|
Report Date : |
23.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHINA AVIATION OPTICAL-ELECTRICAL TECHNOLOGY
CO., LTD. |
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Registered Office : |
|
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Country : |
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Financials (as on) : |
30.09.2014 |
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Date of Incorporation : |
31.12.2002 |
|
|
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Com. Reg. No.: |
410000100020142 |
|
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|
|
Legal Form : |
Shares Limited Company |
|
|
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Line of Business : |
Engaged in
Manufacturing and selling Optoelectronic Components and Electronic
Information Products; Exporting Self-Made Products and related Technologies,
Importing Raw Materials, machinery
and equipment, instruments and Spare Parts which
required in Production and Scientific Research and Related Technologies; Processing with Imported Materials, Processing
with Imported Samples, Assembling with Imported Parts, and Compensation trade
in agreement. Subject product ranges includes Circular Connectors, Rectangular
Connectors, Filter Connectors, RF Coaxial Connectors, Optical Fiber
Components, Cable Assemblies, Terminals & Heavy Duty Connectors. |
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No of Employees : |
Approximately 7,673 (Including Sc’s Subsidiaries) |
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 : |
Good |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 |
CHINA AVIATION OPTICAL-ELECTRICAL
TECHNOLOGY CO., LTD.
NO. 10 ZHOUSHAN ROAD, JIANXI DISTRICT, LUOYANG
HE’NAN PROVINCE 471003 PR CHINA
TEL: 86 (0) 379-64326068
FAX: 86 (0) 379-64326068
Date of Registration : DECEMBER 31, 2002
REGISTRATION NO. : 410000100020142
LEGAL FORM : Shares limited company
CHIEF EXECUTIVE : Guo Zeyi (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL : CNY 463,472,988
staff : 7,673 (Including SC’S
subsidiaries)
BUSINESS CATEGORY : manufacturing & TRADING
REVENUE :
CNY 2,400,556,000 (JAN. 1, 2014
TO SEP. 30, 2014)
EQUITIES :
CNY 3,089,711,000 (AS OF SEP. 30, 2014)
WEBSITE : www.jonhon.cn
E-MAIL :
zhengquan@jonhon.cn
PAYMENT : No Complaints
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.22 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
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
SC was
established as a shares limited company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 410000100020142 on December 31,
2002.
SC’s Organization Code Certificate
No.: 74577485-2
SC’s Tax No.: 410312745774852
SC’s registered capital: CNY 463,472,988
SC’s paid-in capital: CNY 463,472,988
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011 |
Legal Representative |
Li Juwen |
Guo Zeyi |
|
-- |
Registration No. |
4100001006872 |
410000100020142 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) (As
of September 30, 2014) |
% of Shareholding |
|
AviChina Industry & Technology Co., Ltd |
41.57 |
|
Henan Investment Group Co., Ltd. |
10.46 |
|
|
3.4 |
|
|
2.17 |
|
Taikang Life Insurance Co.,
Ltd.-Bonus-Personal Bonus-019L-FH002 SHEN |
1.49 |
|
AVIC Information Technology
Co., Ltd. |
1.2 |
|
China Orient Asset Management
Corporation |
1.13 |
|
Bank of China- E Fund Positive Growth Securities Investment Fund |
0.97 |
|
Saiwei Hangdian Technology Co., Ltd. |
0.94 |
|
|
0.93 |
|
Other Shareholders |
35.74 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Guo Zeyi |
|
Deputy General Manager |
Chen Ge |
|
Zhao Yong |
|
|
Liu Yang |
|
|
Wang Yanyang |
|
|
Chen Xueyong |
|
|
Director |
Zhou Fangsheng |
|
Zhang Gongfu |
|
|
Rong Zhongqi |
|
|
Supervisor |
Chen Yuanming |
|
Wang Jingyu |
|
|
Xi Weiqun |
SC listed in Shenzhen Stock Exchange Market with the stock code 002179.
SC has received National Science Convention Prize, National Key New
Product, Excellent New Product Prize of State Economic and Trade Committee,
State Innovation Prize, etc.
SC has got the quality management system certification of military
products, ISO 9001-2000 quality system certification and AS9100 certification,
the representative products have got UL, CUL, CE, TUV, CB and other safety
certification.
