MIRA
INFORM REPORT
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Report Date : |
04.04.2012 |
IDENTIFICATION DETAILS
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Name : |
GUANGDONG DONGFANG PRECISION SCIENCE & TECH. CO., LTD |
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Formerly Known As : |
DONG FANG CARTON MACHINERY INDUSTRY CO., LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
09.12.1996 |
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Com. Reg. No.: |
440682000040868 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and Selling Carton Printing Machines and Parts |
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No. of Employees : |
534 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2,000,000 |
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Status : |
Satisfactory |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
GUANGDONG DONGFANG
PRECISION SCIENCE & TECH. CO., LTD.
shishan road, shishan
technical industrial zone nanhai district, foshan, guangdong province 528225 PR
CHINA
TEL: 86 (0) 757-86695482/86695483
FAX: 86 (0) 757-86695471
EXECUTIVE SUMMARY
Date of Registration : december 9, 1996
REGISTRATION NO. : 440682000040868
LEGAL FORM :
SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
tang zhuolin (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 136,000,000
staff :
534
BUSINESS CATEGORY : manufacturing
REVENUE : CNY 97,600,000 (FROM JAN. 1 TO
SEP. 30, 2011)
EQUITIES :
CNY 688,008,000 (AS OF SEP. 30, 2011)
WEBSITE :
www.vmtdf.com
E-MAIL :
market@vmtdf.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 2,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31 = 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 on December
9, 1996. However, SC changed to present legal form, and was registered as
shares limited company of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 440682000040868 on August 18, 2010.
SC’s Organization Code Certificate No.: 23183131-1
SC’s registered capital: CNY 136,000,000
SC’s paid-in capital: CNY 136,000,000
Registration
Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
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Company Name |
Dong Fang Carton Machinery Industry Co.,
Ltd. |
Guangdong Dongfang Precision Science &
Tech. Co., Ltd. |
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Legal Form |
Limited Liabilities Company |
Shares Limited Company |
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Registered Capital |
CNY 102,000,000 |
CNY 136,000,000 |
Current Co search
indicates SC’s shareholders & chief executives are as follows:-
|
Name of Shareholder (s) (as of August 29, 2011) |
% of
Shareholding |
|
Tang Zhuolin |
36.4 |
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Tang Zhuomian |
19.94 |
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Hunan Zhongke Yuelu Venture Investment Co., Ltd. |
4.33 |
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He Jinsong |
3.64 |
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Tianjin Dachen Chuangshi Equity Investment Fund Partnerships |
2.85 |
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Tianjin Dachen Shengshi Equity Investment Fund Partnerships |
2.49 |
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Qiu Yezhi |
2.16 |
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Agricultural Bank of China-Merchants Anrui Securities Investment Fund |
1.25 |
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China Everbright Bank-Merchants Anben Securities Investment Fund |
1.25 |
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China Construction Bank- Yinhua Insurance Value Securities Investment
Fund |
1.25 |
|
Guangzhou Securities Co., Ltd. |
1.25 |
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Other shareholders |
23.19 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Tang Zhuolin |
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Vice Chairman |
Tang Zhuomian |
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General Manager |
Qiu Yezhi |
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Deputy General Manager |
Cai Debin |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002611.
SHAREHOLDER CHART &
BACKGROUND
Name (as of August
29, 2011) %
of Shareholding
Tang Zhuolin 36.4
Tang Zhuomian 19.94
Hunan Zhongke Yuelu Venture Investment Co., Ltd. 4.33
He Jinsong 3.64
Tianjin Dachen Chuangshi Equity Investment Fund Partnerships 2.85
Tianjin Dachen Shengshi Equity Investment Fund Partnerships 2.49
Qiu Yezhi 2.16
Agricultural Bank of China-Merchants Anrui Securities Investment Fund 1.25
China Everbright Bank-Merchants Anben Securities Investment Fund 1.25
China Construction Bank- Yinhua Insurance Value Securities Investment
Fund 1.25
Guangzhou Securities Co., Ltd. 1.25
Other shareholders 23.19
Hunan Zhongke
Yuelu Venture Investment Co., Ltd.
=========================================
Date of Registration: April 9, 2008
Registration No.: 430194000001547
Legal Form: Shares Limited Company
Chief Executive: Zhang Weimin
Registered Capital: CNY 100,000,000
Tianjin Dachen
Chuangshi Equity Investment Fund Partnerships
==================================================
Date of Registration: March 22, 2010
Registration No.: 120192000053662
Legal Form: Partnership
Registered Capital: CNY 739,000,000
Tianjin Dachen
Shengshi Equity Investment Fund Partnerships
================================================
Date of Registration: March 22, 2010
Registration No.: 120192000053679
Legal Form: Partnership
Registered Capital: CNY 641,000,000
MANAGEMENT
Tang Zhuolin, Legal Representative and Chairman
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Gender: M
Age: 49
Qualification: University
Working experience (s):
From 1996 to present, working in SC as legal representative and chairman
Also working in Foshan Nanhai Weike Dongmeng Tiegong Industry Co., Ltd.
as legal representative
Tang Zhuomian, Vice Chairman
-------------------------------------------------------
Gender: M
Age: 47
Qualification: University
Working experience (s):
Before, worked in SC as deputy general manager
At present, working in SC as vice chairman
Qiu Yezhi, General Manager
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Gender: F
Age: 40
Qualification: Postgraduate
Working experience (s):
Before, worked in SC as deputy general manager
At present, working in SC as general manager
Cai Debin, Deputy General Manager
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Gender: M
Age: 45
Qualification: University
Working experience (s):
Before, worked in SC as sales manager
At present, working in SC as deputy general manager
BUSINESS OPERATION
SC’s registered business scope includes processing, manufacturing and
selling carton printing machines and parts, general machinery and parts;
importing and exporting goods and technology.
