MIRA INFORM REPORT
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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHONGSHAN BROAD-OCEAN MOTOR CO., LTD. |
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Registered Office : |
No. 3 Industry Area, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.10.2000 |
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Com. Reg. No.: |
442000000027487 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling different
sorts of motors |
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No. of Employees
: |
2,345 |
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 10,000,000 |
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Status : |
Good |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
Zhongshan Broad-Ocean Motor Co., Ltd.
No. 3 industry
area, shalang town, west area,
zhongshan, GUANGDONG
PROVINCE, 528411 PR CHINA
TEL: 86 (0)
760-88555306
FAX: 86 (0)
760-88559031
EXECUTIVE SUMMARY
INCORPORATION DATE : Oct. 23, 2000
REGISTRATION NO. : 442000000027487
REGISTERED LEGAL FORM :
SHARES LIMITED COMPANY
STAFF STRENGTH : 2,345
REGISTERED CAPITAL :
CNY 477,351,900
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 2,359,348,000 (Consolidated, AS OF DEC. 31, 2011)
EQUITIES : CNY 2,592,984,000 (Consolidated, AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 10,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY
6.30 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a shares limited co. at local Administration for industry & commerce (AIC - the official body of issuing and renewing business license).
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 processing and manufacturing micro-motors, household appliances,
sanitary ware and accessories, sports and body building equipment, electrical
equipment, electric tools, accessories of motor vehicles, electronic products,
controlling electrical appliances and paper shredders; exporting its products
and technology, importing raw materials, instruments and meters, machinery
equipment, parts, and technology needed in the manufacture, excluding export
commodities limited or prohibited by the state (not referring trade way).
SC is mainly
engaged in manufacturing and selling different sorts of motors.
Mr. Lu
Chuping is legal representative and chairman of SC at present.
SC is
known to have approx. 2,345 employees at present, including 1,196
production staff, 724 technicians, 151 management staff, 38 sales
representatives and other staff.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone
of Zhongshan. The detailed information of the premise is unspecified.
http://www.broad-ocean.com.cn SC’s
website is unable to be landed at present for the technical reason.
Email: bom@broad-ocean.com.cn
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002249.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered no. |
4420002005488 |
Present one |
|
2008-7 |
Registered capital |
CNY 94,000,000 |
CNY 126,000,000 |
|
2009-8 |
Registered capital |
CNY 126,000,000 |
CNY 252,000,000 |
|
2010-7 |
Registered capital |
CNY 252,000,000 |
CNY 428,400,000 |
|
2011-7 |
Registered capital |
CNY 428,400,000 |
Present amount |
Tax Registration Certificate No.: 442000725106224
Organization Code: 72510622-4
MAIN SHAREHOLDERS: (as of Dec. 31, 2011)
Name %
of Shareholding
Lu Chuping 33.72
Lu Sanping 12.05
Xu Haiming 10.07
Zhongshan Pangde Broad-ocean
Trading Co., Ltd. 6.72
China Construction Bank -
Chinese Dynamic
Alpha Flexible Configuration
Mixed Security Investment Fund 3.74
Peng Hui 3.36
Bank of China – Gongyin Ruixin
Core Growth Stock Security
Investment Fund 2.85
China Construction Bank –
Gongyin Ruixin
Steady Growth Stock Security
Investment Fund 2.64
Xiong Jieming 1.34
Shihezi Shirong Investment Co.,
Ltd. 0.73
Other Shareholders 22.78
l
Legal
representative and Chairman:
Mr. Lu Chuping, born in 1965 with university
education. He is currently responsible for the overall management of SC
Working Experience(s):
At present Working in SC as legal representative and chairman.
l
General Manager:
Mr. Xu Haiming, born in 1963, with MBA Degree.
He is currently responsible for the daily
management of SC.
Working Experience(s):
At present Working in SC as general manager.
l
Directors:
Xiong Jieming
Peng Hui
l
Supervisors:
Wang Dali
Wang Linyan
SC is mainly
engaged in manufacturing and selling different sorts of motors.
SC’s products mainly
include: micro-motor, direct current machine, motor of air-conditioner, and so
on.
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 Supplier:
============
Zhongshan Qunlixing Plastic Hardware Electronics Co., Ltd.
*Major Customers:
==============
GD Midea
Air-Conditioning Equipment Co., Ltd.
