MIRA INFORM REPORT
|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
Guangdong
Yuexin Ocean Engineering Co., Ltd. |
|
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Registered Office : |
Tanzhou Port, Dagang Town, Panyu
District, Guangzhou, Guangdong
Province 511468 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.09.2000 |
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Com. Reg. No.: |
440126000006716 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged
in researching, developing, designing, manufacturing, selling, renting, and
repairing marine engineering operation platform, auxiliary equipment, marine
engineering work boat and auxiliary ship. |
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|
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No. of Employees : |
1,500 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
|
Source : CIA |
Company
name and address
Guangdong Yuexin Ocean Engineering Co.,
Ltd.
TANZHOU
PORT, DAGANG town, PANYU district, guangzhou
GUANGDONG
PROVINCE 511468 PR CHINA
TEL: 86
(0) 20-34996666
FAX: 86
(0) 20-84994008
EXECUTIVE SUMMARY
Date of Registration : september 4, 2000
REGISTRATION NO. : 440126000006716
LEGAL FORM : shares limited company
REGISTERED CAPITAL :
CNY 210,000,000
staff : 1,500
BUSINESS CATEGORY :
r & d & designing & manufacturing & TRADING & SERVICE
Revenue : CNY 1,034,120,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 296,288,000 (AS OF DEC. 31, 2011)
WEBSITE : www.yuexinship.com
E-MAIL : admin@yuexinship.com
PAYMENT : AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairLY good
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.21 = USD 1
Adopted abbreviations (as follows)
SC -
Subject Company (the company inquired by you)
N/A – Not
available
CNY –
China Yuan Ren Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC
in respect of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC on September 4, 2000. However, SC changed to
present legal form, and was registered as a shares limited company of PRC with
State Administration for Industry & Commerce (SAIC) under registration No.:
440126000006716 in 2012.
SC’s Organization Code Certificate
No.: 72503116-2
SC’s Tax No.: 440181725031162
SC’s registered capital: CNY 210,000,000
SC’s paid-in capital: CNY 210,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011 |
Registered Capital |
CNY 50,000,000 |
CNY 185,000,000 |
|
2012 |
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
Company Name |
Guangzhou Panyu Yuexin
Shipbuilding Co., Ltd. |
Guangdong Yuexin Ocean
Engineering Co., Ltd. |
|
|
Registered Capital |
CNY 185,000,000 |
CNY 210,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Guangzhou Yuexin Shipping Co.,
Ltd. |
71.43 |
|
Guangzhou Xipu Enterprise
Management Consulting Co., Ltd. |
1.56 |
|
Guangzhou Fushuo Enterprise
Management Consulting Co., Ltd. |
1.80 |
|
Tan Weibo |
2.82 |
|
Guangzhou Biding Enterprise
Management Consulting Co., Ltd. |
1.82 |
|
Tan Weijian |
2.82 |
|
Xian Yiren |
2.82 |
|
Other Shareholders |
14.93 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Tan Weibo |
|
Other Management |
Tang
Hanping |
|
Tang
Mingjun |
|
|
Li
Shubo |
|
|
Chen
Lihua |
RECENT DEVELOPMENT
The Quality Management System was approved by Lloyd Register
Quality Assurance ISO 9001:
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Guangzhou Yuexin Shipping Co.,
Ltd.
71.43
Guangzhou Xipu Enterprise
Management Consulting Co., Ltd.
1.56
Guangzhou Fushuo Enterprise
Management Consulting Co., Ltd.
1.80
Tan Weibo
2.82
Guangzhou Biding Enterprise
Management Consulting Co., Ltd.
1.82
Tan Weijian
2.82
Xian Yiren
2.82
Other Shareholders
14.93
MANAGEMENT
Tan Weibo, Legal Representative, Chairman and General
Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 56
Ø Qualification:
University
Ø Working
experience (s):
At present, working in SC as legal representative, chairman and
general manager
Other Management
--------------------------
Tang Hanping
Tang Mingjun
Li Shubo
Chen Lihua
BUSINESS OPERATION
SC’s
registered business scope includes researching, developing, designing,
manufacturing, selling, renting, and repairing marine engineering operation
platform, auxiliary equipment, marine engineering work boat and auxiliary ship;
designing, manufacturing, and selling metal structure; undertaking domestic and
overseas mechanical & electrical engineering; importing and exporting
commodities and technology.
