MIRA
INFORM REPORT
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Report No. : |
356123 |
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Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
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Name : |
TRUKING TECHNOLOGY LIMITED |
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Registered Office : |
No. 1 Xinkang Road, Yutan Town, Ningxiang County, Changsha,
Hunan Province 410015 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2015 |
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Date of Incorporation : |
08.11.2002 |
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Com. Reg. No.: |
430124000003013 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in researching, developing, manufacturing and
selling medicine and food packaging machinery and other common machinery;
importing and exporting various goods and technology |
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No. of Employee : |
1,979 |
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) |
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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 NAEM AND ADDRESS
TRUKING TECHNOLOGY
LIMITED
NO. 1 XINKANG ROAD, YUTAN TOWN, NINGXIANG COUNTY,
CHANGSHA, HUNAN PROVINCE 410015 PR CHINA
TEL: 86 (0) 731-85122336
FAX: 86 (0) 731-85131426
EXECUTIVE SUMMARY
Date of Registration : november 8, 2002
REGISTRATION NO. : 430124000003013
LEGAL FORM : Shares limited company
REGISTERED CAPITAL :
cny 266,288,782
staff : 1,979
BUSINESS CATEGORY :
manufacturing & trading
REVENUE :
CNY 681,458,000 (FROM JAN. 1,
2015 TO SEP. 30, 2015)
EQUITIES :
CNY 1,438,730,000 (AS OF SEP. 30, 2015)
WEBSITE : www.truking.cn
E-MAIL : admin@truking.cn
PAYMENT : REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.37 = USD
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 limited liabilities company of PRC on November 8, 2002. However, SC changed to present legal form, and was
registered as shares limited company
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 430124000003013 in 2011.
SC’s Organization Code Certificate
No.: 74317629-3
SC’s Tax No.: 430124743176293
SC’s registered capital: CNY 266,288,782
SC’s paid-in capital: CNY 266,288,782
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2007-12 |
Registration No. |
4301242000439 |
430124000003013 |
|
Shareholders (% of
Shareholding) |
Tang Yue 34.00% Zeng Fanyun 12.00% Yang Wenlu 10.50% Yang Niansheng 10.00% Zhou Feiyue 7.00% Lei Songshan 7.00% Liu Zhen 7.00% Other individuals 12.50% |
Tang Yue 47.00% Zeng Fanyun 12.00% Yang Wenlu 10.50% Zhou Feiyue 7.00% Liu Zhen 7.00% Other 10 individuals 16.50% |
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|
2011 |
Company Name |
Changsha Chutian Science & Technology Co., Ltd. |
Truking Technology Limited |
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
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|
Registered Capital |
CNY 10,000,000 |
CNY 66,000,000 |
|
|
Shareholders (% of
Shareholding) |
Tang Yue 47.00% Zeng Fanyun 12.00% Yang Wenlu 10.50% Zhou Feiyue 7.00% Liu Zhen 7.00% Other 10 individuals 16.50% |
Changsha Truking Investment Co., Ltd. 81.09% Hainan Hansen Investment Co., Ltd. 9.09% Chen Yanjun 0.46% Tang Yue 1.00% Zeng Fanyun 1.00% Yang Wenlu 1.36% Zhou Feiyue 1.36% Liu Zhen 1.00% Liu Guilin 0.46% Li Xinhua 0.23% Tang Bosen 0.46% Deng Wen 0.46% Li Gang 0.45% He Changbao 0.45% Qiu Yongmou 0.45% Sun Julei 0.45% Zhang Yihuan 0.23% |
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2014 |
Registered Capital |
CNY 66,000,000 |
CNY 72,999,250 |
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|
Registered Capital |
CNY 72,999,250 |
CNY 116,798,800 |
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|
Registered Capital |
CNY 116,798,800 |
CNY 233,597,600 |
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|
Registered Capital |
CNY 233,597,600 |
CNY 266,288,782 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) (As of Sep. 30, 2015) |
% of Shareholding |
|
Changsha Truking Investment Co., Ltd. |
52.02 |
|
Ma Qinghua |
7.2 |
|
Xinjiang Hansen Equity Investment Management Limited Partnership |
