MIRA
INFORM REPORT
|
Report Date : |
02.08.2014 |
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 : |
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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 Ceramic Mechanical Equipment. |
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No. of Employees : |
620 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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. Several factors
are converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. 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.
|
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)
757-82271219/82666060
FAX: 86 (0)
757-82724702/82263352/82263362
EXECUTIVE SUMMARY
Date
of Registration : MAY
7, 1999
REGISTRATION
NO. :
440600000018716
LEGAL
FORM : One-person Limited Liability Company
CHIEF
EXECUTIVE :
yang xuexian (LEGAL REPRESENTATIVE)
REGISTERED
CAPITAL : CNY 25,600,000
staff :
620
BUSINESS
CATEGORY : MANUFACTURING & trading
Revenue :
CNY 911,670,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY
333,820,000 (AS OF DEC. 31, 2013)
WEBSITE : www.hlt.cc
E-MAIL :
hlt@hltpress.com
PAYMENT
:
AVERAGE
MARKET
CONDITION :
competitive
FINANCIAL
CONDITION : fairly
stable
OPERATIONAL
TREND : fairly STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
6.18 = 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 one-person limited liability company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 440600000018716.
SC’s Organization Code Certificate No.: 712393666
SC’s Tax No.: 440601712393666
SC’s registered capital: CNY 25,600,000
SC’s paid-in capital: CNY 25,600,000
Registration
Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the
change |
|
2011-5 |
Legal Representative |
Luo Mingzhao |
Bian Cheng |
|
Shareholder (s) (% of Shareholding) |
Wu Yingzhen 14.9158% Liang Tongcan
14.616531% Luo Mingzhao
9.6241% Liang Hanzhu
8.7218% Chen Guoqiang
8.7218% Yang Deji 7.9399% Chen Chenda
6.2556% Lin Nuanzhao
6.2556% Wu Guizhao
1.8046% Ou Qiongzhi
1.80451% Huo Jincan
1.6601% Ou Jiarui
1.624059% Mai Xiaofang
1.3489% Wei Fengshan
1.203% Peng Huxin 1.203% Wei Jirong 1.203% Zhang Jintian
1.203% Feng Ruiyang
1.203% Kuang Jianxun
1.0376% Cao Yongkai
1.0376% Cai Yongming
0.8421% Huang Dinghong
0.8421% Li Juquan 0.8421% Yang Xuexian
0.8421% Li Songying
0.3609% Liang Qiu 0.3609% Chen Yulan 0.3609% Su Daliang
0.3609% Huo Can 0.3609% Lin Guizhen
0.3609% Chen Yongguang
0.3609% Zhu Yongguo
0.3609% Huang Weihua
0.3609% |
Keda Industrial
Co., Ltd. 51% Wu Yingzhen 14.5158% Liang Tongcan 14.029431% Liang Hanzhu 4.273689% Chen Guoqiang 4.273688% Yang Deji 3.890551% Chen Chenda 3.065244% Lin Nuanzhao 3.065244% Wu Guizhao 0.884254% Feng Ruiyang 0.58947% Yang Xuexian 0.412629% |
|
|
-- |
Legal
representative |
Bian Cheng |
Luo Mingzhao |
|
Legal
representative |
Luo Mingzhao |
Yang Xuexian |
|
|
Legal Form |
Limited
Liabilities Company |
One-person
Limited Liability Company |
|
|
Shareholder (s) (% of Shareholding) |
Keda Industrial
Co., Ltd. 51% Wu Yingzhen 14.5158% Liang Tongcan 14.029431% Liang Hanzhu 4.273689% Chen Guoqiang 4.273688% Yang Deji 3.890551% Chen Chenda 3.065244% Lin Nuanzhao 3.065244% Wu Guizhao 0.884254% Feng Ruiyang 0.58947% Yang Xuexian 0.412629% |
Keda Clean Energy
Co., Ltd. 100% |
Current Co
search indicates SC’s shareholders & chief executives are as follows:-
|
Name of Shareholder
(s) |
% of
Shareholding |
|
Keda Clean Energy
Co., Ltd. |
100 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman, and General Manager |
Yang Xuexian |
|
Director |
Wu Muhai |
|
Supervisor |
Zeng Fei |
RECENT
DEVELOPMENT
【2010】
June, SC was
recognized as "Guangdong Provincial private scientific and technological
enterprise" by department of science and technology of Guangdong.
