase for more than a
decade along with a deep reform and implementation of its strategies. Zhejiang
Orient has doubled its main financial results like sales and net profit since
it became a listed company in 1997. In 2001, the company ranked 89th among the
top 200 major exporting companies in
Add: New
Zip: 310009
Tel: +86 571 8760 0666
Fax: +86 571 87600333
Email: dongfang@zjorient.com
Web: www.zjorient.com
Hangzhou Kangpu Investment Co., Ltd.:
=============================
Address: Room 1112, 36# Building,
Tel: 86 0571-88366917
l
Legal representative and chairman:
Mr. Chen Zongnian, born in 1965, senior engineer, with Doctor’s degree.
He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman and legal representative.
Also working in Hangzhou Hikvision Software Co., Ltd. Zhejiang Haikang Group Co., Ltd.and Zhejiang Haikang Technology Co., Ltd. as legal representative.
l
General Manager:
Mr. Hu Yangzhong, born in 1965, senior engineer, with Master’s degree.
He is currently responsible for the daily management of SC.
Working Experience(s):
From 2002 to present
Working in SC as general
manager.
SC is mainly
engaged in researching, developing, manufacturing and selling security &
protection. video surveillance products.
Main Products:
Intelligent Product
· Intelligent Video & Audio Compression
Card
Hybrid DVR/NVR
· DS-9000 Series
· DS-7600 Series
DVR
· DS-9100 Series
· DS-8000 Series
· DS-7000 Series
· DS-8100 Series
· DS-7300 Series
· DS-7200 Series
· DS-7100 Series
· Special Series
Compression Card
· Video Compression Card
· Video Decode Card
Digital Video Server
· Digital Video Server (DVS)
Camera
· Color Camera
· Zoom Camera
· Network Camera
Speed Dome
· Speed Dome
· Network Speed Dome
Accessory
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 70% of its products in domestic
market, and 30% 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:
==============
· Zhejiang Haikang Group Co., Ltd.
· Zhejiang Haikang Technology Co., Ltd.
*Major Supplier:
=============
Shanghai Fullhan Microelectronics Co., Ltd.
SC
is known to have the following branch:
·
·
·
·
·
·
·
·
·
·
·
·
·
·
· Shanghai Branch
·
· Shenzhen Branch, Etc.
SC is known to invest in the following companies:
· Hikvision USA, Inc.
· HDT International Limited
· Prama Hikvision India Pvt. Ltd.
· Hangzhou Hikvision Software Co., Ltd. Etc.
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 suppliers
declined 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.
Industrial & Commercial Bank of
AC#:
1202051309900002966
Relationship:
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Sep. 30,
2010 |
As of Dec. 31,
2009 |
|
Cash & bank |
3,813,886 |
1,148,562 |
|
Notes receivable |
57,932 |
49,083 |
|
Advances to
suppliers |
58,828 |
14,204 |
|
Accounts
receivable |
537,931 |
250,668 |
|
Inventory |
780,157 |
392,950 |
|
Other accounts
receivable |
41,620 |
18,116 |
|
Other current
assets |
3,585 |
1 |
|
|
------------------ |
------------------ |
|
Current assets |
5,293,939 |
1,873,584 |
|
Fixed assets net
value |
255,070 |
197,635 |
|
Projects under
construction |
141,753 |
70,255 |
|
Long term
investment |
10,164 |
10,664 |
|
Intangible
assets |
42,585 |
24,866 |
|
Deferred tax
asset |
30,361 |
20,070 |
|
Other assets |
71 |
3 |
|
|
------------------ |
------------------ |
|
Total assets |
5,773,943 |
2,197,077 |
|
|
============= |
============= |
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Short loans |
0 |
27,374 |
|
Accounts payable |
301,022 |
409,036 |
|
Advances to
suppliers |
17,465 |
56,865 |
|
Payroll payable |
162,899 |
175,597 |
|
Taxes payable |
4,976 |
-12,415 |
|
Other accounts
payable |
3,182 |
2,602 |
|
Interest payable |
0 |
41 |
|
Other current
liabilities |
3 |
3 |
|
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------------------ |
------------------ |
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Current
liabilities |
489,547 |
659,103 |
|
Non-current
liabilities |
41,754 |
40,652 |
|
|
------------------ |
------------------ |
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Total
liabilities |
531,301 |
699,755 |
|
Equities |
5,242,642 |
1,497,322 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
5,773,943 |
2,197,077 |
|
|
============= |
============= |
Consolidated Income
Statement
|
Unit: CNY’000 |
Jan.
1 to Sep. 30, 2010 |
As
of Dec. 31, 2009 |
|
Turnover |
2,393,076 |
2,101,513 |
|
Cost of goods sold |
1,199,655 |
1,007,090 |
|
Tax and associate charge |
3,272 |
3,317 |
|
Sales expense |
274,116 |
226,804 |
|
Management expense |
209,246 |
200,796 |
|
Finance expense |
-3,967 |
-9,107 |
|
Assets depreciation loss |
18,397 |
13,204 |
|
Investment
income |
-499 |
-1,033 |
|
Profit before
tax |
752,288 |
766,212 |
|
Less: profit tax |
95,598 |
60,193 |
|
Profits |
656,690 |
706,019 |
Important Ratios
=============
|
|
As of Sep. 30,
2010 |
As of Dec. 31,
2009 |
|
*Current ratio |
10.81 |
2.84 |
|
*Quick ratio |
9.22 |
2.25 |
|
*Liabilities
to assets |
0.09 |
0.32 |
|
*Net profit
margin (%) |
27.44 |
33.60 |
|
*Return on
total assets (%) |
11.37 |
32.13 |
|
*Inventory
/Turnover ×365 |
/ |
69 days |
|
*Accounts
receivable/Turnover ×365
|
/ |
44 days |
|
*Turnover/Total
assets |
0.41 |
0.96 |
|
* Cost of
goods sold/Turnover |
0.50 |
0.48 |
PROFITABILITY:
GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is good.
l
SC’s return on total assets is good.
l
SC’s cost of goods sold is low, 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 is maintained in an
average level.
l
SC’s short-term loan appears average in 2009.
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 large-sized in its line with fairly good financial
conditions. A credit line up to USD 15,000,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.70.38 |
|
Euro |
1 |
Rs.58.93 |
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.