MIRA
INFORM REPORT
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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
7/F Advanced |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
10.10.2003 |
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Com. Reg. No.: |
110000006191392 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in manufacturing and selling agricultural
equipment. |
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No. of Employees : |
260 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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, 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 and address
BEIJING
KINGPENG INTERNATIONAL HI-TECH CORPORATION
7/F ADVANCED
MATERIAL BUILDING, NO. 7 FENGHUI MIDDLE ROAD HAIDIAN DISTRICT, BEIJING 100094
PR CHINA
TEL: 86 (0)
10-58711562
FAX: 86 (0)
10-58711560
EXECUTIVE SUMMARY
Date of Registration : october 10, 2003
REGISTRATION NO. : 110000006191392
LEGAL FORM : Shares limited company
CHIEF EXECUTIVE :
tian zhen (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 59,000,000
staff : 260
BUSINESS CATEGORY : MANUFACTURING
& TRADING
Revenue :
CNY 235,448,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 163,887,000 (AS OF DEC. 31, 2013)
WEBSITE : www.jingpeng.cn
E-MAIL :
info@chinakingpeng.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.14 = 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 limited liabilities company of PRC on October 10, 2003. However, SC changed to
present legal form, and was registered as shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 110000006191392 on November 6, 2006.
SC’s Organization Code Certificate No.:
75527516-8
SC’s Tax No.: 110108755275168
SC’s registered capital: CNY 59,000,000
SC’s paid-in capital: CNY 59,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
Registered Capital |
CNY 11,000,000 |
CNY 12,853,126 |
|
|
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Registered Capital |
CNY 12,853,126 |
CNY 37,853,126 |
|
|
Legal Representative |
Yang Renquan 杨仁全 |
Tian Zhen 田真 |
|
|
Registered Capital |
CNY 37,853,126 |
CNY 59,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Beijing Agricultural Machinery Institute |
56.10 |
|
Beijing Automotive Group Co., Ltd. |
11.99 |
|
Beijing New Hope Industry Investment Center |
10.74 |
|
Shanghai Huishanfu Investment & Management Co., Ltd. |
4.24 |
|
Beijing Huishijin Investment Consulting Co., Ltd. |
2.91 |
|
Sun Shanzhong |
2.54 |
|
Bai Yunhai |
1.07 |
|
Shanghai Fugao Industrial Development Co., Ltd. |
1.07 |
|
Tian Zhen |
1.03 |
|
Wu Song |
0.96 |
|
Other Shareholders |
7.35 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Tian Zhen |
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Vice Chairman |
Liu Wenxi |
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General Manager |
Lv Ke |
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Director |
Yang Jianxin |
|
Wu Song |
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|
Zhang Dong |
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|
Shang Yuanxian |
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Supervisor |
Wang Junfen |
|
Zhang Jianyong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Beijing Agricultural Machinery Institute 56.10
Beijing Automotive Group Co., Ltd. 11.99
Beijing New Hope Industry Investment Center 10.74
Shanghai Huishanfu Investment & Management Co., Ltd. 4.24
Beijing Huishijin Investment Consulting Co., Ltd. 2.91
Sun Shanzhong 2.54
Bai Yunhai 1.07
Shanghai Fugao Industrial Development Co., Ltd. 1.07
Tian Zhen 1.03
Wu Song 0.96
Other Shareholders 7.35
Beijing Agricultural
Machinery Institute
================================
Registration No.: 110108001883273
Chief Executive: Cai Fudong
Registered Capital: CNY 11,000,000
Beijing Automotive
Group Co., Ltd.
=============================
Registration No.: 110000005034385
Chief Executive: Xu Heyi
Registered Capital: CNY 4,549,332,035
Beijing New Hope
Industry Investment Center
=====================================
Registration No.: 110102012714244
Chief Executive: Wang Hang
Shanghai Huishanfu
Investment & Management Co., Ltd.
============================================
Registration No.: 310118002617182
Chief Executive: Chang Qing
Registered Capital: CNY 500,000
Beijing Huishijin
Investment Consulting Co., Ltd.
=======================================
Registration No.: 110101012452462
Chief Executive: Zhang Zian
Registered Capital: CNY 1,000,000
Shanghai Fugao
Industrial Development Co., Ltd.
