MIRA
INFORM REPORT
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Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
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Name : |
HEFEI MEIYA OPTOELECTRONIC TECHNOLOGY INC. |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.09.2013 |
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Date of Incorporation : |
03.03.2000 |
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Com. Reg. No.: |
340106000006970 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in researching, developing, manufacturing and selling
photoelectric testing, classification special equipment and its application
software. |
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No of Employees : |
671 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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, 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 & ADDRESS
HEFEI MEIYA
OPTOELECTRONIC TECHNOLOGY INC.
NO. 668 WANGJIANG
WEST ROAD, HIGH & NEW TECH. DEVELOPMENT ZONE
HEFEI, ANHUI PROVINCE
230088 PR CHINA
TEL: 86 (0)
551-65317048
FAX: 86 (0)
551-65317548
EXECUTIVE SUMMARY
Date of Registration : march 3, 2000
REGISTRATION NO. : 340106000006970
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL :
CNY 260,000,000
staff : 671
BUSINESS CATEGORY :
r & d & MANUFACTURING & TRADING
REVENUE :
CNY 412,713,000 (JAN. 1, 2013 TO SEP. 30, 2013)
EQUITIES :
CNY 1,464,749,000 (AS OF SEP. 30, 2013)
WEBSITE : www.chinameyer.com
E-MAIL :
mygd@chinameyer.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.06 = 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 March 3, 2000. 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.:
340106000006970 in 2011.
SC’s Organization Code Certificate No.:
71991290-8
SC’s Tax No.: 340104719912908
SC’s registered capital: CNY 260,000,000
SC’s paid-in capital: CNY 260,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2002-6 |
Registered Capital |
CNY 500,000 |
CNY 1,000,000 |
|
2003-4 |
Registered Capital |
CNY 1,000,000 |
CNY 8,000,000 |
|
2008-5 |
Registered Capital |
CNY 8,000,000 |
CNY 100,000,000 |
|
2011 |
Registered Capital |
CNY 100,000,000 |
CNY 150,000,000 |
|
Company’s Name |
Hefei Meiya Optoelectronic Technology Co.,
Ltd. |
Hefei Meiya Optoelectronic Technology Inc. |
|
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Registered Legal Form |
Limited Liabilities Company |
Shares Limited Company |
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2012 |
Registered Capital |
CNY 150,000,000 |
CNY 200,000,000 |
|
2013 |
Registered Capital |
CNY 200,000,000 |
CNY 260,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) (As of Sep. 30, 2013) |
% of Shareholding |
|
Tian Ming |
61.43 |
|
Hao Xianjin |
3.66 |
|
Cen Wende |
3.27 |
|
Shen Haibin |
2.93 |
|
China Construction Bank-Huabao Xingye Multi Strategy Growth Fund |
2.18 |
|
Agricultural Bank of China-Huaxia Steady Growth Hybrid Securities
Investment Fund |
1.68 |
|
Industrial and Commercial Bank of China- E Fund Value Growth Of Hybrid
Securities Investment Fund |
1.65 |
|
Xu Xiawen |
1.46 |
|
Huabao Investment Ltd. |
0.95 |
|
Taiping Life Insurance Co., Ltd.-Liantou-Yinbao |
0.93 |
|
Other Shareholders |
19.86 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Tian Ming |
|
General Manager |
Lin Maoxian |
|
Director |
Shen Haibin |
|
Hao Xianjin |
|
|
Supervisor |
Han Liming |
|
Zhang Jianjun |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002690
SC was rated as" national planning key software
enterprise"," National Torch Plan key high-tech
enterprise"," national innovation enterprise"," Anhui
province tax credit A-class enterprises". SC’s Products: won the "the
first batch of national independent innovation products"," Anhui
province famous brand products", and has won the Anhui provincial science
and technology award, "Anke" trademark was named" Anhui famous
trademark", etc.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
(As of Sep. 30, 2013)
----------------------------------
Tian Ming
61.43
Hao Xianjin 3.66
Cen Wende 3.27
Shen Haibin 2.93
China Construction Bank-Huabao Xingye Multi
Strategy Growth Fund
2.18
Agricultural Bank of China-Huaxia Steady
Growth Hybrid Securities Investment Fund
1.68
Industrial and Commercial Bank of China- E
Fund Value Growth of Hybrid Securities Investment Fund 1.65
Xu Xiawen 1.46
Huabao Investment Ltd. 0.95
Taiping Life Insurance Co.,
Ltd.-Liantou-Yinbao
0.93
Other Shareholders
19.86
MANAGEMENT
Tian Ming, Legal Representative and Chairman
----------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 61
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Also working in Hefei Anke Photoelectric Technology Co.,
Ltd. as executive director, and in Huizhi Venture Capital Co., Ltd. and Hefei
Tongyong Special Material Equipment Co., Ltd. as director
Lin Maoxian, General Manager
-----------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
Qualification:
Master Degree
Ø
Working
experience (s):
At present, working in SC as general manager
Director
-----------
Shen Haibin
Hao Xianjin
Supervisor
--------------
Han Liming
Zhang Jianjun
BUSINESS OPERATION
SC’s registered
business scope includes optoelectronic application technology development,
transfer, software design; manufacturing and selling optoelectronic machinery;
exporting self- made products and technologies; importing machinery equipment,
spare parts, raw materials and technologies needed by SC.
