MIRA INFORM REPORT
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Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN JINGFUYUAN TECH. CO., LTD. |
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Registered Office : |
1, 2, 5/F, 12th Block, Nangang 2nd Industrial Park, Xili, Songbai
Road, Nanshan District, Shenzhen City,
Guangdong Province, 518000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
23.05.2003 |
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Com. Reg. No.: |
440301103142162 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in assembly processing and sales of power supply modules,
switching power supply and sales of electronic products. |
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No. of Employees : |
300 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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
|
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.
|
Source
: CIA |
Company name and address
SHENZHEN
JINGFUYUAN TECH. CO., LTD.
1, 2, 5/F, 12th Block, Nangang 2nd Industrial
Park, Xili, Songbai Road, Nanshan District, Shenzhen City, Guangdong Province, 518000 PR China
TEL: 86 (0) 755-26632536 FAX: 86 (0) 755-26505986
EXECUTIVE SUMMARY
INCORPORATION DATE : May 23, 2003
REGISTRATION NO. : 440301103142162
REGISTERED LEGAL FORM : Limited Liabilities
Company
CHIEF EXECUTIVE :
Mr. Chen Hengliu (Chairman)
STAFF STRENGTH :
300
REGISTERED CAPITAL : CNY 31,497,976
BUSINESS LINE :
Processing & Trading
TURNOVER :
CNY 170,900,000 (unaudited, as of Dec. 31, 2012)
EQUITIES :
CNY 52,320,000 (unaudited, as of Dec. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.146 = 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: The supplied address is previous address.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on May
23, 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 UPS uninterruptible power supply, EPS power, solar photovoltaic and wind
power generation equipment and accessories, solar photovoltaic inverter, power
modules, switching power supply research and development, assembly, production
and processing (branches operating and sales); electronic products, technology
development and purchase and sale (excluding franchise, the control and
monopoly of goods and medical devices); import and export business (excluding
those prohibited
by law, administrative regulations and State Council and with permit if needed)
SC is mainly engaged in assembly processing and sales of power supply
modules, switching power supply and sales of electronic products.
Mr. Chen Hengliu is chairman and General Manager of SC at present.
SC is known to have approx. 300 employees
at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial park of Shenzhen.
Detailed premise information is not available at present.
www.jfy-tech.com The design is professional and the content
is well organized. At present it is in Chinese, German, French and English
versions.
Email: support@jfy-tech.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Shareholders |
Chen Henghua 8.5% Chen Hengliu 52.7% Liang Hongwei 23.8% Xiong Bingyao 15% |
Chen Henghua 8.5% Tan Shimin 23.8% Chen Hengliu 52.7% Xiong Bingyao 15% |
|
|
Shareholders |
Chen Henghua 8.5% Tan Shimin 23.8% Chen Hengliu 52.7% Xiong Bingyao 15% |
Chen Henghua 23.5% Tan Shimin 23.8% Chen Hengliu 52.7% |
|
Registration no. |
4403012113404 |
Present one |
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|
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Shareholders |
Chen Henghua 23.5% Tan Shimin 23.8% Chen Hengliu 52.7% |
Chen Henghua 8.5% Tan Shimin10% Tang Sun 10% Chen Hengliu 71.5% |
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|
Shareholders |
Chen Henghua 8.5% Tan Shimin 10% Tang Sun 10% Chen Hengliu 71.5% |
Chen Henghua 8.5% Tang Sun 10% Chen Hengliu 81.5% |
|
|
Registered capital |
CNY 1,000,000 |
CNY 11,030,000 |
|
Shareholdings |
Chen Henghua 8.5% Tang Sun 10% Chen Hengliu 81.5% |
Chen Henghua 11.39% Tang Sun 11.39% Chen Hengliu 77.22% |
|
|
|
Registered capital |
CNY 11,030,000 |
CNY 12,562,642 |
|
Shareholders |
Chen Henghua11.39% Tang Sun 11.39% Chen Hengliu 77.22% |
Chen Henghua10.00% Tang Sun 10.00% Chen Hengliu 67.80% Shenzhen Fuyuan Hengyuan Investment Enterprise (Limited Partnership)
12.20% |
|
|
|
Registered capital |
CNY 12,562,642 |
CNY 13,436,397 |
|
Shareholders |
Chen Henghua 10.00% Tang Sun 10.00% Chen Hengliu 67.80% Shenzhen Fuyuan Hengyuan Investment Enterprise (Limited Partnership)
12.20% |
Sun Hui 2.52% Zhang Sen 0.95% Chen Henghua 9.35% Tang Sun 9.35% Chen Hengliu 63.39% Shenzhen Fuyuan Hengyuan Investment Enterprise (Limited Partnership)
11.41% Sang Niya 3.03% |
|
|
|
Registered capital |
CNY 13,436,397 |
CNY 14,929,330 |
|
Shareholders |
Sun Hui 2.52% Zhang Sen 0.95% Chen Henghua 9.35% Tang Sun 9.35% Chen Hengliu 63.39% Shenzhen Fuyuan Hengyuan Investment Enterprise (Limited Partnership) 11.41% Sang Niya 3.03% |
Zhang Sen 0.85% Chen Hengliu 57.05% Tang Sun 8.42% Sun Hui 2.27% Suzhou Venture Capital Growth II Sonhwa Center (Limited Partnership) 5.00% Chen Henghua 8.42 Sang Niya 2.73% Shenzhen Fuyuan Hengyuan Investment Enterprise (Limited Partnership) 10.26% Shenzhen Ruiying Futong Venture Capital Partnership (Limited Partnership) 3.00% Shenzhen Three One Equity Investment Fund Partnership (Limited Partnership) 2.00% |
|
|
|
Registered capital |
CNY 14,929,330 |
Present amount |
|
|
Shareholders |
Zhang Sen 0.85% Chen Hengliu 57.05% Tang Sun 8.42% Sun Hui 2.27% Suzhou Venture Capital Growth II Sonhwa Center (Limited Partnership)）5.00% Chen Henghua 8.42 Sang Niya 2.73% Shenzhen Fuyuan Hengyuan Investment Enterprise (Limited Partnership) 10.26% Shenzhen Ruiying Futong Venture Capital Partnership (Limited Partnership) 3.00% Shenzhen Three One Equity Investment Fund Partnership (Limited Partnership) 2.00% |
Present ones |
MAIN SHAREHOLDERS:
Name Amount (CNY)
% of Shareholding
Chen Hengliu 17,969,977 57.0512
Tang Sun 2,650,585 8.4151
Sun Hui 713,958 2.2667
Suzhou Venture Capital Growth II
Sonhwa Center (Limited Partnership) 1,574,898 5.0000
Sang Niya 860,934 2.7333
Shenzhen Fuyuan Hengyuan Investment
Enterprise (Limited Partnership) 3,233,579 10.2660
Shenzhen Ruiying Futong Venture Capital
Partnership (Limited Partnership) 944,940 3.0000
Shenzhen Three One Equity Investment Fund
Partnership (Limited Partnership) 629,960 2.0000
Zhang Sen 268,560 0.8526
Chen Henghua 2,650,585 8.4151
Chairman and
General Manager:
Mr. Chen Hengliu is currently responsible for the overall management of
SC.
