MIRA INFORM REPORT
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Report No. : |
354974 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
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Name : |
Guangdong Dongfang
Precision Science & Technology Co., Ltd. |
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Registered Office : |
No. 2, Qiangshi Road, Shishan Town, 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 : |
09.12.1996 |
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Com. Reg. No.: |
440682000040868 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in processing, manufacturing and selling carton
printing machine and accessories products mainly include: Top Printing Machine
and Bottom Printing Machine. |
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Employees: |
932 |
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 : |
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) |
|
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
Guangdong Dongfang Precision Science &
Technology Co., Ltd.
No. 2, qiangshi road, shishan town, nanhai
district, foshan, GUANGDONG PROVINCE, 528225 PR CHINA
TEL: 86 (0) 757-86695479/86695489 FAX: 86 (0) 757-86691923/81098937
EXECUTIVE
SUMMARY
INCORPORATION DATE : dec. 9, 1996
REGISTRATION NO. : 440682000040868
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. tang zhuolin (legal representative)
STAFF STRENGTH :
932
REGISTERED CAPITAL : CNY 580,592,000
BUSINESS LINE :
Manufacturing, PROCESSING & TRADING
TURNOVER :
CNY 837,150,000 (CONSOLIDATED, JAN. 1- SEP. 30, 2015)
EQUITIES :
CNY 1,104,895,000 (CONSOLIDATED, AS OF SEP. 30, 2015)
PAYMENT :
REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY
6.46 = 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 shares limited co. at local Administration for
industry & commerce (AIC - the official body of issuing and renewing
business license).
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 The minimum registered capital
of a co. is CNY 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 processing, manufacturing and
selling carton printing machine and accessories, general machinery and parts; import
and export of goods and technologies. (Items which are prohibited by law and
restricted under government regulation are exceptional. Special permit is
required prior to execution for restricted item). (Any project that needs to be
approved by law can only be carried out after getting approval by relevant
authorities.)
SC is mainly engaged in processing, manufacturing and selling carton
printing machine and accessories.
Mr. Tang Zhuolin is legal representative and chairman of SC at present.
SC is known to have approx. 932 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Foshan. The
detailed information of the premise is unspecified.
http://www.vmtdf.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: market@vmtdf.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2010-8-18 |
Company name |
Foshan Nanhai Dongfang Carton Machinery Industry Co., Ltd. |
Present one |
|
Legal form |
Limited liabilities co. |
Present one |
|
|
2014-8-1 |
Registered capital |
CNY 180,955,000 |
CNY 362,870,000 |
|
2015-7-31 |
Registered capital |
CNY 362,870,000 |
Present amount |
Tax Registration Certificate No.: 440682231831311
Organization Code: 231831311
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002611.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS: (As of Sep. 30, 2015)
Name %
of Shareholding
Tang Zhuolin 35.65
Tang Zhuomian 19.45
Qiu Yezhi 2.68
Ruan Yuan 2.52
China Construction Bank –China AMC Prosperous
Selected Mixed Securities Investment Fund 1.25
Li Hongyan 0.95
Liu Wucai 0.71
Hwabao Trust Co., Ltd. – Baosheng Haoyu No. 1 Collective Fund Trust 0.63
Ruan Weixing 0.6
Bank of China –China AMC Large-cap Select Securities Investment Fund 0.43
Other shareholders 35.13
Legal
representative and Chairman:
Mr. Tang Zhuolin, chief engineer, born in 1963. He is currently
responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and chairman
Also working in Foshan Nanhai Weike Dongmeng Tiegong Industry Co., Ltd.
(in Chinese Pinyin) and Guangdong Fosber Intelligent Equipment Co., Ltd.
(Literal Translation) as legal representative
Vice Chairman:
Mr. Tang Zhuomian, born in 1965. He is currently responsible for the
overall and daily management of SC.
Working
Experience(s):
At present Working
in SC as vice chairman.
General Manager:
Ms. Qiu Yezhi, born in 1972, with MBA degree. She is currently responsible
for the daily management of SC.
Working
Experience(s):
At present Working
in SC as general manager.
Directors:
Hao Shiming
Li Ketian
Huang Bin
Supervisors:
Zhou Deyong
Cen Meiling
SC is mainly engaged in processing, manufacturing and selling carton
printing machine and accessories.
SC’s products mainly include: Top Printing Machine and Bottom Printing
Machine.
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 70% of its products in domestic market, and 30% 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.
Note: SC’s management declined to release its customer and supplier
details.
Trademarks &
patents
|
Registration No. |
9258653 |
8580561 |
6601531 |
|
Registration Date |
2012-4-14 |
2011-8-28 |
2010-3-28 |
|
Trademark Design |
|
|
|
Etc.
