MIRA INFORM REPORT
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Report No. : |
317716 |
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Report Date : |
21.04.2015 |
IDENTIFICATION DETAILS
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Name : |
GUANDONG YIZUMI PRECISION MACHINERY CO., LTD. |
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Registered Office : |
No. 22 Keyuan 3rd Road, Ronggui, Hi-Tech Industrial Zone, Shunde Foshan, Guangdong Province 528306 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
06.02.2004 |
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Com. Reg. No.: |
440681400005615 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling servo high precision injection molding
machines, die casting machine, rubber injection molding machine, presses, hydraulic
machine, low pressure casting machine, guarantee machines, road sweeping
machines and spare parts; designing and manufacturing nonmetal product mould,
hydrostatic drive; manufacturing electro-hydraulic proportional servo
element; manufacturing waste plastics, electronics, rubber, and battery
recycling equipment; software product development and production; providing
technical advisory of die-casting machines, injection molding machines. |
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No. of Employees : |
2,017 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year. 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; 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name & address
GUANDONG YIZUMI PRECISION
MACHINERY CO., LTD.
NO. 22 KEYUAN 3RD ROAD, RONGGUI, HI-TECH INDUSTRIAL ZONE, SHUNDE
FOSHAN, GUANGDONG PROVINCE 528306 PR CHINA
TEL: 86 (0) 757-29262160/29262162
FAX: 86 (0) 757-29262266
EXECUTIVE
SUMMARY
Date of Registration : february 6, 2004
REGISTRATION NO. : 440681400005615
LEGAL FORM : SHARES LIMITED
COMPANY
CHIEF EXECUTIVE :
chen jingcai (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY
90,000,000
staff : 2,017
BUSINESS CATEGORY :
manufacturing & trading
REVENUE :
CNY 1,175,140,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 392,692,000 (AS OF DEC. 31, 2014)
WEBSITE : www.yizumi-group.com
E-MAIL :
zhangt@yizumi-group.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.20 = 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 February 6, 2004. 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.: 440681400005615 in June
28, 2011.
SC’s Organization Code Certificate No.: 74084633-5
SC’s Tax No.: 440681740846335
SC’s registered capital: CNY 90,000,000
SC’s paid-in capital: CNY 90,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011-6-28 |
Company Name |
Shunde Yizumi Precision Machinery Co., Ltd. |
Guandong Yizumi Precision Machinery Co., Ltd. |
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (As of Jan. 22, 2015) |
% of Shareholding |
|
Great Alpha Holdings Limited |
33.75 |
|
Foshan Lidu Venture Capital Co., Ltd. |
16.65 |
|
Foshan Shunde Yiyuan Technology Development Co., Ltd. |
12 |
|
Foshan Shunde Yichuan Machinery Product Design Co., Ltd. |
11.63 |
|
Hyundai Co., Ltd. |
0.98 |
|
China Merchants Bank Co., Ltd.- Baoying Xiangrui Pension Hybrid
Securities Investment Fund |
0.25 |
|
Bank of Ningbo-Guotai Minyi Flexible Allocation Securities Investment
Fund (LOF) (LOF) |
0.25 |
|
China Construction Bank- Zhongou Preferred Growth Returns Flexible
Allocation Securities Investment Fund |
0.25 |
|
Agricultural Bank of China- Merchants Anda Guaranteed Hybrid
Securities Investment Fund |
0.25 |
|
Huatai Securities Co., Ltd.- Customer credit-backed securities trading
account |
0.11 |
|
Other Shareholders |
23.88 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Chen Jingcai |
|
General Manager |
Zhen Ronghui |
|
Deputy General Manager |
Zhang Tao |
RECENT DEVELOPMENT
SC was listed in Shenzhen Stock Exchange Market with the code of 300415.
