MIRA
INFORM REPORT
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Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
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Name : |
BEIJING
HUAHUAN ELECTRONICS CO., LTD. |
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Registered Office : |
No. 26, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.10.1992 |
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Com. Reg. No.: |
110000001796657 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing
and selling communication technology products & accessories. |
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No. of Employees : |
291 |
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
BEIJING HUAHUAN ELECTRONICS CO.,
LTD.
NO. 26, SHANGDI 6TH
STREET, HAIDIAN DISTRICT, BEIJING, 100085 PR CHINA
TEL: 86 (0) 10- 52046188 FAX:
86 (0) 10- 52046288
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 29, 1992
REGISTRATION NO. : 110000001796657
REGISTERED LEGAL FORM :
SHARES LIMITED COMPANY
STAFF STRENGTH : 291
REGISTERED CAPITAL : CNY 52,429,485
BUSINESS LINE : MANUFACTURING &
TRADING
TURNOVER :
CNY 162,739,000 (CONSOLIDATED, AS OF DEC. 31, 2011)
EQUITIES :
CNY 98,733,000 (CONSOLIDATED, AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.33 = 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
Note: The given numbers 010-62981998*133 and 010-82899801
were the former contact numbers of SC.
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 Oct. 29, 1992 and has been under
present ownership since 2000.
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 communication technology
products and accessories; manufacturing electronic computer software &
hardware and peripherals; exporting self-made commodities; importing machinery
equipment, spare parts and raw materials needed by SC, excluding commodities
and technologies prohibited by the state; selling communication technology
products & accessories, computer software & hardware and peripherals;
not engage in any items prohibited by law, administrative regulations and State
Council; able to engage in items that need permit according to the regulations
of the State Council, after obtaining the permit from relative authorities and
the registration in the AIC; and select to deal with any items that do not
need any permit.
SC is mainly
engaged in manufacturing and selling communication technology products &
accessories.
Mr. Zhou Liye is the legal representative and
chairman of SC at present.
SC is
known to have approx. 291 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in Beijing. The detailed
premise information is unknown.
http://www.huahuan.com/ The design is professional and the content is
well organized. At present it is in Chinese and English versions.
Email: info@huahuan.com
SC was a listed company with the code of 430009 in 2006.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2000 |
Legal form |
Limited liabilities co. |
Present one |
|
Company name |
Beijing Huahuan Electronics Co., Ltd. |
Beijing Qinghua Huahuan Electronic Co., Ltd. |
|
|
2004-7 |
Company name |
Beijing Qinghua Huahuan Electronic Co., Ltd. |
Present one |
SC obtained ISO9001:2000 in June, 2003 and was granted CE
certificate for STM-1 ADM Mux, Ethernet to E1 converter, TDM over IP Mux, etc..
All of products have been granted Network Access Licenses issued by the
Ministry of Information Industry (MII) of P. R. China.
MAIN SHAREHOLDERS: (AS OF DECEMBER 31, 2011)
Name %
of Shareholding
Tsinghua Holdings Co., Ltd. 56.07
Beijing Shichuang High-tech Development
Corporation (in Chinese pinyin) 9.99
China Electronic Systems Engineering Corp. 4.73
Feng Zhongxi 2.95
Man Chunyan 2.10
Ge Ning 2.01
Wang Yichao 2.00
Zhang Nan 1.95
Wu Shuiyin 1.79
Ruan Fang 1.44
Other shareholders 14.97
Tsinghua Holdings Co., Ltd.
=====================
Registered no.: 110000010455517
Legal representative: Rong Yonglin
Registered capital: CNY 2,000,000,000
Add: 25/F, Block A, Science & Technology
Building, Tsinghua Science & Technology
Park, Beijing
Tel: 010-82150088
Web: http://www.thholding.com.cn/
l
Legal representative and Chairman:
Mr. Zhou Liye, born in 1963, with Master’s
degree. 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 Beijing Huakong Huijin Investment Management Co., Ltd.
as legal representative.
l
Vice general managers:
Wang Yichao
Zhang Nan
Feng Xiaoming
SC is mainly
engaged in manufacturing and selling communication technology products &
accessories.
