MIRA INFORM REPORT
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Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
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Name : |
China Aviation
Optical-Electrical Technology co., ltd. |
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Registered Office : |
No. 10, Zhoushan
Road, Jianxi District, Luoyang, He’nan Province, 471003 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
31.12.2002 |
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Com. Reg. No.: |
410000100020142 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling optoelectronic components and
electronic information products; exporting self-made products and related
technologies, importing raw materials, machinery and equipment, instruments
and spare parts which required in production and scientific research and
related technologies; processing with
imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement. ( |
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No. of Employees : |
7,673 |
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 : |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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, 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
China Aviation Optical-Electrical Technology
co., ltd.
No. 10, Zhoushan Road,
Jianxi District, Luoyang,
He’nan Province,
471003 PR CHINA
TEL: 86 (0) 379-64326068
FAX: 86 (0)
379-64326068
EXECUTIVE SUMMARY
INCORPORATION DATE : Dec. 31, 2002
REGISTRATION NO. : 410000100020142
REGISTERED LEGAL FORM
: Shares limited company
CHIEF EXECUTIVE : MR. Guo Zeyi (CHAIRMAN)
STAFF
STRENGTH : 7,673
(Including subsidiaries)
REGISTERED CAPITAL : CNY 463,472,988
BUSINESS LINE : manufacturing, trading
TURNOVER : CNY 1,473,410,000 (Consolidated, JAN. 1 TO
JUN. 30, 2014)
EQUITIES : CNY
2,989,549,000 (Consolidated, AS OF JUN. 30, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.125 = 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
Note: SC’s correct name should be
the heading one.
SC was registered as a shares limited company at Henan Provincial Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 31, 2002.
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 manufacturing and selling optoelectronic components and electronic information products; exporting self-made products and related technologies, importing raw materials, machinery and equipment, instruments and spare parts which required in production and scientific research and related technologies; processing with imported materials, processing with imported samples, assembling with imported parts, and compensation trade in agreement.
SC is mainly engaged in manufacturing and selling photoelectric components.
Mr. Guo Zeyi has been legal representative, chairman and general manager of SC since 2011.
SC is known to have approx. 7,673
(including subsidiaries) employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the hi-tech zone of Luoyang. Detailed premise information is not available at present.
http://www.jonhon.cn/ The design is professional and the content is well organized. At present it is in Chinese and English versions.
E-mail: zhengquan@jonhon.cn
SC listed in Shenzhen Stock Exchange Market in 2007 with the stock code 002179.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2011 |
Legal representative |
Li Juwen |
Present one |
|
Unknown |
Reg. No. |
4100001006872 |
Present one |
SC has received National Science Convention Prize, National Key New Product, Excellent New Product Prize of State Economic and Trade Committee, State Innovation Prize, etc.
SC has got the quality management system certification of military products, ISO 9001-2000 quality system certification and AS9100 certification, the representative products have got UL, CUL, CE, TUV, CB and other safety certification.
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Tax Registration Certificate No.: 410312745774852
Organization Code: 745774852
There is no record of litigation
till now.
MAIN SHAREHOLDERS: (As of June 30, 2014)
Name % of Shareholding
AviChina Industry & Technology Co., Ltd. 41.57
Henan Investment Group Co., Ltd. 10.48
Luoyang Urban Development & Investment Group Co., Ltd. 3.4
China Orient Asset Management Corporation 2.62
China Air-to-Air Missile Research Institute 2.17
China Minsheng Banking Corp., Ltd.-
Huashang Lead Enterprise Mixed Securities Investment Fund 2.12
China Minsheng Banking Corp., Ltd.-
Huashang Strategy Selected Flexible Allocation Mixed Securities Investment Fund 1.91
Agricultural Bank of China- Zhongyou Core Growth Equity Securities Investment Fund 1.45
No. 1 Transfer Account of National Council for Social Security Fund 1.37
Saiwei Hangdian Technology Co., Ltd. 1.24
Other shareholders 31.67
AviChina Industry & Technology Co., Ltd.