SHAREHOLDER CHART & BACKGROUND
Name (As of Jan. 22, 2015) % of Shareholding
----------------------------------
Great Alpha Holdings Limited 33.75
Foshan Lidu Venture Capital Co., Ltd. 16.65
Foshan Shunde Yiyuan Technology Development Co., Ltd. 12
Foshan Shunde Yichuan Machinery Product Design Co., Ltd. 11.63
Hyundai Co., Ltd. 0.98
China Merchants Bank Co., Ltd.- Baoying Xiangrui Pension Hybrid
Securities Investment Fund 0.25
Bank of Ningbo-Guotai Minyi Flexible Allocation Securities Investment
Fund (LOF) (LOF) 0.25
China Construction Bank- Zhongou Preferred Growth Returns Flexible
Allocation Securities Investment Fund 0.25
Agricultural Bank of China- Merchants Anda Guaranteed Hybrid Securities
Investment Fund 0.25
Huatai Securities Co., Ltd. - Customer Credit-Backed Securities Trading
Account 0.11
Other Shareholders 23.88
Great Alpha Holdings Limited
=========================
Company File No.: 1256445
Legal Form: Private
Status: Live
Foshan Lidu Venture Capital Co., Ltd.
===============================
Registration No.: 440681000183428
Chief Executive: Liao Changqing
Registered Capital: CNY 4,400,000
Foshan Shunde Yiyuan Technology Development Co., Ltd.
=============================================
Registration No.: 440681000228878
Chief Executive: Zhang Tao
Registered Capital: CNY 2,000,000
Foshan Shunde Yichuan Machinery Product Design Co., Ltd.
===============================================
Registration No.: 440681000089879
Chief Executive: Li Qianhu
Registered Capital: CNY 1,600,000
MANAGEMENT
Chen Jingcai,
Legal Representative and Chairman
----------------------------------------------------------------------------
Gender: M
Age: 50
Qualification: MBA
Working experience (s):
At present, working in SC as legal representative and chairman
Also working in Yizumi Precision Machinery (Suzhou) Co., Ltd. as legal
representative and chairman
Zhen Ronghui,
General Manager
-------------------------------------------------------
Gender: M
Age: 54
Qualification: University
Working experience (s):
At present, working in SC as general manager, also working in Yizumi
Rubber Machinery Co., Ltd. as legal representative and chairman
Zhang Tao, Deputy
General Manager
---------------------------------------------------------
Gender: M
Age: 47
Qualification: University
Working experience (s):
At present, working in SC as deputy general manager, also working in
Guangdong Yizumi High Speed Packaging System Company Limited as legal
representative and chairman
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling servo
high precision injection molding machines, die casting machine, rubber
injection molding machine, presses, hydraulic machine, low pressure casting
machine, guarantee machines, road sweeping machines and spare parts; designing
and manufacturing nonmetal product mould, hydrostatic drive; manufacturing
electro-hydraulic proportional servo element; manufacturing waste plastics,
electronics, rubber, and battery recycling equipment; software product
development and production; providing technical advisory of die-casting
machines, injection molding machines.
SC is mainly engaged in manufacturing and selling high precision
injection molding machines, die casting machine.
Brand: YIZUMI
SC’s products mainly include: injection molding machine, die casting
machine, rubber injection machine, and high-speed injection molding machine for
packaging.
SC sources its materials 100% from domestic market. SC sells 40% of its
products in domestic market, and 60% to overseas market.
The buying terms of SC include Check, T/T 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:
==============
Yizumi Precision Machinery (Hong Kong) Co., Limited.
Guangdong Yizumi High Speed Packaging System Company Limited
Guangdong Hongtu (Nantong) Die-casting Co., Ltd.
Guangdong Hongteo Accurate Technology Co., Ltd.
Nantong Jinmeilan Elevator Parts Co., Ltd.
Staff &
Office:
--------------------------
SC is known to have approx. 2,017
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,
Yizumi Precision Machinery (Hong Kong) Co., Limited.
Guangdong Yizumi Precision Injection Molding and Die Casting Technology
Co., Ltd.
