MIRA
INFORM REPORT
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Report Date : |
17.05.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 18, Huanzhen West Road, Beijiao Town, Shunde District, Foshan, Guangdong Province, 528300 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.09.2006 |
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Com. Reg. No.: |
440681400002045 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing and selling different sorts of microwave electrical appliances |
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No. of Employees : |
9,000 |
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
|
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
GUANGDONG MIDEA MICROWAVE AND ELECTRICAL APPLIANCES MANUFACTURING
Co., Ltd.
NO. 18, HUANZHEN
WEST ROAD, BEIJIAO TOWN, SHUNDE DISTRICT,
FOSHAN, GUANGDONG
PROVINCE, 528300 PR CHINA
TEL: 86 (0)
757-23606479/22394060 FAX: 86 (0)
757-26605353
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 4, 2006
REGISTRATION NO. : 440681400002045
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT
VENTURE ENTERPRISE
STAFF STRENGTH :
9,000
REGISTERED CAPITAL : usd 30,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 7,143,680,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 332,400,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY 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 Chinese-foreign equity joint venture enterprise
at local Administration for industry & commerce (AIC - the official body of
issuing and renewing business license) on Sep. 4, 2006.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing and selling microwave oven, industrial
& commercial microwave oven equipment, oven, bread maker, plasma
sterilization equipment, lighting electric, electrical products and the components
of the above products; installing, repairing and providing after-sale services
of the above products.
SC is mainly
engaged in manufacturing and selling different sorts of microwave electrical
appliances.
Mr. Huang Jian is legal
representative and chairman of SC at present.
SC is known
to have approx. 9,000 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Foshan.
Our checks reveal that SC rents the total premise, but SC’s accountant refused
to release the gross area of the premise.
SC is not known to host website of its own at present.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Company name |
Foshan Shunde Midea Microwave and Electrical Appliances Manufacturing
Co., Ltd. |
Present one |
|
Shareholdings |
Echen International (B.V.I.) Limited 25% Guangdong Midea
Microwave Oven Manufacture Co., Ltd. 75% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
(Hong Kong) Midea
International Corporation Company Limited
25
Guangdong Midea
Microwave Oven Manufacture Co., Ltd. 75
(Hong Kong) Midea
International Corporation Company Limited
===============================================
Registration No. : 0913897
Establishment Date: July 28, 2004
Legal Form: Private
Guangdong Midea
Microwave Oven Manufacture Co., Ltd.
===========================================
Registered no.: 440681000034301
Legal representative: Huang Jian
Establishment date: Jan. 19, 2000
Add: Beijiao Town,
Shunde District, Foshan,
Guangdong Province
Tel: 0757-26333788
Fax: 0757-26333586
l
Legal representative and Chairman:
Mr. Huang Jian , ID# 430303196703021514, born
in 1967, 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 GD Midea
Environment Appliances Mfg. Co., Ltd., Foshan Shunde Midea Water Dispenser
Manufacturing Co., Ltd., Guangdong Midea
Microwave Oven Manufacture Co., Ltd. as legal representative.
SC is mainly
engaged in manufacturing and selling different sorts of microwave electrical
appliances.
SC’s products
mainly include microwave oven, oven, bread maker, etc.
SC sources its materials 90% from domestic market,
and 10% 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.
Note:
SC declined to release its major suppliers and clients.
GD Midea Environment
Appliances Mfg. Co., Ltd.
Foshan Shunde Midea Water Dispenser
Manufacturing 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.
Agricultural Bank of China Foshan Beijiao Sub-branch
AC#：477701040008036
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
608,450 |
524,490 |
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Inventory |
713,680 |
601,750 |
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Accounts
receivable |
483,390 |
546,740 |
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Notes receivable |
161,320 |
442,420 |
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Advances to
suppliers |
210,740 |
276,950 |
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Other
receivables |
35,710 |
122,980 |
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Other current
assets |
30,240 |
54,410 |
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|
------------------ |
------------------ |
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Current assets |
2,243,530 |
2,569,740 |
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Fixed assets net
value |
141,410 |
510,810 |
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Projects under
construction |
44,280 |
298,780 |
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Long term
investment |
0 |
0 |
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Long-term
deferred expenses |
18,240 |
/ |
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Intangible
assets |
11,880 |
/ |
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Other assets |
19,090 |
201,540 |
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------------------ |
------------------ |
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Total assets |
2,478,430 |
3,580,870 |
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============= |
============= |
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Short loans |
16,900 |
274,320 |
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Accounts payable |
1,130,850 |
1,543,520 |
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Notes payable |
175,000 |
388,520 |
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Other payable |
26,110 |
21,040 |
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Taxes payable |
-42,100 |
-27,390 |
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Advances from
clients |
338,010 |
240,930 |
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Accrued payroll |
64,610 |
70,620 |
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Dividend payable |
/ |
85,360 |
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Other current
liabilities |
123,150 |
96,550 |
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------------------ |
------------------ |
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Current
liabilities |
1,832,530 |
2,693,470 |
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Long term
liabilities |
0 |
555,000 |
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------------------ |
------------------ |
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Total
liabilities |
1,832,530 |
3,248,470 |
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Equities |
645,900 |
332,400 |
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------------------ |
------------------ |
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Total
liabilities & equities |
2,478,430 |
3,580,870 |
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============= |
============= |
Income Statement
Unit: CNY’000
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as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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Turnover |
5,157,260 |
7,143,680 |
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Cost of goods
sold |
4,224,750 |
6,437,080 |
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Sales expense |
454,420 |
405,830 |
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Management expense |
164,330 |
230,450 |
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Finance expense |
29,710 |
31,810 |
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Non-operating
income |
21,560 |
40,800 |
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Other incomes |
140 |
/ |
|
Asset impairment loss |
/ |
4,750 |
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Non-operating expenses |
/ |
7,620 |
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Profit before tax |
305,750 |
66,940 |
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Less: profit tax |
38,200 |
24,150 |
|
Profits |
267,550 |
42,790 |
Important Ratios
=============
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|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
1.22 |
0.95 |
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*Quick ratio |
0.83 |
0.73 |
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*Liabilities
to assets |
0.74 |
0.91 |
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*Net profit
margin (%) |
5.19 |
0.60 |
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*Return on
total assets (%) |
10.80 |
1.19 |
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*Inventory
/Turnover ×365 |
51 days |
31 days |
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*Accounts
receivable/Turnover ×365 |
34 days |
28 days |
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*Turnover/Total
assets |
2.08 |
1.99 |
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* Cost of
goods sold/Turnover |
0.82 |
0.90 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its line and it
increased in 2010.
l
SC’s net profit margin is fairly good in 2009 but
average in 2010.
l
SC’s return on total assets is fairly good in 2009
but average in 2010.
l
SC’s cost of goods sold is average in 2009 but
fairly high in 2010, comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level in 2009 but in a fair level in 2010.
l
SC’s quick ratio is maintained in a normal level in
2009 but in a fair level in 2010.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with favorable market
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.68.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
-- |
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.