MIRA
INFORM REPORT
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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHENZHEN MTC CO., LTD. |
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Registered Office : |
Floor 31-32, A, Xinghe Shiji Building, No. 3069 Caitian Road, Futian District,
Shenzhen City, Guangdong, 518026 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
04.04.2005 |
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Com. Reg. No.: |
440301102850794 |
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Legal Form : |
SHARES LIMITED COMPANY |
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Line of Business : |
Subject is engaged in manufacturing and trading of consumer
electronics |
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No. of Employees : |
4,055 (Including Subsidiaries) |
RATING & COMMENTS
|
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 : |
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 – 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
SHENZHEN MTC CO., LTD.
FLOOR 31-32, A, XINGHE SHIJI BUILDING, NO. 3069 CAITIAN ROAD, FUTIAN
DISTRICT, SHENZHEN CITY, GUANGDONG, 518026 PR CHINA
TEL: 86 (0) 755-33345613 FAX:
86 (0) 755-33345607
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 4, 2005
REGISTRATION NO. :
440301102850794
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. GU WEI (CHAIRMAN)
STAFF STRENGTH :
4,055 (INCLUDING SUBSIDIARIES)
REGISTERED CAPITAL : CNY
711,952,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 4,595,900,000 (CONSOLIDATED,
JAN. 1 TO SEP. 30, 2012)
EQUITIES :
CNY 3,200,130,000 (CONSOLIDATED, AS OF SEP. 30, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.20 = 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 Limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on April 4, 2005, and changed to the present ownership in
2007.
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 and selling
digital TV sets, digital camcorders, digital video recorders, digital TV
receivers, DVD sets, TFT displayers, LCD displayers (excluding limited
projects); domestic commerce, goods and materials supply and marketing(not
including specially operated, controlled and monopolized commodities).
SC is mainly engaged in manufacturing and trading
of consumer electronics.
Mr. Gu Wei has been legal representative and chairman of SC since June,
2007.
SC is known to have approx. 4,055
employees (including employees of subsidiaries) at present, including 3,339
production staff, 84 sales staff, 409 technical staff, 31 financial staff, 30
purchasing staff and 162 administration staff.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Shenzhen. Detailed
premise information is not available at present. SC is also known to have 4 factories in
Fuyong, Shajing , Songgang and Guangming New Area of Shenzhen, and the total
premises are about 169,800㎡.
www.szmtc.com.cn
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: sales@szmtc.com.cn
SC listed in Shenzhen Stock Exchange Market in 2010 with the stock code
002429.
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Company’s name |
Shenzhen MTC Multimedia Co., Ltd. |
Present one |
|
Legal form |
Limited liabilities co. |
Present one |
|
|
Legal representative |
Yao Xiangrong |
Present one |
|
|
|
Registration No. |
4403012171548 |
Present one |
Tax No. : 44030677272966X
Quality
Certifications:
MAIN SHAREHOLDERS: (As of June 30, 2012)
Name %
of Shareholding
Xinjiang MTC Stock Investment Partnership (Limited Partnership)
(literal translation) 64.19
Urumchi Xinchi Sihai Stock Investment Partnership (Limited Partnership) (literal translation) 2.85
ICBC - Nuoan Stock Securities Investment Fund 2.35
Agricultural Bank of China -Jingshun Great Wall
Domestic Demand Growth
No. 2 Stock Securities Investment Fund 2.29
Shenzhen Innovation Capital Investment Co., Ltd. 1.86
Wang Liqun 1.48
Agricultural Bank of China – Jingshun Great Wall Domestic Demand
Open-ended Securities Investment Fund 1.21
Kang Jian 0.92
Quan Jinsong 0.83
Bank
of China- Jingshun Great
Wall Dynamic Balanced Fund 0.77
Other Shareholders 21.25
Xinjiang MTC Stock Investment Partnership (Limited Partnership) (literal
translation)
-------------------------------------------------------------------------------------------------------
Partner: Mr. Guwei
Date of incorporation: Feb. 12, 2007
Registered capital: CNY 12,999,750
Shenzhen Innovation Capital Investment Co., Ltd.
---------------------------------------------------------------
Registration No.: 440301106120410
Legal representative: Jin Haitao
Registered capital: CNY 500,000,000
Legal form: Limited liabilities co.
Date of incorporation: May 10, 2001
Legal
Representative and Chairman:
Mr. Gu Wei, born in 1965, with junior college education, he is currently
responsible for the overall management of SC.
Working
Experience(s):
From June, 2007 until now Working
in SC as legal representative and chairman.
Also working in Shenzhen MTC Lighting Co., Ltd. and Nanchang
MTC Technology Co., Ltd. as legal representative, Xinjiang MTC Stock
Investment Partnership (Limited Partnership) as partner.
General Manager
and Director:
Mr. Kang Jian, born in 1974, with bachelor’s degree, he is currently
responsible for the daily management of SC.
Working
Experience(s):
From Aug., 2010 until now Working
in SC as general manager and director.
Directors:
Yu Qing
Yan Zhirong
Quan Jinsong
Zhou Can
Supervisors:
Zhang Haibo张
Jia Wei
Liu Zexi
Luo Tao
SC is mainly engaged in manufacturing and trading of consumer
electronics.