Working
Experience(s):
From 2003 to present Working in SC as chairman and general
manager.
Also working in Shenzhen Fuyuan Hengyuan Investment Enterprise (Limited
Partnership) as executive partner.
Directors:
Chen Henghua
Tang Sun
Supervisor:
Cui Weixia
SC is mainly engaged in assembly processing and sales of power supply modules,
switching power supply and sales of electronic products.
SC’s main products include: power supply modules, switching power
supply, electronic products, etc.
SC sources its materials 95% from domestic market, and 5% from overseas
market. SC sells 40% of its products in domestic market, and 60% to overseas
market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of
SC includes Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its main clients and
suppliers.
SC is not known to have any subsidiary or branch.
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 management declined to release its bank details.
Balance Sheet
|
Unit: CNY’000 |
as of Dec. 31,
2012 |
as of Dec. 31,
2011 |
|
Cash & bank |
12,330 |
3,070 |
|
Inventory |
16,320 |
15,490 |
|
Accounts receivable |
38,880 |
13,320 |
|
Bills receivable |
0 |
0 |
|
Other Accounts receivable |
620 |
640 |
|
Advances to suppliers |
0 |
310 |
|
Other current assets |
10 |
4,320 |
|
|
------------------ |
------------------ |
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Current assets |
68,160 |
37,150 |
|
Fixed assets net value |
4,780 |
1,840 |
|
Long term investment |
0 |
0 |
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Long-term deferred expense |
90 |
0 |
|
Intangible and other assets |
480 |
250 |
|
|
------------------ |
------------------ |
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Total assets |
73,510 |
39,240 |
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|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
21,240 |
20,480 |
|
Other Accounts payable |
70 |
4,580 |
|
Advances from clients |
0 |
850 |
|
Accrued payroll |
1,480 |
0 |
|
Taxes payable |
-1,600 |
1,850 |
|
Other current liabilities |
0 |
20 |
|
|
------------------ |
------------------ |
|
Current liabilities |
21,190 |
27,780 |
|
Long term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total liabilities |
21,190 |
27,780 |
|
Equities |
52,320 |
11,460 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
73,510 |
39,240 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2012 |
|
Turnover |
170,900 |
|
Cost of goods sold |
101,450 |
|
Taxes and additional of main operation |
1,520 |
|
Sales expense |
6,200 |
|
Management expense |
18,810 |
|
Finance expense |
570 |
|
Non-operating income |
240 |
|
Non-operating expense |
20 |
|
Profit before tax |
42,550 |
|
Less: profit tax |
6,380 |
|
Profits |
36,170 |
Note: The
Financial Report for Year 2012 hasn’t been audited.
Important Ratios
=============
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2011 |
|
*Current ratio |
3.22 |
1.34 |
|
*Quick ratio |
2.45 |
0.78 |
|
*Liabilities to assets |
0.29 |
0.71 |
|
*Net profit margin (%) |
21.16 |
/ |
|
*Return on total assets (%) |
49.20 |
/ |
|
*Inventory /Turnover ×365 |
35 days |
/ |
|
*Accounts receivable/Turnover ×365 |
83 days |
/ |
|
*Turnover/Total assets |
2.32 |
/ |
|
* Cost of goods sold/Turnover |
0.59 |
/ |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears fairly good in 2012.
SC’s net profit margin is good in 2012.
SC’s return on total assets is good in 2012.
SC’s cost of goods sold is average, comparing with its turnover in 2012.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level in 2011, and
fairly good in 2012.
SC’s quick ratio is maintained in a fair level in 2011 and fairly good
in 2012.
The inventory of SC is average in both years.
The accounts receivable of SC is average in 2011 but fairly large in
2012.
SC has no short-term loan in both years.
SC’s turnover is in a fairly good level, comparing with the size of its
total assets in 2012.
LEVERAGE: AVERAGE
The debt ratio of SC is average in 2011 and low in 2012.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
|
1 |
Rs.84.44 |
|
Euro |
1 |
Rs.71.31 |
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 |
|
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NB |
New Business |
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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.