MIRA INFORM REPORT
|
Report Date : |
28.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG DAHUA TECHNOLOGY CO., LTD. |
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Registered Office : |
No. 1187, Binan Road, Binjiang District, Hangzhou City, Zhejiang
Province 310053 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
12.03.2001 |
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Com. Reg. No.: |
330000000024078 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
developing, manufacturing and selling
video storage, display control, intelligent transportation, and other related
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 6,000,000 |
|
Status : |
Good |
|
Payment
Behaviour : |
Usually Correct |
|
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) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
zhejiang dahua technology co., ltd.
NO. 1187, BINAN ROAD, BINJIANG DISTRICT
HANGZHOU CITY, ZHEJIANG PROVINCE 310053 PR CHINA
TEL: 86 (0) 571-28933188/28932955
FAX: 86 (0) 571-28933211
EXECUTIVE SUMMARY
Date of Registration : march 12, 2001
REGISTRATION NO. : 330000000024078
LEGAL FORM : Shares limited company
REGISTERED CAPITAL :
cny 279,080,400
staff : 1,474
BUSINESS CATEGORY :
developing & manufacturing & trading
Revenue : CNY 894,261,000 (consolidated, FROM JAN. 1 TO JUN. 30, 2011)
EQUITIES : CNY 1,251,422,000 (consolidated, AS OF JUN. 30, 2011)
WEBSITE : www.dahuatech.com
E-MAIL : zqsw@dahuatech.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 6,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE : CNY 6.40 = 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 shares limited company of PRC with State Administrative Bureau
of Industry & Commerce under registration No.: 330000000024078 on March 12,
2001.
SC’s Organization Code Certificate
No.: 72721517-6
SC’s registered capital: cny 279,080,400
SC’s paid-in capital: cny 279,080,400
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2004 |
Company Name |
Zhejiang Dahua Information Technology
Stock Co., Lltd. |
Zhejiang Dahua Technology Co., Ltd. |
|
2010 |
Registered Capital |
CNY 66,800,000 |
CNY 139,540,200 |
|
2011 |
Registered Capital |
CNY 139,540,200 |
cny 279,080,400 |
|
-- |
Registration No. |
3300001008760 |
330000000024078 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) (As of June 30, 2011) |
% of Shareholding |
|
Fu Liquan |
44.12 |
|
Zhu Jiangming |
7.36 |
|
Chen Ailing |
4.38 |
|
Wu Jun |
2.78 |
|
Industrial and Commercial Bank
of China-Stock Security Investment Fund of South Jiyou Growth |
2.14 |
|
Yongjin Industrial (Group)
Co., Ltd. |
1.77 |
|
CITIC Securities-CITIC-CITIC
Finance No. 2 Collection Asset Management Plan |
1.64 |
|
Bank of China-Stock Security
Investment Fund of Gongyin Ruixin Core Value |
1.21 |
|
China Construction Bank-Stock
Security Investment Fund of Huabao Industry |
1.07 |
|
CITIC Securities-CITIC-CITIC
Securities Stock Collection Asset Management Plan |
0.92 |
|
Other Shareholders |
32.61 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, General Manager |
Fu Liquan |
|
Vice Chairman |
Wu Jun |
|
Director |
Zhu Jiangming |
|
Wu
Jun |
|
|
Chen Ailing |
|
|
Fu Liquan |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002236.
SC’s products have passed ISO 9001 quality management system
certification, and some international certifications such as UL, CE, FCC, etc.
SHAREHOLDER CHART & BACKGROUND
Name (As of June 30,
2011) % of
Shareholding
Fu Liquan 44.12
Zhu Jiangming 7.36
Chen Ailing 4.38
Wu Jun 2.78
Industrial and Commercial Bank of
China-Stock Security Investment Fund
of South Jiyou Growth 2.14
Yongjin Industrial (Group) Co., Ltd. 1.77
CITIC Securities-CITIC-CITIC Finance No. 2
Collection Asset Management Plan 1.64
Bank of China-Stock Security Investment Fund
of Gongyin Ruixin Core Value 1.21
China Construction Bank-Stock Security
Investment Fund of Huabao Industry 1.07
CITIC Securities-CITIC-CITIC Securities
Stock Collection Asset Management Plan 0.92
Other Shareholders 32.61
Yongjin Industrial
(Group) Co., Ltd.
================================
Registration No.: 310000000037923
Date of Registration: August 16, 1995
Legal Form: Limited Liabilities Company
Registered Capital: CNY 200,000,000
Legal Representative: Xie Chao
MANAGEMENT
u
Fu Liquan, Legal Representative, Chairman, and General
Manager
---------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 44
Ø
Qualification:
EMBA
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman, and general manager
As director of SC
Also working in Zhejiang Huakun Technology Co., Ltd. and Zhejiang Dahua Digital Technology Co., Ltd. as legal representative
u
Wu
Jun, Vice Chairman
----------------------------------------------
Ø
Gender: M
Ø
Age: 39
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as vice chairman
As director of SC
Also working in Zhejiang Dahua System Engineering Co., Ltd. as legal representative
u
Zhu Jiangming, Director
-------------------------------------------------
Ø
Gender: M
Ø
Age: 44
Ø
Qualification:
University
u
Chen Ailing , Director
----------------------------------------------
Ø
Gender: F
Ø
Age: 44
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes development,
services, and sale of computer software; designing, developing, manufacturing,
installing, and selling electronic products and communication products;
development, system integration, and sales of network products; designing and
installing electronic engineering; and international trade.
