MIRA
INFORM REPORT
|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
AQUATECH ( |
|
|
|
|
Registered Office : |
15TH |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.01.2003 |
|
|
|
|
Com. Reg. No.: |
440101400018686 |
|
|
|
|
Legal Form : |
Wholly
Foreign-Owned |
|
|
|
|
Line of Business : |
Manufacturing and processing industrial wastewater
membrane treatment equipment, pure water system, ultrapure water system,
water desalination system, zero liquid discharge system and other high-tech
environmental protection system |
|
|
|
|
No. of Employees : |
82 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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, 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 2012 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 demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (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. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to under 8% for 2012. An economic slowdown in Europe contributed to China's, and is expected to further drag Chinese growth in 2013. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. 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 exports in the future. However, China has made only marginal progress toward these rebalancing goals
|
Source
: CIA |
Company name and address
AQUATECH (GUANGZHOU)
WATER TREATMENT CO. LTD.
15TH Floor Huilong Building, No. 54-56 Zhongshan 2nd Road
Guangzhou, Guangdong Province 510080 PR China
TEL: 86 (0) 20-37616267/37618195
FAX: 86 (0) 20-37616787
EXECUTIVE SUMMARY
Date of Registration : january 13, 2003
REGISTRATION NO. : 440101400018686
LEGAL FORM : Wholly foreign-owned enterprise
CHIEF EXECUTIVE : DILIPKUMAR BHALCHANDRA
PUROHIT(LEGAL REPRESENTATIVE)
REGISTERED CAPITAL :
usd 900,000
staff : 82
BUSINESS CATEGORY :
MANUFACTURING & PROCESSING & TRADING
Revenue : CNY 23,101,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 2,044,000 (AS OF DEC. 31, 2012)
WEBSITE : www.aquatech.com
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND :
ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.05 = 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 wholly foreign-owned enterprise of PRC with State Administration of Industry & Commerce (SAIC) under registration No.: 440101400018686 on January 13, 2003.
SC’s Organization
Code Certificate No.: 74599594-6
%20WATER%20TREATMENT%20CO%20%20LTD%20%20-%20253120%2008-Feb-2014_files/image002.jpg)
SC’s Tax No.:
440102745995946
SC’s registered
capital: usd 900,000
SC’s paid-in
capital: usd 900,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal
Representative |
A R
Macdonald-Hardie |
Andrew Ronald
Macdonald-Hardie |
|
Shareholder (s) |
Aquatech
International Corqoration 100% |
Aquatech (HK)
Water Treatment Limited 100% |
|
|
|
Registration No. |
007069 |
440101400018686 |
|
Legal
Representative |
Andrew Ronald
Macdonald-Hardie |
Dilipkumar
Bhalchandra Purohit |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Aquatech (HK)
Water Treatment Limited |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Dilipkumar
Bhalchandra Purohit |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Aquatech (HK) Water Treatment Limited 100
------------------------------------------
CR No.: 1285939
Date of Registration:
Legal Form: Private
Status: Live
MANAGEMENT
Dilipkumar
Bhalchandra Purohit, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------------------
Gender: M
ID# E8097580
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and processing industrial wastewater membrane treatment equipment, pure water system, ultra pure water system, water desalination system, zero liquid discharge system and other high-tech environmental protection system; selling its products, providing after services (limited to operate by SC’s branch); wholesaling, importing and exporting mechanical & electrical products, stainless steel products, and glass fiber products.
SC is mainly engaged in manufacturing, processing, and selling water treatment equipment.
SC’s products mainly include: industrial wastewater membrane treatment equipment, pure water system, etc.
SC sources its materials 90% from domestic market, and 10% from overseas market. SC sells 70% in domestic market and 30% to overseas market, mainly U.S.A., etc.
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 Client*
------------------
Aquatech International Corporation
Staff & Office:
--------------------------
SC is known to have approx. 82 staff at present.
