MIRA
INFORM REPORT
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Report No. : |
354024 |
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Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
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Name : |
CNLIGHT CO., LTD. |
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Registered Office : |
Section A, Shishan Technology Industry District, Nanhai District Foshan,
Guangdong Province 528225 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2015 |
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Date of Incorporation : |
22.10.1992 |
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Com. Reg. No.: |
440600000023109 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Designing, processing and manufacturing LED lighting products and
accessories, lighting appliances, electric vacuum devices, science equipment,
electric light source equipment and accessories, electronic components,
automatic control equipment, two kinds of disinfection room, supply room
equipment and equipment, water treatment equipment, air handling equipment,
road lights, solar lights, solar panels, solar controller, lamp, battery,
wind power system, electrical switch, LED display, LED emergency lighting
products, LED explosion-proof lighting products; technology developing and
manufacturing avionics, unmanned aerial vehicles, wireless data transmission
systems, smart toys and their applications; undertaking, designing, and
undertaking water treatment project, air treatment engineering, urban &
road lighting engineering, and lighting landscape engineering; installing
lighting electrical appliance; trade and contract energy management of
electric vehicles & related accessories, household electrical appliance
and components; importing and exporting commodities and technology. |
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Employees: |
1,363 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – 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.
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 for the
first time in modern history. Still, China's per capita income is below the
world average.
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 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 also
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
CNLIGHT CO., LTD.
SECTION A, SHISHAN TECHNOLOGY INDUSTRY DISTRICT, NANHAI DISTRICT
FOSHAN, GUANGDONG PROVINCE 528225 PR CHINA
TEL: 86 (0) 757-86695590
FAX: 86 (0) 757-86695225
EXECUTIVE SUMMARY
Date of Registration : OCTOBER 22, 1992
REGISTRATION NO. : 440600000023109
LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
CHAI GUOSHENG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 367,159,836
staff :
1,363
BUSINESS CATEGORY : manufacturing & trading
REVENUE :
CNY 543,858,000 (CONSOLIDATED, JAN. 1, 2015 TO SEP. 30, 2015)
EQUITIES :
CNY 966,802,000 (CONSOLIDATED, AS OF SEP. 30, 2015)
WEBSITE : www.cnlight.com
E-MAIL :
marketing@cnlight.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.42 = 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 shares
limited company of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 440600000023109
on October 22, 1992.
SC’s Organization Code Certificate No.:
28000342-4
SC’s registered capital: CNY 367,159,836
SC’s paid-in capital: CNY 367,159,836
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered Capital |
CNY 184,270,676 |
CNY 240,513,000 |
|
|
Registered Capital |
CNY 240,513,000 |
CNY 360,769,836 |
|
|
Registered Capital |
CNY 360,769,836 |
CNY 367,159,836 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (As of September 30, 2015) |
% of Shareholding |
|
Chai Guosheng |
32.1 |
|
Chen Jianshun |
10.73 |
|
Xian Shuzhong |
3.04 |
|
Wang Yi |
2.15 |
|
Chen Jiantong |
1.7 |
|
Wang Zhaohui |
1.61 |
|
Bank of Communications Co., Ltd.-Bosera Emerging Growth Equity
Securities Investment Fund |
1.09 |
|
Huang Yunlong |
0.98 |
|
Ye Hanjia |
0.89 |
|
Fujian Sanhe Venture Capital Co., Ltd. |
0.84 |
|
Other Shareholders |
44.87 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Chai Guosheng |
|
General Manager and Director |
Chai Hua |
|
Director |
Xian Shuzhong |
|
Chen Jianshun |
|
|
Independent Director |
Liu Shengping |
|
Zhu Fang |
|
|
Wu Yunchun |
|
|
Supervisor |
Liu Huogen |
|
Tang Hao |
|
|
Liu Youcai |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002076.
SHAREHOLDER CHART & BACKGROUND
Name % of Shareholding
(As of September 30, 2015)
---------------------------------
Chai Guosheng 32.1
Chen Jianshun 10.73
Xian Shuzhong 3.04
Wang Yi 2.15
Chen Jiantong 1.7
Wang Zhaohui 1.61
Bank of Communications Co., Ltd.-Bosera
Emerging Growth Equity Securities Investment Fund 1.09
Huang Yunlong 0.98
Ye Hanjia 0.89
Fujian Sanhe Venture Capital Co., Ltd. 0.84
Other Shareholders 44.87
MANAGEMENT
Chai Guosheng, Legal
Representative and Chairman
--------------------------------------------------------------------------------
Gender: M
Age: 62
Qualification: University
Working experience
(s):
At present, working in SC as legal representative and chairman
Chai Hua, General Manager
and Director
--------------------------------------------------------------
Gender: M
Age: 33
Qualification: University
Working experience
(s):
At present, working in SC as general manager and director
Director
-----------
Xian Shuzhong
Chen Jianshun
Independent
Director
---------------------------
Liu Shengping
Zhu Fang
Wu Yunchun
Supervisor
--------------
Liu Huogen
Tang Hao
Liu Youcai
BUSINESS OPERATION
SC’s registered business scope includes designing, processing and manufacturing
LED lighting products and accessories, lighting appliances, electric vacuum
devices, science equipment, electric light source equipment and accessories,
electronic components, automatic control equipment, two kinds of disinfection
room, supply room equipment and equipment, water treatment equipment, air
handling equipment, road lights, solar lights, solar panels, solar controller,
lamp, battery, wind power system, electrical switch, LED display, LED emergency
lighting products, LED explosion-proof lighting products; technology developing
and manufacturing avionics, unmanned aerial vehicles, wireless data
transmission systems, smart toys and their applications; undertaking,
designing, and undertaking water treatment project, air treatment engineering,
urban & road lighting engineering, and lighting landscape engineering;
installing lighting electrical appliance; trade and contract energy management
of electric vehicles & related accessories, household electrical appliance
and components; importing and exporting commodities and technology.