SC’s products mainly include: digital TV sets, DVB-T, DVD sets, LED
products & spare parts, etc.
SC sources its materials 60% from domestic market, 40% from overseas
market. SC sells 20% of its products in domestic market, and 80% to overseas
market, mainly to Europe, America, Asia, Oceania, etc.
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 main suppliers and customers.
Shenzhen MTC Lighting Co., Ltd.
===========================
Registration No.: 440306105340783
Legal representative: Mr. Gu Wei
Registered capital: CNY 20,000,000
Legal form: One-person Limited Liability Company
Date of incorporation: April 21, 2011
Shareholder: Shenzhen MTC Co., Ltd.
Website: www.bmtclighting.com
Nanchang MTC Technology Co., Ltd. (literal translation)
===========================================
Registeration No.: 360100110005727
Legal representative: Mr. Gu Wei
Registered capital: CNY 30,000,000
Legal form: One-person Limited Liability Company
Date of incorporation: April 12, 2008
Zhaochi Hongkong Limited
======================
Registeration No.: 1228948
Legal form: Private
Date of incorporation: April 18, 2008
MTC Electronic Co., Limited (British Virgin Islands)
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 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.
Note:
SC’s suppliers declined to make any comments on SC, so the trade reference is
infeasible.
SC declined to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As of Sep. 30,
2012 |
As of Dec. 31,
2011 |
|
Cash & bank |
1,438,850 |
2,419,490 |
|
Inventory |
804,790 |
631,590 |
|
Accounts receivable |
1,154,110 |
749,590 |
|
Notes receivable |
154,280 |
249,360 |
|
Interest receivable |
29,300 |
35,920 |
|
Other Accounts receivable |
29,540 |
39,970 |
|
Advances to supplies |
209,910 |
202,480 |
|
Other current assets |
861,030 |
392,790 |
|
|
------------------ |
------------------ |
|
Current assets |
4,681,810 |
4,721,190 |
|
Long-term investment |
0 |
0 |
|
Fixed assets |
175,680 |
160,890 |
|
Projects under construction |
34,550 |
15,670 |
|
Intangible assets |
190,450 |
193,460 |
|
Long-term deferred expenses |
1,460 |
1,950 |
|
17,920 |
14,840 |
|
|
|
------------------ |
------------------ |
|
Total assets |
5,101,870 |
5,108,000 |
|
|
============= |
============= |
|
Short loans |
782,100 |
1,414,870 |
|
Accounts payable |
925,110 |
648,870 |
|
Notes payable |
1,940 |
0 |
|
Accrued Payroll |
19,340 |
20,950 |
|
Dividends payable |
0 |
0 |
|
Interest payable |
0 |
880 |
|
Taxes payable |
23,470 |
-15,110 |
|
Advances from customers |
23,110 |
19,630 |
|
Transaction financial liabilities |
0 |
430 |
|
Other Accounts payable |
46,240 |
29,990 |
|
|
------------------ |
------------------ |
|
Current liabilities |
1,821,310 |
2,120,510 |
|
Accrued liabilities |
8,700 |
6,180 |
|
Long-term loans |
0 |
0 |
|
Other long-term liabilities |
27,400 |
26,130 |
|
Deferred tax |
44,330 |
29,660 |
|
|
------------------ |
------------------ |
|
Total liabilities |
1,901,740 |
2,182,480 |
|
Equities |
3,200,130 |
2,925,520 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
5,101,870 |
5,108,000 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
Jan. 1 to Sep.
30, 2012 |
As of Dec. 31,
2011 |
|
Turnover |
4,595,900 |
4,473,460 |
|
Cost of goods sold |
3,958,270 |
3,861,840 |
|
Taxes and additional of main operation |
11,420 |
5,120 |
|
Sales expense |
64,760 |
66,180 |
|
Management expense |
70,950 |
79,490 |
|
Finance expense |
-36,930 |
-21,660 |
|
Assets impairment loss |
38,410 |
21,220 |
|
Investment income |
0 |
12,650 |
|
Changes in fair value gains and losses |
0 |
-430 |
|
Non-operating income |
3,590 |
12,200 |
|
Non-operating expense |
730 |
1,300 |
|
Profit before tax |
491,880 |
484,390 |
|
Less: profit tax |
77,020 |
76,790 |
|
Profits |
414,860 |
407,600 |
Important Ratios
=============
|
|
As of Sep.
30, 2012 |
As of Dec. 31,
2011 |
|
*Current ratio |
2.57 |
2.23 |
|
*Quick ratio |
2.13 |
1.93 |
|
*Liabilities to assets |
0.37 |
0.43 |
|
*Net profit margin (%) |
9.03 |
9.11 |
|
*Return on total assets (%) |
8.13 |
7.98 |
|
*Inventory /Turnover ×365 |
/ |
52 days |
|
*Accounts receivable/Turnover ×365 |
/ |
61 days |
|
*Turnover/Total assets |
0.90 |
0.88 |
|
* Cost of goods sold/Turnover |
0.86 |
0.86 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears good in its line.
SC’s net profit margin is good.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC appears average.
The accounts receivable of SC is average.
SC’s short loan is average.
SC’s turnover is in an average level comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: FAIRLY GOOD.
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.53 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.