MIRA INFORM REPORT
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Report No. : |
353808 |
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Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SANY
NORTHWEST HEAVY INDUSTRY CO., LTD. |
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Registered Office : |
No. 568 West Jinggangshan Road, Economic and Technological Development Zone Urumqi, Xinjiang 830000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
19.04.2011 |
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Com. Reg. No.: |
650000038002637 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Subject
includes
manufacturing, selling and repairing construction machinery, lifting
machinery, general equipment, mechanical and electrical equipment; selling
construction machinery parts; manufacturing and selling metal products,
rubber products, electronic products, steel wire reinforced hydraulic rubber
hoses and hose assemblies; manufacturing, researching and developing
agricultural machinery equipment and spare parts; technology consulting and
after service of related products; manufacturing and selling wind turbine and
its accessories; construction and operation of wind power plant; new energy
technology extension service and technical consultation; development,
construction, maintenance, management and technical consultation of
photovoltaic power generation project; manufacturing and selling animal
husbandry machinery; manufacturing and selling s snow removal machinery,
sanitation machinery equipment and spare parts; snow removal machinery
after-sales service; technology developing, importing and exporting snow
removal machinery; concrete pumping equipment, mixing equipment and
accessories manufacturing, modification, and sales; selling hardware,
minerals, and metal materials; renting construction engineering machinery;
exporting its products and technology; and importing machinery, components,
raw materials & accessories, and technology. |
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No. of Employees : |
1,500 |
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
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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. 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.
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Source
: CIA |
Company
name and address
SANY NORTHWEST HEAVY INDUSTRY CO., LTD.
NO. 568 WEST JINGGANGSHAN ROAD
ECONOMIC AND TECHNOLOGICAL
DEVELOPMENT ZONE
URUMQI, XINJIANG 830000 PR CHINA
TEL: 86 (0) 991-3773368/3773377
FAX: N/A
EXECUTIVE
SUMMARY
Date of Registration : april 19, 2011
REGISTRATION NO. : 650000038002637
LEGAL FORM : one-person Limited liabilities company
REGISTERED CAPITAL :
cny 53,180,000
staff : 1,500
BUSINESS CATEGORY :
manufacturing & trading
Revenue : CNY 769,750,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 127,280,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.39 = 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 one-person limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 650000038002637 on April 19,
2011.
SC’s Organization Code Certificate
No.: 57251836-6
SC’s registered capital: CNY 53,180,000
SC’s paid-in capital: CNY 53,180,000
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 |
|
Sany
Heavy Industry Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman and General Manager |
Li Jianhua |
|
Director |
Zhu Dan |
|
Xie Zhixia |
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Supervisor |
Wang
Zhiqiang |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Sany Heavy Industry Co., Ltd.
100
------------------------------
Registration No.: 430000000016345
Date of Registration: November 22, 1994
Legal Form: Shares Limited Company
Registered Capital: CNY 7,616,500,000
Legal Representative: Liang Wengen 梁稳根
The company is a listed company in Shanghai
Stock Exchange Market with the code of 600031.
Web: www.sany.com.cn
Address: Sany Industry Town, Xingsha
Economic & Technological Development Zone, Changsha, Hunan Province
Tel: 86 (0) 731-84031555
Fax: 86 (0) 731-84031777
MANAGEMENT
Li Jianhua, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Director
-----------
Zhu Dan
Xie Zhixia
Supervisor
---------------
Wang Zhiqiang
BUSINESS
OPERATION
SC’s registered
business scope includes
manufacturing, selling and repairing construction machinery, lifting machinery,
general equipment, mechanical and electrical equipment; selling construction
machinery parts; manufacturing and selling metal products, rubber products,
electronic products, steel wire reinforced hydraulic rubber hoses and hose
assemblies; manufacturing, researching and developing agricultural machinery
equipment and spare parts; technology consulting and after service of related
products; manufacturing and selling wind turbine and its accessories;
construction and operation of wind power plant; new energy technology extension
service and technical consultation; development, construction, maintenance,
management and technical consultation of photovoltaic power generation project;
manufacturing and selling animal husbandry machinery; manufacturing and selling
s snow removal machinery, sanitation machinery equipment and spare parts; snow
removal machinery after-sales service; technology developing, importing and
exporting snow removal machinery; concrete pumping equipment, mixing equipment
and accessories manufacturing, modification, and sales; selling hardware, minerals,
and metal materials; renting construction engineering machinery; exporting its
products and technology; and importing machinery, components, raw materials
& accessories, and technology.
SC is
mainly engaged in manufacturing and selling construction engineering machinery, lifting
machinery, etc.
SC’s
products mainly include:
Concrete
machinery
Excavating
machinery
Hoisting
machinery
Coal
machinery
Wind
power equipment
Etc.
SC sources its materials 70% from domestic market,
and 30% from overseas market. SC sells 60% of its products in domestic market,
and 40% 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.
Staff & Office:
--------------------------
SC is
known to have approx. 1,500 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC’s
subsidiary information is not available 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, 2013 |
As of Dec. 31, 2014 |
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Total assets |
432,730 |
1,272,530 |
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------------- |
------------- |
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Total liabilities |
314,530 |
1,145,250 |
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Equities |
118,200 |
127,280 |
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------------- |
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Revenue |
1,054,720 |
769,750 |
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Profits |
73,030 |
11,910 |
Important Ratios
=============
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As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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*Liabilities to assets |
0.73 |
0.90 |
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*Net profit margin (%) |
6.92 |
1.55 |
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*Return on total assets (%) |
16.88 |
0.94 |
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*Revenue / Total assets |
2.44 |
0.60 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears fairly good in its line.
l SC’s net profit margin
is fairly good in 2013, average in 2014.
l SC’s return on
total assets is fairly good in 2013, average in 2014.
LIQUIDITY:
FAIR
l
SC’s revenue is in a
fair 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.66.99 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.73.47 |
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CNY |
1 |
Rs.10.36 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.