MIRA
INFORM REPORT
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Report Date : |
12.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN
COSHIP ELECTRONICS CO., LTD. |
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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 : |
03.02.1994 |
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Com. Reg. No.: |
440301103022657 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject includes invest in initiating industry (specific items to
be declared separately); manufacturing and operating electronic products, computer
hardware and software and its application networking products, automation
control equipments, wireless mobile electronic information products,
automobile electronic products, electronic components, digital TV set-top
boxes; purchase and sales of communications equipment (excluding the products
privileged, prohibited or franchised); import and export business;
researching, developing and manufacturing satellite TV receiver antenna,
tuner, analog / digital satellite TV receivers; manufacturing and operating
mobile communication terminal. |
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No. of Employees : |
3,917 |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 and address
SHENZHEN COSHIP ELECTRONICS CO.,
LTD.
RAINBOW BUILDING,
NORTHERN SECTION, HI-TECH INDUSTRIAL PARK
NANSHAN
DISTRICT, SHENZHEN, GUANGDONG PROVINCE 518057 PR CHINA
TEL: 86
(0) 755-26990000
FAX: 86
(0) 755-26722666
EXECUTIVE SUMMARY
Date of Registration : February 3, 1994
REGISTRATION NO. : 440301103022657
LEGAL FORM :
SHARES LIMITED COMPANY
REGISTERED CAPITAL :
CNY 682,959,694
staff : 3,917
BUSINESS CATEGORY :
manufacturING & TRADING
REVENUE :
CNY 1,377,870,000 (JAN. 1, 2013
TO SEP. 30, 2013)
EQUITIES :
CNY 1,335,580,000 (AS OF SEP. 30, 2013)
WEBSITE : www.coship.com
E-MAIL : sales@coship.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : fairly good
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 shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 440301103022657 on
February 3, 1994.
SC’s Organization Code Certificate
No.: 27948460-3
SC’s Tax No.: 440301279484603
SC’s Customs Registration No.:
4403161064
SC’s registered capital: CNY 682,959,694
SC’s paid-in capital: CNY 682,959,694
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2007 |
Registration
No. |
4403012002106 |
440301103022657 |
|
2013 |
Registered Capital |
CNY 341,479,850 |
CNY
682,959,694 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) (As of Sep. 30, 2013) |
% of Shareholding |
|
Yuan Ming |
32.05 |
|
Gao Chunlei |
2.13 |
|
Wang Shichen |
1.81 |
|
Huang Guohai |
1.46 |
|
Stockren Securities Co., Ltd. |
1.09 |
|
Industrial and Commercial Bank of China-UBS SDIC Core
Securities Investment Fund |
0.69 |
|
China Life Insurance Company Ltd.- Traditional - General
Insurance Products |
0.59 |
|
Tongqian Securities Investment Fund |
0.53 |
|
Chen Boyu |
0.51 |
|
Yuan Hua |
0.46 |
|
Other Shareholders |
58.68 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Yuan
Ming |
|
Deputy General Manager |
Yang Ruiliang |
|
Ye Xin |
|
|
Sun Gongxian |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market
with the code of 002052.
SC has obtained ISO14001:2004 certificate, and was awarded as
Key Demonstrational Enterprise of State Hi-Tech Demonstrational Base of
Shenzhen, Top 50 Scientific and Technological Enterprise of Shenzhen, Pioneer
Export Enterprise, Top 50 Privately-owned Enterprise of Shenzhen, Top 100
Software Enterprise, AAA Credit Export Enterprise of Shenzhen, Famous Trademark
of Guangdong Province, Top 100 SME of Independent Innovation of Shenzhen,
Signpost and Backbone Privately-owned Enterprise 2008 of Shenzhen, Top 50 of SME of China in 2009, etc.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
(As of Sep. 30, 2013)
----------------------------------
Yuan Ming
32.05
Gao Chunlei
2.13
Wang Shichen
1.81
Huang Guohai
1.46
Stockren Securities Co., Ltd.
1.09
Industrial and Commercial Bank
of China-UBS SDIC Core Securities Investment Fund
0.69
China Life Insurance Company
Ltd.- Traditional - General Insurance Products
0.59
Tongqian Securities Investment
Fund
0.53
Chen Boyu
0.51
Yuan Hua
0.46
Other Shareholders 58.68
MANAGEMENT
Yuan
Ming, Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 51
Ø
Qualification: University
Ø
Working experience (s):
From 1984 to 1993, worked in Anhui Huaibei Power
Plant as engineer
From 2001 to present, working in SC as legal
representative, chairman and general manger
Also working in Shenzhen Coship Software Co., Ltd. and
Nantong Coship Electronics Co., Ltd. as legal representative
Yang
Ruiliang, Deputy General Manager
----------------------------------------------------------------
Ø
Gender: M
Ø
Age: 51
Ø
Qualification: Doctor Degree
Ø
Working experience (s):
From 2011 to present, working in SC as deputy
general manager
Ye
Xin, Deputy General Manager
----------------------------------------------------
Ø
Gender: M
Ø
Age: 39
Ø
Qualification: University
Ø
Working experience (s):
From 2012 to present, working in SC as deputy general
manager
Also working in Shenzhen Kexu Technology Co.,
Ltd. as legal representative
Sun
Gongxian, Deputy General Manager
-----------------------------------------------------------------
Ø
Gender: M
Ø
Age: 41
Ø
Qualification: University
Ø
Working experience (s):
From 2011 to present, working in SC as deputy
general manager
Also working in Shenzhen Anjineng Technology
Co., Ltd. as legal representative
BUSINESS OPERATION
SC’s
registered business scope includes invest in initiating industry (specific
items to be declared separately); manufacturing and operating electronic
products, computer hardware and software and its application networking
products, automation control equipments, wireless mobile electronic information
products, automobile electronic products, electronic components, digital TV
set-top boxes; purchase and sales of communications equipment (excluding the
products privileged, prohibited or franchised); import and export business;
researching, developing and manufacturing satellite TV receiver antenna, tuner,
analog / digital satellite TV receivers; manufacturing and operating mobile
communication terminal.
