MIRA
INFORM REPORT
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Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN MARY PHOTOELECTRICITY CO., LTD. |
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Registered Office : |
Building 19, Nangang 3rd Industrial Zone, Tangtou Community, Shiyan Town, Baoan District, Shenzhen, Guangdong Province, 518108 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
10.04.2006 |
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Com. Reg. No.: |
440306103075244 |
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Legal Form : |
Limited
Liabilities Company |
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Line of Business : |
Subject is engaged in manufacturing LED colour screen, LED power supply, LED lighting and LED accessories, selling optoelectronic products and electronic products; importing and exporting goods and technologies |
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No. of Employees : |
600 |
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, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 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. Debt overhang from its credit-fueled stimulus program in 2008-10, particularly among local governments, and soaring property prices challenge policy makers currently. Their efforts to cool a red-hot property market in 2011 appear to have curbed inflation, but contributed to slower GDP growth in 2012 and 2013. Slow recovery in Europe and other key export markets have also retarded growth. 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 fixed investments and exports in the future. 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 and address
SHENZHEN MARY
PHOTOELECTRICITY CO., LTD.
BUILDING 19, NANGANG 3RD INDUSTRIAL ZONE,
TANGTOU COMMUNITY, SHIYAN TOWN, BAOAN DISTRICT,
SHENZHEN, GUANGDONG PROVINCE, 518108 PR CHINA
TEL: 86 (0)
755-81791561/81791776/15019201877
FAX: 86 (0)
755-81791520
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 10, 2006
REGISTRATION NO. : 440306103075244
REGISTERED LEGAL FORM
: limited liabilities company
CHIEF EXECUTIVE : Mr. HUANG CHANGHONG (chairman)
STAFF STRENGTH : 600
REGISTERED CAPITAL : CNY 36,800,000
BUSINESS LINE : manufacturing and
trading
TURNOVER : cny 340,990,000
(unaudited, As of Dec. 31, 2013)
EQUITIES : CNY
69,080,000 (unaudited, As of Dec. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.1283 = 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 Ren Min Bi
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Apr. 10, 2006.
Company Status: Limited liabilities co. This form of business in PR China
is defined as a legal person. No more than fifty shareholders contribute
its registered capital jointly. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as
follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes manufacturing LED colour screen, LED power supply, LED lighting and LED accessories (environmental approval is valid until November 28, 2013); selling optoelectronic products and electronic products; importing and exporting goods and technologies. (excluding the items laws and administrative regulations, the State Council decide to be approved before registration)
SC is mainly engaged in manufacturing and selling LED colour screen, LED power supply, LED lighting and LED accessories.
Mr. Huang Changhong has been the legal representative and chairman of SC since November of 2013.
SC is known to have approx. 600 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the industrial zone of Shenzhen. SC’s management declined to release detailed information of the premise.
http://www.ledmary.com The design is professional and the content is well organized. At present it is in Chinese and English versions.
E-mail: sales@mrled.cn ; info@mrled.cn
Changes of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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2007-12-20 |
Registration no. |
4403061220932 |
440306103075244 |
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Shareholders and
shareholding |
Huang Meilian 15% Chen Zebo 55% Chen Fubao 10% Xia Jianhua 20% |
Chen Tao 10% Shi Jiangong 10% Chen Zebo80% |
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2009-3-17 |
Registered capital |
CNY 1,000,000 |
CNY 6,800,000 |
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Shareholders and
shareholding |
Chen Tao 10% Shi Jiangong 10% Chen Zebo 80% |
Chen Tao 1.4706% Shi Jiangong 1.4706% Chen Zebo 97.0588% |
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2009-5-14 |
