MIRA INFORM REPORT
|
Report Date : |
16.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
No. 1, Fuxing Street, Chenhu Town, Hanchuan, Hubei
Province, 431608 Pr |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
08.06.1993 |
|
|
|
|
Com. Reg. No.: |
420000000029014 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
manufacturing and selling
radial tyre wire for steel cord, steel strand, steel wire rope, steel wire;
developing and selling commercial housing |
|
|
|
|
No. of Employees
: |
5,460 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
HUBEI FUXING
SCIENCE AND TECHNOLOGY CO., LTD.
NO. 1, FUXING STREET, CHENHU TOWN,
HANCHUAN, HUBEI PROVINCE, 431608 PR CHINA
TEL: 86 (0) 712-8740018/8740068 FAX: 86 (0) 712-8740018
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 8, 1993
REGISTRATION NO. :
420000000029014
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
5,460
REGISTERED CAPITAL : CNY 712,356,000
BUSINESS LINE : MANUFACTURE & REAL ESTATE
TURNOVER :
CNY 3,339,641,000 (CONSOLIDATED,
JAN. 1 TO SEP. 30, 2011)
EQUITIES :
CNY 7,327,103,000 (CONSOLIDATED, AS OF SEP. 30, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 15,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : STABLE
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 company at provincial 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 manufacturing, selling and exporting metal
wire, metal ropes and its products; selling commercial housing; developing and investing
high and new technology; venture investment, other investment besides main
operating items; importing raw materials, machines, instrument and meter, spare
parts, components and related technology required in manufacturing, research
& development; selling chemical products, auto, auto tyre; general cargo.
SC is mainly
engaged in manufacturing and selling radial tyre wire for steel cord, steel
strand, steel wire rope, steel wire; developing and selling commercial housing.
Mr.
Tan Gongyan is legal representative and chairman of SC at present.
SC is known to have approx. 5,460 employees at present, including
4,759 workers, 62 salesmen, 328 technicians, 33 financial staff and 278
administrative staff.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Hanchuan. Detailed information of the premise is unknown.
http://www.chinafxkj.com/ The
design is professional and the content is well organized. At present it is in
Chinese version.
Email: fxkj0926@chinafxkj.com
Tax Registration Certificate No.: 420984706959504
Organization Code: 70695950-4
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 000926.
Certificates:
=========
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2007-05 |
Registered capital |
CNY 265,266,490 |
CNY 525,227,650 |
|
2008-05 |
Registered capital |
CNY 525,227,650 |
CNY 705,227,650 |
|
2008 |
Registration No. |
4200001000087 |
420000000029014 |
|
2009-12 |
Registered capital |
CNY 705,227,650 |
CNY 709,979,650 |
|
2010 |
Registered capital |
CNY 709,979,650 |
CNY 712,356,000 |
According to SC’s website information, SC’s former name was Hubei
Hanchuan Steel Wire Rope Co., Ltd., and in 1999, the registered name was
changed to the present one.
MAIN SHAREHOLDERS:
(As of June. 30, 2011)
Name %
of Shareholding
Fuxing Group Holding Co., Ltd.
(in Chinese Pinyin) 26.02
Bank of Communications-Boshi New
Growth Stock
Type Security Investment Fund 2.53
Citic Securities Co., Ltd. 1.89
China Life Insurance Company
Limited-
Bonus-Individual Bonus
Industrial and Commercial Bank
of China-Yifangda
Value Growth Hybrid Security
Investment Fund 1.82
China Construction Bank-Huaxia
Bonus Hybrid
Open Security Investment Fund 1.54
Bank of China-Franklin Guohai
Qianli Combination
Stock Security Investment Fund 1.51
Agricultural Bank of
China-Franklin Guohai Flexible
Market Value Stock Security
Investment Fund 1.44
Industrial and Commercial Bank
of China-
Nuoan Stock Security Investment
Fund 1.41
China Construction Bank-Gongyin
Ruixin Selected
Balance Hybrid Security
Investment Fund 1.40
Other Shareholders 58.58
Fuxing Group Holding Co., Ltd.
(in Chinese Pinyin)
======================================
Registration no.: 420984210013398
Legal representative: Tan Gongyan
Registered capital: CNY 700,000,000
l
Legal representative and chairman:
Mr. Tan Gongyan, born
in 1947, senior economist, 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;
Also working in Fuxing Group Holding Co., Ltd. as legal representative.
General manager:
Mr. Zhang Yunhua, born in 1957, senior
economist, with junior college education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
Directors:
Li Shouming
Zhao Man
Tang Guoping
Li Wenyan
Feng Dongxing
Hu Shuoshang
Supervisors:
Tan Caiwang
Gao Qianshen
Xu Zhixiong
SC is mainly engaged
in manufacturing and selling radial tyre wire for steel cord, steel strand,
steel wire rope, steel wire; developing and selling commercial housing.
Main Products:
radial tyre wire for steel cord, steel strand, steel wire rope, steel wire,
etc.
Brand: “福星牌”
Other Business: Real Estate
SC sources its materials 80%
from domestic market, and 20% from overseas market. SC sells 90% of its
products in domestic market, and 10% 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:
==============
Qingdao Doublestar Tyre Industrial Co., Ltd.
