MIRA
INFORM REPORT
|
Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRUKING
TECHNOLOGY LIMITED |
|
|
|
|
Registered Office : |
No. 1 Xinkang
Road, Yutan Town, Ningxiang County Changsha, Hunan Province 410015 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
08.11.2002 |
|
|
|
|
Com. Reg. No.: |
430124000003013 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
·
Researching, developing, manufacturing and
selling medicine and food packaging machinery and other common machinery ·
Importing and exporting various goods and
technology, excluding the goods forbidden by the government, in accordance
with the license. |
|
|
|
|
No. of Employees |
1,907 |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 31st, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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, 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
TRUKING
TECHNOLOGY LIMITED
NO. 1 XINKANG
ROAD, YUTAN TOWN, NINGXIANG COUNTY CHANGSHA, HUNAN PROVINCE 410015 PR CHINA
TEL: 86 (0)
731-85122336
FAX: 86 (0)
731-85131426
EXECUTIVE SUMMARY
Date of Registration : november 8, 2002
REGISTRATION NO. : 430124000003013
LEGAL FORM : Shares limited company
CHIEF EXECUTIVE :
tang yue (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 72,999,250
staff :
1,907
BUSINESS CATEGORY : manufacturing
& trading
Revenue :
CNY 797,206,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 455,299,000 (AS OF DEC. 31, 2013)
WEBSITE : www.truking.cn
E-MAIL : admin@truking.cn
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.23 = 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 November 8, 2002. 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.: 430124000003013 in 2011.
SC’s Organization Code Certificate No.:
74317629-3
SC’s Tax No.: 430124743176293
SC’s registered capital: CNY 72,999,250
SC’s paid-in capital: CNY 72,999,250
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2007-12 |
Registration No. |
4301242000439 |
430124000003013 |
|
Shareholders (% of
Shareholding) |
Tang Yue 34.00% Zeng Fanyun 12.00% Yang Wenlu 10.50% Yang Niansheng 10.00% Zhou Feiyue 7.00% Lei Songshan 7.00% Liu Zhen 7.00% Other individuals 12.50% |
Tang Yue 47.00% Zeng Fanyun 12.00% Yang Wenlu 10.50% Zhou Feiyue 7.00% Liu Zhen 7.00% Other 10 individuals 16.50% |
|
|
2011 |
Company Name |
Changsha Chutian Science & Technology Co., Ltd. |
Truking Technology Limited |
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
|
Registered Capital |
CNY 10,000,000 |
CNY 66,000,000 |
|
|
Shareholders (% of
Shareholding) |
Tang Yue 7.00% Zeng Fanyun 12.00% Yang Wenlu 10.50% Zhou Feiyue 7.00% Liu Zhen 7.00% Other 10 individuals 16.50% |
Changsha Truking Investment Co., Ltd 1.09% Hainan Hansen Investment Co., Ltd. 09% Chen Yanjun 46% Tang Yue 00% Zeng Fanyun 1.00% Yang Wenlu.36% Zhou Feiyue 36% Liu Zhen.00% Liu Guilin 46% Li Xinhua 23% Tang Bosen46% Deng Wen 46% Li Gang 45% He Changbao.45% Qiu Yongmou45% Sun Julei.45% Zhang Yihuan23% |
|
|
2014 |
Registered Capital |
CNY 66,000,000 |
CNY 72,999,250 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (As of March 31, 2014) |
% of Shareholding |
|
Changsha Truking Investment Co., Ltd. |
59.31 |
|
Hainan Hansen Investment Co., Ltd. |
6.82 |
|
Zhou Feiyue |
1.23 |
|
Yang Wenlu |
1.23 |
|
Tang Yue |
0.90 |
|
Liu Zhen |
0.90 |
|
Zeng Fanyun |
0.90 |
|
Wang Jinming |
0.55 |
|
Li Gang |
0.41 |
|
Qiu Yongmou |
0.41 |
|
Other Shareholders |
27.34 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and CEO |
Tang Yue |
|
Vice CEO |
He Jianjun |
|
Cao Xiangyou |
|
|
Zhou Jingying |
|
|
Li Gang |
|
|
Zhou Feiyue |
|
|
Yang Wenlu |
|
|
Independent Director |
Cheng Xianquan |
|
Zhao Dejun |
|
|
Qu Kai |
|
|
Ye Dajin |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 300358.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
(As of March 31, 2014)
Changsha Truking Investment Co., Ltd. 59.31
Hainan Hansen Investment Co., Ltd. 6.82
Zhou Feiyue 1.23
Yang Wenlu 1.23
Tang Yue 0.90
Liu Zhen 0.90
Zeng Fanyun 0.90
Wang Jinming 0.55
Li Gang 0.41
Qiu Yongmou 0.41
Other Shareholders 27.34
Changsha Truking Investment Co., Ltd.:
================================
Date of Registration: September 16, 2010
Registration No.: 430124000026672
Legal Form: Limited
Liabilities Company
Chief Executive: Tang Yue
Registered Capital: CNY 20,600,000
Hainan Hansen Investment Co., Ltd.