May, YP4000
hydraulic tile press was certified as "National New Key Product"
May, SC was awarded
as "Twenty Years Contribution" at China International Ceramics
Industry Exhibition.
SC launched a new
factory in the beginning of 2010 at Sanshui district, and then registered
company as "Foshan Henglitai Machinery Co., Ltd Sanshui Branch".
【2009】
November, 2009. Two
R&D projects, YP3500 hydraulic tile press of beam-column structure with
optimized cylinder and new generation wide body YP2500 hydraulic tile press
with optimized cross-beam structure, were approved by Guangdong Provincial Department
of Science and Technology. The committee thinks highly of the project products
as reaching international advance level and leading level domestically, which
will be helpful in improving the production efficiency and tile quality of the
Chinese ceramic industry.
The patented
Position detected pressure control method of powder formation machine invented
by SC was awarded Gold prize in the third section of Chancheng District and
appraised by the district government.
Jun, SC was honored
as "Guangdong top fifty equipment manufacturing industry" by
Guangdong economic and trade commission.
January, Foshan
government honored SC as "2008 annual tax payment over 50 million CNY
enterprise"
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Keda Clean Energy
Co., Ltd. 100
Keda Clean Energy
Co., Ltd.
=======================
Registration No.:
440000000016993
Date of
Registration: December 11, 1996
Legal Form: Shares
Limited Company
Registered Capital:
CNY 697,227,161
Legal Representative:
Bian Cheng 边程
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.
Tel: +86-757-23832929/23832922
Fax:
+86-757-23832690
Website: www.kedachina.com.cn
E-mail: ied@kedachina.com.cn
MANAGEMENT
Yang Xuexian, Legal Representative, Chairman,
and General Manager
-------------------------------------------------------------------------------------------------------
Gender: M
Qualification:
University
Working experience
(s):
At present, working
in SC as legal representative, chairman, and general manager
Director
-----------
Wu Muhai
Supervisor
--------------
Zeng Fei
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing, selling and repairing machinery equipment; manufacturing
and selling auto parts; importing and exporting commodities and technologies.
(with permit if needed)
SC is mainly
engaged in manufacturing and selling ceramic mechanical equipment.
SC’s products
mainly include:
S-series tile press
M-series tile press
L-series tile press
Such as,
YP series of
hydraulic press equipment, fixed single crank charger, BXC-linear five-colored
feeding system, air cooler, etc.
Trademarks: “恒力泰”, “HENGLITAI”, “HLT”, 
, etc.
SC sources its
materials 70% from domestic market, and 30% from overseas market. SC sells 60%
of its products in domestic market, and 40% to overseas market, mainly Vietnam,
Pakistan, etc.
The buying terms of
SC include 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.
*Major Customer:
=============
Picasso Ceramics
& Colours Pvt. Ltd.
Staff & Office:
--------------------------
SC is known to
have approx. 620 staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
SC is not known to have the following
subsidiary and branch,
==============================================
Foshan Dianshi
Machinery Co., Ltd.
Registration No.:
440602000063565
Date of
Registration: July 16, 2008
Legal Form: Limited
Liabilities Company
Registered Capital:
CNY 1,000,000
Legal
Representative: Yang Deji
Foshan Henglitai
Machinery Co., Ltd. Sanshui Branch
Registration No.:
440683000037701
Date of
Registration: July 21, 2010
Legal Form: Branch
Legal
Representative: Luo Mingzhao
Related Companies,
===============
Keda Industrial
(Hong Kong) Limited
Company File No.:
1083119
Date of
Registration: October 26, 2006
Legal Form: Private
Status: Live
Maanshan Keda Clean
Energy Co., Ltd.