SC is mainly engaged in manufacturing and selling lighting electric
appliance, electric vacuum device.
SC’s products mainly include:
LED
Indoor Lighting
LED Bulb
Ceramic Heat Sink
PC & Al Heat Sink
Al Heat Sink
LED Tube Light
LED Downlight
LED Recessed Light
LED Spotlight
LED Candle Bulb
LED Panel Light
LED Ceiling Light
LED Corn Light
LED Table Lamp
LED Track Light
Outdoor Lighting
LED Street Light
LED Flood Light
LED High Bay Light
LED Tunnel Light
CFL
U Type
Half Spiral
Single - capped
Outer Bulb
Full Spiral
High Power
CMH
Brand: 
SC sources its materials 90% from domestic market and 10% from the
overseas market. SC sells 60% of its products in domestic market and 40% to overseas market, mainly U.S.A., etc.
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 Clients:
-----------------
General Electric International Inc.
Havells Sylvania Costa Rica S.A.
Lights of America, Inc.
Staff &
Office:
--------------------------
SC is known to have approx. 1,363
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 at present:
Sichuan Wright Optoelectronics Technology Co., Ltd.
---------------------------------------
Date of Registration: November 25, 2009
Registration No.: 510900000031704
Chief Executive: Wang Yi
Registered Capital: CNY 50,000,000
Guangzhou Kailin Lighting Co., Ltd.
---------------------------------
Date of Registration: January 15, 2001
Registration No.: 440103000021462
Chief Executive: Xian Shuzhong
Registered Capital: CNY 4,000,000
Forshan Wright E-commerce Co., Ltd.
---------------------------------------
Date of Registration: December 12, 2013
Registration No.: 440682000425035
Chief Executive: Chai Hua
Registered Capital: CNY 10,000,000
Wright (Southeast Asia) Co., Ltd.
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:
Industrial and Commercial Bank of China Foshan
Nanhai Sub-branch
AC#: 2013020009024533570
FINANCIALS
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
As of Sep. 30,
2015 |
|
84,567 |
213,862 |
|
|
Notes receivable |
3,581 |
5,163 |
|
Accounts receivable |
144,686 |
284,595 |
|
Advances to suppliers |
10,148 |
27,477 |
|
Interest receivable |
0 |
0 |
|
Other receivable |
8,295 |
14,340 |
|
Inventory |
126,818 |
183,119 |
|
Other current assets |
7,960 |
4,302 |
|
|
------------------ |
------------------ |
|
Current assets |
386,055 |
732,858 |
|
Long-term equity investment |
6,260 |
6,344 |
|
Fixed assets |
140,174 |
265,186 |
|
Construction in progress |
0 |
3,732 |
|
Project materials |
0 |
0 |
|
Fixed asset depreciation |
0 |
0 |
|
Intangible assets |
23,942 |
78,316 |
|
Long-term prepaid expenses |
70 |
687 |
|
Deferred income tax assets |
3,860 |
7,099 |
|
Other non-current assets |
51,187 |
211,535 |
|
|
------------------ |
------------------ |
|
Total assets |
611,548 |
1,305,757 |
|
|
============= |
============= |
|
Short-term loans |
15,000 |
88,500 |
|
Notes payable |
17,616 |
33,842 |
|
Accounts payable |
103,053 |
114,963 |
|
Advances from clients |
10,359 |
16,638 |
|
Payroll payable |
7,481 |
8,990 |
|
Tax payable |
5,565 |
11,171 |
|
Other payable |
19,417 |
8,185 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
178,491 |
282,289 |
|
Non-current liabilities |
13,388 |
56,666 |
|
|
------------------ |
------------------ |
|
Total liabilities |
191,879 |
338,955 |
|
Equities |
419,669 |
966,802 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
611,548 |
1,305,757 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
Jan. 1, 2015 to
Sep. 30, 2015 |
|
Revenue |
441,854 |
543,858 |
|
Cost of sales |
332,047 |
404,816 |
|
Taxes and surcharges |
2,633 |
4,278 |
|
Sales expense |
52,467 |
37,826 |
|
Management expense |
43,692 |
62,929 |
|
Finance expense |
-1,615 |
1,492 |
|
Investment income |
272 |
302 |
|
Non-operating income |
9,806 |
5,651 |
|
Non-operating expense |
329 |
408 |
|
Profit before tax |
20,183 |
36,355 |
|
Less: profit tax |
3,446 |
5,918 |
|
Profits |
16,737 |
30,437 |
Important Ratios
=============
|
|
As of Dec. 31,
2014 |
As of Sep. 30,
2015 |
|
*Current ratio |
2.16 |
2.60 |
|
*Quick ratio |
1.45 |
1.95 |
|
*Liabilities to assets |
0.31 |
0.26 |
|
*Net profit margin (%) |
3.79 |
5.60 |
|
*Return on total assets (%) |
2.74 |
2.33 |
|
*Inventory / Revenue ×365/270 |
105 days |
91 days |
|
*Accounts receivable / Revenue ×365/270 |
120 days |
142 days |
|
*Revenue / Total assets |
0.72 |
0.42 |
|
*Cost of sales / Revenue |
0.75 |
0.74 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears fairly good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of sales is average, comparing with its revenue.
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 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 low.
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.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
CNY |
1 |
Rs.10.36 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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.