=======================================
Registration No.: 310229001421447
Chief Executive: Yuan Fugao
Registered Capital: CNY 5,000,000
MANAGEMENT
Tian Zhen, Legal
Representative and Chairman
----------------------------------------------------------------------
Gender: M
Age: 43
Qualification: University
Working experience
(s):
From 2009 to present, working in SC as legal representative and chairman
Liu Wenxi, Vice
Chairman
----------------------------------------------
Gender: M
Age: 40
Qualification: University
Working experience
(s):
From 2012 to present, working in SC as vice chairman
Also working in Beijing Fumin Institute of Agricultural Ecology Co.,
Ltd. as legal representative
Lv Ke, General
Manager
-----------------------------------------
Gender: M
Age: 45
Qualification: University
Working experience
(s):
From 2012 to present, working in SC as general manager
Director
----------
Yang Jianxin
Wu Song (Also working in Beijing Kingpeng Runhe Agro-tech Co., Ltd. as
legal representative)
Zhang Dong
Shang Yuanxian
Supervisor
--------------
Wang Junfeng
Zhang Jianyong
BUSINESS OPERATION
SC’s registered business scope includes technology development, technology transfer, technology consulting,
technology services, technology promotion; importing and exporting goods and
technology, import and export agent; agricultural scientific research and
experimental development; urban landscape; construction contract; engineering
survey and design; selling electronic products, hardware, machinery and
equipment.
SC is mainly engaged in manufacturing and selling agricultural
equipment.
Brand: KINGPENG
SC’s products mainly include: greenhouse.
SC sources its materials 100% from domestic market. SC sells 80% of its products in domestic market, and 20% to overseas market, mainly USA, Mid East, etc.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Greenhouse 1 LLC.
Staff &
Office:
--------------------------
SC is known to have approx. 260
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 2 subsidiaries at present,
Beijing Fumin Institute of Agricultural Ecology Co., Ltd.
---------------------------------------------
Date of Registration: June 10, 1999
Registration No.: 110113000441553
Legal Representative: Liu Wenxi刘文玺
Registered Capital: CNY 43,000,000
Beijing Kingpeng Runhe Agro-tech Co., Ltd.
------------------------------------------
Date of Registration: February 27, 2004
Registration No.: 110108006491915
Legal Representative: Wu Song吴松
Registered Capital: CNY 11,000,000
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 SAIC.
FINANCIALS
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
81,957 |
75,316 |
|
|
Notes receivable |
0 |
3,500 |
|
Accounts receivable |
157,420 |
136,158 |
|
Advances to suppliers |
2,571 |
6,033 |
|
Other receivable |
5,987 |
8,307 |
|
Inventory |
15,310 |
29,256 |
|
Non-current assets within one year |
0 |
0 |
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Other current assets |
2,705 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
265,950 |
258,570 |
|
Investment real estate |
4,620 |
3,711 |
|
Fixed assets |
41,276 |
51,306 |
|
Construction in progress |
7,543 |
10,968 |
|
Intangible assets |
5,021 |
4,784 |
|
Long-term prepaid expenses |
72 |
50 |
|
Deferred income tax assets |
1,856 |
2,824 |
|
Other non-current assets |
0 |
5,348 |
|
|
------------------ |
------------------ |
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Total assets |
326,338 |
337,561 |
|
|
============= |
============= |
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Short-term loans |
25,000 |
35,000 |
|
Notes payable |
3,504 |
7,301 |
|
Accounts payable |
100,027 |
91,224 |
|
Wages payable |
6,507 |
4,621 |
|
Taxes payable |
2,027 |
-1,233 |
|
Advances from clients |
25,493 |
34,502 |
|
Other payable |
1,226 |
1,803 |
|
Other current liabilities |
67 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
163,851 |
173,218 |
|
Non-current liabilities |
0 |
456 |
|
|
------------------ |
------------------ |
|
Total liabilities |
163,851 |
173,674 |
|
Equities |
162,487 |
163,887 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
326,338 |
337,561 |
|
|
============= |
============= |
Consolidated Income
Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Revenue |
312,316 |
235,448 |
|
Cost of sales |
235,011 |
166,674 |
|
Taxes and surcharges |
4,519 |
3,432 |
|
Sales expense |
10,391 |
19,937 |
|
Management expense |
41,031 |
26,234 |
|
Finance expense |
2,043 |
860 |
|
Non-business income |
3,772 |
1,788 |
|
Non-business expenditure |
27 |
27 |
|
Profit before tax |
22,620 |
16,046 |
|
Less: profit tax |
2,345 |
1,758 |
|
20,275 |
14,288 |
Important Ratios
=============
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
*Current ratio |
1.62 |
1.49 |
|
*Quick ratio |
1.53 |
1.32 |
|
*Liabilities to assets |
0.50 |
0.51 |
|
*Net profit margin (%) |
6.49 |
6.07 |
|
*Return on total assets (%) |
6.21 |
4.23 |
|
*Inventory / Revenue ×365 |
18 days |
46 days |
|
*Accounts receivable/ Revenue ×365 |
184 days |
212 days |
|
*Revenue/Total assets |
0.96 |
0.70 |
|
*Cost of sales / Revenue |
0.75 |
0.71 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fairly good
SC’s return on total assets is average.
SC’s cost of sales is average, 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 fairly good level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC appears large.
SC’s short-term loans are in an average level.
SC’s revenue is in a fair 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. The large amount of accounts receivable may be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
|
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 |
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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.