MIRA
INFORM REPORT
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Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
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Name : |
Shenzhen Coship
Electronics Co., ltd. |
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Registered Office : |
Rainbow Building, 5th Industrial Zone, Northern
Section, Hi-Tech Industrial Zone,
Nanshan District, Shenzhen, Guangdong
Province, 518057 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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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 is engaged in investment in industrial projects
(with application); technology development, transfer, manufacture and operation
of electronic products, computer software, hardware and network products,
automation control equipment, wireless mobile electronic information
products, automotive electronic products, electronic components, TV, display,
commercial and home appliances, digital TV set top box; purchase and sales of
communication equipment |
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No. of Employees : |
3,080 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, 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
|
Source
: CIA |
Company name and address
Shenzhen Coship Electronics Co., ltd.
RAINBOW BUILDING, 5th
industrial zone, NORTHERN SECTION,
HI-TECH INDUSTRIAL zone,
NANSHAN DISTRICT, SHENZHEN,
GUANGDONG PROVINCE,
518057 PR CHINA
TEL: 86 (0)
755-26525099/ 26999270
FAX: 86 (0)
755-26722666
EXECUTIVE SUMMARY
INCORPORATION DATE : feb. 3, 1994
REGISTRATION NO. : 440301103022657
REGISTERED LEGAL FORM
: SHARES LIMITED COMPANY
CHIEF EXECUTIVE : MR. YUAN MING (CHAIRMAN)
STAFF STRENGTH : 3,080
REGISTERED CAPITAL :
CNY 682,960,000
BUSINESS LINE : MANUFACTURING
AND TRADING
TURNOVER :
CNY 1,956,087,000 (CONSOLIDATED, AS OF DEC. 31, 2013)
EQUITIES :
CNY 1,263,251,000 (CONSOLIDATED, AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY 6.2268 = 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 limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Feb. 3, 1994, and has been under present legal form since Apr. 29, 2001.
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 The minimum registered capital
of a co. is CNY 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 investment in industrial projects (with application); technology development, transfer, manufacture and operation of electronic products, computer software, hardware and network products, automation control equipment, wireless mobile electronic information products, automotive electronic products, electronic components, TV, display, commercial and home appliances, digital TV set top box; purchase and sales of communication equipment (excluding franchised, controlled and monopolized commodity); import and export business; R & D and production of satellite TV receiving antenna, tuner, an analog / digital satellite TV receiver; technology development, transfer, manufacture and operation of mobile communication terminal (with permit).
SC is mainly engaged in manufacturing and selling digital video-related terminal products.
Mr. Yuan Ming has been legal representative, chairman and general manager of SC since 1994.
SC is known to have approx. 3,080 employees at present, including 870 workers, 350 sales representatives and 1,010 technical staff, etc.
SC is currently operating at the above stated address, and this address houses its head office in the industrial zone of Shenzhen. The factory of SC is located at Baolong 5th Road, Baolong Industrial Zone, Longgang District of Shenzhen. SC’s management declined to release the detailed information of the premise.
http://www.coship.com The website cannot be landed.
Email: coship@coship.com
See below for SC as executive party (defendant).
|
Executed Party |
Shenzhen Coship
Electronics Co., Ltd. |
|
Court |
Beijing City
Shijingshan District People's Court |
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Date of Case |
Oct. 11, 2013 |
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Case Number |
(2013) 01741 |
|
Claim Amount |
RMB 129,545.52 |
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Case Status |
Completed |
|
Executed Party |
Shenzhen Coship
Electronics Co., Ltd. |
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Court |
Shenzhen City Longgang
District People's Court |
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Date of Case |
Mar. 7, 2012 |
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Case Number |
(2012) 02112 |
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Claim Amount |
RMB 28,728.5 |
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Case Status |
Completed |
|
Executed Party |
Shenzhen Coship
Electronics Co., Ltd. |
|
Court |
Shenzhen City Nanshan
District People's Court |
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Date of Case |
May 11, 2011 |
|
Case Number |
(2011) 01189 |
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Claim Amount |
RMB 105,972 |
|
Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of action, judgment or other information.
SC is a listed company in Shenzhen Stock Exchange Market with the code of 002052 since 2006.
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.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
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Company’s Chinese name |
|
Present one |
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Registered legal form |
Limited
liabilities co. |
||
|
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Registration No. |
4403012002106 |
440301103022657 |
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Registered capital |
CNY 225,930,652 |
CNY 293,709,847 |
|
|
Registered capital |
CNY 293,709,847 |
CNY 341,479,847 |
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Registered capital |
CNY 341,479,847 |
Present amount |
Note: SC changed its Chinese name in 2001, while its English name remains the same.
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 279484603
MAIN SHAREHOLDERS: (As of Mar. 31, 2014)
Name % of Shareholding
Yuan Ming 32.05
Liao Runhua 0.54
Yuan Hua 0.46
Fu Yuanji 0.43
Ai Wen 0.41
Huang Zhen 0.4
Ma Wenzhong 0.39
Liu Li 0.3
Lin Xiaoxuan 0.28
Wu Yongping 0.26
Others 64.48
Legal Representative,
Chairman and General manager:
Mr. Yuan Ming, born in 1963, with MBA degree, senior engineer. He is currently responsible for the overall and daily management of SC.
Working Experience(s):
From 1984 to 1993 Worked in Anhui Huaibei Power Plant as engineer
From 1994 to present Working in SC as legal representative, chairman and general manger
Also working in Shenzhen Coship Software Co., Ltd., Hubei Coship Information Technology Co., Ltd. and Nantong Coship Electronics Co., Ltd. as legal representative, etc.
