MIRA
INFORM REPORT
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Report Date : |
08.04.2013 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN YEEFUNG AUTOMATION TECHNOLOGY LTD. |
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Formerly Known as: |
Shenzhen Yeefung Automated Parking Equipment Co., Ltd. |
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Registered Office : |
Yeefung Ind.
Park, Longcheng North Rd. Longgang District, Shenzhen, Guangdong Province
518116 Pr |
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Country : |
China |
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Date of Incorporation : |
31.07.2003 |
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Com. Reg. No.: |
440307102988017 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
manufacturing and selling automated
parking equipment |
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No. of Employees : |
362 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 & address
Shenzhen Yeefung
Automation Technology Ltd.
Yeefung Ind.
Park, Longcheng North Rd. Longgang district
Shenzhen,
guangdong PROVINCE 518116 PR CHINA
TEL: 86 (0)
755-84298888
FAX: 86 (0)
755-84879429
EXECUTIVE SUMMARY
Date of Registration july 31, 2003
REGISTRATION NO. : 440307102988017
LEGAL FORM : Limited Liability Company
CHIEF EXECUTIVE :
wu wendai (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 40,000,000
staff : 362
BUSINESS CATEGORY :
MANUFACTURING
Revenue :
N/A (AS OF DEC. 31, 2012)
EQUITIES :
N/A (AS OF DEC. 31, 2012)
WEBSITE : www.yee-fung.com
E-MAIL :
yeefungtech@yee-fung.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : n/a
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
LEGAL
STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 440307102988017.
SC’s Organization Code Certificate
No.: 75045410-8
SC’s Tax No.: 440307750454108
SC’s Customs Registration No.:
4453960142
SC’s registered capital: CNY 40,000,000
SC’s paid-in capital: CNY 40,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2004-5-31 |
Registered Capital |
CNY
3,000,000 |
CNY
9,000,000 |
|
2005-5-27 |
Registered Capital |
CNY
9,000,000 |
CNY
16,000,000 |
|
2005-10-12 |
Registered Capital |
CNY
16,000,000 |
CNY
30,000,000 |
|
2007-6-27 |
Company
Name |
Shenzhen
Yeefung Automated Parking Equipment Co., Ltd. |
Shenzhen
Yeefung Automation Technology Ltd. |
|
2007-11-14 |
Registration No. |
110363 |
440307102988017 |
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Legal Form |
Chinese-Foreign
Equity Joint Venture Enterprise |
One-person
Limited Liability Company |
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|
2011-5-26 |
Registered Capital |
CNY
30,000,000 |
CNY
34,000,000 |
|
Legal Form |
One-person
Limited Liability Company |
Limited
Liability Company |
|
|
2011-9-21 |
Registered Capital |
CNY 34,000,000 |
CNY 40,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yifeng Industrial Equipment
(Shenzhen) Co., Ltd. |
90 |
|
Shenzhen Fuhai Yintao1
Investment Partnership L.P. |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Wu
Wendai |
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General Manager |
Wu
Wenji |
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Director |
Zhang Jun |
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Li Rihai |
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|
Cui Chengyu |
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|
Wu Wenjie |
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Supervisor |
Peng Yongming |
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Huang Jianxi |
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|
Hu Qingming |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Yifeng Industrial Equipment
(Shenzhen) Co., Ltd 90
Shenzhen Fuhai Yintao1
Investment Partnership L.P. 10
Yifeng Industrial Equipment (Shenzhen)
Co., Ltd.
=======================================
Date of Registration: January 12, 1993
Registration No.: 440307503267488
Legal Form: Wholly
Foreign-Owned Enterprise
Registered Capital: HKD 38,900,000
Shenzhen Fuhai Yintao1 Investment
Partnership L.P.
==========================================
Date of Registration: March 8, 2011
Registration No.: 440304602258170
Legal Form: Partnership
MANAGEMENT
Wu
Wendai, Legal
Representative and Chairman
---------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2003 to present, working in SC as legal representative and chairman, also working in Yifeng Industrial Equipment (Shenzhen) Co., Ltd. as legal representative
Wu Wenji, General Manager
-------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager, also working in Suzhou Yeefung Industrial Equipment Co., Ltd. as legal representative
Director
-----------
Zhang Jun
Li Rihai
Cui Chengyu
Wu Wenjie
Supervisor
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Peng Yongming
Huang Jianxi
Hu Qingming
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and
selling automated parking equipment, parking automatic toll collection system,
warehouse equipment, providing installation and maintenance service, importing
and exporting goods and technology.
SC is
mainly engaged in manufacturing and selling automated parking equipment.
SC’s products mainly include:
Traveling
Stack Parking System
Shuttling
Parking System
Vertical
Lift Parking System
New
Vertical Lift Parking System
Lift
and Slide Parking System
Simple
Lift Parking System
Automatic
Storage System
SC sources its materials 100% from domestic market, mainly Guangdong. SC sells 70% of its products in domestic market, and 30% to overseas market, mainly USA, Europe, Mid East, Southeast Asia, etc.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Romax Parking Solutions
Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 362 staff
at present.
SC owns an area as
its operating office & factory of approx. 60,000 sq. meters at the heading
address.
RELATED
COMPANY
SC is known to have a subsidiary
at present,
n
Suzhou Yeefung Industrial Equipment Co., Ltd.
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Registration No.: 320500400016114
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 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.
BANKING
Basic Bank:
Bank
of China
AC#:
815412753508092001
FINANCIALS
The financials of SC is not available in
local SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered medium-sized in its line with
a development history of 10 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
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UK Pound |
1 |
Rs.83.54 |
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Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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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 |
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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.