Name
%
of Shareholding
AviChina Industry &
Technology Co., Ltd. 41.57
Henan Investment Group Co., Ltd. 10.46
Luoyang Urban Development &
Investment Group Co., Ltd. 3.4
China Air-to-Air Missile
Research Institute 2.17
Taikang Life Insurance Co.,
Ltd.-Bonus-Personal Bonus-019L-FH002 SHEN 1.49
AVIC Information Technology Co.,
Ltd. 1.2
China Orient Asset Management
Corporation 1.13
Bank of China- E Fund Positive
Growth Securities Investment Fund 0.97
Saiwei Hangdian Technology Co.,
Ltd. 0.94
China Pacific Property
Insurance-Traditional-
General Insurance
Products-013C-CT001 SHEN 0.93
Other Shareholders 35.74
AviChina Industry &
Technology Co., Ltd.
----------------------------------------------------
AviChina Industry & Technology Company
Limited (“AviChina”) was established in Beijing, the PRC on 30 April 2003.
AviChina has been listed on the main board of the Stock Exchange of Hong Kong
Limited since 30 October 2003.
Registration No.: 100000000037869
Legal Representative: Lin Zuoming
Add: 9/F, Easyhome Tower, A/3 Dongzhimen
South Street, Dongcheng District, Beijing
Tel: (86-10)58354309
Fax: (86-10)58354300
Website: www.avichina.com
Henan Investment Group Co., Ltd.
-----------------------------------------
Registration No.: 410000100018980
Legal Representative: Zhu Lianchang
Date of Registration: December 18, 1991
Web: www.hnic.com.cn
E-mail: hnic@hnic.com.cn
Tel. No.: 86 (0) 371-69158095
Fax No.: 86 (0) 371-69158099
-------------------------------------------
Registration No.: 410300110044867
Legal Representative: Niu Gang
Date of Registration: November 20, 2002
Registered Capital: CNY 500,000,000
----------------------------------------------------
Registration No.: 110000001881778
Legal Representative: Zhao Hongling
Date of Registration: December 22, 2000
Registered Capital: CNY 77,118,400
China Orient Asset Management
Corporation
--------------------------------------------
Registration No.: 100000000032467
Legal Representative: Zhang Ziai
Date of Registration: October 27, 1999
Registered Capital: CNY 10,000,000,000
Web: www.coamc.com
Saiwei Hangdian Technology Co.,
Ltd.
-------------------------------------------
Registration No.: 110302003478104
Legal Representative: Zheng Yucai
Date of Registration: December 25, 2001
Registered Capital: CNY 89,800,000
Guo Zeyi, Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 47
Ø Qualification: Master
Degree
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also
working in Shenyang Xinghua Aero-electric Appliance Co., Ltd., Xi’an Forstar
S&T Co., Ltd., and China Aviation Optical-Electrical (Luoyang) Co., Ltd. as
legal representative
Deputy
General Manager
---------------------------------
Chen Ge
Zhao Yong
Liu Yang
Wang Yanyang
Chen Xueyong
Director
-----------
Zhou Fangsheng
Zhang Gongfu
Rong Zhongqi
Supervisor
---------------
Chen Yuanming
Wang Jingyu
Xi Weiqun
SC’s registered business
scope includes manufacturing and selling optoelectronic components and
electronic information products; exporting self-made products and related
technologies, importing raw materials, machinery and equipment, instruments and
spare parts which required in production and scientific research and related
technologies; processing with imported
materials, processing with imported samples, assembling with imported parts,
and compensation trade in agreement.
SC is mainly
engaged in manufacturing and selling photoelectric components.
SC’s main products include: circular connectors, rectangular connectors,
filter connectors, RF coaxial connectors, optical fiber components, cable
assemblies, terminals & heavy duty connectors.
SC sources its materials 80% from domestic market, and 20% from overseas
market. SC sells 90% of its products in domestic market, and 10% 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 include Check, T/T, L/C and Credit of 30-60 days.
*Major suppliers*
---------------------
Plastic Engineering Ltd.
Guangdong XDY Environmental Protection Co., Ltd.
Hengtong Optic-Electric Co., Ltd.
*Major client*
----------------
Southwest Computer Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 7,673
staff (including SC’s subsidiaries) at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
SC is known to
invest in the following companies:
Shenyang Xinghua Aero-electric Appliance Co.,
Ltd.
Registration
No.: 210100000013437
Legal
Representative: Guo Zeyi
Date
of Registration: 2002-01-22
Xi’an
Forstar S&T Co., Ltd.
Registration
no.: 610100100094961
Legal
Representative: Guo Zeyi
Date
of Registration: 2002-12-31
Xi’an
Forstar Microwave Technology Co., Ltd.
Registration
No.: 610131100121571
Legal
representative: Lu Juncang
Date
of Registration: 2014-02-20
China
Aviation Optical-Electrical (Luoyang) Co., Ltd.
