MIRA INFORM REPORT
|
Report Date : |
14.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SANY HEAVY INDUSTRY CO., LTD. |
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Registered Office : |
Sany Industry Town, Xingsha Economic & Technological Development
Zone, Changsha, Hunan Province, 410100 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
22.11.1994 |
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Com. Reg. No.: |
430000000016345 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling heavy equipment |
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No. of Employees
: |
42367 |
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 |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
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
SANY HEAVY
INDUSTRY Co., Ltd.
sany industry town,
XINGsha economic & TECHNOLOGICAL development zone, changsha, hunan
PROVINCE, 410100 PR CHINA
TEL: 86 (0)
731-84031555 FAX: 86 (0)
731-84031777
EXECUTIVE SUMMARY
INCORPORATION DATE : NOVEMBER 22, 1994
REGISTRATION NO. : 430000000016345
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. LIANG WEN’GEN (CHAIRMAN)
STAFF STRENGTH :
42,367
REGISTERED CAPITAL : CNY 7,593,710,000
BUSINESS LINE :
MANUFACTURING & SELLING
TURNOVER :
CNY 41,303,142,000 (Consolidated, JAN. 1 TO SEP. 30, 2011)
EQUITIES :
CNY 19,663,143,000 (Consolidated, AS OF SEP. 30, 2011)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : FAIRLY LARGE AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY 6.3225 = 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 Hunan Provincial Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on November 22, 1994.
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 servicing of construction
engineering machinery, hoisting machinery, garage, universal devices and
electromechanically products; manufacturing and selling of metal products,
rubber products and electronic products, steel filament reinforced hydraulic
pressure rubber hose and hose subassembly; manufacturing and selling of bus (excluding sedan); manufacturing and
selling of hardware and permitted minerals and metal materials; supplying lease
service of construction machinery engineering; importing & exporting of
goods and technology (excluding those prohibited and limited by the state).
SC is
mainly engaged in manufacturing and selling heavy equipment.
Mr. Liang Wen’gen has been legal representative and chairman of SC since
2000.
SC is
known to have approx. 42,367 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the development zone
of Changsha. The detailed information of the premise is unspecified.
http://www.sany.com.cn/ This website belongs to Sany Group. Also includes the information of SC. The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
E-mail: sany@sany.com.cn
SC is a listed company in Shanghai Stock Exchange Market with the code
of 600031.
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unspecified |
Registration No. |
4300002000116 |
430000000016345 |
MAIN SHAREHOLDERS:
(As of Jun. 30, 2011)
Name %
of Shareholding
Sany Group Co., Ltd.
56.38
Liang Wen’gen 3.77
Boshi Value Increase Security
Investment Fund 1.11
Tang Xiuguo 0.62
Nuoan Equity Security Investment
Fund 0.61
Mao Zhongwu 0.57
Xiang Wenbo 0.57
Di Chun 0.49
Dacheng Lanchou Stable Security Investment
Fund (literal translation) 0.46
Boshi Value Increase No. 2
Security Investment Fund 0.41
Other Shareholders 35.01
Sany Group Co., Ltd.
===============
Registration No.: 430000000038650
Incorporation Date: Oct. 18, 2000
Chairman: Yi Xiaogang
Registered Capital: CNY 322,880,000
Address: Sany Industry Town, Changsha Economic &
Technological Development Zone, Changsha
Website: http://www.sanygroup.com/
Tel.: 0731-84031888
Fax: 0731-84031999
l
Legal representative and chairman:
Mr. Liang Wen’gen, born in 1956, with
university education, senior engineer, he is currently responsible for the
overall management of SC.
Working
Experience(s):
From 2000 to present Working in SC as chairman and legal representative
l
Vice-chairman:
Mr. Xiang Wenbo, born in 1963, with Master’s
Degree, senior engineer, he is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice-chairman.
Also working in Hunan Sany Highway Machinery Co., Ltd., Shanghai Sany Technology Co., Ltd., etc. as legal representative.
*Officials:
=======
Name Title
Li Jian Director
Feng Baoshan Director
Xie Zhihua Director
Wang Shanping Director
Jiang Minsheng Director
SC is
mainly engaged in manufacturing and selling heavy equipment.
SC’s products mainly include concrete machinery, excavator,
crawler cranes, pile driving machinery and truck
cranes, etc.
SC sources its materials 80%
from domestic market, and 20% from overseas market, mainly USA and Europe. SC
sells 94% of its products in domestic market, and 6% to overseas market, mainly
Southeast Asian 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
Suppliers:
==============
China Wealth (Asia) Machine Limited (Hong
Kong)
Sany Heavy Equipment Co., Ltd.
*Major
Customers:
===============
China Kangfu International Leasing Co., Ltd.
Beijing Sayi Engineering Machinery Co., Ltd. (literal translation)
Shaanxi Sany Engineering Equipment Co., Ltd.