Registration No.:
340500000065879
Date of
Registration: April 28, 2007
Legal Form: Shares
Limited Company
Registered Capital:
CNY 44,600,000
Legal
Representative: Wu Muhai
KEDA (MAS)
Industrial Co., Ltd.
Registration No.:
340500400002124
Date of
Registration: June 25, 2008
Legal Form: Limited
Liabilities Company
Registered Capital:
CNY 400,000,000
Legal
Representative: Zhu Fan
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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2012 |
|
62,650 |
|
|
Notes receivable |
6,700 |
|
Accounts
receivable |
92,000 |
|
Advances to
suppliers |
1,700 |
|
Other receivable |
55,080 |
|
Inventory |
245,710 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
430 |
|
|
------------------ |
|
Current assets |
464,270 |
|
Long term equity
investment |
1,010 |
|
Fixed assets |
122,510 |
|
Construction in
progress |
5,810 |
|
Intangible assets |
13,610 |
|
Long-term prepaid
expenses |
0 |
|
Deferred income
tax assets |
480 |
|
Other non-current
assets |
20 |
|
|
------------------ |
|
Total assets |
607,710 |
|
|
============= |
|
Short-term loans |
0 |
|
Notes payable |
0 |
|
Accounts payable |
138,460 |
|
Wages payable |
4,040 |
|
Taxes payable |
3,850 |
|
Advances from
clients |
139,920 |
|
Other payable |
1,430 |
|
Other current
liabilities |
20 |
|
|
------------------ |
|
Current
liabilities |
287,720 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
287,720 |
|
Equities |
319,990 |
|
|
------------------ |
|
Total liabilities
& equities |
607,710 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2012 |
|
Revenue |
724,760 |
|
Cost of sales |
474,780 |
|
Taxes and
surcharges |
6,530 |
|
Sales expense |
19,380 |
|
Management expense |
38,710 |
|
Finance expense |
-8,320 |
|
Profit before tax |
173,370 |
|
Less: profit tax |
26,230 |
|
147,140 |
Financial
Summary
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
|
Cash & bank |
117,960 |
|
Total assets |
828,260 |
|
|
------------- |
|
Total liabilities |
494,440 |
|
Equities |
333,820 |
|
|
------------- |
|
Revenue |
911,670 |
|
Profits |
163,840 |
Important Ratios
=============
|
|
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
|
*Current ratio |
1.61 |
-- |
|
*Quick ratio |
0.76 |
-- |
|
*Liabilities to
assets |
0.47 |
0.60 |
|
*Net profit
margin (%) |
20.30 |
17.97 |
|
*Return on total
assets (%) |
24.21 |
19.78 |
|
*Inventory /
Revenue ×90 |
124 days |
-- |
|
*Accounts
receivable/ Revenue ×90 |
47 days |
-- |
|
* Revenue/Total
assets |
1.19 |
1.10 |
|
* Cost of sales /
Revenue |
0.66 |
-- |
FINANCIAL
COMMENTS
PROFITABILITY: FAIRLY GOOD
The revenue of SC
appears fairly good in its line, and it increased in 2013.
SC’s net profit
margin is fairly good.
SC’s return on total
assets is fairly good.
SC’s cost of goods
sold is low, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio
of SC is maintained in a normal level.
SC’s quick ratio is
maintained in a normal level.
The inventory of SC
appears large.
The accounts
receivable of SC appears average.
SC has no
short-term loans in 2012.
SC’s revenue is in
an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of
SC is average.
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 stable financial conditions. Taking into
consideration of SC’s good background.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.25 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.