MIRA INFORM REPORT
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Report No. : |
336830 |
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Report Date : |
18.08.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHONGSHAN KAIXUAN VACUUM TECHNOLOGY & ENGINEERING CO., LTD. |
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Registered Office : |
Yongfeng Industry Zone, Henglan Town Zhongshan, Guangdong Province 528478 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
16.01.1998 |
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Com. Reg. No.: |
442000000043012 |
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Legal Form : |
Limited liabilities company |
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Line of Business : |
Subject is engaged in manufacturing and
selling vacuum equipment. |
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No. of Employees : |
200 |
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, 2015
|
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.
|
Source
: CIA |
company
name and address
Zhongshan Kaixuan Vacuum Technology & Engineering Co., Ltd.
Yongfeng Industry Zone, Henglan Town
Zhongshan, Guangdong Province 528478 PR China
TEL: 86 (0) 760-87766190/87668901/87668912/87668920
FAX: 86 (0) 760-87766690
EXECUTIVE
SUMMARY
Date of Registration : january 16, 1998
REGISTRATION NO. : 442000000043012
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 22,000,000
staff : 200
BUSINESS CATEGORY : manufacturing & trading
Revenue : cny 111,670,000 (as of
dec. 31, 2014)
EQUITIES : cny 72,090,000 (as of dec. 31, 2014)
WEBSITE : www.kxvac.com
E-MAIL : sale@kxvac.com
PAYMENT : SATISFACTORY
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.40
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 with State Administration
of Industry & Commerce (SAIC) under registration No.: 442000000043012 on
January 16, 1998.
SC’s Organization Code Certificate
No.: 70763567-5
SC’s Tax No.: 442000707635675
SC’s registered capital: CNY 22,000,000
SC’s paid-in capital: CNY 22,000,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Guangdong Guangye Investment
Group Corporation |
93.5 |
|
Gao Feng |
3.5 |
|
Li Longjun |
1.25 |
|
Miao Bihong |
1.1 |
|
Nie Xinde |
0.65 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, General
Manager and Director |
Gao Feng |
|
Chairman |
Jin Tao |
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Director |
Huang Xiaobing |
|
Da Daoan |
|
|
Jia Guohui |
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Supervisor |
Zheng Hongping |
|
Wu Weiming |
RECENT
DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Guangdong Guangye Investment
Group Corporation 93.5
Gao Feng 3.5
Li Longjun 1.25
Miao Bihong 1.1
Nie Xinde 0.65
Guangdong Guangye Investment
Group Corporation
----------------------------------------------------------------
Registration No.:
440000000050054
Date of Registration: September
8, 1992
Legal Form: Sole State-owned
Enterprise
Registered Capital: CNY
962,370,000
Legal Representative: Jin Tao
E-mail: gdic@gdic.21cn.com
MANAGEMENT
Gao
Feng, Legal Representative,
General Manager and Director
-------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Working
experience (s):
At present, working in SC as
legal representative, general manager and director
Jin
Tao, Chairman
---------------------------------
Ø
Gender: M
Ø Working
experience (s):
At present, working in SC as
chairman
Also working in Guangdong
Guangye Investment Group Corporation as legal representative
Director
-----------
Huang Xiaobing
Da Daoan
Jia Guohui
Supervisor
--------------
Zheng Hongping
Wu Weiming
BUSINESS
OPERATION
SC’s
registered business scope includes manufacturing, selling, researching, and
developing vacuum technology products and mechanical and electrical products;
intermediary, consulting and technical services of vacuum technology products
and mechanical and electrical products; selling epoxy resin material; importing
and exporting commodities and technology.
SC is
mainly engaged in manufacturing and selling vacuum equipment.
SC’s
products mainly include:
Electrical
equipment
Vacuum
heat treatment equipment
Vacuum
smelting equipment
Vacuum
coating equipment
Marine
equipment
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 Customer*
----------------------
Alstom
Grid Canada Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 200 staff
at present.
SC rents
an area as its operating office and factory, but the detailed information is
unknown.
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
The
bank information of SC is not filed in local SAIC.
FINANCIALS
Financial
Summary
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Unit:
CNY’000 |
As of Dec. 31, 2014 |
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Total
assets |
155,990 |
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Total
liabilities |
83,900 |
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Equities |
72,090 |
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Revenue |
111,670 |
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Profits |
9,270 |
Important
Ratios
=============
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As of Dec. 31, 2014 |
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*Liabilities
to assets |
0.54 |
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*Net
profit margin (%) |
8.30 |
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*Return
on total assets (%) |
5.94 |
|
*Revenue/Total
assets |
0.72 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The
revenue of SC appears fairly good in its line.
l SC’s
net profit margin is average.
l SC’s return
on total assets is average.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an average level,
comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
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.65.22 |
|
UK Pound |
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TRU |
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.