Invested companies:
Foshan Nanhai Weike Dongmeng Tiegong Industry Co., Ltd. (in Chinese
Pinyin)
----------------------------------------------------
Registered no.: 440682400010025
Legal representative: Tang Zhuolin
Date of incorporation: 2009-12-11
Dong Fang Precision (HK) Limited
---------------------------------
CR No.: 1861217
Company Type: Private Company
limited by shares
Date of Incorporation: 05-Feb.-2013
Active Status: Live
Guangdong Fosber Intelligent Equipment Co., Ltd. (Literal Translation)
----------------------------------------------------------
Registered no.: 440682400018564
Legal representative: Tang Zhuolin
Date of incorporation: 2014-11-28
Fosber Container Machinery Ltd. (U.S.A.)
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.
SC’s management declined to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2014 |
as of Sep. 30,
2015 |
|
Cash & bank |
329,334 |
323,957 |
|
Notes receivable |
157,128 |
172,486 |
|
Inventory |
293,000 |
419,373 |
|
Accounts receivable |
214,571 |
200,303 |
|
Advances to suppliers |
6,945 |
19,047 |
|
Interest receivable |
4,801 |
7,620 |
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Other receivables |
36,108 |
24,893 |
|
Other current assets |
7,919 |
13,617 |
|
|
------------------ |
------------------ |
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Current assets |
1,049,806 |
1,181,296 |
|
Fixed assets net value |
433,451 |
524,714 |
|
Projects under construction |
977 |
28,032 |
|
Long term investment |
56,410 |
134,241 |
|
Intangible assets |
225,118 |
252,907 |
|
Goodwill |
173,737 |
402,697 |
|
Long-term deferred expenses |
739 |
148 |
|
Deferred tax asset |
23,610 |
20,739 |
|
Other assets |
1,512 |
3,092 |
|
|
------------------ |
------------------ |
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Total assets |
1,965,360 |
2,547,866 |
|
|
============= |
============= |
|
Short loans |
113,934 |
157,142 |
|
Financial liabilities which are measured by fair value and their
changes are recorded in current profit and loss |
125 |
72 |
|
Notes payable |
3,067 |
0 |
|
Accounts payable |
232,293 |
264,219 |
|
Other payable |
60,807 |
247,035 |
|
Interest payable |
1,770 |
2,859 |
|
Accrued payroll |
25,516 |
34,913 |
|
Taxes payable |
12,338 |
11,130 |
|
Advances from clients |
86,361 |
95,833 |
|
Dividends payable |
412 |
691 |
|
Non-current liabilities due within one year |
1,586 |
2,673 |
|
Other current liabilities |
1,118 |
3,006 |
|
|
------------------ |
------------------ |
|
Current liabilities |
539,327 |
819,573 |
|
Long term liabilities |
400,087 |
623,398 |
|
|
------------------ |
------------------ |
|
Total liabilities |
939,414 |
1,442,971 |
|
Equities |
1,025,946 |
1,104,895 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
1,965,360 |
2,547,866 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2014 |
Jan. 1- Sep. 30,
2015 |
|
Turnover |
1,190,270 |
837,150 |
|
Cost of goods sold |
866,436 |
629,878 |
|
Taxes and additional of main operation |
1,865 |
1,188 |
|
Sales expense |
85,484 |
57,989 |
|
Management expense |
86,260 |
86,369 |
|
Finance expense |
-3,927 |
5,222 |
|
Asset impairment loss |
3,196 |
2,854 |
|
Investment income |
1,291 |
-27 |
|
Non-operating income |
6,478 |
11,995 |
|
Non-operating expense |
1,122 |
2,641 |
|
Profit before tax |
157,603 |
62,977 |
|
Less: profit tax |
48,060 |
19,330 |
|
Profits |
109,543 |
43,647 |
Important Ratios
=============
|
|
as of Dec. 31,
2014 |
as of Sep. 30,
2015 |
|
*Current ratio |
1.95 |
1.44 |
|
*Quick ratio |
1.40 |
0.93 |
|
*Liabilities to assets |
0.48 |
0.57 |
|
*Net profit margin (%) |
9.20 |
5.21 |
|
*Return on total assets (%) |
5.57 |
1.71 |
|
*Inventory /Turnover ×365 |
90 days |
/ |
|
*Accounts receivable/Turnover ×365 |
66 days |
/ |
|
*Turnover/Total assets |
0.61 |
0.33 |
|
* Cost of goods sold/Turnover |
0.73 |
0.75 |
PROFITABILITY:
AVERAGE
The turnover of SC appears good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is average in the 1st three
quarters of 2015.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC appears fairly large.
The accounts receivable of SC is maintained in an average level.
SC’s short-term loan is in an average level.
SC’s turnover is in a fair 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: Stable.
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.85 |
|
|
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
|
CNY |
1 |
Rs.10.28 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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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.