SC is mainly engaged in manufacturing and selling carton printing
machines and parts.
Brand: DONGFANG
SC’s products mainly include: printing machines.
SC sources its materials 90% from domestic market, and 10% from Taiwan.
SC sells 65% of its products in domestic market, and 35% to overseas market,
mainly Turkey.
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:
==============
Daihoangha Jointstock Company
Hubei Hexing Packaging Printing Co., Ltd.
Hefei Chaoyi Color Printing and Packaging Co., Ltd.
Sichuan Jiasheng Packaging Printing Co., Ltd.
Ankutsan Antalya Box Industry Corrugated Cardboard Paper Co., Inc.
(Turkey)
*Major Suppliers:
=============
Foshan Nanhai Yede Machinery Factory
Foshan Nanhai Zhengyi Machinery Co., Ltd.
Changzhou Wujin Haili Roll Manufacture Co., Ltd.
Shenzhen Shenshi Mechanical and Electrical Co., Ltd.
Foshan Chancheng Dongfang Bearing Hong
Staff &
Office:
--------------------------
SC is known to have approx. 534 staff at present.
SC owns an area as its operating office & factory of approx. 40,000
sq. meters at the heading address.
RELATED COMPANY
SC is known to have a subsidiary at present:
Foshan Nanhai Weike Dongmeng Tiegong Industry Co., Ltd.
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Date of Registration: December 11, 2009
Registration No.: 440682400010025
Chief Executive: Tang Zhuolin
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’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.
BANKING
Basic Bank:
CGB Foshan Branch
AC#: 104007512010003372
Agricultural Bank of China Nanhai Shishan
Sub-branch
AC#: 44526401040017688
FINANCIALS
Consolidated
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Sep. 30, 2011 |
|
60,156 |
510,506 |
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Held for trading
financial assets |
0 |
0 |
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Notes receivable |
1,332 |
4,970 |
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Accounts receivable |
18,757 |
43,716 |
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Advances to suppliers |
29,663 |
12,400 |
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Interest receivable |
0 |
0 |
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Other receivable |
2,778 |
3,922 |
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Inventory |
87,847 |
97,147 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
200,533 |
672,661 |
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Financial assets available for sale |
0 |
0 |
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Long-term receivables |
0 |
0 |
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Long-term equity investment |
0 |
0 |
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Fixed assets |
54,374 |
50,646 |
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Construction in progress |
756 |
428 |
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Intangible assets |
6,094 |
68,550 |
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Long-term prepaid expenses |
808 |
677 |
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Deferred income tax assets |
61 |
112 |
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Other non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
262,626 |
793,074 |
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============= |
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Short-term loans |
21,400 |
0 |
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Held for trading financial liabilities |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
45,690 |
59,842 |
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Advances from clients |
50,532 |
33,244 |
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Payroll payable |
1,416 |
1,919 |
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Tax payable |
-1,085 |
4,377 |
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Interest payable |
0 |
0 |
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Other payable |
445 |
5,684 |
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Current liabilities due within one year |
0 |
0 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
118,398 |
105,066 |
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Non-current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
118,398 |
105,066 |
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Equities |
144,228 |
688,008 |
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------------------ |
------------------ |
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Total liabilities & equities |
262,626 |
793,074 |
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============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
From
Jan. 1 to Sep. 30, 2011 |
|
Revenue |
272,044 |
97,600 |
|
Cost of sales |
181,810 |
63,063 |
|
Taxes and Surcharges |
911 |
738 |
|
Sales expense |
9,193 |
4,889 |
|
Management expense |
28,824 |
7,866 |
|
Finance expense |
1,070 |
270 |
|
Investment income |
0 |
0 |
|
Non-operating income |
1,622 |
467 |
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Non-operating expense |
33 |
0 |
|
Profit before tax |
51,804 |
21,240 |
|
Less: profit tax |
9,274 |
3,220 |
|
Profits |
42,530 |
18,020 |
Important Ratios
|
|
As
of Dec. 31, 2010 |
As
of Sep. 30, 2011 |
|
*Current ratio |
1.69 |
6.40 |
|
*Quick ratio |
0.95 |
5.48 |
|
*Liabilities to assets |
0.45 |
0.13 |
|
*Net profit margin (%) |
15.63 |
18.46 |
|
*Return on total assets (%) |
16.19 |
2.27 |
|
*Inventory / Revenue ×365/270 |
118 days |
269 days |
|
*Accounts receivable/ Revenue ×365/270 |
26 days |
121 days |
|
* Revenue/Total assets |
1.04 |
0.12 |
|
* Cost of sales / Revenue |
0.67 |
0.65 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC appears fairly large.
The accounts receivable of SC appears average.
The short-term loans of SC appear average in 2010.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is average.
The risk for SC to go bankrupt is low.
Overall financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The fairly large amount of inventory 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 2,000,000 appears to be
within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.56 |
|
|
1 |
Rs.81.05 |
|
Euro |
1 |
Rs.67.49 |
RATING EXPLANATIONS
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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 |
|
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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.