==============================
Date of Registration: October 18, 1999
Registration No.: 469002000003963
Legal Form: Limited
Liabilities Company
Chief Executive: Liu Ling’an
Registered Capital: CNY 10,000,000
MANAGEMENT
Tang Yue, Legal
Representative, Chairman and CEO
-----------------------------------------------------------------------------
Gender: M
Age: 51
ID# 432930196306080012
Qualification: University
Working experience
(s):
Before 2002, worked in Qiyang Chutian Mechatronics Company as general
manager;
From 2002 to present, working in SC as legal representative, chairman
and CEO
Vice CEO
-------------
He Jianjun
Zhou Jingying
Li Gang
Zhou Feiyue
Yang Wenlu
Independent
Director
---------------------------
Cheng Xianquan
Zhao Dejun
Qu Kai
Ye Dajin
BUSINESS OPERATION
SC’s registered business scope includes researching, developing,
manufacturing and selling medicine and food packaging machinery and other common
machinery; importing and exporting various goods and technology, excluding the
goods forbidden by the government, in accordance with the license.
SC is mainly engaged in manufacturing and selling medicine and food
packaging machinery.
Brand: TRUKING 
SC’s products mainly include:
ALX Ampoule Compact Line
AJDZ Ampoule Light-auto Inspection Machine
KLX Vial Compact Line
KLXF Vial Powder Compact Line
YXL Oral Liquid Compact Line
ALXL New Shape Ampoule Compact Line
SRD Non-PVC Film Softbag Line
SRS Non-PVC Film Double-Chamber Softbag Line
SRDF Non-PVC Film Multi-Chamber Softbag Line
SLX Glass bottle Infusion Line
SC sources its materials 80% from domestic market, and 20% from the overseas
market. SC sells 80% of its products in domestic market, and 20% to the
overseas market, mainly India, Bangladesh, Pakistan, Uzbekistan, Indonesia,
Vietnam, South Korea, etc.
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:
==============
Yangtze River Pharmaceutical Group Co., Ltd.
Harbin Pharmaceutical Group Co., Ltd.
Yunnan Baiyao Group Co., Ltd.
Livzon Pharmaceutical Group Inc.
Staff &
Office:
--------------------------
SC is known to have approx. 1,907
staff at present.
SC rents an area as its operating office & factory of approx.
198,000 sq. meters at the heading address.
RELATED COMPANY
SC is not known to have any subsidiary at present.
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 Ningxiang Sub-branch
AC#: 63050304208091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
39,594 |
37,126 |
|
|
Accounts receivable |
135,790 |
163,111 |
|
Notes receivable |
11,607 |
16,416 |
|
Advances to suppliers |
33,489 |
15,258 |
|
Other receivable |
8,057 |
11,315 |
|
Inventory |
202,000 |
416,426 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
430,537 |
659,652 |
|
Long-term investments |
0 |
0 |
|
Fixed assets |
211,819 |
240,465 |
|
Construction in progress |
26,480 |
88,431 |
|
Intangible assets |
78,062 |
77,312 |
|
Deferred income tax assets |
5,268 |
8,719 |
|
Other non-current assets |
0 |
1,652 |
|
|
------------------ |
------------------ |
|
Total assets |
752,166 |
1,076,231 |
|
|
============= |
============= |
|
Short-term loans |
44,800 |
30,000 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
112,727 |
177,511 |
|
Payroll payable |
16,491 |
30,266 |
|
Taxes payable |
7,840 |
2,848 |
|
Interest payable |
0 |
0 |
|
Advances from clients |
226,639 |
340,449 |
|
Other payable |
6,303 |
11,965 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
414,800 |
593,039 |
|
Non-current liabilities |
17,042 |
27,893 |
|
|
------------------ |
------------------ |
|
Total liabilities |
431,842 |
620,932 |
|
Equities |
320,324 |
455,299 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
752,166 |
1,076,231 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Revenue |
588,700 |
797,206 |
|
Cost of sales |
305,211 |
421,109 |
|
Business Taxes and Surcharges |
3,649 |
4,338 |
|
Sales expense |
94,423 |
124,531 |
|
Management expense |
68,390 |
99,822 |
|
Finance expense |
6,614 |
1,364 |
|
Asset impairment loss |
3,219 |
6,199 |
|
Investment income |
0 |
0 |
|
Non-operating income |
3,231 |
17,185 |
|
Non-operating expense |
868 |
2,515 |
|
Profit before tax |
109,556 |
154,513 |
|
Less: profit tax |
14,188 |
19,537 |
|
95,368 |
134,976 |
Important Ratios
=============
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
*Current ratio |
1.04 |
1.11 |
|
*Quick ratio |
0.55 |
0.41 |
|
*Liabilities to assets |
0.57 |
0.58 |
|
*Net profit margin (%) |
16.20 |
16.93 |
|
*Return on total assets (%) |
12.68 |
12.54 |
|
*Inventory / Revenue ×365 |
126 days |
191 days |
|
*Accounts receivable / Revenue ×365 |
85 days |
75 days |
|
*Revenue / Total assets |
0.78 |
0.74 |
|
*Cost of sales / Revenue |
0.52 |
0.53 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue 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 low, comparing with its revenue.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC appears large.
The accounts receivable of SC appears large.
SC’s short-term loans are in an average level
SC’s revenue 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 average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial conditions.
The large amount of inventory and accounts receivable may be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.59 |
|
UK Pound |
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SDA |
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.