(literal translation)
SC is known to have the following subsidiaries:
Hunan Sany Highway Machinery Co., Ltd.
Zhejiang Sany Equipment Co., Ltd.
Shanghai
Sany Technology Co., Ltd.
Kunshan
Sany Machinery Co., Ltd.
Shanghai
Sany Heavy Machine Co., Ltd.
Huzhou
Sany Heavy Machine Co., Ltd.
Sany
America Inc
Sayi
South East Asia Pte. Ltd.
Sany
Belgium Holding
Sany
Germany Gmbh
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.
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 |
10,656,886 |
5,970,396 |
|
Trading
financial assets |
23,515 |
53,135 |
|
Bills receivable |
1,230,526 |
1,113,172 |
|
Advances to
suppliers |
2,328,793 |
1,335,359 |
|
Accounts
receivable |
14,887,715 |
5,727,912 |
|
Inventory |
9,120,279 |
5,687,266 |
|
Other accounts receivable |
586,447 |
549,514 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
38,834,161 |
20,436,754 |
|
Fixed assets net
value |
7,575,819 |
6,148,383 |
|
Project
materials |
1,590,803 |
674,915 |
|
Projects under
construction |
4,090,956 |
2,166,485 |
|
Long term
investment |
242,776 |
197,943 |
|
Intangible
assets |
1,859,706 |
1,560,100 |
|
Development
Expenditure |
597 |
3,557 |
|
Long-term
deferred expenses |
22,159 |
2,178 |
|
Deferred
assets debits |
187,143 |
150,451 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
54,404,120 |
31,340,766 |
|
|
============= |
============= |
|
Short loans |
12,078,044 |
4,994,436 |
|
Trading
financial liabilities |
38,075 |
207 |
|
Bills payable |
2,631,468 |
2,276,999 |
|
Accounts payable |
5,712,165 |
4,388,744 |
|
Salaries payable |
178,910 |
313,633 |
|
Taxes payable |
1,138,794 |
734,946 |
|
Advances from
clients |
1,469,323 |
958,489 |
|
Interest payable |
76,572 |
20,769 |
|
Dividends
payable |
100,000 |
517,315 |
|
Other accounts
payable |
2,997,911 |
2,293,104 |
|
Non-current
assets due with in one year |
1,311,381 |
1,032,344 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
27,732,643 |
17,530,986 |
|
Other
liabilities |
7,008,334 |
1,891,257 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
34,740,977 |
19,422,243 |
|
Equities |
19,663,143 |
11,918,523 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
54,404,120 |
31,340,766 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
Jan. 1 to Sep. 30, 2011 |
As of Dec. 31, 2010 |
|
Turnover |
41,303,142 |
33,954,939 |
|
Cost of goods
sold |
25,677,043 |
21,441,838 |
|
Taxes
and additional of main operation |
226,300 |
131,236 |
|
Sales expense |
3,093,294 |
3,204,831 |
|
Management expense |
2,002,470 |
1,921,502 |
|
Finance expense |
581,156 |
298,327 |
|
Asset impairment loss |
308,808 |
152,955 |
|
Income from
changes in fair value |
-67,489 |
50,347 |
|
Investment
income |
85,431 |
42,286 |
|
Non-operating
income |
199,311 |
150,817 |
|
Non-operating expense |
52,452 |
109,455 |
|
Profit before
tax |
9,578,872 |
6,938,245 |
|
Less: profit tax |
1,339,842 |
774,218 |
|
Profits |
8,239,030 |
6,164,027 |
Important Ratios
=============
|
|
As of Sep. 30, 2011 |
As of Dec. 31, 2010 |
|
*Current ratio |
1.40 |
1.17 |
|
*Quick ratio |
1.07 |
0.84 |
|
*Liabilities
to assets |
0.64 |
0.62 |
|
*Net profit
margin (%) |
19.95 |
18.15 |
|
*Return on
total assets (%) |
15.14 |
19.67 |
|
*Inventory
/Turnover ×365 |
81days |
62days |
|
*Accounts
receivable/Turnover ×365 |
132days |
62days |
|
*Turnover/Total
assets |
0.76 |
1.08 |
|
* Cost of
goods sold/Turnover |
0.62 |
0.63 |
PROFITABILITY: GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is maintained in a good
level.
l
SC’s return on total assets is maintained in a good
level.
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
The quick ratio of SC is maintained in a normal
level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large in the
first three quarters of 2011.
l
SC’s short-term loan appears large in the first
three quarters of 2011.
l
SC’s turnover is in an average 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:
Fairly good.
SC is considered large-sized in its line with fairly good financial conditions.
The large amount of short-term loan and accounts receivable could be a threat
to SC’s financial condition. Taking into consideration of SC’s general
performance, reputation as well as market conditions, credit dealings with SC
in favorable terms can be considered.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.43 |
|
UK Pound |
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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.