MIRA INFORM REPORT
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Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
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Name : |
Haiso
Technology Co., Ltd |
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Registered Office : |
No. 30 Optics Valley Street,
Wuhan, Hubei Province 430074 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.11.2008 |
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Com. Reg. No.: |
420000000032350 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject engaged in manufacturing and selling chemical materials
and products |
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No. of Employees : |
750 |
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 – 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
Haiso
Technology Co., Ltd.
no. 30
Optics Valley Street, wuhan, hubei province 430074 PR CHINA
TEL: 86 (0)
711-3813429/3813443/(0) 27-67885262
FAX: 86
(0) 711-3812186
EXECUTIVE SUMMARY
Date of Registration : NOVEMBER 28, 2008
REGISTRATION NO. : 420000000032350
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL : cny 130,900,000
staff : 750
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 463,688,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 191,396,000 (AS OF DEC. 31, 2011)
WEBSITE : www.haisojc.net & www.hsgtx.com
E-MAIL : centerls185@163.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.24 = 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
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a shares limited company
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 420000000032350 on November
28, 2008.
SC’s Organization Code Certificate
No.: 68265415-8
SC’s registered capital: CNY 130,900,000
SC’s paid-in capital: CNY 130,900,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hubei Hi-Tech Industrial Investment Co., Ltd. |
20.00 |
|
Liu Liangyan |
7.43 |
|
Yu Wanneng |
5.51 |
|
Kong Yuhua |
3.95 |
|
Fan Heping |
3.85 |
|
Li Xiaoding |
3.49 |
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Xiong Bailiu |
2.60 |
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Li Xiang |
2.50 |
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Zhao Fan |
2.23 |
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Yuan Ming |
2.21 |
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Other 176 individuals |
46.23 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Liu Liangyan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Hubei Hi-Tech Industrial Investment Co.,
Ltd. 20.00
Liu Liangyan 7.43
Yu Wanneng 5.51
Kong Yuhua 3.95
Fan Heping 3.85
Li Xiaoding 3.49
Xiong Bailiu 2.60
Li Xiang 2.50
Zhao Fan 2.23
Yuan Ming 2.21
Other 176 individuals 46.23
n
Hubei Hi-Tech Industrial Investment Co., Ltd.
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Registration No.: 420000000033615
Date of Registration: October 25, 2005
Legal Form: Limited Liabilities Company
Registered Capital: CNY 450,000,000
Legal Representative: Li Yuanchu 黎苑楚
Address: 12/F Huale Commercial Center, No.
716 Luoyu Road, Hongshan District, Wuhan, Hubei Province
Tel: 86 (0) 27-87440549
Fax: 86 (0) 27-87440849
Web: www.cnhbgt.com
MANAGEMENT
Liu Liangyan, Legal Representative, Chairman, and General
Manager
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Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal
representative, chairman, and general manager
BUSINESS OPERATION
SC’s registered
business scope includes research & technology development & technology
transfer & technology training & technology service for chemical new
materials & chemical new products, and chemical new technology, and engineering
design and construction for related fields; developing, manufacturing, and
selling optical communications & electronic information materials, catalyst
& purifying agent, chemical & pharmaceutical intermediates, building
& building materials chemicals, fine chemical products and related
equipment & apparatus & instrument; acting to sell chemical products
and auxiliaries; exporting its products and technology; importing and exporting raw materials & accessories, machinery,
meters & instruments, components, and related technology; processing with
imported materials, processing with imported samples, assemblying with imported
parts, and compensation trade in agreement.
SC is
mainly engaged in manufacturing and selling chemical materials and products.
SC’s
products mainly include:
Polycarboxylate
superplasticizer series
Sodium
gluconate
Template
paint products
Waterproof
material series products
Sewage
treatment and environmental protection products
SC sources its materials 100% from
domestic market. SC sells 95% of its products in domestic market, and 5% to
overseas market, mainly Southeast Asia, 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.
Staff & Office:
--------------------------
SC is
known to have approx. 750
staff at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
SC is known to have a
branch at present,
n
Haiso Technology Co., Ltd. Gedian Branch
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
CITIC Bank Wuhan
Wuchang Sub-branch
AC#:
7381710182600081281
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
Cash |
132,734 |
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Notes receivable |
55,219 |
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Accounts
receivable |
172,330 |
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Advances to
suppliers |
15,663 |
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Inventory |
46,001 |
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Total assets |
632,924 |
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Total
liabilities |
441,528 |
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Equities |
191,396 |
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------------- |
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Revenue |
463,688 |
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Profits |
31,562 |
Note: The detailed financials for Y2011 are not available in SAIC.
Important Ratios
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|
|
As of Dec. 31, 2011 |
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*Liabilities
to assets |
0.70 |
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*Net profit margin
(%) |
6.81 |
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*Return on
total assets (%) |
4.99 |
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*Inventory /
Revenue ×365 |
37 days |
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*Accounts
receivable/ Revenue ×365 |
136 days |
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*
Revenue/Total assets |
0.73 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
LIQUIDITY:
FAIR
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large.
l
SC’s revenue is in a
fair 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: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good
financial conditions. The large amount of accounts receivable may be a threat
to SC’s financial condition. But taking into consideration of SC’s good
background, general performance, reputation
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
-- |
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.