SC’s products mainly include SDH/MSTP
Multiplexer, PCM Multiplexer/FOM, etc.
SC sources its materials 50%
from domestic market, and 50% from overseas market. SC sells 60% of its
products in domestic market, and 40% 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:
==============
Sichuan Huahuan Electronic Technology Co., Ltd.
Anhui Guotong Yichuang Information Technology Co., Ltd.
*Major Suppliers:
==============
Zhenjiang Lixin Electronic Communication Technology Co., Ltd.
Shenzhen Xixun Electric Co., Ltd.
Beijing Huakong Huijin Investment Management Co., Ltd.
SC is known to have the following subsidiaries:
Beijing Huahuan Electronic Equipment Co., Ltd.
Beijing Tsinghua Security Technologies Co., Ltd.
Beijing Fanhao Technology Co., Ltd.
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
refused 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 Dec. 31, 2010 |
as of Dec. 31, 2011 |
|
Cash
& bank |
30,443 |
29,574 |
|
Bills
receivable |
660 |
0 |
|
Accounts
receivable |
18,984 |
27,553 |
|
Other
receivables |
308 |
533 |
|
Advances to
suppliers |
4,237 |
1,270 |
|
Inventory |
44,929 |
73,158 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
assets |
99,561 |
132,088 |
|
Fixed
assets net value |
23,744 |
22,996 |
|
Projects
under construction |
0 |
3,582 |
|
Long
term investment |
559 |
589 |
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Intangible
assets |
1,787 |
1,686 |
|
Other
assets |
249 |
298 |
|
|
------------------ |
------------------ |
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Total
assets |
125,900 |
161,239 |
|
|
============= |
============= |
|
Short loans |
2,000 |
15,000 |
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Accounts
payable |
17,926 |
26,174 |
|
Advances from
clients |
10,636 |
6,701 |
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Accrued
payable |
3,071 |
7,576 |
|
Tax
payable |
2,550 |
4,184 |
|
Other
accounts payable |
1,716 |
2,871 |
|
Other
current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
37,899 |
62,506 |
|
Other
non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
37,899 |
62,506 |
|
Equities |
88,001 |
98,733 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
125,900 |
161,239 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
|
Turnover |
131,285 |
162,739 |
|
Cost of goods
sold |
84,847 |
96,337 |
|
Sales expense |
11,207 |
18,338 |
|
Management expense |
24,056 |
31,423 |
|
Finance expense |
67 |
495 |
|
Investment
income |
37 |
-119 |
|
Profit before
tax |
11,740 |
15,462 |
|
Less: profit tax |
1,213 |
2,109 |
|
Profits |
10,527 |
13,353 |
Important Ratios
=============
|
|
as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
|
*Current ratio |
2.63 |
2.11 |
|
*Quick ratio |
1.44 |
0.94 |
|
*Liabilities
to assets |
0.30 |
0.39 |
|
*Net profit
margin (%) |
8.02 |
8.21 |
|
*Return on
total assets (%) |
8.36 |
8.28 |
|
*Inventory
/Turnover ×365 |
125 days |
165 days |
|
*Accounts
receivable/Turnover ×365 |
53 days |
62 days |
|
*Turnover/Total
assets |
1.04 |
1.01 |
|
* Cost of
goods sold/Turnover |
0.65 |
0.59 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good
in its line and it increased in 2011.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
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 is fairly large.
l
The accounts receivable of SC is average.
l
SC’s short-term loan appears average.
l
SC’s turnover is in an average level,
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
average.
Overall
financial condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with
fairly stable financial conditions. The large amount of inventory could be
a threat to SC’s financial condition. A credit line up to USD 500,000 would
appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.28 |
|
|
1 |
Rs.88.25 |
|
Euro |
1 |
Rs.70.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.