Registered capital |
CNY 6,800,000 |
CNY 10,000,000 |
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Shareholders and
shareholding |
Chen Tao 1.4706% Shi Jiangong 1.4706% Chen Zebo97.0588% |
Chen Tao 1% Shi Jiangong 1% Chen Zebo 98% |
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2010-3-24 |
Legal rep. |
Chen Zebo |
Chen Fubao |
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2010-9-2 |
Registered capital |
CNY 10,000,000 |
CNY 20,000,000 |
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Shareholders and
shareholding |
Chen Tao 1% Shi Jiangong 1% Chen Zebo 98% |
Chen Tao 10% Shi Jiangong 10% Chen Zebo 80% |
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2011-4-20 |
Registered capital |
CNY 20,000,000 |
CNY 32,000,000 |
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2012-4-11 |
CNY 32,000,000 |
Present amount |
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|
Shareholders and
shareholding |
Chen Tao 10% Shi Jiangong 10% Chen Zebo 80% |
Chen Tao 7.1739% Shi Jiangong 7.1739% Chen Zebo 57.3913% Shenzhen Rongsheng
Venture Capital Partnership (Limited Partnership) (in Chinese Pinyin) 4.3478% Shenzhen Ancheng
Changsheng Venture Capital Partnership (Limited Partnership) (in Chinese
Pinyin) 2.1739% Shenzhen
Mairuiguang Investment Partnership (Limited Partnership) (in Chinese Pinyin) 5.4348% Shenzhen Qingyan
Lihe Venture Capital Partnership (Limited Partnership) (in Chinese Pinyin) 16.3044% |
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2012-8-22 |
Legal rep. |
Chen Fubao |
Chen Zebo |
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2013-1-28 |
Shareholders and
shareholding |
Chen Tao 7.1739% Shi Jiangong 7.1739% Chen Zebo 57.3913% Shenzhen Rongsheng
Venture Capital Partnership (Limited Partnership) (in Chinese Pinyin) 4.3478% Shenzhen Ancheng
Changsheng Venture Capital Partnership (Limited Partnership) (in Chinese
Pinyin) 2.1739% Shenzhen
Mairuiguang Investment Partnership (Limited Partnership) (in Chinese Pinyin) 5.4348% Shenzhen Qingyan
Lihe Venture Capital Partnership (Limited Partnership) (in Chinese Pinyin) ) 16.3044% |
Chen Tao 7.1739% Shi Jiangong 7.1467% Chen Zebo 50.2174% Shenzhen Rongsheng
Venture Capital Partnership (Limited Partnership) (in Chinese Pinyin) 4.3478% Shenzhen Ancheng
Changsheng Venture Capital Partnership (Limited Partnership) (in Chinese
Pinyin) 2.1739% Shenzhen
Mairuiguang Investment Partnership (Limited Partnership) (in Chinese Pinyin) 5.4348% Shenzhen Qingyan
Lihe Venture Capital Partnership (Limited Partnership) (in Chinese Pinyin) ) 16.3044% Shenzhen
Xinruiming Enterprise Management Consulting Company (Limited Partnership) (in
Chinese Pinyin) 7.2011% |
|
2013-6-27 |
Shareholders and
shareholding |
Chen Tao 7.1739% Shi Jiangong 7.1467% Chen Zebo 50.2174% Shenzhen Rongsheng
Venture Capital Partnership (Limited Partnership) (in Chinese Pinyin) 4.3478% Shenzhen Ancheng Changsheng
Venture Capital Partnership (Limited Partnership) (in Chinese Pinyin) 2.1739% Shenzhen
Mairuiguang Investment Partnership (Limited Partnership) (in Chinese Pinyin) 5.4348% Shenzhen Qingyan
Lihe Venture Capital Partnership (Limited Partnership) (in Chinese Pinyin) ) 16.3044% Shenzhen
Xinruiming Enterprise Management Consulting Company (Limited Partnership) (in
Chinese Pinyin) ) 7.2011% |
Chen Tao 7.1739% Shi Jiangong
7.1467% Chen Zebo 73.0435% Shenzhen Mairuiguang
Investment Partnership (Limited Partnership) (in Chinese Pinyin) 5.4348% Shenzhen
Xinruiming Enterprise Management Consulting Company (Limited Partnership) (in
Chinese Pinyin) 7.2011% |
|
2013-9-26 |
Chen Tao 7.1739% Shi Jiangong 7.1467% Chen Zebo 73.0435% Shenzhen
Mairuiguang Investment Partnership (Limited Partnership) (in Chinese Pinyin) 5.4348% Shenzhen
Xinruiming Enterprise Management Consulting Company (Limited Partnership) (in
Chinese Pinyin) ) 7.2011% |
Present ones |
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2013-11-4 |
Legal rep. |
Chen Zebo |
Present one |
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 78658924X
Certificates:
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Investment amount % of Shareholding
Shenzhen Xinruiming
Enterprise
Management
Consulting Company
(Limited
Partnership) (in Chinese Pinyin)
CNY 2,650,000 7.2011
Fujian Furi Electronics Co., Ltd.
CNY 34,150,000 92.7989
Shenzhen Xinruiming
Enterprise Management Consulting
Company (Limited
Partnership) (in Chinese Pinyin)
==================================
Registration no.: 440306602337582
Legal form: Partnership
Fujian Furi Electronics Co., Ltd.
