MIRA INFORM REPORT
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Report No. : |
336545 |
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Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
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Name : |
FUJIAN YONTHIN DIGITAL
CONTROL TECHNOLOGY CO., LTD. |
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Registered Office : |
Shihu Port Technology Industrial Park, Hanjiang Town, Shishi City, Fujian Province, 362700 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
28.09.2002 |
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Com. Reg. No.: |
350581100017456 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
R&D of NC technology; manufacturing of NC equipment; R&D,
manufacturing and selling computerized embroidery machine, sewing and textile
special automation equipment; R&D, manufacturing and selling auxiliary
materials computerized embroidery machine, sewing, textile and other special
automation equipment and spare parts; R&D, manufacturing and selling new
technology automation equipment application technology, new technology, new
products (excluding pre-licensing program); self-employed and agents the
import and export business of all kinds of goods and technology (excluding
pre-licensing program and the items limited of prohibited by state). (with
permit, if needed.) |
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No. of Employees : |
70 |
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 : |
Slow but correct |
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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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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; (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 2014 more than 274 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 passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name & address
FUJIAN YONTHIN DIGITAL CONTROL TECHNOLOGY CO., LTD.
Shihu port Technology Industrial Park, HANJIANG
TOWN, SHISHI CITY, FUJIAN PROVINCE, 362700 PR CHINA
TEL: 86 (0) 595-88658207 FAX: 86 (0) 595-88658201
EXECUTIVE
SUMMARY
INCORPORATION DATE :
SEP. 28, 2002
REGISTRATION NO. :
350581100017456
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. LIN HUIHUANG (LEGAL REPRESENTATIVE)
STAFF STRENGTH :
70 (APPROXIMATELY)
REGISTERED CAPITAL : CNY 24,000,000
BUSINESS LINE :
R&D, MANUFACTURING AND TRADING
TURNOVER :
CNY 30,980,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 28,240,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3992 =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 Company at local
administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Sep. 28, 2002, and later was changed into
present legal form.
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 China.. Natural person are allowed
to serve as promoters. The minimum
registered capital of a co. is CNY 5M. while that of the co. with foreign
investment is CNY 5M. The total capital of a co. which propose to apply for
publicly listed must be no less than CNY 30M. 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: R&D of NC technology;
manufacturing of NC equipment; R&D, manufacturing and selling computerized
embroidery machine, sewing and textile special automation equipment; R&D,
manufacturing and selling auxiliary materials computerized embroidery machine,
sewing, textile and other special automation equipment and spare parts;
R&D, manufacturing and selling new technology automation equipment
application technology, new technology, new products (excluding pre-licensing
program); self-employed and agents the import and export business of all kinds of
goods and technology (excluding pre-licensing program and the items limited of
prohibited by state). (with permit, if needed.)
SC is mainly engaged in R&D, manufacturing and selling CNC
equipment, computerized embroidery machine.
Mr. Lin Huihuang is the legal representative and chairman of SC at
present.
SC is known to have approx. 70 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Shishi. The detailed premise
information is unknown.
http://www.yonthin.com/
The design is professional and the content is well organized. At present it is
in English and Chinese versions.
E-mail: 540971222@qq.com;
info@yonthin.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Company name |
Yonthin Computerize Equipment Co., Ltd.
Shishi City |
Present one |
|
Legal form |
Limited Liabilities Company |
Organization Code: 154324024
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lin Huihuang 51
Lin Xuri 49
Legal
Representative and Chairman:
Mr. Lin Huihuang is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working in SC as legal representative and
chairman.
General
Manager and Director:
Lin Xuri is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as director and general
manager.
Directors:
Lin Shaopeng
Dong Yiping
Lin Chunxiao
Supervisors:
Gao Guoxin
Lin Chunqiong
Huang Siwen
SC is mainly engaged in R&D, manufacturing and selling CNC
equipment, computerized embroidery machine.
SC’s products mainly include: embroidery machines, circular knitting
machines, sewing equipments, etc.
SC sources its materials 100% from domestic market. SC sells 50% of its
products in domestic market and 50% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C, Check and Credit of 30-60 days.
Note: SC declined
to release its major suppliers and clients.
Trademark &
Patents
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Registration No. |
8297944 |
10512344 |
3375178 |
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Registration Date |
2011-05-14 |
2013-04-14 |
2004-09-28 |
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Trademark Design |
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SC is not known to have any subsidiary at present.
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.
The banking information of SC is unknown.
Balance
Sheet
Unit: CNY’000
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As of Dec. 31,
2014 |
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Cash & bank |
1,610 |
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Inventory |
28,520 |
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Accounts receivable |
14,830 |
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Notes receivable |
0 |
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Advances to suppliers |
11,540 |
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Other receivable |
2,620 |
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------------------ |
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Current assets |
59,120 |
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Fixed assets net value |
10,430 |
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Deferred income tax assets |
400 |
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Intangible assets |
9,000 |
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------------------ |
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Total assets |
78,950 |
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============= |
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Short loans |
32,000 |
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Accounts payable |
11,810 |
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Notes payable |
3,700 |
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Taxes payable |
820 |
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Accrued payroll |
340 |
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Advances from customers |
1,640 |
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Other accounts payable |
160 |
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Interest payable |
240 |
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------------------ |
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Current liabilities |
50,710 |
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Other liabilities |
0 |
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------------------ |
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Total liabilities |
50,710 |
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Equities |
28,240 |
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------------------ |
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Total liabilities & equities |
78,950 |
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Income
Statement
Unit: CNY’000
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As of Dec. 31,
2014 |
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Turnover |
30,980 |
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Cost of goods sold |
22,910 |
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Taxes and additional of main operation |
360 |
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Sales expense |
1,680 |
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Management expense |
4,520 |
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Finance expense |
2,730 |
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Non-operating income |
2,780 |
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Profit before tax |
660 |
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Less: profit tax |
600 |
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Profits |
60 |
Important
Ratios
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As of Dec. 31,
2014 |
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*Current ratio |
1.17 |
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*Quick ratio |
0.60 |
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*Liabilities to assets |
0.64 |
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*Net profit margin (%) |
0.19 |
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*Return on total assets (%) |
0.08 |
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*Inventory /Turnover ×365 |
337 days |
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*Accounts receivable/Turnover ×365 |
175 days |
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*Turnover/Total assets |
0.39 |
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* Cost of goods sold/Turnover |
0.74 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is average, comparing with its turnover.
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 is large in 2014.
The accounts receivable of SC appears fairly large.
The short-term loan of SC is large in 2014.
SC’s turnover is in a poor 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.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of inventory and short-term loan could be a threat
to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.12 |
|
|
1 |
Rs.101.62 |
|
Euro |
1 |
Rs.72.55 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
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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.