MIRA INFORM REPORT
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Report Date : |
08.04.2013 |
IDENTIFICATION DETAILS
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Name : |
Guangdong Meizhi Compressor Limited |
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Registered Office : |
Shunfengshan
Industrial Development Zone, Shunde District, Foshan, Guangdong Province,
528333 Pr |
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Country : |
China |
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Date of Incorporation : |
26.09.1995 |
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Com. Reg. No.: |
440681400009926 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Subject is engaged
in developing, manufacturing and selling room-used rotary air-conditioner
compressors. |
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No. of Employees : |
3,000 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
Company name and address
Guangdong Meizhi Compressor Limited
Shunfengshan
IndustrIAL Development Zone, Shunde DISTRICT, FOSHAN, GUANGDONG PROVINCE,
528333 PR CHINA
TEL:
86 (0) 757-22329071/22329111 FAX:
86 (0) 757-22297514
EXECUTIVE SUMMARY
INCORPORATION
DATE : SEPTEMBER 26, 1995
REGISTRATION
NO. : 440681400009926
REGISTERED
LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
CHIEF
EXECUTIVE : MR. fang
hongbo (CHAIRMAN)
STAFF
STRENGTH : 3,000
REGISTERED
CAPITAL :
USD 55,270,000
BUSINESS
LINE :
MANUFACTURING & selling
TURNOVER : N/A
EQUITIES : N/A
PAYMENT
: AVERAGE
RECOMM.
CREDIT RANGE : Fairly large amount
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : N/A
OPERATIONAL
TREND :
STEADY
GENERAL
REPUTATION : WELL-KNOWN
EXCHANGE
RATE : CNY 6.22 = 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 September
26, 1995.
Company Status: Chinese-foreign equity joint venture
enterprise (中外合资企业) 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 developing, designing and manufacturing household air
condition rotary type compressor, electrical motor, parts; selling self-made
products and supplying installing and maintain services.
SC is mainly
engaged in developing, manufacturing and selling room-used rotary
air-conditioner compressors.
Mr. Fang Hongbo is
legal representative and chairman of SC at present.
SC is known to
have approx. 3,000 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office and factory in the industrial development zone of Foshan. SC’s
accountant refused to release the detailed information of the total premise.
http://www.chinagmcc.com/ It is the
website of GMCC, and also includes the information on SC. The design is professional
and the content is well organized. At present it is in both Chinese and English
versions.
E-mail: chenlj@chinagmcc.com
Changes of its registered information are as
follows:
|
Date of change |
Item |
Before the
change |
After the
change |
|
1999-09 |
Company Name |
Guangdong Toshiba
Macro Compressor Limited |
Guangdong Meizhi Compressor Limited |
|
2003-06 |
Main Shareholders |
Guangdong Midea Group
Holding Co. Ltd. J apan Toshiba
Corporation |
Guangdong Midea
Group Holding Co. Ltd. Japan Toshiba
Carrier Corporation |
|
2007-03 |
Registered
capital |
USD 32,600,000 |
USD 55,270,000 |
|
2007-04 |
Legal
representative |
He Xiangjian |
Cai Qiwu |
|
2008-09 |
Registration No. |
002682 |
440681400009926 |
|
Unknown |
Main Shareholders |
Guangdong Midea
Group Holding Co. Ltd. Japan Toshiba
Carrier Corporation |
Present ones |
|
Legal
representative |
Cai Qiwu |
Present one |
MAIN SHAREHOLDERS:
Name
%
of Shareholding
GD Midea Holding
Co., Ltd. 60
Japan Toshiba
Carrier Corporation 40
GD Midea Holding
Co., Ltd.
======================
Its former English
name was “Guangdong Midea Electric Appliances Co., Ltd.”.
It is a listed
company in Shenzhen Stock Exchange Market with the code of 000527.
GD Midea Holding
Co., Ltd. is principally engaged in the manufacture and sale of household
electronics, commercial equipment and compressors. The Company’s main products
include household air conditioners, commercial air conditioners, compressors,
refrigerators and washing machines. Midea has grown from what was once a local
workshop into a leading consumer appliances and air conditioning systems
manufacturer, with operations around the world. Its many years of persistent
growth has brought its global turnover to $22 billion USD in 2011.
Consequently, Midea has created over 150,000 jobs both in China, and throughout
the world.
Registration No.:
440000000020099
Chairman: Fang
Hongbo
Registered Capital:
CNY 3,384,350,000
Tel:
+86-757-26338779
Fax:
+86-757-26651991
Web: http://www.midea.com
E-mail: IR@midea.com
Japan Toshiba
Carrier Corporation
=========================
Representative
(President): Akira Inoue
Capital:
11,510,000,000 Yen
Number of
Employees: About 3,200 (as of March 2010/Toshiba Carrier Group)
Add.: Shinagawa
Center Building, 23-17, Takanawa 3-chome, Minato-ku, Tokyo, 108-0074, Japan
Tel:
+81-3-6409-4155
Fax:
+81-3-5447-8395
Web: http://www.toshiba-aircon.jp/
Legal Representative and Chairman:
Mr. Fang Hongbo,
born in 1967, with Master’s degree, Economist, 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 Holding Co., Ltd., Guangdong Meizhi Precision Manufacturing Co., Ltd., Wuxi
Little Swan Company Limited as legal representative, etc.
SC is mainly
engaged in developing, manufacturing and selling room-used rotary
air-conditioner compressors.
SC’s products
mainly include: room-used rotary
air-conditioner compressor.
SC sources its
materials 70% from domestic market, and 30% from overseas market. SC sells 80%
of its products in domestic market, and 20% 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’s management declined to release
its major clients and suppliers.
Guangdong Meizhi Precision Manufacturing Co., Ltd.
=======================================
Registration No.:
440681400010295
Incorporation Date:
Chairman: Fang
Hongbo 方洪波
Registered Capital:
USD 7,740,097
Tel.: 757-22329000
Fax: 757-22297514
Wuxi Little Swan
Company Limited
==========================
It is a listed
company in Shenzhen Stock Exchange Market with the code of 000418.
Registration No.:
320200000014723
Incorporation Date:
Chairman: Fang
Hongbo
Registered Capital:
CNY 632,488,000
Tel.: 0510-81082320
Fax: 0510-83720879
Web: http://www.littleswan.com
E-mail: IR_littleswan@littleswan.com.cn
Anhui Meizhi
Compressor Co., Ltd.
==========================
Incorporation Date:
Feb. 28, 2008
Registration No.:
340000400000890
Address: No. 418
Rainbow Road, Science City, High-Tech Industrial Development Zone, Hefei, Anhui
Province, 230031 PR China
Tel: 86 (0)
551-5298968/5298928
Fax: 86 (0)
551-5298889
Anhui Meizhi
Precision Manufacturing Co., Ltd.
===================================
Address: No. 3,
Taishan Road, Wuhu Economic & Technological Development Area, Anhui
Tel.:
+86-553-5621000
Fax:
+86-553-5621000
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.
SC’s management declined
to release its bank details.
SC’s management
declined to release any financial information.
SC is considered large-sized in its line with 18 years operation history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
<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.