Registration
No.: 410300011033474
Legal
Representative: Guo Zeyi
Date
of Registration: 2014-1-1
Xi'an
TST Testing Technique Co., Ltd.
Registration
No.: 610131100000601
Legal
Representative: Guo Jianxiong
Date
of Registration: 2007-09-18
Etc.
Branches
China
Aviation Optical-Electrical Technology Co., Ltd. Shenzhen Branch
Registration
No.: 440301103942456
Principal:
Feng Zuwen
Date
of Registration: 2009-4-10
Overall payment appraisal:
( ) Excellent ( ) Good
(X) No Complaints ( )
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.
The bank
information of SC is not filed in local SAIC.
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Sep. 30, 2014 |
|
1,456,976 |
908,824 |
|
|
Notes receivable |
569,390 |
454,687 |
|
Accounts
receivable |
1,375,098 |
1,917,830 |
|
Advances to
suppliers |
64,169 |
102,987 |
|
Other receivable |
23,865 |
34,411 |
|
Interest
receivable |
5,384 |
4,205 |
|
Inventory |
502,100 |
864,645 |
|
Non-current
assets due within one year |
0 |
0 |
|
Other current
assets |
3,857 |
1,136 |
|
|
------------------ |
------------------ |
|
Current assets |
4,000,839 |
4,288,725 |
|
Financial assets
available for sale |
0 |
67 |
|
Long-term
receivables |
583 |
0 |
|
Investment real
estate |
0 |
563 |
|
Long-term equity
investment |
40,300 |
49,172 |
|
Fixed assets |
690,221 |
1,068,625 |
|
Construction in
progress |
366,681 |
71,001 |
|
Intangible
assets |
176,078 |
167,880 |
|
Goodwill |
15,938 |
15,938 |
|
Long-term
prepaid expenses |
1,527 |
1,250 |
|
Deferred income
tax assets |
23,079 |
30,160 |
|
Other
non-current assets |
10,000 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
5,325,246 |
5,693,381 |
|
|
============= |
============= |
|
Short-term loans |
380,000 |
200,000 |
|
Notes payable |
377,924 |
435,821 |
|
Accounts payable |
516,546 |
826,765 |
|
Advances from clients |
18,862 |
34,840 |
|
Payroll payable |
57,303 |
44,107 |
|
Tax payable |
64,296 |
25,312 |
|
Dividend payable |
2,277 |
10,102 |
|
Interest payable |
27,596 |
29,859 |
|
Other payable |
27,076 |
47,112 |
|
Non-current
liabilities due within one year |
5,080 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,476,960 |
1,653,918 |
|
Non-current
liabilities |
947,302 |
949,752 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
2,424,262 |
2,603,670 |
|
Equities |
2,900,984 |
3,089,711 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
5,325,246 |
5,693,381 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
Jan.
1, 2014 to Sep. 30, 2014 |
|
Revenue |
2,601,763 |
2,400,556 |
|
Cost of sales |
1,736,076 |
1,607,201 |
|
Sales tax and extra charges |
8,651 |
6,971 |
|
Sales expense |
173,209 |
139,687 |
|
Management expense |
321,731 |
300,306 |
|
Finance expense |
40,236 |
21,854 |
|
Assets impairment loss |
39,453 |
41,207 |
|
Investment
income |
13,910 |
10,118 |
|
Non-operating
income |
8,617 |
8,129 |
|
Non-operating expense |
1,244 |
1,563 |
|
Profit before
tax |
303,690 |
300,012 |
|
Less: profit tax |
45,945 |
38,804 |
|
Profits |
257,745 |
261,208 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Sep. 30, 2014 |
|
*Current ratio |
2.71 |
2.59 |
|
*Quick ratio |
2.37 |
2.07 |
|
*Liabilities
to assets |
0.46 |
0.46 |
|
*Net profit
margin (%) |
9.91 |
10.88 |
|
*Return on
total assets (%) |
4.84 |
4.59 |
|
*Inventory /
Revenue ×365/270 |
70
days |
98 days |
|
*Accounts
receivable / Revenue ×365/270 |
193
days |
216 days |
|
*Revenue /
Total assets |
0.49 |
0.42 |
|
*Cost of sales
/ Revenue |
0.67 |
0.67 |
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC appears fairly good
in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is fairly good.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
FAIRLY GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears average.
l
The accounts receivable of SC is large.
l
The short-term loans of SC appear
average.
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
SC is considered large-sized in its line with
fairly good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.18 |
|
UK Pound |
1 |
Rs.98.85 |
|
Euro |
1 |
Rs.77.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.