Wayne Water
Systems
TCL Air
Conditioner (Zhongshan) Co., Ltd.
SC is known to have the following subsidiaries:
· Broad-Ocean Motor (Hong Kong) Co. Limited
· Wuhu Generator Automotive Electrical Systems Co., Ltd.
· Ningbo Co-star Materials Hi-Tech Co., Ltd.
· Zhongshan Broad-Ocean Motor Manufacturing Co., Ltd.
· Hubei Queen-Ocean Electrical Appliance Manufacture 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
supplier declined to make any commends, so the trade reference is not available.
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
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
Cash &
bank |
453,813 |
1,305,676 |
|
Inventory |
382,001 |
612,398 |
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Accounts
receivable |
378,510 |
393,485 |
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Note receivable |
94,437 |
186,337 |
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Advances to
suppliers |
103,141 |
184,990 |
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Other
receivables |
21,302 |
49,763 |
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Trading
of financial assets |
3,077 |
8,459 |
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Other
current assets |
819 |
185 |
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------------------ |
------------------ |
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Current assets |
1,437,100 |
2,741,293 |
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Fixed
assets net value |
410,116 |
506,155 |
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Projects
under construction |
2,923 |
7,133 |
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Long term
investment |
32,000 |
30,543 |
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Intangible
assets |
75,074 |
80,358 |
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Deferred income tax assets |
30,480 |
37,049 |
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Other
assets |
6,229 |
101559 |
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------------------ |
------------------ |
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Total
assets |
1,993,922 |
3,504,090 |
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============= |
============= |
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Short loans |
0 |
20,750 |
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Accounts
payable |
439,113 |
392,588 |
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Notes payable |
717 |
243,800 |
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Trading of financial liabilities |
0 |
13,953 |
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Other
payable |
3,668 |
33,276 |
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Taxes
payable |
16,437 |
8,953 |
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Accrued payroll |
64,369 |
72,995 |
|
Interest payable |
0 |
538 |
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Advances
from clients |
3,141 |
9,778 |
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Long-term liabilities due with in one year |
9,777 |
9,383 |
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Other
current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
537,222 |
806,014 |
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Long term
liabilities |
92,123 |
105,092 |
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|
------------------ |
------------------ |
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Total
liabilities |
629,345 |
911,106 |
|
Equities |
1,364,577 |
2,592,984 |
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------------------ |
------------------ |
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Total
liabilities & equities |
1,993,922 |
3,504,090 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
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Turnover |
2,187,125 |
2,359,348 |
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Cost of goods
sold |
1,742,893 |
1,879,569 |
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Taxes
and additional of main operation |
6,380 |
10,157 |
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Sales expense |
75,383 |
78,294 |
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Management expense |
114,635 |
142,079 |
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Finance expense |
-19,599 |
-25,937 |
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Asset impairment loss |
20,639 |
10,716 |
|
Investment
income |
2,726 |
-3,583 |
|
Non-operating
income |
18,026 |
18,656 |
|
Non-operating expense |
3,975 |
6,107 |
|
Profit before
tax |
263,486 |
270,388 |
|
Less: profit tax |
35,746 |
39,343 |
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Profits |
227,740 |
231,045 |
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
*Current ratio |
2.68 |
3.40 |
|
*Quick ratio |
1.96 |
2.64 |
|
*Liabilities
to assets |
0.32 |
0.26 |
|
*Net profit
margin (%) |
10.41 |
9.79 |
|
*Return on
total assets (%) |
11.42 |
6.59 |
|
*Inventory
/Turnover ×365 |
64 days |
95 days |
|
*Accounts receivable/Turnover
×365 |
64 days |
61 days |
|
*Turnover/Total
assets |
1.10 |
0.67 |
|
* Cost of
goods sold/Turnover |
0.80 |
0.80 |
PROFITABILITY: FAIRLY GOOD
·
The turnover of SC appears good in its line, and it
increasing in 2011.
·
SC’s net profit margin is fairly good.
·
SC’s return on total assets is fairly good, but it was
declining in 2011.
·
SC’s cost
of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIRLY GOOD
l
The current ratio of SC is maintained in a fairly
good level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
SC’s short-term loan is in an average level in
2011.
l
SC’s turnover is in a fair level in 2011, 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 at the above amount appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.05 |
|
UK Pound |
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
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 |
|
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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.