MIRA INFORM REPORT
|
Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHENZHEN HUIQITONG XING ELECTRONIC CO., LTD. |
|
|
|
|
Registered Office : |
4/F, No. 48 Block, Zone B, Tanglang Industrial Zone,
Taoyuan Street, Nanshan District, Shenzhen, Guangdong Province, 518000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.01.2003 |
|
|
|
|
Com. Reg. No.: |
440301103936193 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
developing, manufacturing and selling electronic products |
|
|
|
|
No. of Employees : |
40 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to China's, and is expected to further drag Chinese growth in 2013. 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 & address
Shenzhen Huiqitong Xing Electronic CO., LTD.
4/F, NO. 48 BLOCK,
ZONE B, TANGLANG INDUSTRIAL ZONE, TAOYUAN STREET, NANSHAN DISTRICT, SHENZHEN, GUANGDONG
province, 518000 PR CHINA
TEL: 86 (0)
755-88353002/26554259
FAX: 86 (0)
755-26554259
EXECUTIVE SUMMARY
INCORPORATION DATE : jAN. 7, 2003
REGISTRATION NO. : 440301103936193
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
40
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
developing, MANUFACTURING & TRADING
TURNOVER :
CNY 5,620,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 670,000 (AS OF DEC. 31, 2012)
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : Fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.1728 = 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: SC’s correct contact ways and current operating address should be the heading one, while the given contact number (86 755 89799915) does not belong to SC, and the (803-B, Western Unit, Chuangxin Technology II, Tian'an Chegongmiao, Futian District 518040 Shenzhen Guangdong China) was the former one.
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 Jan. 7, 2003.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute
its registered capital jointly. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as
follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes technology development and sales of electronic products,
communications equipment, computer network technology, computer hardware and
software (excluding restricted items and franchised, state-controlled monopoly
products); manufacturing attendance machine, access control machine, canteen
consumption machine, IC card reader, monitor camera, DVR, monitor tester,
monitor keyboard (operating with environmental approvals); import and export
business (excluding the goods prohibited or limited by the country, with permit
if needed).
SC is mainly
engaged in developing, manufacturing and selling electronic products.
Mr. He Jiyang has been legal representative, chairman and
general manager of SC since 2003.
SC is known to
have approx. 40 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Shenzhen. SC’s
employee
refused to release the detailed information of the premise.
http://www.hqt169.com/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Email: hqt@hqt169.com
Note: SC also has the other website: http://www.ework-china.com/
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2009-4-8 |
Registration no. |
4403012103869 |
Present one |
|
2011-4-28 |
Registered capital |
CNY 500,000 |
Present amount |
|
Shareholders |
He Jiru 45% He Guoping 10% He Jiyang 45% |
Present ones |
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
He Jiru 47.5
He Guoping 5
He Jiyang 47.5
Legal
representative, chairman and general manager:
Mr. He Jiyang is currently responsible for the overall management
of SC.
Working Experience(s):
From 2003 to present Working in SC as legal representative, chairman and general manager.
Directors:
He Guoping
He Jiru
Supervisors:
Feng Jinyun
Fang Lianghua
Fang Diyuan
SC is mainly
engaged in developing, manufacturing and selling electronic products.
SC’s products mainly include:
Access control
series:
TCP/IP access control board
RS485 access control board
TCP/IP time attendance & acc
RS485 time attendance & acce
Offline access control-2000
Offline access control-2008
Offline access control-EK
Time attendance
Access control
Consumption system
ERFID reader
series:
The common mould series
E-work design series
New e-work design series
Monitoring
equipment series
Other accessories
SC sources its materials 100% from domestic
market. SC sells 90% of its products in domestic market, and 10% to overseas
market.
The buying terms of SC include Check, T/T 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 refused to release its
main suppliers and clients.
According
to SC’s website:
Shanghai
office
Tel:
021-62146525
Fax:
021-62148437
Email:
shhqt@hqt169.com
Beijing
office
Tel:
010-62118712 62118713
Fax:
010-82113933
Email:
bjhqt@hqt169.com
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 declined to
release its banking details.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2012 |
|
Cash & bank |
3,160 |
|
Inventory |
1,100 |
|
Bills receivable |
0 |
|
Accounts
receivable |
410 |
|
Other Accounts
receivable |
20 |
|
Advances to
suppliers |
390 |
|
To be
apportioned expense |
0 |
|
Other current
assets |
20 |
|
|
------------------ |
|
Current assets |
5,100 |
|
Fixed assets net
value |
500 |
|
Long-term
investment |
0 |
|
Intangible and
other assets |
0 |
|
|
------------------ |
|
Total assets |
5,600 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
590 |
|
Advance from
customers |
3,800 |
|
Other Accounts
payable |
550 |
|
Notes payable |
0 |
|
Taxes payable |
-110 |
|
Withdraw the
expenses in advance |
0 |
|
Accrued payroll |
100 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
4,930 |
|
|
Long term
liabilities |
0 |
|
Other
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
4,930 |
|
Equities |
670 |
|
|
------------------ |
|
5,600 |
|
|
|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2012 |
|
Turnover |
5,620 |
|
Cost of goods sold |
4,330 |
|
Taxes and additional of main
operation |
30 |
|
Sales expense |
40 |
|
Management expense |
1,130 |
|
Finance expense |
2 |
|
Profit before
tax |
79 |
|
Less: profit tax |
20 |
|
Profits |
59 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
|
*Current ratio |
1.03 |
|
*Quick ratio |
0.81 |
|
*Liabilities
to assets |
0.88 |
|
*Net profit
margin (%) |
1.05 |
|
*Return on
total assets (%) |
1.05 |
|
*Inventory
/Turnover ×365 |
72 days |
|
*Accounts
receivable/Turnover ×365 |
27 days |
|
*Turnover/Total
assets |
1.00 |
|
* Cost of
goods sold/Turnover |
0.77 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
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 normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable
of SC is maintained in an average level.
l
SC has no short-term loan in 2012.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.94 |
|
UK Pound |
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.