SC is
mainly engaged in researching, developing, designing, manufacturing, selling,
renting, and repairing marine engineering operation platform, auxiliary
equipment, marine engineering work boat and auxiliary ship.
SC’s
products mainly include:
AHTS
Vessel
Support/Maintenance
Vessel
Multi-purpose
Utility Vessel
ASD
TUG
Pusher
SC
sources its materials 80% from domestic markets, and 20% from the overseas
market. SC sells 60% of its products in domestic markets, and 40% to the
overseas market, mainly South East Asia, Middle East, Europe and U.S.A.
The buying terms of SC include T/T, L/C and Credit of 30-60
days. The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client*
-----------------
Santa Fe De Bogota
Staff & Office:
--------------------------
SC is
known to have approx. 1,500
staff at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
SC’s subsidiary information is not available at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The
bank information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
Cash |
216,628 |
273,096 |
|
Notes
receivable |
0 |
5,202 |
|
Dividend
receivable |
0 |
400 |
|
Accounts
receivable |
33,223 |
43,107 |
|
Advances
to suppliers |
50,656 |
88,523 |
|
Other
receivable |
18,329 |
39,038 |
|
Inventory |
121,400 |
151,102 |
|
Prepaid
expenses |
0 |
0 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
440,236 |
600,468 |
|
Long-term
investment |
36,317 |
66,942 |
|
Fixed
assets |
124,769 |
120,249 |
|
Construction
in progress |
2,750 |
4,059 |
|
Intangible
assets |
4,464 |
5,762 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred
income tax assets |
3,800 |
2,063 |
|
Other
non-current assets |
7,318 |
6,701 |
|
|
------------------ |
------------------ |
|
Total
assets |
619,654 |
806,244 |
|
|
============= |
============= |
|
Short-term
loans |
1,000 |
270,602 |
|
Notes
payable |
9,546 |
6,970 |
|
Accounts
payable |
57,794 |
77,113 |
|
Wages
payable |
3,957 |
7,927 |
|
Taxes
payable |
21,704 |
-46,066 |
|
Advances
from clients |
334,977 |
171,513 |
|
Other
payable |
269 |
12,497 |
|
Accrued
expenses |
0 |
0 |
|
Other
current liabilities |
0 |
3,124 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
429,247 |
503,680 |
|
Non-current
liabilities |
10,716 |
6,276 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
439,963 |
509,956 |
|
Equities |
179,691 |
296,288 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
619,654 |
806,244 |
|
|
============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
877,691 |
1,034,120 |
|
Cost of sales |
788,382 |
928,758 |
|
Taxes and surcharges |
1,063 |
2,878 |
|
Sales expense |
2,679 |
4,474 |
|
Management expense |
22,339 |
36,571 |
|
Finance expense |
-14,980 |
-11,799 |
|
Income
from investment |
3,329 |
5,525 |
|
Profit
before tax |
84,491 |
75,394 |
|
Less:
profit tax |
21,217 |
12,396 |
|
Profits |
63,274 |
62,998 |
Important
Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current
ratio |
1.03 |
1.19 |
|
*Quick
ratio |
0.74 |
0.89 |
|
*Liabilities
to assets |
0.71 |
0.63 |
|
*Net
profit margin (%) |
7.21 |
6.09 |
|
*Return
on total assets (%) |
10.21 |
7.81 |
|
*Inventory
/ Revenue ×365 |
51
days |
54
days |
|
*Accounts
receivable/ Revenue ×365 |
14
days |
16
days |
|
*
Revenue/Total assets |
1.42 |
1.28 |
|
*
Cost of sales / Revenue |
0.90 |
0.90 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The
revenue of SC appears fairly good in its line.
l SC’s
net profit margin is fairly good.
l SC’s
return on total assets is fairly good.
l
SC’s cost of sales is average,
comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a normal level.
l
SC’s quick ratio is maintained in a normal
level.
l
The inventory of SC appears average.
l
The accounts receivable of SC is
maintained in an average level.
l
SC’s short-term loans appear large in
2011.
l
SC’s revenue 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
average.
Overall
financial condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good
financial conditions. The large amount of short-term loans may be a threat to
SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
|
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.69.58 |
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.