Aeolus Tyre Co., Ltd.
Shandong Linglong Tyre Co., Ltd.
Shandong Yinbao Tyre Group Co., Ltd.
Note:
SC declined to release its major suppliers.
SC is known to have the following subsidiaries:
Fuxing
Huiyu Real Estate Co., Ltd.
Hanchuan Fuxing Technology Electromechanical Equipment Co., Ltd.
Jiangsu Mingding Commercial &Trade Co., Ltd.
Hanchuan Fuxing Thermoelectricity Co., Ltd.
Wuhan Runxin Investment Co., Ltd.
Beijing
Fuxing Huiyu Real Estate Co., Ltd.
Hubei Fuxing
Huiyu Real Estate Co., Ltd.
Xiaogan
Fuxing Huiyu Real Estate Co., Ltd.
Hubei
Lianli Investment Co., Ltd.
Inner
Mongolia Fuxing Huiyu Real Estate Co., Ltd.
Hubei
Fuxing Huiyu Hongshan Estate Co., Ltd.
Wuhan
Fuxing Huiyu Real Estate Co., Ltd.
Hubei Fuxing
Huiyu Immovable Property Co., Ltd.
Enshi
Fuxing Huiyu Real Estate Co., Ltd.
Xianning
Fuxing Huiyu Real Estate Co., Ltd.
Hubei
Fuxing Huiyu Hanyang Real Estate 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 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.
SC’s management
declined to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As
of Sep. 30, 2011 |
As
of Dec. 31, 2010 |
|
Cash & bank |
1,218,918 |
1,964,265 |
|
Notes receivable |
116,046 |
175,368 |
|
Inventory |
7,605,610 |
6,743,121 |
|
Accounts
receivable |
667,367 |
552,783 |
|
Advances to
suppliers |
6,954,016 |
2,976,278 |
|
Other accounts
receivable |
306,890 |
385,510 |
|
Other current
assets |
339,050 |
141,784 |
|
|
------------------ |
------------------ |
|
Current assets |
17,207,897 |
12,939,109 |
|
Long term
investment |
47,133 |
45,632 |
|
Investment Real
Estate |
181,027 |
186,131 |
|
Fixed assets net
value |
2,000,688 |
2,121,468 |
|
Project under
construction |
415,647 |
152,333 |
|
Deferred income
tax assets |
40,072 |
40,072 |
|
Intangible
assets |
32,135 |
32,790 |
|
Goodwill |
10,518 |
10,518 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
19,935,117 |
15,528,053 |
|
|
============= |
============= |
|
Short loans |
769,669 |
690,660 |
|
Notes payable |
972,153 |
1,178,315 |
|
Accounts payable |
531,549 |
668,263 |
|
Advances from
clients |
3,432,715 |
1,251,352 |
|
Accrued payroll |
17,803 |
17,128 |
|
Taxes payable |
629,514 |
541,603 |
|
Interest payable |
23,671 |
35,177 |
|
Other accounts
payable |
253,825 |
262,852 |
|
Non-current
liabilities due with in one year |
0 |
61,000 |
|
|
------------------ |
------------------ |
|
Current liabilities |
6,630,899 |
4,706,350 |
|
Long-term loans |
5,977,115 |
5,456,500 |
|
Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
12,608,014 |
10,162,850 |
|
Equities |
7,327,103 |
5,365,203 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
19,935,117 |
15,528,053 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
Jan.
1 to Sep. 30, 2011 |
As
of Dec. 31, 2010 |
|
Turnover |
3,339,641 |
5,625,510 |
|
Cost of goods sold |
2,322,104 |
4,151,208 |
|
Taxes and additional of main
operation |
168,326 |
455,429 |
|
Sales expense |
165,768 |
204,656 |
|
Management expense |
77,785 |
114,226 |
|
Finance expense |
70,626 |
115,724 |
|
Asset impairment loss |
12,451 |
4,607 |
|
Investment
income |
0 |
95,240 |
|
Non-operating income |
9,379 |
12,904 |
|
Non-operating expense |
41,491 |
6,017 |
|
Profit before
tax |
490,469 |
681,787 |
|
128,569 |
166,996 |
|
|
Profits |
361,900 |
514,791 |
Important
Ratios
=============
|
|
As
of Sep. 30, 2011 |
As
of Dec. 31, 2010 |
|
*Current ratio |
2.60 |
2.75 |
|
*Quick ratio |
1.45 |
1.32 |
|
*Liabilities
to assets |
0.63 |
0.65 |
|
*Net profit
margin (%) |
10.84 |
9.15 |
|
*Return on
total assets (%) |
1.82 |
3.32 |
|
*Inventory
/Turnover ×365 |
/ |
438 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
36 days |
|
*Turnover/Total
assets |
0.17 |
0.36 |
|
* Cost of
goods sold/Turnover |
0.70 |
0.74 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin appears fairly good.
l
SC’s return on total assets appears average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears average.
l
SC’s turnover 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 low.
Overall financial
condition of the SC: Stable.
SC is considered large-sized in its line with stable financial conditions.
The large amount of inventory could be a threat to SC’s financial condition. A
credit line up to USD 15,000,000 appears to be
within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.42 |
|
UK Pound |
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
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.