MIRA
INFORM REPORT
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Report Date : |
21.07.2012 |
IDENTIFICATION DETAILS
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Name : |
NANFANG PUMP INDUSTRY CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
31.08.1991 |
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Com. Reg. No.: |
330184000001637 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and Selling stainless steel multistage centrifugal pumps
and frequency conversion water supply equipment. |
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No. of Employees : |
1,460 |
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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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 30, 2011
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
NANFANG PUMP INDUSTRY CO., LTD.
RENHE TOWN, YUHANG DISTRICT, HANGZHOU,
ZHEJIANG PROVINCE, 311107 PR
CHINA
TEL: 86 (0) 571-86397850 FAX: 86 (0) 571-86396201
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 31, 1991
REGISTRATION NO. : 330184000001637
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. SHEN jinhao (CHAIRMAN)
STAFF STRENGTH :
1,460
REGISTERED CAPITAL : CNY 144,000,000
BUSINESS LINE :
MANUFACTURE
TURNOVER :
CNY 865,025,000 (Consolidated, AS OF DEC. 31, 2011)
EQUITIES :
CNY 1,014,784,000 (Consolidated, AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
CNY
6.37 = 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 Zhejiang 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 water pump, motor,
metal stamping parts, fasteners, stainless steel precision castings, water
supply equipment, and power distribution cabinet; processing board; metal cutting
processing; purchasing raw materials needed in manufacturing; international
trade.
SC is mainly engaged in manufacturing and selling stainless steel
multistage centrifugal pumps and frequency conversion water supply equipment.
Mr. Shen Jinhao is legal representative and chairman of SC at present.
SC is known to have approx. 1,460
employees at present, including 461 production staff, 630 sales staff, 120
administration staff, 97 administrative logistics staff and 152 technical staff.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Hangzhou. Our checks reveal that SC
owns the total premise about 64,500 square meters.
http://www.nanfang-pump.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: psz@nanfang-pump.com
SC was listed in Shenzhen Stock Exchange in 2010 with the stock code
300145.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Company name |
Hangzhou Nanfang Special Pump Industry Co., Ltd. |
Present one |
In 2000, SC passed ISO9002 quality system certification. In 2003, SC
passed ISO9001:2000 certification. In 2006, SC passed ISO14000 environmental system
certification. In 2007, SC passed ISO100122003 measuring system certification.
MAIN SHAREHOLDERS:
(As of Dec. 31, 2011)
Name % of Shareholding
Shen Jinhao 37.75
Hangzhou Nanxiang Investment Management Co., Ltd. 9.75
Shen Fengxiang 6.57
Sun Yaoyuan 5.22
Zhao Xiangnian 3.93
Zhao Guozhong 2.62
Ma Yunhua 2.62
Shen Guolian 2.62
Zhou Meihua 2.62
Orient Securities Co., Ltd. 2.53
Other shareholders 23.77
Legal Representative and Chairman:
Mr. Shen Jinhao, born in 1963, with junior college 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 Hangzhou Nanxiang Investment Management Co., Ltd.,
Hangzhou Wanda Steel Wire Co., Ltd., Huzhou Nanfeng Machinery Manufacturing
Co., Ltd., Hunan Nanfang-Changhe Pump Co., Ltd. and Zhongshan Runzhi Oil Pump
Technology Co., Ltd. (in Chinese Pinyin) as legal representative, and etc.
General Manager:
Mr. Shen Fengxiang, born in 1965, 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.
Also working in Hangzhou Dooch Pump Industry Co., Ltd. and Hangzhou
Tsurumi Nanfang Pump Industry Co., Ltd. as legal representative.
Vice General Manager:
Zhao Jiangao
Zhao Caifu
Shen Menghui
Ping Shunzhou
Directors:
Zhao Caifu
Zhao Xiangnian
Supervisors:
Zhou Meihua
Shen Guolian
Yang Defu
SC is mainly engaged in manufacturing and selling stainless steel
multistage centrifugal pumps and frequency conversion water supply equipment.
SC’s products mainly include: CDL series light vertical multistage
centrifugal pump, CHL,CHLF series light horizontal multistage centrifugal pump,
CHLK series air-condition pump, WQ series blockage-free submersible sewage
pump, SJ series stainless steel deep-well submersible pump, QY series stainless
steel pump conveying mixed gas and liquid. CDLK series immersion type
multistage centrifugal pump, TD series in-line pump, MS single stage
centrifugal pump, ZS series horizontal single stage centrifugal pump, SWB
series single stage centrifugal pump, SP series non-clogging self-priming
sewage pump, etc.
SC sources its materials 100% from domestic market. SC sells 85% of its products
in domestic market, and 15% to the overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Main suppliers:
============
Hangzhou Jiangchao Motors Co., Ltd.
Ningbo Yongji Petrochemical Machinery Sealing Pieces Manufacturing Co.,
Ltd.
Kaiping Sanwei Micro Motor Co., Ltd.