SC is
mainly engaged in developing, manufacturing and selling video storage, display
control, intelligent transportation, and other related products.
SC’s products
mainly include:
NVR
Hybrid DVR
Standalone DVR
Special DVR
Compression Card
Network Video
Server
Network Storage
PTZ Dome Camera
Analog Camera
HD-SDI Camera
Network Video
Decoder
Traffic
Surveillance
Video Door Phone
Etc.
Brand: “Dahua”.
SC sources its
materials 90% from domestic market, and 10% from
overseas market. SC sells 80% of its products in domestic market, and 20% to
overseas market, mainly Europe, USA, Southeast Asia, 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. 1,474
staff at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
Subsidiaries:
==========
n
Zhejiang
Dahua System Engineering Co., Ltd.
Registration
No.: 330000000044688
Date of
Registration: November 19, 2009
Legal
Form: One-person Limited Liabilities Company
Registered
Capital: CNY 105,000,000
Legal
Representative: Wu Jun
n
Zhejiang
Huakun Technology Co., Ltd.
Registration
No.: 330000000029429
Date of
Registration: June 16, 2006
Legal
Form: One-person Limited Liabilities Company
Registered
Capital: CNY 80,000,000
Legal
Representative: Fu Liquan
n
Zhejiang
Dahua Security Network Operation Service Co., Ltd.
Registration
No.: 330000000046340
Date of
Registration: January 14, 2010
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 10,000,000
Legal
Representative: Wu Yunlong
n
Wenzhou
Dahua Security Network Operation Service Co., Ltd.
Registration
No.: 330302000081175
Date of Registration:
July 5, 2010
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 2,000,000
Legal
Representative: Zheng Xiangce
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
Basic Bank
Bank of China
Hangzhou Hi-tech Development Zone Sub-branch
AC#：800130788808211001
China
Construction Bank Hangzhou Hi-tech Sub-branch
AC#：33001616735049092662
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Jun. 30, 2011 |
|
720,230 |
465,966 |
|
|
Held for trading financial assets |
272 |
0 |
|
Notes receivable |
9,789 |
9,456 |
|
Accounts receivable |
390,530 |
548,938 |
|
Advances to
suppliers |
15,450 |
27,291 |
|
Interest
receivable |
2,995 |
4,682 |
|
Other receivable |
29,354 |
50,137 |
|
Inventory |
373,598 |
491,925 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
1,542,218 |
1,598,395 |
|
Financial assets
available for sale |
0 |
0 |
|
Long-term
receivables |
55,327 |
55,327 |
|
Long-term equity
investment |
10,397 |
22,747 |
|
Fixed assets |
113,278 |
128,555 |
|
Construction in
progress |
16,372 |
44,234 |
|
Intangible
assets |
34,139 |
36,884 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
5,856 |
8,708 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
1,777,587 |
1,894,850 |
|
|
============= |
============= |
|
Short-term loans |
147,177 |
115,194 |
|
Held for trading
financial liabilities |
0 |
1,968 |
|
Notes payable |
9,985 |
0 |
|
Accounts payable |
222,304 |
348,025 |
|
Advances from
clients |
106,660 |
112,515 |
|
Payroll payable |
69,071 |
22,416 |
|
Tax payable |
20,878 |
17,100 |
|
Interest payable |
1,308 |
1,589 |
|
Other payable |
18,530 |
17,294 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
595,913 |
636,101 |
|
Non-current
liabilities |
7,326 |
7,327 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
603,239 |
643,428 |
|
Equities |
1,174,348 |
1,251,422 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,777,587 |
1,894,850 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
From
Jan. 1 to Jun. 30, 2011 |
|
Revenue |
1,476,221 |
894,261 |
|
Cost of sales |
852,239 |
526,148 |
|
Sales expense |
206,298 |
107,051 |
|
Management expense |
163,452 |
104,629 |
|
Finance expense |
-6,533 |
-2,460 |
|
Investment
profits |
-4,370 |
-1,051 |
|
Profit before
tax |
274,578 |
146,047 |
|
Less: profit tax |
24,690 |
17,372 |
|
249,888 |
128,675 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Jun. 30, 2011 |
|
*Current ratio |
2.59 |
2.51 |
|
*Quick ratio |
1.96 |
1.74 |
|
*Liabilities
to assets |
0.34 |
0.34 |
|
*Net profit
margin (%) |
16.93 |
14.39 |
|
*Return on
total assets (%) |
14.06 |
6.79 |
|
*Inventory /
Revenue ×365/180 |
93
days |
100 days |
|
*Accounts
receivable/ Revenue ×365/180 |
97
days |
111 days |
|
*
Revenue/Total assets |
0.83 |
0.47 |
|
* Cost of
sales / Revenue |
0.58 |
0.59 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
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 fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear average.
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good
financial conditions. Taking into consideration of SC’s general performance,
reputation as well as market conditions, a credit line up to USD 6,000,000 appears to
be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.18 |
|
UK Pound |
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.63 |
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.