MIRA INFORM REPORT
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Report Date : |
30.12.2014 |
IDENTIFICATION DETAILS
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Name : |
NANFANG PUMP INDUSTRY CO., LTD. |
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Formerly Known as : |
Hangzhou Nanfang Special Pump Industry Co.,
Ltd. |
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Registered Office : |
Renhe Town, Yuhang District, Hangzhou, Zhejiang Province, 311107 Pr |
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Country : |
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Financials (as on) : |
30.09.2014 (Consolidated) |
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Date of Incorporation : |
31.08.1991 |
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Com. Reg. No.: |
330184000001637 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in Manufacturing Water Pump, Motor, Metal Stamping Parts,
Fasteners, Stainless Steel Precision Castings, Water Supply Equipment, and
Power Distribution Cabinet; Processing Board; Metal Cutting Processing;
Purchasing Raw Materials needed in Manufacturing as well as International trade. Subject product
ranges includes Stainless Steel Horizontal Single-Stage Centrifugal Pump,
Vertical Multistage Stainless Steel Centrifugal Pump, Immersion Type
Multistage Centrifugal Pump, Horizontal Multistage Stainless Steel
Centrifugal Pump & Vertical In-Line Circulation Pump |
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No of Employees : |
3,383 (Including Subsidiaries) |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
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.
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Source : CIA |
Company name & address
NANFANG PUMP INDUSTRY
CO., LTD.
RENHE TOWN, YUHANG DISTRICT, HANGZHOU,
ZHEJIANG PROVINCE, 311107 PR
CHINA
TEL: 86 (0) 571-86397850/86397811 FAX: 86 (0) 571-86396201
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 31, 1991
REGISTRATION NO. : 330184000001637
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. SHEN jinhao (CHAIRMAN)
STAFF STRENGTH :
3,383 (INCLUDING SUBSIDIARIES)
REGISTERED CAPITAL : CNY 262,308,000
BUSINESS LINE : MANUFACTURING &
trade
TURNOVER : CNY 1,086,400,000 (CONSOLIDATED, JAN. 1 TO SEP. 30, 2014)
EQUITIES : CNY 1,462,922,000 (CONSOLIDATED,
AS OF SEP. 30, 2014)
PAYMENT :
No Complaints
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE : CNY 6.2238 = 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 shares limited company
at Zhejiang Provincial Administration for Industry & Commerce (AIC-The
official body of issuing and renewing business license).
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 China. Natural person are allowed to
serve as promoters. 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 manufacturing water pump, motor,
metal stamping parts, fasteners, stainless steel precision castings, water
supply equipment, and power distribution cabinet; processing board; metal
cutting processing; purchasing raw materials needed in manufacturing;
international trade.
SC is mainly
engaged in manufacturing and selling stainless steel multistage centrifugal
pumps and frequency conversion water supply equipment.
Mr.
Shen Jinhao is legal representative and
chairman of SC at present.
SC is known to have approx. 3,383
employees (including subsidiaries) at present, including 1,655 production
staff, 871 sales staff, 314 administration staff and 291 technical staff, etc.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Hangzhou. Our checks reveal that SC
owns the total premise about 64,500 square meters.
http://www.nanfang-pump.com/ The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: smh@nanfang-pump.com
SC was listed in Shenzhen Stock Exchange in 2010 with the stock code
300145.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2011-2-12 |
Company name |
Hangzhou Nanfang Special Pump Industry
Co., Ltd. |
Present one |
|
Registered
capital |
CNY 60,000,000 |
CNY 80,000,000 |
|
|
2011-6-8 |
Registered
capital |
CNY 80,000,000 |
CNY 144,000,000 |
|
2013-7-10 |
Registered
capital |
CNY 144,000,000 |
CNY 145,091,000 |
|
2014-7-23 |
Registered
capital |
CNY 145,091,000 |
Present amount |
In 2000, SC passed ISO9002 quality system certification. In 2003, SC
passed ISO9001:2000 certification. In 2006, SC passed ISO14000 environmental system
certification. In 2007, SC passed ISO100122003 measuring system certification.