5.15 |
|
China Construction Bank-Efund Xinsilu Hybrid Securities Investment
Fund |
2.82 |
|
Beijing Senmiao Runxin Investment Management Center (Limited
Partnership) |
1.53 |
|
Industrial and Commercial Bank of China-Fuguo Healthcare Hybrid
Securities Investment Fund |
1.52 |
|
Central Huijin Investment Ltd. |
1.27 |
|
Jilin National Biological Industry Venture Capital Co., Ltd. |
1.03 |
|
Taida Hongli Fund-ICBC-Taida Hongli Value Growth No. 221 Asset
Management Plan |
0.87 |
|
Zhou Feiyue |
0.81 |
|
Yang Wenlu |
0.81 |
|
Other Shareholders |
24.97 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and CEO |
Tang Yue |
|
Vice CEO |
Zeng Heqing |
|
Xiao Zefu |
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|
Bian Ce |
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|
Zhang Hui |
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|
Zhou Feiyue |
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|
Li Gang |
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|
Zhou Jingying |
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Independent Director |
Cheng Xianquan |
|
Zhao Dejun |
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|
Qu Kai |
|
|
Ye Dajin |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 300358.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
(As of Sep. 30, 2015)
Changsha Truking Investment Co.,
Ltd. 52.02
Ma Qinghua 7.2
Xinjiang Hansen Equity
Investment Management Limited Partnership 5.15
China Construction Bank-Efund
Xinsilu Hybrid Securities Investment Fund 2.82
Beijing Senmiao Runxin
Investment Management Center (Limited Partnership) 1.53
Industrial and Commercial Bank
of China-Fuguo
Healthcare Hybrid Securities
Investment Fund 1.52
Central Huijin Investment Ltd. 1.27
Jilin National Biological
Industry Venture Capital Co., Ltd. 1.03
Taida Hongli Fund-ICBC-Taida
Hongli Value
Growth No. 221 Asset Management
Plan 0.87
Zhou Feiyue 0.81
Yang Wenlu 0.81
Other Shareholders 24.97
Changsha
Truking Investment Co., Ltd.:
------------------------------------------------------
Date of Registration: September 16, 2010
Registration No.: 430124000026672
Legal Form: Limited Liabilities Company
Registered Capital: CNY 20,600,000
Central
Huijin Investment Ltd.
-------------------------------------------
Date of Registration: December 16, 2003
Registration No.: 100000000038533
Registered Capital: CNY 828,208,627,183.88
MANAGEMENT
Tang Yue , Legal Representative, Chairman and CEO
-----------------------------------------------------------------------------
Ø 
Gender: M
Ø Age: 52
Ø ID#
432930196306080012
Ø Qualification:
University
Ø Working experience
(s):
Before 2002, worked in Qiyang Chutian Mechatronics
Company as general manager;
From 2002 to present, working in SC as
legal representative, chairman and CEO
Vice CEO
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Zeng Heqing
Xiao Zefu
Bian Ce
Zhang Hui
Zhou Feiyue
Li Gang
Zhou Jingying
Independent Director
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Cheng Xianquan
Zhao Dejun
Qu Kai
Ye Dajin
BUSINESS OPERATION
SC’s registered business scope includes researching, developing,
manufacturing and selling medicine and food packaging machinery and other common
machinery; importing and exporting various goods and technology, excluding the
goods forbidden by the government, in accordance with the license.
SC is mainly
engaged in manufacturing and selling medicine and food packaging machinery.
Brand: TRUKING 
SC’s
products mainly include:
ALX Ampoule Compact Line
AJDZ Ampoule Light-auto Inspection Machine
KLX Vial Compact Line
KLXF Vial Powder Compact Line
YXL Oral Liquid Compact Line
ALXL New Shape Ampoule Compact Line
SRD Non-PVC Film Softbag Line
SRS Non-PVC Film Double-Chamber Softbag Line
SRDF Non-PVC Film Multi-Chamber Softbag Line
SLX Glass bottle Infusion Line
SC sources its
materials 80% from domestic market, and 20% from the overseas market. SC sells
80% of its products in domestic market, and 20% to the overseas market, mainly
India, Bangladesh, Pakistan, Uzbekistan, Indonesia, Vietnam, South Korea, etc.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Youcare
Pharmaceutical Group Co.,Ltd.
