MIRA
INFORM REPORT
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Report Date : |
01.06.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 308 Qianshan Middle Road, Tiedong District, Anshan,
Liaoning Province, 114051 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
09.03.2004 |
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Com. Reg. No.: |
210300005054919 |
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Legal Form : |
Shares Limited
Company |
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Line of Business : |
Engaged in manufacturing and selling financial equipment. |
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No. of Employees : |
802 |
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 : |
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 – March 31st, 2012
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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 and address
Liaoning Julong Financial Equipment
Corp.
NO. 308 Qianshan MIDDLE Road,
TIEDONG District,
Anshan, LIAONING PROVINCE, 114051
PR CHINA
TEL: 86 (0) 412-2538288/5215081 FAX: 86 (0) 412-2538311
EXECUTIVE SUMMARY
INCORPORATION DATE : mar. 9, 2004
REGISTRATION NO. : 210300005054919
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH : 802
REGISTERED CAPITAL : CNY 84,800,000
BUSINESS LINE : MANUFACTURING &
selling
TURNOVER : CNY 249,443,000 (Consolidated, As of DEC. 31, 2011)
EQUITIES : CNY 671,344,000 (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
6.34 = USD
Adopted abbreviations:
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: SC’s correct address should be the heading
one.
SC was registered as a Limited liabilities co. at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on Mar. 9, 2004, and has been under present legal form since
Apr., 2008.
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, designing and operating of financial
office automation equipment and related technical consulting and technical services;
selling and doing import & export business of financial office automation
equipment, products, accessories and materials, but the state limit or prohibit
goods and technology are excepted.
SC is mainly
engaged in manufacturing and selling financial equipment.
Mr. Liu Changqing is the legal representative and chairman of SC at present.
SC is
known to have approx. 802 employees at present.
SC
is currently operating at the above stated address, and
this address houses its operating office and factory in Anshan. The detailed
information of the premise is unspecified.
http://www.julong.cc The
design is professional and the content is well organized. At present it is in
Chinese and English versions.
E-mail: cwh@julong.cc
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 300202.
Tax Registration Certificate No.: 210301759114564
Organization Code: 75911456-4
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
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|
Legal Form |
Limited liabilities co. |
Present one |
|
Company Name |
Anshan Julong Financial Equipment Co., Ltd. |
Present one |
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Registration No. |
2103001100838 |
Present one |
MAIN SHAREHOLDERS: (as of Dec.
31, 2011)
Name %
of Shareholding
Liu Yongquan
29.99
Liaoning Curda Julong Group
Investment Co., Ltd.
20.81
Tianjin Tengfei Steel Tube Co.,
Ltd. (literal translation)
6.6
Zhou Suqin
6.6
China Minsheng Banking Corp.
Ltd. - Huashang Leading Enterprises Mixed
Securities Investment Fund
Wang Xiaodong
2.36
Zhang Nai
2.36
Meng Shuzhen
1.18
Bank of China- ChinaAMC
Strategic Select Flexible Allocation Mixed Securities Investment Fund
1.06
Zhongrong International Trust
Co., Ltd. – Rongxin No. 73 Capital Trust Contract
0.5
Other shareholders 24.52
Liaoning Curda Julong Group
Investment Co., Ltd.
====================================
Registration no.: 210300005077484
Legal representative: Liu Changqing
Incorporation Date: Jun. 15, 1998
Tianjin Tengfei Steel Tube Co.,
Ltd. (literal translation)
========================================
Registration no.: 120110000004384
Legal representative: Su Anhui
l
Legal Representative and Chairman:
Mr. Liu Changqing, born in 1952, 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 Liaoning Curda Julong Group Investment Co., Ltd. as legal representative, etc.
l
General Manager:
Ms. Zhou Suqin, born in 1955, with Master’s
Degree. She is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager.
Also
working in Liaoning Huiyin Science & Technology Co., Ltd. (literal
translation) as legal representative.
SC is mainly
engaged in manufacturing and selling financial equipment.
SC’s products
mainly include advanced currency sorter, currency counter, banknote bundling
machine, banknote strapping machine, currency validator, automatic teller
machine and OEM spare parts, etc.
SC sources its materials 93%
from domestic market, and 7% from oversea market. SC sells 94% of its products
in domestic market, and 6% 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 Suppliers:
=============
Weihai Hualing Opto-Electronics Co., Ltd.
