MIRA
INFORM REPORT
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Report Date : |
15.11.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA ELECTRONICS ZHUHAI CO., LTD. |
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Registered Office : |
6/F, Ceiec Building, No. 1082 Jiuzhou Avenue Central, Jida, Zhuhai City,
Guangdong Province, 519000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.06.1987 |
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Com. Reg. No.: |
440400000039395 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is engaged in selling household appliances. |
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No. of Employees : |
49 |
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
|
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
CHINA ELECTRONICS ZHUHAI CO., LTD.
6/F, CEIEC BUILDING, NO. 1082 JIUZHOU AVENUE CENTRAL, JIDA, ZHUHAI CITY,
GUANGDONG PROVINCE, 519000 PR CHINA
TEL: 86
(0) 756-3266840/3266888-40 FAX:
86 (0) 756-3368833
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUNE 2, 1987
REGISTRATION NO. :
440400000039395
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. ZHANG HUIHUI (GENERAL MANAGER)
STAFF STRENGTH : 49
REGISTERED CAPITAL : CNY 25,900,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 511,550,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 30,880,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.092=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 Ren Min Bi
SC was registered as a limited
liabilities co. at local Administration for Industry & Commerce (AIC-The
official body of issuing and renewing business license).
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 self-support and agency 16 kinds of export goods except the national organization
of the united operation and goods and technology import and export business
except the countries are subject to verification business 14 kinds of imported
goods (according to the moftec [97] no. 1980 of moftec); in compensation trade,
transit trade, barter trade, counter trade business and the lease item under
the import and export, the foreign trade exhibition; storage and
transportation, packaging business, service and consignment sales and technical
consultation and technology services, and information service related to the
main business; self-owned property rental and management.
SC is mainly engaged in selling household appliances.
Mr. Zhang Huihui is legal
representative and general manager of SC at present.
SC is known to have approx. 49 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Zhuhai. Our checks reveal
that SC owns the total premise, but SC’s accountant refused to release the gross
area of the premise.
http://www.ceiec-zhuhai.com/ The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: zhceiec@ceiec-zhuhai.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Shareholders and shareholding |
China Electronics Shenzhen Co., Ltd.
72.46% Li Jinghe 7% Zhang Huihui 5% Wang Jianhua 5% Zhou Hong 5% Other 4 shareholders 5.54% |
Present ones |
Honors:
======
SC’s services and products have been recognized with various certifications,
including “Recommend export brand”
issued by the China Chamber of Commerce for Import & Export of Machinery
& Electronic Products, “Honest
example enterprise of Guangdong province”, “Foreign trade credit enterprise” and ISO 9001: 2000.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of
shareholdings
China Electronics Shenzhen Co., Ltd. 72.46
Zhang Huihui 6
Zhou Hong 6
Wang Jianhua 6
Su Futong 3.5
She Xiaoye 3
Song Yuexiang 1.14
Lu Qianjin 1
Luan Yanli 0.9
China Electronics Shenzhen Co., Ltd.
===========================
China Electronics Shenzhen Co., Ltd. is mainly engaged in international
trade, investment and management of its subsidiaries.
As an advanced enterprise of national foreign economy and trade, quality
and benefit, the company has ranked the 43rd position in the 100 top exported
state-owned enterprises in China, the 235th position in the 500 top Chinese
services enterprises and the 49th position in the 100 top Shenzhen enterprises.
It is an enterprise with AAA bank credit rating and a provincial and municipal
civilization unit for many years. It takes the lead in the electronics industry
association, import and export industry and related industry associations, and
it is a membership unit of Shenzhen Chamber of Commerce for Import& Export.
Incorporation date: May 19, 1982
Registration no.: 440000000029684
Registered capital: CNY 175,000,000
Legal rep.: Chen Xu
Legal form: Shares limited co.
Web: http://www.ceiecsz.com.cn
E-mail: ceiecsz@ceiecsz.com.cn
Add: 36/F, 35/F, Block A, Electronic Science & Technology Building,
No. 2070 Shennan Middle Road, Shenzhen, Guangdong Province
Tel: 86 (0)755-83783800
Fax: 86 (0)755-83350221
Chairman:
Mr. Li Jinghe, in his
Working
Experience(s):
At present Working in SC
as chairman
General Manager & Legal Representative:
Mr. Zhang Huihui, in his
Working
Experience(s):
At present Working in SC
as general
manager & legal representative
Also working in Zhuhai Free Trade Zone CEIEC Warehousing Co., Ltd., Zhuhai
Economic Zone Cet Enterprise Company and Zhongshan CEIEC Property Management
Co., Ltd. as legal representative.
Supervisors:
Xiao Yuan
Qian Kaizhi
Luan Yanli
SC is mainly engaged in selling household appliances.