Wujixian
(Yingkou) Co., Ltd.
Hebei
Aier Haitai Pharmaceutical Co., Ltd.
Chongqing
Lummy Pharmaceutical Co., Ltd.
Changzhou
Fangyuan Pharmaceutical Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 1,979
staff at present.
SC rents an area
as its operating office & factory of approx. 198,000 sq. meters at the
heading address.
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
Basic Bank:
Bank of China Ningxiang Sub-branch
AC#:
63050304208091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
As
of Sep. 30, 2015 |
|
163,930 |
315,201 |
|
|
Accounts
receivable |
306,515 |
483,797 |
|
Notes receivable |
40,489 |
7,553 |
|
Advances to
suppliers |
37,817 |
33,902 |
|
Other receivable |
9,847 |
19,037 |
|
Inventory |
376,638 |
459,329 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
9,284 |
|
|
------------------ |
------------------ |
|
Current assets |
935,236 |
1,328,103 |
|
Long-term
investments |
0 |
0 |
|
Fixed assets |
362,087 |
552,477 |
|
Construction in
progress |
48,495 |
111,488 |
|
Intangible
assets |
76,078 |
117,059 |
|
Deferred income
tax assets |
9,649 |
16,798 |
|
Other
non-current assets |
4,383 |
318,671 |
|
|
------------------ |
------------------ |
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Total assets |
1,435,928 |
2,444,596 |
|
|
============= |
============= |
|
Short-term loans |
55,000 |
72,700 |
|
Notes payable |
6,240 |
66,707 |
|
Accounts payable |
268,309 |
274,151 |
|
Payroll payable |
29,199 |
26,849 |
|
Taxes payable |
16,930 |
19,101 |
|
Interest payable |
0 |
2,169 |
|
Advances from
clients |
149,446 |
107,911 |
|
Other payable |
31,033 |
283,853 |
|
Other current
liabilities |
19,368 |
107,525 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
575,525 |
960,966 |
|
Non-current
liabilities |
27,427 |
44,900 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
602,952 |
1,005,866 |
|
Equities |
832,976 |
1,438,730 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
1,435,928 |
2,444,596 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
From
Jan. 1, 2015 to Sep. 30, 2015 |
|
Revenue |
1,005,190 |
681,458 |
|
Cost of sales |
599,332 |
398,172 |
|
Business Taxes and Surcharges |
6,991 |
5,483 |
|
Sales expense |
114,948 |
83,585 |
|
Management expense |
115,410 |
102,611 |
|
Finance expense |
-1,193 |
1,285 |
|
Asset impairment loss |
6,672 |
142 |
|
Investment
income |
0 |
0 |
|
Non-operating
income |
21,720 |
6,929 |
|
Non-operating expense |
1,762 |
317 |
|
Profit before
tax |
182,987 |
96,790 |
|
Less: profit tax |
26,081 |
10,844 |
|
156,906 |
85,946 |
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
As of Sep. 30, 2015 |
|
*Current ratio |
1.63 |
1.38 |
|
*Quick ratio |
0.97 |
0.90 |
|
*Liabilities
to assets |
0.42 |
0.41 |
|
*Net profit
margin (%) |
15.61 |
12.61 |
|
*Return on
total assets (%) |
10.93 |
3.52 |
|
*Inventory /
Revenue ×365/270 |
137 days |
182 days |
|
*Accounts
receivable / Revenue ×365/270 |
112 days |
192 days |
|
*Revenue /
Total assets |
0.70 |
0.28 |
|
*Cost of sales
/ Revenue |
0.60 |
0.58 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC appears fairly good in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is fairly good.
l
SC’s cost of goods sold is low, comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears large.
l
SC’s short-term loans are in an average level
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 low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory and accounts receivable may be a
threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.04 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.73.93 |
|
CNY |
1 |
Rs.10.26 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TPT |
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.