Dandong Changlong Machinery Co., Ltd. (literal translation)
Beijing Beifang Sirui Technology Co., Ltd.
*Major Customers:
==============
China Construction Bank Corporation
Industrial and Commercial Bank of China Limited
Agricultural Bank of China Limited
Bank of China Limited
Subsidiary
========
Liaoning
Huiyin Science & Technology Co., Ltd. (literal translation)
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.
Bank of China
Anshan High-tech Zone Sub-Branch
AC#:
307757619320
Relationship:
Normal
Consolidated
Balance Sheet
Unit: CNY’000
|
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as of Dec. 31,
2011 |
as of Dec. 31,
2010 |
|
Cash & bank |
498,285 |
58,711 |
|
Inventory |
66,474 |
40,326 |
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Accounts
receivable |
61,777 |
33,000 |
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Notes receivable |
0 |
0 |
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Advances to
supplies |
8,863 |
2,036 |
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Interest
receivables |
3,233 |
0 |
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Other
receivables |
5,262 |
5,797 |
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Other current
assets |
365 |
291 |
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|
------------------ |
------------------ |
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Current assets |
644,259 |
140,161 |
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Fixed assets net
value |
59,943 |
49,153 |
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Projects under
construction |
1,712 |
0 |
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Long-term
investments |
0 |
4,151 |
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Investment real
estate |
0 |
1,476 |
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Project
materials |
45 |
0 |
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Intangible
assets |
15,338 |
11,772 |
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Deferred tax
debit |
1,603 |
83 |
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Long-term
deferred expenses |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
722,900 |
206,796 |
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============= |
============= |
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Short loans |
5,000 |
15,000 |
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Accounts payable |
21,383 |
13,821 |
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Other Accounts
payable |
1,066 |
509 |
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Notes payable |
0 |
0 |
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Advances from
clients |
2,108 |
2,428 |
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Taxes payable |
13,770 |
2,813 |
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Accrued payroll |
3,316 |
1,113 |
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Other
current liabilities |
2,137 |
1,280 |
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----------------- |
----------------- |
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Current
liabilities |
48,780 |
36,964 |
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Long term
liabilities |
2,776 |
5,056 |
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|
------------------ |
------------------ |
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Total liabilities |
51,556 |
42,020 |
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Shareholders
equities |
671,344 |
164,776 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
722,900 |
206,796 |
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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 |
249,443 |
130,020 |
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Cost of goods
sold |
110,156 |
57,972 |
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Taxes
and additional of main operation |
2,750 |
1,155 |
|
Sales expense |
39,990 |
21,517 |
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Management expense |
47,433 |
23,969 |
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Finance expense |
-4,414 |
2,146 |
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Asset impairment loss |
315 |
-781 |
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Investment
income |
-881 |
-255 |
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Non-operating
income |
32,291 |
21,133 |
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Non-operating
expense |
7,317 |
40 |
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Operation Profit |
77,306 |
44,880 |
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Less: profit tax |
7,526 |
4,670 |
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Net profit |
69,780 |
40,210 |
Important Ratios
=============
|
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as of Dec. 31,
2011 |
as of Dec. 31,
2010 |
|
*Current ratio |
13.21 |
3.79 |
|
*Quick ratio |
11.84 |
2.70 |
|
*Liabilities
to assets |
0.07 |
0.20 |
|
*Net profit
margin (%) |
27.97 |
30.93 |
|
*Return on
total assets (%) |
9.65 |
19.44 |
|
*Inventory
/Turnover ×365 |
98 days |
114 days |
|
*Accounts
receivable/Turnover ×365 |
91 days |
93 days |
|
*Turnover/Total
assets |
0.35 |
0.63 |
|
* Cost of
goods sold/Turnover |
0.44 |
0.45 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears fairly good in its line in both years, and
appears a rising trend.
l
SC’s net profit margin is good in both years.
SC’s return on total assets is good in 2010, but fairly good in 2011.
SC’s cost of goods sold is low, comparing with its turnover.
LIQUIDITY: FAIRLY GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in both years.
l
SC’s short-term loan is average in both years.
l
SC’s turnover is fair in 2010 but poor 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 medium-sized in
its line with fairly good financial conditions. A credit line up to USD 1,500,000 appears to
be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.42 |
|
|
1 |
Rs.87.37 |
|
Euro |
1 |
Rs.69.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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 |
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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 |
|
<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.