MIRA
INFORM REPORT
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Report Date : |
06.04.2014 |
IDENTIFICATION DETAILS
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Name : |
HYTERA COMMUNICATIONS CORPORATION LIMITED |
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Registered Office : |
HYT Tower,
No. 9108 Beihuan Road, Hi-Tech Industrial Park North, Nanshan District,
Shenzhen, Guangdong Province, 518057
PR |
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Country : |
China |
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Financials (as on) : |
30.09.2013 |
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Date of Incorporation : |
11.05.1993 |
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Com. Reg. No.: |
440301103177938 |
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Legal Form : |
SHARES LIMITED
COMPANY |
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Line of Business : |
Subject is engaged in researching, developing,
manufacturing and selling professional mobile radio communications equipment;
providing complete and customized communication solutions |
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No. of Employees |
2,372 |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 2013 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 consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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. Debt overhang from its credit-fueled stimulus program in 2008-10, particularly among local governments, and soaring property prices challenge policy makers currently. Their efforts to cool a red-hot property market in 2011 appear to have curbed inflation, but contributed to slower GDP growth in 2012 and 2013. Slow recovery in Europe and other key export markets have also retarded growth. 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 fixed investments and exports in the future. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources
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Source
: CIA |
Company name and address
HYTERA COMMUNICATIONS
CORPORATION LIMITED
HYT Tower, NO. 9108
Beihuan ROAD, Hi-Tech Industrial Park North,
Nanshan District, Shenzhen, guangdong PROVINCE, 518057 PR CHINA
TEL: 86 (0)
755-26972999
FAX: 86 (0)
755-86137135
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 11, 1993
REGISTRATION NO. : 440301103177938
REGISTERED LEGAL FORM
: SHARES LIMITED COMPANY
CHIEF EXECUTIVE : MR. CHEN QINGZHOU (CHAIRMAN)
STAFF STRENGTH : 2,372
REGISTERED CAPITAL : CNY 278,000,000
BUSINESS LINE :
R&D, MANUFACTURE, sERVICE
TURNOVER : CNY 879,280,000
(Consolidated, JAN. 1~ SEP. 30, 2013)
EQUITIES : CNY
1,853,488,000 (Consolidated, AS OF SEP. 30, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE : cny 6.2065 = 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 the local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on May 11, 1993, and has been under present legal form since March of 2010.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent property
of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY 5M.
The total capital of a co. which propose to apply for publicly listed must be
no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes developing and manufacturing mining used two way radio, explosion proof communication products and accessories and radio communications equipment and accessories, providing related technology service (excluding the limited items); technology development of radio communications equipment software; consultation and related technology service of communication engineering; system integration; development of computer software and communications software development; technology development, sales and related technology consultation and service of video monitoring system (excluding the limited items); developing and manufacturing digital products; import and export business (excluding the items prohibited by lay, regulations and the State Council, able to engage in the limited items after obtain the permit); own property leasing (excluding the limited items).
SC is mainly engaged in researching, developing, manufacturing and selling professional mobile radio communications equipment; providing complete and customized communication solutions.
Mr. Chen Qingzhou is legal representative, general manger and chairman of SC at present.
SC is known to have approx. 2,372 employees at present, including 640 production staff, 395 sales staff, 45 financial staff, 945 technical staff and 22 human resources, etc.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the hi-tech industrial park of Shenzhen. The detail information of the premise is unspecified.
http://www.hytera.com.cn/ The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: stock@hytera.com; overseas@hytera.com
For the past two years there is no record of litigation.
SC was listed in Shenzhen Stock Exchange in 2011 with the stock code 002583.
Changes of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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Legal representative |
Chen Qingzhou |
Chen Jianqiang |
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Registered capital |
CNY 1,880,000 |
CNY 5,000,000 |
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Legal representative |
Chen Jianqiang |
Chen Qingzhou |
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Registered capital |
CNY 5,000,000 |
CNY 20,000,000 |
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Registration no. |
4403012001423 |
440301103177938 |
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Company name |
Shenzhen HYT Science & Technology Co., Ltd. |
Shenzhen Hytera Communications Co., Ltd. |
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Registered capital |
CNY 20,000,000 |
CNY 160,000,000 |
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Legal form |
Limited liabilities co. |
Present one |
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Company name |
Shenzhen Hytera Communications Co., Ltd. |
Present one |
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Registered capital |
CNY 160,000,000 |
CNY 208,000,000 |
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Registered capital |
CNY 208,000,000 |
Present amount |
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Tax registration certificate no.: 440301279422189
Organization code: 279422189
MAIN SHAREHOLDERS: (As of Sep. 30, 2013)
Name % of Shareholding
Chen Qingzhou 59.51
China Life Yongrui Enterprise Annuity Collection
Plan-Industrial and Commercial Bank of China
(Literal translation) 1.61
National Social Security Fund Combination 1.44
Weng Limin 1.15
China Life Insurance Co., Ltd. - Dividends- Individual dividends-005L-FH002 Shenzhen 1.06
Zeng Hua 0.96
Industrial and Commercial Bank of China - Nuoan Stock Securities Investment Fund 0.91
China Resources SZITIC Trust Co., Ltd. - No. 1 Fulin Trust Plan (Literal translation) 0.77
Tang Jiyue 0.74
Wu Mei 0.73
Other shareholders 31.12
Legal Representative, Chairman and General Manager:
Mr. Chen Qingzhou, born in 1965. He is currently responsible for the overall and daily management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Also working in Tianjin Hytera Information Technology Co., Ltd. and Harbin Hytera Science & Technology Co., Ltd. as legal representative, etc.
Vice General Managers:
Wu Men
Cai Hai
Zeng Hua
Etc.
