MIRA
INFORM REPORT
|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
FOSHAN HENGLITAI MACHINERY CO., LTD. |
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Registered Office : |
No. 12, Zhenzhong 2nd Road, Shiwan Town, Chancheng
District, Foshan, Guangdong Province 528031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.05.1999 |
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Com. Reg. No.: |
440600000018716 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
manufacturing
and selling of ceramic
mechanical equipment including YP series of hydraulic press equipment, fixed
single crank charger, BXC-linear five-colored feeding system & air cooler |
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No. of Employees : |
550 |
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 |
|
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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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 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
FOSHAN
HENGLITAI MACHINERY CO., LTD.
NO. 12, ZHENZHONG 2ND ROAD, SHIWAN
TOWN, CHANCHENG DISTRICT,
FOSHAN, GUANGDONG PROVINCE 528031 PR CHINA
TEL: 86 (0) 757-82666060 / 87653988 / 82271219 FAX: 86 (0) 757-82263362 / 82724702
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 7, 1999
REGISTRATION NO. : 440600000018716
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. yang xuexian (CHAIRMAN)
STAFF STRENGTH :
550
REGISTERED CAPITAL : CNY 25,600,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 724,760,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 319,990,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.0716= 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 May 7, 1999, and later was changed to the present legal form.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s
registered business scope includes manufacturing, selling and repairing
machinery equipment; manufacturing and selling auto parts; importing and
exporting commodities and technologies. (excluding the items prohibited or
limited by the country, with permit if needed)
SC is mainly
engaged in manufacturing and selling ceramic mechanical equipment.
Mr. Yang Xuexian
is legal representative and chairman of SC at present.
SC is known to
have approx. 550 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 Foshan. Our checks reveal that SC owns the total premise about
22,000 square meters.
The
other address: (F4) No. 25, Part C, Sanshui Center Technology Industrial Area, Foshan
www.hlt.cc/ The design is professional
and the content is well organized. At present the web site is in Chinese and
English versions.
E-mail: business@hlt.cc
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Shareholders |
Wu Yingzhen 14.92% Liang Tongcan 14.62% Luo Mingzhao 9.62% Liang Hanzhu 8.72% Chen Guoqiang 8.72% Yang Deji 7.94% Chen Chenda 6.26% Lin Nuanzhao 6.26% Wu Guizhao 1.80% Ou Qiongzhi 1.80% Other Individual Shareholders
19.34% |
Present one |
|
Legal form |
Limited liabilities co. |
||
|
Legal representative |
Luo Mingzhao |
SC was awarded the title of National CAD Technical Application
Demonstration Enterprise in 2001.
SC passed ISO9001:2000 Certificate in 2003.
The national industry standard JC/T910-2003 “Hydraulic Tile Press” drew
up by SC was issued by State Development and Innovation Commission in 2003.
SC was appraised of Top 500 of China Machinery and Top 10 Construction
& Building Machinery in 2004.
SC was appraised as one of the “Three-Strong” Enterprises of
Foshan Building & Sanitation Ceramic Machine Equipment Manufacturing in
2005.
SC was appraised as 2005-2006 Advanced Unit of National
Building Material Industry Machine Standardization. YP series hydraulic tile press was awarded Famous Brand of
China Building Material Industry by the Association of China Building Material
Machine Industry in 2006.
Etc.
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name % of Shareholding
Keda Industrial Co., Ltd. 100
Keda Industrial Co., Ltd. listed in Shanghai
Stock Exchange Market with the stock code 600499.
KEDA Industrial Company Limited is
specialized in manufacturing machinery and offering complete solution for
ceramics, building materials, natural & artificial stone processing as well
as new power—clean coal gasification.
Incorporation Date : Dec. 11, 1996
Registration No. : 440000000016993
Registered Legal Form : Shares
Limited Company
Legal representative : Mr. Bian Cheng
Registered Capital : CNY 666,248,700
Add: No. 1 Huanzhen West Road, Guanglong
Industrial Park , Chencun Town, Shunde District, Foshan, Guangdong
Tel: 0757-23833869
Fax: 0757-23833869
Legal
representative and chairman:
Mr. Yang Xuexianis currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and
chairman.
SC is mainly
engaged in manufacturing and selling ceramic mechanical equipment.
SC’s products mainly include YP series of hydraulic press equipment,
fixed single crank charger, BXC-linear five-colored feeding system & air
cooler
SC sources its
materials 100% from domestic market. SC sells 70% of its products in domestic
market and 30% to overseas market, mainly Vietnam, Pakistan, Bangladesh, etc.
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 declined to release its major suppliers and clients.
According to http://www.kedachina.com.cn/
· Guangdong Fotao Group Litai Machinery Co., Ltd.
Foshan
KEDA Stone Machinery Co., Ltd.
Foshan
Keda Hydraulic Machinery Co., Ltd.