Tax Registration Certificate No.: 330125143853115
Organization Code: 143853115
Subject
passed the annual inspection of 2012 with Administration for Industry &
Commerce.
MAIN SHAREHOLDERS:
(As of Sep. 30, 2014)
Name
% of Shareholding
Shen Jinhao 37.31
Shen Fengxiang 5.74
Shen Jieyong 5.01
Zhao Xiangnian 3.2
Zhou Meihua 3.15
Bank of Communications-Rongtong
Industry
Prosperity Securities Investment
Fund 2.05
Zhao Guozhong 1.92
Shen Guolian 1.91
Ma Yunhua 1.9
Bosera Value Growth Securities
Investment Fund 1.74
Other shareholders 36.07
Legal
Representative and Chairman:
Mr. Shen Jinhao, ID# 33012519630109xxxx, born in 1963, with MBA degree. He is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative and chairman.
Also working in Hangzhou Wanda
Steel Wire Co., Ltd., Huzhou Nanfeng Machinery Manufacturing Co., Ltd., Hunan
Nanfang-Changhe Pump Co., Ltd. as legal representative, and etc.
General Manager:
Mr. Shen Fengxiang, born in 1965, with master’s degree. He is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager.
Also working in Hangzhou Dooch Pump Industry Co., Ltd. and Hangzhou Tsurumi Nanfang Pump Industry Co., Ltd. as legal representative.
Vice General
Manager:
You Jianfa
Zhao Caifu
Shen Menghui
Ping Shunzhou
Director:
Cao Guowei
Xu Qian
Mu Jiegang
Supervisor:
Shen Juanling
Zhao Xiufang
Yang Defu
SC is mainly
engaged in manufacturing and selling stainless steel multistage centrifugal
pumps and frequency conversion water supply equipment.
SC’s products mainly
include: stainless steel horizontal single-stage centrifugal pump, vertical
multistage stainless steel centrifugal pump, immersion type multistage
centrifugal pump, horizontal multistage stainless steel centrifugal pump &
vertical in-line circulation pump
SC sources its
materials 100% from domestic market. SC sells 90% of its products in domestic
market, and 10% to the overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Main customers:
============
Guangzhou Seoca Pump Co., Ltd.
Xiamen Guangfu General Electromechanical Co., Ltd. (In Chinese Pinyin)
Pt. Southern Indonesia
Wuxi Hetian Environmental Protection Equipment Co., Ltd. (In Chinese
Pinyin)
Note: SC’s management declined to release its supplier details.
TRADEMARKS & PATENTS
Registration No.: 12691347
Registration Date: 2014-11-28
Trademark Design:
Registration No.: 12691355
Registration Date: 2014-10-21
Trademark Design: 
Registration No.: 12691349
Registration Date: 2014-12-7
Trademark Design: 
SC is known to
invest in the following companies:
Hangzhou
Dooch Pump Industry Co., Ltd.
----------------------------------------------------
Registered
no.: 330100400019504
Legal
representative: Shen Fengxiang
Date
of incorporation: 2004-07-27
Huzhou
Nanfeng Machinery Manufacturing Co., Ltd.
-----------------------------------------------------------------
Registered
no.: 330521000046078
Legal representative: Shen Jinhao
Date
of incorporation: 2010-12-13
Hunan
Nanfang-Changhe Pump Co., Ltd.
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Registered
no.: 430194000006439
Legal representative: Shen Jinhao
Date
of incorporation: 2011-06-20
Hangzhou Tsurumi Nanfang Pump Industry Co., Ltd.
----------------------------------------------------------------
Registered no.: 330184000091940
Legal
representative: Shen Fengxiang
Date of incorporation: 2004-11-09
Related companies:
Hangzhou Wanda Steel Wire Co., Ltd.
----------------------------------------------
Registered no.: 330184000088082
Legal representative: Shen Jinhao
Date of incorporation: 1996-12-20
Etc.