Directors:
Li Shaoqian
Xiong Chuxiong
Tan Xuezhi
Wu Mei
Zeng Hua
Etc.
Supervisors:
Deng Feng
Wang Zhuo
Zhang Yucheng
SC is mainly engaged in researching, developing, manufacturing and selling professional mobile radio communications equipment; providing complete and customized communication solutions.
SC’s products mainly include: digital mobile radio, radio terminal, etc.
SC sources its materials 30% from domestic market, and 70% from overseas market. SC sells 40% of its products in domestic market, and 60% to the overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC declined to release its major suppliers and clients.
According to SC’s website:
Hytera America, Inc.
3315 Commerce Parkway, Miramar, FL 33025 U.S.A.
Tel: +1 954 846 1011
Fax: +1 954 846 1672
Website: www.hytera.us
Hytera Mobilfunk GmbH
Fritz-Hahne-Str. 7, 31848 Bad Münder, Germany
Tel: +49 5042 998 105
Website: www.hytera.de
Hytera Communications Corporations Limited of Dubai
Address: No. 302, EIB Building No. 05, 3/F, DIC, Dubai, U.A.E
Tel: +971 4 4313969
Website: http://www.hytera-middleeast.com
Etc.
SC is known to invest
in the following companies:
HYT North America, Inc.
Hytera Communications (U.K.) Co., Ltd.
Tianjin Hytera Information Technology Co., Ltd. (Literal translation)
Harbin Hytera Science & Technology Co., Ltd.
Hytera Communications (Hong Kong) Company Limited
Nanjing Hytera Software Science & Technology Co., Ltd.
Etc.
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.
The bank information is not available in local AIC.
Consolidated Balance Sheet
Unit: CNY’000
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As of Sep. 30, 2013 |
As of Dec. 31, 2012 |
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Cash & bank |
271,827 |
469,092 |
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Held for trading financial assets |
11,000 |
0 |
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Bills receivable |
4,330 |
4,448 |
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Accounts receivable |
764,594 |
726,079 |
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Advances to suppliers |
211,663 |
67,338 |
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Interest receivable |
0 |
1,397 |
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Other Accounts receivable |
52,281 |
30,603 |
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Inventory |
527,461 |
296,597 |
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Other current assets |
1,093 |
1,475 |
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------------------ |
------------------ |
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Current assets |
1,844,249 |
1,597,029 |
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Held-to-maturity investment |
32,000 |
0 |
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Investment real estate |
13,259 |
14,340 |
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Fixed assets |
565,535 |
545,180 |
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Projects under construction |
203,283 |
140,453 |
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Intangible assets |
195,192 |
152,486 |
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Development expenditure |
80,392 |
37,471 |
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Goodwill |
40,457 |
33,427 |
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Long-term deferred expenses |
7,222 |
8,877 |
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Deferred tax assets |
22,985 |
17,769 |
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Total assets |
3,004,574 |
2,547,032 |
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============= |
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Short loans |
427,382 |
155,663 |
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Bills payable |
29,047 |
104,661 |
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Accounts payable |
336,074 |
184,353 |
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Advance from customers |
70,670 |
44,405 |
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Accrued payroll |
29,258 |
46,887 |
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Taxes payable |
-23,171 |
620 |
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Interest payable |
0 |
567 |
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Other Accounts payable |
98,189 |
19,135 |
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Other current liabilities |
742 |
2,677 |
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------------------ |
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968,191 |
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Non-current liabilities |
182,895 |
130,778 |
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------------------ |
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Total liabilities |
1,151,086 |
689,746 |
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Equities |
1,853,488 |
1,857,286 |
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------------------ |
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3,004,574 |
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Consolidated Income Statement
Unit: CNY’000
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Jan. 1 ~ Sep. 30, 2013 |
As of Dec. 31, 2012 |
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Turnover |
879,280 |
1,135,373 |
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Cost of goods sold |
442,511 |
573,916 |
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Taxes and additional of main operation |
12,907 |
9,137 |
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Sales expense |
190,187 |
231,851 |
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Management expense |
230,940 |
307,138 |
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Finance expense |
15,224 |
8,453 |
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Asset impairment loss |
17,143 |
22,288 |
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Investment income |
7,333 |
0 |
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Non-operating income |
51,203 |
52,495 |
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Non-operating expense |
371 |
649 |
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Profit before tax |
28,533 |
34,436 |
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Less: profit tax |
9,483 |
1,108 |
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Profits |
19,050 |
33,328 |
Important Ratios
=============
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As of Sep. 30, 2013 |
As of Dec. 31, 2012 |
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*Current ratio |
1.90 |
2.86 |
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*Quick ratio |
1.36 |
2.33 |
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*Liabilities to assets |
0.38 |
0.27 |
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*Net profit margin (%) |
2.17 |
2.94 |
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*Return on total assets (%) |
0.63 |
1.31 |
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*Inventory /Turnover ×365 |
/ |
96 days |
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*Accounts receivable/Turnover ×365 |
/ |
234 days |
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*Turnover/Total assets |
0.29 |
0.45 |
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* Cost of goods sold/Turnover |
0.50 |
0.51 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears good.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is low, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level in 2012, but normal in the 1st three quarters of 2013.
SC’s quick ratio is maintained in a fairly good level in 2012, but normal in the 1st three quarters of 2013.
The inventory of SC is maintained is average.
The accounts receivable of SC appears fairly large.
SC’s short-term loan appears average.
SC’s turnover is in a poor level, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly good
SC is considered large-sized in its line with fairly good
financial conditions. The fairly large amount of accounts receivable could be a
threat to SC’s financial situation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
NIS |
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 |
-- |
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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.