Keda
Clean Energy (Anhui) Co., Ltd.
Keda
Industrial (Anhui) Co., Ltd.
Keda-Suremaker
(Wuhu) Industrial Co., Ltd.
Etc.
According to SC’s
website:
Service
Office of India
Add:
(Morbi, Rajkot, Gujarat) C/O Prajapati Roofing Tiles (Bhavani Cearmics) B/H Mod
Cera Ceramic Industries (Astron Ceramics) NR. Rachana Society, OPP. Vishal
Furniture Mall
Contact:
Mr. Birenkumar B. Patel
Tel:
+91 9925923721
E-mail:
hltindia@hltpress.com
Service
Office of Vietnam
Add.:No.135/37/74
Nguyen Huu Canh Street, Ward 22, Binh Thanh Dist., HCM City
Contact:
Mr DUONG CANH KHOA，Miss Nguyen Thi Tuyet Cham
Tel:
+84 8 6294 4013
Fax:
+84 8 6294 4124
E-mail:
henglitaivn@yahoo.com , tangjingke2002@yahoo.com
Service
Office of Iran
Add:
No.74-Anna Building -Bl.Jomhori-Yazd-Iran
Contact:
Mr. Mohammad Reia Zolfaghari, Miss Sonia Sing
Tel:
+983515244385
Miss
Sonia Sing’s Mobile Phone: 0098-9191191959
Fax:
+983515244384
E-mail:
sincozair@gmail.com
Service
Office of Indonesia
Add:
Komplek Rukan Buaran Persada No.20 Jl. Jend. Sukamto – Duren Sawit Jakarta
Timur 13450 Indonesia
Contact:
Mr.Tedryanto Susanto Mr.Herry Susanto
Tel:
(62-21)86612832-33
Fax:
(62-21)86612452
E-mail:
info@a3.co.id , tedryanto@a3.co.id , herry@a3.co.id
Service
Office of Brazil
Contact:
Ms. Nena Tanaka Ikkeda
Add.:
Av Dona Luiza H Breda, 704 - Jd Bom Sucesso,
Santa
Gertrudes - SP - 13510-000, Brazil
Tel/Fax:
+55 (19) 3545-1372
E-mail:
nena@mcmfornos.com.br
Service
Office of Turkey
Contact:
Mr.Ismail Mutlu
Add.:
8780/12 Sokak No: 19 Ata Sanayi Sitesi 35620 Cigli-Izmir, Turkey
Phone:
+90 232 328 12 93 (Pbx)
Mobile:
+90 532 611 97 88
E-mail:
ismailmutlu@power-mak.com ; ismail.mutlu@yahoo.com.tr
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 accountant
refused to release the bank details.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2012 |
|
Cash & bank |
62,650 |
|
Inventory |
245,710 |
|
Accounts
receivable |
92,000 |
|
Advances to
suppliers |
1,700 |
|
Bills receivable |
6,700 |
|
Other
receivables |
55,080 |
|
Other current
assets |
430 |
|
|
------------------ |
|
Current assets |
464,270 |
|
Fixed assets net
value |
122,510 |
|
Long term
investment |
1,010 |
|
Projects under
construction |
5,810 |
|
Deferred tax
assets |
480 |
|
Intangible
assets |
13,610 |
|
Other assets |
20 |
|
|
------------------ |
|
Total assets |
607,710 |
|
|
=========== |
|
Short loan |
0 |
|
Accounts payable |
138,460 |
|
Advances from
clients |
139,920 |
|
Accrued payroll |
4,040 |
|
Taxes payable |
3,850 |
|
Other Accounts
payable |
1,430 |
|
Other current
liabilities |
20 |
|
|
------------------ |
|
Current
liabilities |
287,720 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
287,720 |
|
Equities |
319,990 |
|
|
------------------ |
|
Total
liabilities & equities |
607,710 |
|
|
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2012 |
|
Turnover |
724,760 |
|
Cost of goods sold |
474,780 |
|
Taxes and additional of main operation |
6,530 |
|
Sales expense |
19,380 |
|
Management expense |
38,710 |
|
Finance expense |
-8,320 |
|
Profit before tax |
173,370 |
|
Less: profit tax |
26,230 |
|
Profits |
147,140 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2012 |
|
*Current ratio |
1.61 |
|
*Quick ratio |
0.76 |
|
*Liabilities
to assets |
0.47 |
|
*Net profit
margin (%) |
20.30 |
|
*Return on
total assets (%) |
24.21 |
|
*Inventory /Turnover
×365 |
124 days |
|
*Accounts
receivable/Turnover ×365 |
47 days |
|
*Turnover/Total
assets |
1.19 |
|
* Cost of
goods sold/Turnover |
0.66 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is good.
l
SC’s return on total assets is good.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears average.
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: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
UK Pound |
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
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.