According to SC’s website, SC has many offices in mainland
Etc.
Overall payment appraisal:
( ) Excellent (
) Good (X) No Complaints (
) 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.
Shanghai Pudong
Development Bank Hangzhou Branch
AC#:
95200167030003000
Agricultural
Bank of China Hangzhou Renhe Sub-branch
AC#:
051001140000353
Relationship:
Normal
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As of Sep. 30, 2014 |
As of Dec. 31, 2013 |
|
Cash & bank |
490,140 |
556,981 |
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Inventory |
394,147 |
258,481 |
|
Bills receivable |
34,104 |
51,848 |
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Accounts
receivable |
148,426 |
106,150 |
|
Other Accounts
receivable |
23,609 |
11,316 |
|
Advances to
suppliers |
23,685 |
5,362 |
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Interest
receivable |
2,038 |
2,029 |
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Other current
assets |
397 |
3,027 |
|
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------------------ |
------------------ |
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Current assets |
1,116,546 |
995,194 |
|
Available for
sale financial assets |
110 |
110 |
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Fixed assets |
386,456 |
386,388 |
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Projects under
construction |
295,750 |
245,990 |
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Intangible
assets |
132,898 |
132,828 |
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Long-term
deferred expenses |
3,331 |
3,876 |
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Deferred tax
assets |
6,065 |
4,126 |
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Other assets |
2,283 |
3,477 |
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------------------ |
------------------ |
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Total assets |
1,943,439 |
1,771,989 |
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============= |
============= |
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Short loans |
11,780 |
13,220 |
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Accounts payable |
237,636 |
200,801 |
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Advance from
customers |
90,481 |
95,791 |
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Payroll payable |
11,705 |
40,597 |
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Other Accounts
payable |
95,286 |
72,706 |
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Taxes payable |
15,230 |
15,752 |
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------------------ |
------------------ |
|
462,118 |
||
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Other
liabilities |
18,399 |
4,521 |
|
|
------------------ |
------------------ |
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Total
liabilities |
480,517 |
443,388 |
|
Equities |
1,462,922 |
1,328,601 |
|
|
------------------ |
------------------ |
|
1,943,439 |
||
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
Jan. 1~ Sep. 30, 2014 |
As of Dec. 31, 2013 |
|
Turnover |
1,086,400 |
1,344,509 |
|
Cost of goods sold |
676,256 |
845,264 |
|
Taxes and additional of main
operation |
6,463 |
8,829 |
|
Sales expense |
133,975 |
166,448 |
|
Management expense |
117,262 |
148,326 |
|
Finance expense |
-5,444 |
-6,928 |
|
Asset impairment loss |
8,299 |
3,100 |
|
Investment
income |
35 |
25 |
|
Non-operating
income |
12,677 |
16,571 |
|
Non-operating expense |
3,295 |
3,667 |
|
Profit before
tax |
159,006 |
192,399 |
|
Less: profit tax |
22,819 |
30,299 |
|
Profits |
136,187 |
162,100 |
Important Ratios
=============
|
|
As of Sep. 30, 2014 |
As of Dec. 31, 2013 |
|
*Current ratio |
2.42 |
2.27 |
|
*Quick ratio |
1.56 |
1.68 |
|
*Liabilities
to assets |
0.25 |
0.25 |
|
*Net profit
margin (%) |
12.54 |
12.06 |
|
*Return on
total assets (%) |
7.01 |
9.15 |
|
*Inventory
/Turnover ×365 |
/ |
71 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
29 days |
|
*Turnover/Total
assets |
0.56 |
0.76 |
|
* Cost of
goods sold/Turnover |
0.62 |
0.63 |
PROFITABILITY:
GOOD
l
The turnover of SC appears good.
l
SC’s net profit margin is good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan is in an average level.
l
SC’s turnover 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.63.65 |
|
UK Pound |
1 |
Rs.99.14 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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Report Prepared
by : |
MNL |
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 |
|
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.