Yizumi Rubber Machinery Co. Ltd.
Yizumi Precision Machinery (Suzhou) Co., Ltd.
Guangdong Yizumi High Speed Packaging System Company Limited
Foshan Shunde Yizumi Molding Technology Co., Ltd.
PAYMENT
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.
BANKING
Basic Bank:
Shunde Rural Commercial Bank Ronggui Gaosheng Sub-branch
AC#: 10128800020128
FINANCIALS
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
99,213 |
61,857 |
|
|
Notes receivable |
46,914 |
66,475 |
|
Accounts receivable |
172,113 |
209,957 |
|
Interest receivable |
0 |
0 |
|
Advances to suppliers |
6,289 |
10,350 |
|
Other receivable |
5,456 |
7,294 |
|
Inventory |
288,925 |
353,687 |
|
Other current assets |
0 |
10,779 |
|
|
------------------ |
------------------ |
|
Current assets |
618,910 |
720,399 |
|
Long term equity investment |
0 |
0 |
|
Fixed assets |
139,806 |
349,619 |
|
Construction in progress |
179,539 |
23,417 |
|
Intangible assets |
60,098 |
153,123 |
|
Long-term prepaid expenses |
0 |
1,744 |
|
Deferred income tax assets |
4,788 |
5,115 |
|
Other non-current assets |
20,799 |
22,140 |
|
|
------------------ |
------------------ |
|
Total assets |
1,023,940 |
1,275,557 |
|
|
============= |
============= |
|
Short-term loans |
236,044 |
234,708 |
|
Notes payable |
101,926 |
92,649 |
|
Accounts payable |
200,791 |
222,839 |
|
Advances from clients |
76,696 |
84,716 |
|
Payroll payable |
45,299 |
42,543 |
|
Taxes payable |
2,443 |
4,012 |
|
Other payable |
3,639 |
4,800 |
|
Other current liabilities |
11,520 |
18,166 |
|
|
------------------ |
------------------ |
|
Current liabilities |
678,358 |
704,433 |
|
Non-current liabilities |
29,921 |
178,432 |
|
|
------------------ |
------------------ |
|
Total liabilities |
708,279 |
882,865 |
|
Equities |
315,661 |
392,692 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
1,023,940 |
1,275,557 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
1,043,465 |
1,175,140 |
|
Cost of sales |
713,056 |
798,286 |
|
Business Taxes and Surcharges |
6,657 |
6,855 |
|
Sales expense |
119,041 |
121,637 |
|
Management expense |
106,209 |
137,353 |
|
Finance expense |
7,114 |
25,668 |
|
Assets Devaluation |
2,326 |
3,502 |
|
Investment income |
0 |
0 |
|
Non-operating income |
10,924 |
9,137 |
|
Non-operating expense |
688 |
408 |
|
Profit before tax |
99,298 |
90,569 |
|
Less: profit tax |
16,738 |
14,757 |
|
82,560 |
75,812 |
Important Ratios
=============
|
|
As of Dec. 31,
2013 |
As of Sep. 30,
2014 |
|
*Current ratio |
0.91 |
1.02 |
|
*Quick ratio |
0.49 |
0.52 |
|
*Liabilities to assets |
0.69 |
0.69 |
|
*Net profit margin (%) |
7.91 |
6.45 |
|
*Return on total assets (%) |
8.06 |
5.94 |
|
*Inventory / Revenue ×365 |
102 days |
110 days |
|
*Accounts receivable / Revenue ×365 |
61 days |
66 days |
|
*Revenue / Total assets |
1.02 |
0.92 |
|
*Cost of sales / Revenue |
0.68 |
0.68 |
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 average, comparing with its revenue in both
years.
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.
The short-term loans of SC appear large.
SC’s revenue is in an average 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.56 |
|
|
1 |
Rs.93.56 |
|
Euro |
1 |
Rs.67.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
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.