SC rents an area as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to have a
branch factory at present,
Aquatech (Guangzhou) Water Treatment Co. Ltd. Branch Factory
Registration No.: 440108400012600
Date of Registration: February 16, 2009
Principal: Li Xinwang
Related Companies,
Aquatech International Corporation
One Four Coins Drive
Canonsburg, PA 15317 USA
Telephone: +1 724 746 5300
Fax: +1 724 746 5359
Contact: Karin Brightwell
Customer Service
USA toll free +1-855-728-0001
Outside USA +1-724-746-5301
ext 7781
AquaChem ICD
1150 James Drive
Hartland, WI 53029 USA
Telephone: +1 262 369 9595
Fax: +1 262 369 9494
Contact: aic@aquatech.com
Customer Service
USA toll free +1-855-728-0001
Outside USA +1-724-746-5301
ext 7781
Aquatech Systems Asia Pvt Ltd.
Survey No. 244/2
Rajiv Gandhi Infotech Park
Hinjewadi, Pune 411 057, INDIA
Telephone: + (91) 20 6654 7000
Fax: + (91) 20 6654 7070
Contact: Aditya Haridas
Aquatech Eastern
PO Box 8912
Sharjah Airport International Free (SAIF) Zone
Sharjah, UAE
Telephone: +971 6 5574595
Fax: +971 6 5574596
Contact: Vikrant Sarin
Europe
Contact: abv@aquatech.com
South Africa
Contact: aic@aquatech.com
Australia
Contact: aic@aquatech.com
Latin America
Contact: aic@aquatech.com
Korea & Japan
Contact: Sushil Bajaj
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
Basic Bank:
Bank of China Guangdong Branch
AC#:
800125072308091001
Bank of China Guangzhou Dongshan Sub-branch
AC#:
820025072308093001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
|
1,088 |
4,252 |
|
|
Notes receivable |
10 |
1,900 |
|
Accounts receivable |
19,871 |
19,130 |
|
Advances to suppliers |
63 |
737 |
|
Other receivable |
382 |
292 |
|
Inventory |
0 |
0 |
|
Deferred expenses |
0 |
0 |
|
Other current assets |
19 |
9 |
|
|
------------------ |
------------------ |
|
Current assets |
21,433 |
26,320 |
|
Fixed assets |
596 |
777 |
|
Construction in progress |
0 |
0 |
|
Intangible assets |
0 |
28 |
|
Long-term prepaid expenses |
0 |
0 |
|
Deferred income tax assets |
1,245 |
874 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
23,274 |
27,999 |
|
|
============= |
============= |
|
Short-term loans |
6,000 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
13,728 |
21,469 |
|
Wages payable |
367 |
0 |
|
Taxes payable |
567 |
3,590 |
|
Advances from clients |
0 |
0 |
|
Other payable |
50 |
53 |
|
Other current liabilities |
567 |
843 |
|
|
------------------ |
------------------ |
|
Current liabilities |
21,279 |
25,955 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
21,279 |
25,955 |
|
Equities |
1,945 |
2,044 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
23,274 |
27,999 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
|
Revenue |
13,633 |
23,101 |
|
Cost of sales |
9,426 |
17,909 |
|
Sales expense |
1,357 |
951 |
|
Management expense |
3,331 |
3,517 |
|
Finance expense |
-132 |
152 |
|
Profit before tax |
-614 |
600 |
|
Less: profit tax |
-805 |
550 |
|
191 |
50 |
Important Ratios
=============
|
|
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
|
*Current ratio |
1.01 |
1.01 |
|
*Quick ratio |
1.01 |
1.01 |
|
*Liabilities to assets |
0.91 |
0.93 |
|
*Net profit margin (%) |
1.40 |
0.22 |
|
*Return on total assets (%) |
0.82 |
0.18 |
|
*Inventory / Revenue ×365 |
-- |
-- |
|
*Accounts receivable / Revenue ×365 |
533 days |
303 days |
|
*Revenue / Total assets |
0.59 |
0.83 |
|
*Cost of sales / Revenue |
0.69 |
0.78 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears average, and it was rising in 2012.
SC’s net profit margin is average in both years.
SC’s return on total assets is average in both years.
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.
SC has no inventory.
The accounts receivable of SC appears large.
SC has no short-term loans in 2012.
SC’s revenue is in a fair level, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high in both years.
The risk for SC to go bankrupt is above average.
Overall financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-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.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.