Vice General Managers:
Ye Xin
Yi Rui
Che Ke
Etc.
Directors:
Zhong Lian
Pan Lingman
Xiao Hanmei
Etc.
Supervisors:
Wang Hongwei
Gao Changling
Liu Yiping
SC is mainly engaged in manufacturing and selling digital video-related terminal products.
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 60% from domestic market, and 40% from overseas market. SC sells 55% of its products in domestic market, and 45% 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 Check, T/T, L/C and Credit of 30-60 days.
*Major clients
===========
Nantong Coship Electronics Co., Ltd.
Sun Direct TV Pvt Ltd.
Telmex Colombia S.A.
*Major suppliers
=============
Wealthy Link (Asia) Limited
Shenzhen BVC Technology Co., Ltd. (Literal translation)
Honestar Technologies Co., Ltd.
WPI International (Hong Kong) Limited
Weikeng International Company Limited
Etc.
SC is known to have the following subsidiaries:
Shenzhen Coship Software Co., Ltd.
Nantong Coship Electronics Co., Ltd.
Beijing Coship Times Technology Co., Ltd. (Literal translation)
Shenzhen Agiant Technology Co., Ltd.
Hubei Coship Information Technology Co., Ltd. (Literal translation)
Etc.
Branches:
Shenzhen Coship Electronics Co., Ltd. Hubei Branch
Shenzhen Coship Electronics Co., Ltd. Nanjing Branch
Shenzhen Coship Electronics Co., Ltd. Guangzhou Branch
Shenzhen Coship Electronics Co., Ltd. Guiyang Branch
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 records and our debt collection record concerning SC.
Trade payment experience: SC’s supplier declined to make any commends, so the trade reference is not available.
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.
SC’s management declined to release its bank details.
Consolidated Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2012 |
|
Cash & bank |
417,283 |
292,112 |
|
Notes receivable |
89,831 |
35,164 |
|
Accounts receivable |
1,378,382 |
1,382,087 |
|
Advances to suppliers |
138,594 |
78,358 |
|
Other accounts receivable |
90,443 |
103,359 |
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Inventory |
320,160 |
301,508 |
|
Non-current assets due within one year |
554 |
3,449 |
|
Other current assets |
27 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
2,435,274 |
2,196,037 |
|
Long-term account receivable |
232,990 |
304,149 |
|
Long term investment |
164,663 |
145,121 |
|
Investment real estate |
0 |
2,678 |
|
Fixed assets |
364,389 |
354,164 |
|
Projects under construction |
10,056 |
4,227 |
|
Intangible assets |
75,529 |
115,367 |
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Long term prepaid expenses |
5,196 |
5,007 |
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Deferred tax asset |
19,559 |
27,512 |
|
|
------------------ |
------------------ |
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Total assets |
3,307,656 |
3,154,262 |
|
|
============= |
============= |
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Short loans |
1,286,880 |
884,853 |
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Notes payable |
143,209 |
138,557 |
|
Accounts payable |
401,479 |
540,580 |
|
Advances to suppliers |
56,361 |
45,301 |
|
Payroll payable |
12,317 |
26,517 |
|
Taxes payable |
-20,618 |
-240 |
|
Interest payable |
584 |
0 |
|
Other accounts payable |
97,014 |
92,838 |
|
Non-current liabilities due within one year |
33,690 |
87,733 |
|
|
------------------ |
------------------ |
|
Current liabilities |
2,010,916 |
1,816,139 |
|
Non-current liabilities |
33,489 |
74,881 |
|
|
------------------ |
------------------ |
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Total liabilities |
2,044,405 |
1,891,020 |
|
Equities |
1,263,251 |
1,263,242 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
3,307,656 |
3,154,262 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2012 |
|
Turnover |
1,956,087 |
2,106,438 |
|
Cost of goods sold |
1,445,230 |
1,524,625 |
|
Tax and associate charge |
10,166 |
22,581 |
|
Sales expense |
182,416 |
153,207 |
|
Management expense |
246,713 |
215,576 |
|
Finance expense |
53,555 |
71,710 |
|
Assets depreciation loss |
3,424 |
29,799 |
|
Investment income |
2,448 |
11,104 |
|
Non-operating income |
33,570 |
29,995 |
|
Non-operating expense |
5,288 |
3,176 |
|
Profit before tax |
45,313 |
126,863 |
|
Less: profit tax |
11,157 |
-7,837 |
|
Profits |
34,156 |
134,700 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2012 |
|
*Current ratio |
1.21 |
1.21 |
|
*Quick ratio |
1.05 |
1.04 |
|
*Liabilities to assets |
0.62 |
0.60 |
|
*Net profit margin (%) |
1.75 |
6.39 |
|
*Return on total
assets (%) |
1.03 |
4.27 |
|
*Inventory /Turnover
×365 |
60 days |
53 days |
|
*Accounts
receivable/Turnover ×365 |
258 days |
240 days |
|
*Turnover/Total assets |
0.59 |
0.67 |
|
* Cost of goods
sold/Turnover |
0.74 |
0.72 |
PROFITABILITY: AVERAGE
The turnover of SC appears good in its line.
SC’s net profit margin is fairly good in 2012, but average in 2013.
SC’s return on total assets is average.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC appears average.
The accounts receivable of SC appears large.
SC’s short-term loan is large in both years.
SC’s turnover is in a fair level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is low.
Overall financial condition of the SC: Fairly Stable.
SC is considered large-sized in its line with fairly stable financial conditions. The large amount of short-term loan and accounts receivable could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.