-----------------------------------------
AviChina Industry & Technology Company Limited (“AviChina”) was established in Beijing, the PRC on 30 April 2003. AviChina has been listed on the main board of the Stock Exchange of Hong Kong Limited since 30 October 2003.
Registration no.: 100000000037869
Legal representative: Lin Zuoming
Incorporation date: April 30, 2003
Add: 9/F, Easyhome Tower, A/3 Dongzhimen South Street,
Dongcheng District, Beijing
Tel: (86-10)58354309
Fax: (86-10)58354300
Website: http://www.avichina.com/
Henan Investment Group Co., Ltd.
-----------------------------------------
Registration no.: 410000100018980
Legal representative: Zhu Lianchang
Incorporation date: Dec. 18, 1991
Web: www.hnic.com.cn
E-mail: hnic@hnic.com.cn
Tel. No.: 0371-69158095
Fax No.: 0371-69158099
Legal Representative,
Chairman & General Manager:
Mr. Guo Zeyi, senior economist, born in 1967, with master’s degree, he is currently responsible for the overall management of SC.
Working Experience(s):
From 2011 to present Working in SC as legal representative, chairman and general manager.
Also working in Shenyang Xinghua Aero-electric Appliance Co., Ltd., Xi’an Forstar S&T Co., Ltd., China Aviation Optical-Electrical (Luoyang) Co., Ltd., etc. as legal representative.
Vice General Managers:
Chen Ge
Zhao Yong
Liu Yang
Wang Yanyang
Chen Xueyong
Directors:
Zhou Fangsheng
Zhang Gongfu
Rong Zhongqi
Etc.
Supervisors:
Chen Yuanming
Wang Jingyu
Xi Weiqun
SC is mainly engaged in manufacturing and selling photoelectric components.
SC’s main products include: circular connectors, rectangular connectors, filter connectors, RF coaxial connectors, optical fiber components, cable assemblies, terminals, heavy duty connectors, and so on.
SC sources its materials 80% from domestic market, and 20% from overseas market. SC sells 96% of its products in domestic market, and 4% 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 suppliers:
=================
Plastic Engineering Ltd.
Guangdong XDY Environmental Protection Co., Ltd.
Hengtong Optic-Electric Co., Ltd.
Etc.
Major client:
==========
Southwest Computer Co., Ltd.
Etc.
|
TRADEMARKS & PATENTS |
|
Registration No. |
6760986 |
8042444 |
6684376 |
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Registration Date |
June 28, 2010 |
March 21, 2011 |
May 28, 2010 |
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Trademark Design |
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SC is known to invest in the following companies:
Shenyang
Xinghua Aero-electric Appliance Co., Ltd.
===========================
Registration no.: 210100000013437
Legal representative: Guo Zeyi
Incorporation date:
Xi’an Forstar S&T Co., Ltd.
===========================
Registration no.: 610100100094961
Legal representative: Guo Zeyi
Incorporation date:
Xi’an Forstar Microwave Technology Co., Ltd.
===========================
Registration no.: 610131100121571
Legal representative: Lu Juncang
Incorporation date:
China Aviation Optical-Electrical (Luoyang) Co., Ltd.
===========================
Registration no.: 410300011033474
Legal representative: Guo Zeyi
Incorporation date:
Xi'an TST Testing Technique Co., Ltd.
===========================
Registration no.: 610131100000601
Legal representative: Guo Jianxiong
Incorporation date:
Etc.
Branches
China Aviation Optical-Electrical Technology Co., Ltd. Shenzhen Branch
===========================
Registration no.: 440301103942456
Principal: Feng Zuwen
Incorporation date: 2009-4-10
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’s suppliers declined to make any comments.
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 declined to release its bank details.