SC is
mainly engaged in manufacturing and selling digital video-related terminal products.
Brand:
COSHIP
SC’s products
mainly include: IPQAM, head-end professional decoder, digital satellite
receiver, digital cable receiver, digital terrestrial receiver, GPS, WDR
camera, CCD camera, high speed dome, DVS, LED display series, cable modem, etc.
SC
sources its materials 80% from domestic market, and 20% from overseas market.
SC sells 45% of its products in domestic market, and 55% to overseas market,
mainly America and Europe and Southeast Asia.
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 Customers:
==============
Jiangsu Broadcasting Television Network Corporation Limited
Shenzhen Coship Video Media Co., Ltd.
Embratel TV SAT
Globo Electronic Gmbh & Co.Kg
Staff & Office:
--------------------------
SC is
known to have approx. 3,917 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 the following subsidiaries:
Shenzhen Coship Software Co., Ltd.
Nantong Coship Electronics Co., Ltd.
Beijing Coship Time Technology Co., Ltd.
Shenzhen Kexu Technology Co., Ltd.
Hubei Coship Informational Technology Co., Ltd.
Shenzhen Anju Technology Co., Ltd.
Shenzhen Yihui Software Co., Ltd.
Shenzhen Anjineng Technology Co., Ltd.
Coship Electroninc (Hong Kong) Co., Ltd.
Dongguan Taidou Microelectronics Technology Co., Ltd.
Shenzhen Coship Video Media Co., Ltd.
Haerbin Cable TV Network Co., Ltd.
Beijing JoyNav Technology Co., Ltd.
Shenzhen Dianming Technology Co., Ltd.
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 Sep. 30, 2013 |
|
292,112 |
292,310 |
|
|
Accounts
receivable |
1,382,087 |
1,386,348 |
|
Notes
receivable |
35,163 |
53,376 |
|
Advances
to suppliers |
78,359 |
132,755 |
|
Interest
receivable |
0 |
0 |
|
Other
receivable |
103,359 |
77,048 |
|
Inventory |
301,508 |
456,696 |
|
Non-current
assets within one year |
3,449 |
218 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
2,196,037 |
2,398,751 |
|
Long-term
investments |
145,121 |
131,270 |
|
Real
estate investment |
2,678 |
0 |
|
Fixed
assets |
354,164 |
353,496 |
|
Construction
in progress |
4,227 |
9,906 |
|
Project
materials |
0 |
0 |
|
Intangible
assets |
115,367 |
114,401 |
|
Goodwill |
0 |
0 |
|
Long-term
deferred expense |
5,007 |
5,759 |
|
Deferred
income tax assets |
60,917 |
60,917 |
|
Other
non-current assets |
304,149 |
215,434 |
|
|
------------------ |
------------------ |
|
Total
assets |
3,187,667 |
3,289,934 |
|
|
============= |
============= |
|
Short-term
loans |
884,852 |
1,226,155 |
|
Notes
payable |
138,557 |
137,926 |
|
Accounts
payable |
540,579 |
467,766 |
|
Payroll
payable |
26,517 |
13,341 |
|
Taxes
payable |
-240 |
-55,796 |
|
Advances
from clients |
45,301 |
43,298 |
|
Other
payable |
17,838 |
16,573 |
|
Other
current liabilities |
87,735 |
37,734 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,741,139 |
1,886,997 |
|
Non-current
liabilities |
124,752 |
67,357 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,865,891 |
1,954,354 |
|
Equities |
1,321,776 |
1,335,580 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
3,187,667 |
3,289,934 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2012 |
Jan. 1, 2013 to Sep. 30, 2013 |
|
Revenue |
2,106,437 |
1,377,870 |
|
Cost of sales |
1,524,625 |
1,015,162 |
|
Taxes and surcharges |
22,581 |
8,578 |
|
Sales expense |
153,207 |
142,273 |
|
Management expense |
215,576 |
183,428 |
|
Finance expense |
71,710 |
35,619 |
|
Asset impairment loss |
29,799 |
-15,701 |
|
Investment
income |
11,104 |
-1,178 |
|
Non-operating
income |
55,124 |
44,626 |
|
Non-operating expense |
3,176 |
3,368 |
|
Profit
before tax |
151,992 |
48,591 |
|
Less:
profit tax |
-41,242 |
640 |
|
Profits |
193,234 |
47,951 |
Important
Ratios
=============
|
|
As of Dec. 31, 2012 |
As of Sep. 30, 2013 |
|
*Current
ratio |
1.26 |
1.27 |
|
*Quick
ratio |
1.09 |
1.03 |
|
*Liabilities
to assets |
0.58 |
0.59 |
|
*Net
profit margin (%) |
9.17 |
3.48 |
|
*Return
on total assets (%) |
6.06 |
1.46 |
|
*Inventory
/ Revenue ×365/270 |
53
days |
90
days |
|
*Accounts
receivable / Revenue ×365/270 |
240
days |
272
days |
|
*Revenue
/ Total assets |
0.66 |
0.42 |
|
*Cost
of sales / Revenue |
0.72 |
0.74 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good
in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average,
comparing with its revenue.
LIQUIDITY:
AVERAGE
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
large.
l
The short-term loans of SC appear
large.
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 average.
l
The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-sized in its line with fairly stable
financial conditions. The large amount of accounts receivable and short-term
loans may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.43 |
|
|
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.85.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.