Main customers:
============
Guangzhou Seoca Pump Co., Ltd.
Dooch Co., Ltd.
Nanfang Pumps India Pvt. Ltd.
Hangzhou Tsurumi Nanfang Pump Industry Co., Ltd.
Hangzhou Wanda Steel Wire Co., Ltd.
Etc.
SC
is known to invest in the following companies:
Hangzhou Dooch Pump Industry Co., Ltd.
Huzhou Nanfeng Machinery Manufacturing Co., Ltd.
Zhongshan Runzhi Oil Pump Technology Co., Ltd. (in Chinese Pinyin)
Hunan Nanfang-Changhe Pump Co., Ltd.
Hangzhou Nanfeng Foundry Co., Ltd.
According
to SC’s website, SC has many offices in mainland China:
Beijing Haidian Office
Beijing Fengtai Office
Beijing Chaoyang Office
Shenyang Office
Dalian Office
Tianjin Office
Harbin Office
Shijiazhuang Office
Changchun Office
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.
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.
Shanghai Pudong Development Bank Hangzhou Branch
AC#: 95200167030003000
Agricultural Bank of China Hangzhou Renhe Sub-branch
AC#: 051001140000353
Relationship: Normal
Consolidated
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2011 |
As
of Dec. 31, 2010 |
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Cash & bank |
687,224 |
775,740 |
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Inventory |
159,913 |
110,388 |
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Bills receivable |
9,141 |
1,350 |
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Accounts receivable |
77,620 |
48,800 |
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Other Accounts receivable |
8,770 |
12,242 |
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Advances to suppliers |
31,605 |
6,969 |
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Interest receivable |
8,512 |
191 |
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Other current assets |
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------------------ |
------------------ |
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Current assets |
982,785 |
955,680 |
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Fixed assets net value |
183,519 |
119,472 |
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Projects under construction |
34,494 |
6,482 |
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Long-term investment |
110 |
110 |
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Intangible assets |
68,883 |
27,260 |
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Long-term deferred expenses |
261 |
0 |
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Deferred tax assets |
2,630 |
1,926 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
1,272,682 |
1,110,930 |
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============= |
============= |
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Short loans |
0 |
45,000 |
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Accounts payable |
134,818 |
65,884 |
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Advance from customers |
44,604 |
26,056 |
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Accrued payroll |
17,040 |
10,783 |
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Other Accounts payable |
38,975 |
16,634 |
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Taxes payable |
13,790 |
11,753 |
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Interest payable |
0 |
73 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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249,227 |
176,183 |
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Other liabilities |
8,671 |
8,044 |
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------------------ |
------------------ |
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Total liabilities |
257,898 |
184,227 |
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Equities |
1,014,784 |
926,703 |
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------------------ |
------------------ |
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1,272,682 |
1,110,930 |
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Consolidated
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2011 |
As
of Dec. 31, 2010 |
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Turnover |
865,025 |
635,654 |
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Cost of goods sold |
553,949 |
437,547 |
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Taxes and additional of main operation |
5,936 |
3,707 |
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Sales expense |
106,653 |
57,929 |
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Management expense |
81,165 |
55,257 |
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Finance expense |
-12,169 |
3,493 |
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Asset impairment loss |
5,274 |
2,169 |
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Investment income |
28 |
1,194 |
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Non-operating income |
5,320 |
8,436 |
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Non-operating expense |
4,078 |
1,553 |
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Profit before tax |
125,487 |
83,629 |
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Less: profit tax |
24,527 |
13,203 |
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Profits |
100,960 |
70,426 |
Important
Ratios
=============
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As
of Dec. 31, 2011 |
As
of Dec. 31, 2010 |
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*Current ratio |
3.94 |
5.42 |
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*Quick ratio |
3.30 |
4.80 |
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*Liabilities to assets |
0.20 |
0.17 |
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*Net profit margin (%) |
11.67 |
11.08 |
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*Return on total assets (%) |
7.93 |
6.34 |
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*Inventory /Turnover ×365 |
67 days |
63 days |
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*Accounts receivable/Turnover ×365 |
33 days |
28 days |
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*Turnover/Total assets |
0.68 |
0.57 |
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* Cost of goods sold/Turnover |
0.64 |
0.69 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears fairly good, and it was rising in 2011.
SC’s net profit margin is fairly good in both years.
SC’s return on total assets is fairly good in both years.
SC’s cost of goods sold is low, comparing with its turnover in both
years.
LIQUIDITY: FAIRLY
GOOD
The current ratio of SC is maintained in a fairly good level in both
years.
SC’s quick ratio is maintained in a fairly good level in both years.
The inventory of SC is maintained in an average level in both years.
The accounts receivable of SC is maintained in an average level in both
years.
SC has no short-term loan in 2011.
SC’s turnover is in a fair level, comparing with the size of its total
assets in both years.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly good
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.15 |
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|
1 |
Rs.86.58 |
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Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.