Consolidated Balance Sheet
Unit: CNY’000
|
|
As of Jun. 30, 2014 |
As of Dec. 31, 2013 |
|
Cash & bank |
1,038,353 |
1,456,976 |
|
Inventory |
760,040 |
502,100 |
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Bills receivable |
438,991 |
569,390 |
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Accounts receivable |
1,682,256 |
1,375,098 |
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Other Accounts receivable |
33,076 |
23,865 |
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Advances to suppliers |
99,689 |
64,169 |
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Interest receivable |
4,414 |
5,384 |
|
Dividend receivable |
214 |
0 |
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Other current assets |
1,025 |
3,857 |
|
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------------------ |
------------------ |
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Current assets |
4,058,058 |
4,000,839 |
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Fixed assets net value |
1,070,886 |
690,221 |
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Investment property |
569 |
583 |
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Projects under construction |
56,079 |
366,681 |
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Long-term investment |
44,283 |
40,300 |
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Intangible assets |
169,547 |
176,078 |
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Goodwill |
15,938 |
15,938 |
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Long-term deferred expense |
1,278 |
1,527 |
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Deferred tax assets |
27,003 |
23,079 |
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Other assets |
0 |
10,000 |
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------------------ |
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Total assets |
5,443,641 |
5,325,246 |
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============= |
============= |
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Short loans |
285,000 |
380,000 |
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Accounts payable |
695,324 |
516,546 |
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Advance from customers |
32,831 |
18,862 |
|
Accrued payroll |
41,237 |
57,303 |
|
Other Accounts payable |
15,198 |
27,076 |
|
Dividend payable |
1,854 |
2,277 |
|
Notes payable |
390,446 |
377,924 |
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Taxes payable |
21,307 |
64,296 |
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Interest payable |
20,584 |
27,596 |
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Non-current liabilities due within one year |
0 |
5,080 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
1,503,781 |
1,476,960 |
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Long term liabilities |
950,311 |
947,302 |
|
|
------------------ |
------------------ |
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Total liabilities |
2,454,092 |
2,424,262 |
|
Equities |
2,989,549 |
2,900,984 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
5,443,641 |
5,325,246 |
|
|
============= |
============= |
Consolidated Income Statement
Unit: CNY’000
|
|
Jan. 1 to Jun. 30, 2014 |
As of Dec. 31, 2013 |
|
Turnover |
1,473,410 |
2,601,763 |
|
Cost of goods sold |
988,199 |
1,736,076 |
|
Taxes and additional of main operation |
4,478 |
8,651 |
|
Sales expense |
93,399 |
173,209 |
|
Management expense |
185,743 |
321,731 |
|
Finance expense |
12,452 |
40,236 |
|
Assets impairment loss |
23,385 |
39,453 |
|
Investment income |
5,163 |
13,910 |
|
Non-operating income |
5,512 |
8,617 |
|
Non-operating expense |
713 |
1,244 |
|
Profit before tax |
175,716 |
303,690 |
|
Less: profit tax |
23,561 |
45,945 |
|
Profits |
152,155 |
257,745 |
Important Ratios
=============
|
|
As of Jun. 30, 2014 |
As of Dec. 31, 2013 |
|
*Current ratio |
2.70 |
2.71 |
|
*Quick ratio |
2.19 |
2.37 |
|
*Liabilities to assets |
0.45 |
0.46 |
|
*Net profit margin (%) |
10.33 |
9.91 |
|
*Return on total assets (%) |
2.80 |
4.84 |
|
*Inventory /Turnover ×365 |
/ |
70 days |
|
*Accounts receivable/Turnover ×365 |
/ |
193 days |
|
*Turnover/Total assets |
0.27 |
0.49 |
|
* Cost of goods sold/Turnover |
0.67 |
0.67 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is average.
SC’s cost of goods sold is low, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC is average.
The accounts receivable of SC is fairly large.
The short-term loan of SC appears average.
SC’s turnover is in a fair level, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is low.
Overall financial condition of the SC: Fairly good.
SC is considered large-sized in its line with fairly good financial conditions. Taking into consideration of SC’s general performance and development history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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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 |
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|
-- |
NB |
New Business |
-- |
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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.