MIRA
INFORM REPORT
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Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN LEYARD OPTO-ELECTRONIC CO., LTD. |
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Registered Office : |
Building 4, Jiaanda
Industrial Zone, Huafan Road, Dalang Street,
Baoan District, Shenzhen, Guangdong Province 518109 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
03.09.2008 |
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Com. Reg. No.: |
440306103600407 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
developing and selling LED
optoelectronic products |
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No. of Employees : |
586 |
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 : |
Satisfactory |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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.
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Source : CIA |
Company name & address
SHENZHEN LEYARD OPTO-ELECTRONIC CO., LTD.
building
4, jiaanda industrial zone, huafan road, dalang street
baoan
district, shenzhen, guangdong province 518109 PR CHINA
TEL: 86 (0) 755-29671180
FAX: 86 (0) 755-29671239
EXECUTIVE SUMMARY
Date of Registration : september 3, 2008
REGISTRATION NO. : 440306103600407
LEGAL FORM : one-person Limited liabilities company
REGISTERED CAPITAL : cny 50,000,000
staff : 586
BUSINESS CATEGORY : developing & trading
Revenue : CNY 341,249,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 88,331,000 (AS OF DEC. 31, 2012)
E-MAIL :
overseas@leyard.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.18 = 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 on September 3, 2008. However, SC changed to
present legal form, and was registered as one-person limited liabilities
company of PRC with State Administration for Industry & Commerce (SAIC)
under registration No.: 440306103600407 on December 15, 2009.
SC’s Organization Code Certificate
No.: 67857730-5
SC’s registered capital: cny 50,000,000
SC’s paid-in capital: cny 50,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
|
Legal
Representative |
Li
Yong |
Li
Jun |
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Registered
Capital |
CNY
2,000,000 |
CNY
5,000,000 |
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|
Legal
Form |
Limited Liabilities Company |
One-Person Limited Liabilities
Company |
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Shareholder
(s) (% of Shareholding) |
Li
Yong 40% Li
Li 60% |
Beijing
Leyard Electronic Science & Technology Co., Ltd. 100% |
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Shareholder
(s) |
Beijing
Leyard Electronic Science & Technology Co., Ltd. 100% |
Leyard
Optoelectronic Co., Ltd. 100% |
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Registered Capital |
CNY 5,000,000 |
CNY 20,000,000 |
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|
Registered Capital |
CNY 20,000,000 |
cny 50,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Leyard Optoelectronic Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Li Jun |
|
General Manager |
Liu Jiao |
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Supervisor |
Li Li |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Leyard Optoelectronic Co., Ltd. 100
---------------------------------
Registration No.: 110000410105629
Date of Registration: August 21, 1995
Legal Form: Shares Limited Company
Registered Capital: CNY 100,000,000
Legal Representative: Li Jun
Address: No. 9 Zhenghongqi West Street, North
of Summer Palace, Haidian District, Beijing, China
Post Code: 100091
Web: www.leyard.com
MANAGEMENT
Li Jun, Legal Representative and Chairman
----------------------------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as legal representative and chairman
Also working in Leyard Optoelectronic Co., Ltd. as legal representative
Liu Jiao, General
Manager
--------------------------------------------
Ø
Gender: F
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Li Li , Supervisor
-------------------------------
Ø
Gender: M
BUSINESS
OPERATION
SC’s registered business scope includes hardware and software
development, sales, leasing of LED optoelectronic products, importing and
exporting goods and technology, business of advertising, developing and selling
LED energy-saving products, design and construction of LED energy-saving
projects.
SC is
mainly engaged in developing and selling LED optoelectronic products.
Brand: Leyard.
SC’s
products mainly include: indoor led display,
outdoor led display, etc.
SC sources its materials 90% from domestic market, mainly Guangdong, and 10% from overseas market. SC sells 60% of its products in domestic market, and 40% to overseas market, mainly U.S.A., 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:
---------------------
Panasonic Solutions Co.
*Major Supplier:
---------------------
A.J.Van
Deudekom BV
Staff & Office:
--------------------------
SC is
known to have approx. 586
staff at present.
SC owns an area as
its operating office & factory of approx. 12,000 sq. meters at the heading
address.
RELATED
COMPANY
SC
is not known to have any subsidiary 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 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:
Industrial
and Commercial Bank of China Shenzhen Longhua Sub-branch
AC#: 4000026609201335453
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
Long term investment |
0 |
0 |
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Total assets |
134,660 |
185,949 |
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------------- |
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Total
liabilities |
94,352 |
97,618 |
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Equities |
40,308 |
88,331 |
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------------- |
------------- |
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Revenue |
306,059 |
341,249 |
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Profit before
tax |
14,895 |
20,726 |
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Less: profit tax |
2,144 |
2,703 |
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Profits |
12,751 |
18,023 |
Note: The detailed financials for Y2011 & Y2012 are not available in
SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Liabilities
to assets |
0.70 |
0.52 |
|
*Net profit
margin (%) |
4.17 |
5.28 |
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*Return on
total assets (%) |
9.47 |
9.69 |
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* Revenue/Total
assets |
2.27 |
1.84 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in both
years.
LIQUIDITY:
AVERAGE
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: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
UK Pound |
1 |
Rs.82.99 |
|
Euro |
1 |
Rs.70.62 |
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 |
---- |
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.