=========================
Fujian Furi Electronics Co., Ltd. is a listed company in Shanghai Stock Exchange Market with the code of 600203. It is mainly engaged in energy saving industry, household appliances communications industry and domestic & foreign trade business.
Incorporation date: May 7, 1999
Registration no.: 350000100010845
Registered capital: CNY 240,544,100
Legal rep.: Bian Zhihang
Legal form: Shares limited co.
E-mail: furielec@furielec.com
Tel: 0591-83315984/83318998
Fax: 0591-83319978
Legal Representative
and Chairman:
Mr. Huang Changhong , born in 1970, with master’s degree, senior engineer. He is currently responsible for the overall management of SC.
Working Experience(s):
From November of 2013 to present Working in SC as legal representative and chairman.
Also working in Fujian Furi Electronics Co., Ltd. as vice president; Fujian Fory Co., Ltd. and Fujian Furi Photoelectric Co., Ltd. as legal representative.
Vice Chairman and
General Manager:
Mr. Chen Zebo is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman and general manager
Directors:
Chen Fugui
Xu Zhengsheng
Shi Jiangong
Supervisors:
Chen Tao
Zhang Hongbo
Bian Qixin
SC is mainly engaged in manufacturing and selling LED colour screen, LED power supply, LED lighting and LED accessories.
SC’s products mainly include:
New products
Small Pixel Pitch Series
Indoor Rental Series
Outdoor Rental Series
Outdoor Fixed LED Display
Sports LED Display
Indoor Fixed LED Display
Brand: 
SC sources its materials 100% from domestic market; SC sells its products 50% of its products in domestic market, and 50% to overseas market.
The buying terms of SC include T/T and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC declined to release its major customers and suppliers.
Fujian Fory Co., Ltd.
==================
Incorporation date:
Registration no.: 350000100019901
Registered capital: CNY 48,000,000
Legal rep.: Huang Changhong
Legal form: Limited Liabilities co.
Tel: +86-591-38133388
Fax: +86-591-83767133
Fujian Furi Photoelectric Co., Ltd.
========================
Incorporation date:
Registration no.: 350100400000928
Registered capital: CNY 16,500,000
Legal rep.: Huang Changhong
Legal form: Chinese-foreign equity joint venture enterprise
E-mail: gs@furiled.com
Tel:
+86-591-87277730
Fax: +86-591-83631289
According to SC’s website:
Shenyang Office:
Add: No. 206, SR International New Castle, Hunnan New District, Shenyang, Liaoning Province
Xi’an Office:
Add: Room 1203, Building 3, Shizikaiyuan Building, Xishao Gate, Lianhu District, Xi’an, Shaanxi Province
Beijing Office:
Add: 0631, Building 6, Courtyard No.1, Wuliqiao No. 2 Street, Chaoyang District, Beijing
Tianjin Office:
Add:
Etc.
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) 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.
PingAn Bank Co., Ltd. Shenzhen Baoan Sub-branch
AC#: N/A
Relation: Normal
Note: the “5047, Shennan Mid Road, Shenzen Development Bank Building, Shenzhen, China” belongs to PingAn Bank Co., Ltd. Shenzhen Head Office.
There is no one answered the given tel. no. “0086 755
The given “SWIFT CODE: SZDBCNBS” belongs to PingAn Bank Co., Ltd.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2013 |
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Total liabilities |
325,690 |
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Shareholders equities |
69,080 |
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------------------ |
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Total liabilities & equities |
394,770 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2013 |
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Turnover |
340,990 |
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Cost of goods sold |
259,980 |
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Taxes and additional of main operation |
990 |
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Sales expense |
20,460 |
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Management expense |
25,780 |
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Finance expense |
1,610 |
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Asset impairment loss |
3,350 |
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Non-operating income |
1,190 |
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Non-operating expense |
390 |
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Profit before tax |
29,620 |
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Less: profit tax |
3,490 |
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Net profit |
26,130 |
Note: SC’s
accountant refused to release the detailed balance sheet for Yr2013.
The Financial
Report for Year 2013 hasn’t been audited.
Important Ratios
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As of Dec. 31, 2013 |
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*Current ratio |
/ |
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*Quick ratio |
/ |
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*Liabilities to assets |
0.83 |
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*Net profit margin (%) |
7.66 |
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*Return on total assets (%) |
6.62 |
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*Inventory /Turnover ×365 |
/ |
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*Accounts receivable/Turnover ×365 |
/ |
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*Turnover/Total assets |
0.86 |
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* Cost of goods sold/Turnover |
0.76 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears fairly good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is average, comparing with its turnover.
SC’s turnover is in a fair level, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.103.31 |
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Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.