SC is mainly
engaged in researching, developing, manufacturing and selling photoelectric
testing, classification special equipment and its application software.
Brand:
MEYER
SC’s products
mainly include:
Color Sorter:
Rice Color Sorter
Wheat Color Sorter
Multi-use Color Sorter
Belt-type Color Sorter
Tea Color Sorter
- Multicolor Tea Color Sorter
- Monochrome Tea Color Sorter
Industrial Color Sorter
- Plastic Color Sorter
- Non-plastic Color Sorter
Customized Color Sorter
Special Detector:
X-ray Food Processing Machine
X-ray Industrial Detector
X-ray Tyre Detector
SC sources its
materials 80% from domestic market, and 20% from overseas market. SC sells 70%
of its products in domestic market, and 30% 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 T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Cofco Rice Group Co., Ltd.
Ancoo (TH) Co., Ltd.
Cofco (Zhengzhou) Grain and Oil Industry
Co., Ltd.
Cangshan County Xinke Packaging Printing
Co., Ltd.
Garibsons (Pvt) Ltd
Staff & Office:
--------------------------
SC is known
to have approx. 671 staff at
present.
SC owns an area as
its operating office & factory of approx. 115,375 sq. meters at the heading
address.
RELATED COMPANY
Huizhi Venture Capital Co., Ltd.
Registered No.: 340106000028003
Hefei Anke Photoelectric Technology Co., Ltd.
Registered No.: 340106000023832
Hefei Tongyong Special Material Equipment Co., Ltd.
Registered No.: 340107000001216
Etc.
Subsidiary
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Shanghai MST Optoelectronic Technology Co., Ltd.
Registered
No.: 310104000375236
Legal
Representative: Hao Xianjin
Registered
Capital: CNY 3,000,000
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
Basic Bank:
Industrial and Commercial Bank of China Hefei Hi-Tech Development Zone
Sub-branch
AC#: 1302011909024511368
Agricultural
Bank of China Hefei High & New Tech. Development Zone Sub-branch
AC#:
12086201040010473
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Sep. 30, 2013 |
|
908,217 |
1,034,394 |
|
|
Accounts
receivable |
26,359 |
55,982 |
|
Notes receivable |
3,421 |
13,471 |
|
Advances to
suppliers |
8,617 |
15,620 |
|
Interest
receivable |
0 |
0 |
|
Other receivable |
2,926 |
3,620 |
|
Inventory |
67,449 |
81,853 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
230,000 |
120,000 |
|
|
------------------ |
------------------ |
|
Current assets |
1,246,989 |
1,324,940 |
|
Long-term
investments |
0 |
0 |
|
Real estate
investment |
0 |
0 |
|
Fixed assets |
210,832 |
208,700 |
|
Construction in
progress |
22,111 |
23,429 |
|
Project
materials |
0 |
0 |
|
Intangible assets |
33,741 |
33,156 |
|
Goodwill |
0 |
0 |
|
Long-term
deferred expense |
0 |
0 |
|
Deferred income
tax assets |
2,950 |
3,608 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
1,516,623 |
1,593,833 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
25,250 |
11,916 |
|
Accounts payable |
72,495 |
63,084 |
|
Payroll payable |
181 |
4,497 |
|
Taxes payable |
8,972 |
16,591 |
|
Advances from
clients |
11,206 |
15,013 |
|
Other payable |
10,434 |
1,296 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
128,538 |
112,397 |
|
Non-current
liabilities |
13,419 |
16,687 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
141,957 |
129,084 |
|
Equities |
1,374,666 |
1,464,749 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,516,623 |
1,593,833 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
Jan.
1, 2013 to Sep. 30, 2013 |
|
Revenue |
518,122 |
412,713 |
|
Cost of sales |
248,967 |
183,080 |
|
Taxes and surcharges |
4,747 |
4,405 |
|
Sales expense |
60,020 |
46,683 |
|
Management expense |
60,672 |
54,615 |
|
Finance expense |
-8,575 |
-16,757 |
|
Asset impairment loss |
3,732 |
2,553 |
|
Investment
income |
1,713 |
9,549 |
|
Non-operating
income |
43,321 |
24,918 |
|
Non-operating expense |
126 |
756 |
|
Profit before
tax |
193,466 |
171,843 |
|
Less: profit tax |
24,890 |
23,125 |
|
Profits |
168,576 |
148,718 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Sep. 30, 2013 |
|
*Current ratio |
9.70 |
11.79 |
|
*Quick ratio |
9.18 |
11.06 |
|
*Liabilities
to assets |
0.09 |
0.08 |
|
*Net profit
margin (%) |
32.54 |
36.03 |
|
*Return on
total assets (%) |
11.12 |
9.33 |
|
*Inventory /
Revenue ×365/270 |
48 days |
54 days |
|
*Accounts
receivable / Revenue ×365/270 |
19 days |
37 days |
|
*Revenue /
Total assets |
0.34 |
0.26 |
|
*Cost of sales
/ Revenue |
0.48 |
0.44 |
FINANCIAL COMMENTS
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 goods sold is low, 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 appears average.
l
SC has no short-term loans.
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.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.19 |
|
|
1 |
Rs. 102.13 |
|
Euro |
1 |
Rs. 84.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.