SC’s products mainly include: air cooler, heater, electric fan, TV, mini
component, etc.
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 100% of its products to overseas market, mainly Europe market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, L/C and Credit of 30-60 days.
Note: SC declined
to release its major suppliers and clients.
According to SC’s website:
Zhuhai CEIEC Hi-tech Industry Investment Co., Ltd.
=====================================
Incorporation date:
Registration no.: 440400000058531
Registered capital: CNY 50,000,000
Legal rep.: Xiang Qunxiong
Legal form: Limited liabilities co.
Zhuhai Free Trade Zone CEIEC Warehousing Co., Ltd.
======================================
Incorporation date:
Registration no.: 440400000228439
Registered capital: CNY 500,000
Legal rep.: Zhang Huihui
Legal form: Limited liabilities co.
Zhuhai Economic Zone Cet Enterprise Company
===================================
Incorporation date:
Registration no.: 440400000396450
Registered capital: CNY 3,000,000
Legal rep.: Zhang Huihui
Zhongshan CEIEC Property Management Co., Ltd.
====================================
Incorporation date:
Registration no.: 442000000148495
Registered capital: CNY 500,000
Legal rep.: Zhang Huihui
Legal form: Limited liabilities co.
Guangdong AF Technology Corp., Ltd.
===============================
Incorporation date:
Registration no.: 440000000026918
Registered capital: CNY 105,000,000
Legal rep.: You Jingyu
Legal form: Shares limited co.
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.
Bank of China Zhuhai Branch
AC#: 699057736068
Relationship: Normal
Balance Sheet
Unit: CNY’000
|
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as of Dec. 31, 2011 |
as of Dec. 31, 2012 |
|
Cash & bank |
11,890 |
13,930 |
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Inventory |
0 |
0 |
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Accounts receivable |
46,250 |
51,240 |
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Advances to suppliers |
33,540 |
22,240 |
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Dividends receivable |
2,170 |
1,660 |
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Other receivables |
78,040 |
19,150 |
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Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
171,890 |
108,220 |
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Long-term investments |
10,650 |
10,650 |
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Investment property |
47,270 |
45,200 |
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Fixed assets net value |
5,170 |
4,740 |
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Projects under construction |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term deferred expenses |
330 |
90 |
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Deferred income tax assets |
590 |
510 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
235,900 |
169,410 |
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|
============= |
============= |
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Short loans |
56,010 |
31,000 |
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Notes payable |
6,070 |
2,640 |
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Accounts payable |
45,480 |
48,910 |
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Advances from customers |
40,390 |
27,920 |
|
Employee pay payable |
2,790 |
1,190 |
|
Taxes payable |
160 |
150 |
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Other accounts payable |
52,940 |
26,720 |
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Other current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
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Current liabilities |
203,840 |
138,530 |
|
Long term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total liabilities |
203,840 |
138,530 |
|
Shareholders equities |
32,060 |
30,880 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
235,900 |
169,410 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2012 |
|
Turnover |
511,550 |
|
Cost of goods sold |
499,320 |
|
Taxes and additional of main operation |
1,190 |
|
Income form other operation |
3,630 |
|
Sales expense |
1,710 |
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Management expense |
8,090 |
|
Finance expense |
5,300 |
|
Asset impairment loss |
-420 |
|
Investment income |
1,810 |
|
Non-operating income |
760 |
|
Non-operating expense |
0 |
|
Profit before tax |
1,032,940 |
|
Less: profit tax |
230 |
|
Net profit |
2,330 |
Important Ratios
=============
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
*Current ratio |
0.84 |
0.78 |
|
*Quick ratio |
0.84 |
0.78 |
|
*Liabilities to assets |
0.86 |
0.82 |
|
*Net profit margin (%) |
/ |
0.46 |
|
*Return on total assets (%) |
/ |
1.38 |
|
*Inventory /Turnover ×365 |
/ |
/ |
|
*Accounts receivable/Turnover ×365 |
/ |
37 days |
|
*Turnover/Total assets |
/ |
3.02 |
|
* Cost of goods sold/Turnover |
/ |
0.98 |
PROFITABILITY: AVERAGE
The turnover of SC appears fairly good in its line in 2012.
SC’s net profit margin appears average in 2012.
SC’s return on total assets appears average in 2012.
SC’s cost of goods sold is high in 2012, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level in both years.
SC’s quick ratio is maintained in a normal level in 2011, but fair in
2012.
SC has no inventory in 2011 and 2012.
The accounts receivable of SC appears average in both years.
SC’s short-term loan appears large in 2011 and 2012.
SC’s turnover is in a fairly good level in 2012, comparing with the size
of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
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 short-term loan could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
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 |
---- |
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.