MIRA INFORM REPORT
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Report No. : |
355903 |
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Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
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Name : |
FOSHAN HENGLITAI MACHINERY CO., LTD. |
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Registered Office : |
No. 12 Zhenzhong 2nd Road, Shiwan Town, Chancheng District, Foshan, Guangdong Province 528031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
07.05.1999 |
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Com. Reg. No.: |
440600000018716 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing, selling and repairing machinery
equipment; manufacturing and selling auto parts; importing and exporting
commodities and technologies |
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No. of Employee : |
400 |
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
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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
FOSHAN HENGLITAI
MACHINERY CO., LTD.
NO. 12 ZHENZHONG 2ND ROAD, SHIWAN TOWN, CHANCHENG DISTRICT, FOSHAN, GUANGDONG PROVINCE 528031 PR CHINA
TEL: 86 (0) 757-82271219/82666060
FAX: 86 (0) 757-82724702/82263352/82263362
EXECUTIVE
SUMMARY
Date of Registration : MAY 7, 1999
REGISTRATION NO. : 440600000018716
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : CNY 25,600,000
staff :
400
BUSINESS CATEGORY : MANUFACTURING & trading
Revenue :
CNY 1,055,550,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 440,750,000 (AS OF DEC. 31, 2014)
WEBSITE : www.hlt.cc
E-MAIL :
hlt@hltpress.com
PAYMENT :
No Complaints
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.45 = 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 one-person limited liability company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 440600000018716.
SC’s Organization Code Certificate No.:
712393666
SC’s Tax No.: 440601712393666
SC’s registered capital: CNY 25,600,000
SC’s paid-in capital: CNY 25,600,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011-5 |
Legal Representative |
Luo Mingzhao |
Bian Cheng |
|
Shareholder (s) (% of Shareholding) |
Wu Yingzhen 14.9158% Liang Tongcan 14.616531% Luo Mingzhao 9.6241% Liang Hanzhu 8.7218% Chen Guoqiang 8.7218% Yang Deji 7.9399% Chen Chenda 6.2556% Lin Nuanzhao 6.2556% Wu Guizhao 1.8046% Ou Qiongzhi 1.80451% Huo Jincan 1.6601% Ou Jiarui 1.624059% Wei Fengshan 1.203% Peng Huxin 1.203% Wei Jirong 1.203% Zhang Jintian 1.203% Feng Ruiyang 1.203% Kuang Jianxun 1.0376% Cai Yongming 0.8421% Huang Dinghong 0.8421% Li Juquan 0.8421% Yang Xuexian 0.8421% Li Songying 0.3609% Liang Qiu 0.3609% Chen Yulan 0.3609% Su Daliang 0.3609% Huo Can 0.3609% Lin Guizhen 0.3609% Chen Yongguang 0.3609% Zhu Yongguo 0.3609% Huang Weihua 0.3609% |
Keda Industrial Co., Ltd. 51% Wu Yingzhen 吴应真 14.5158% Liang Tongcan 梁桐灿 14.029431% Liang Hanzhu 梁汉柱 4.273689% Chen Guoqiang 陈国强 4.273688% Yang Deji 杨德计 3.890551% Chen Chenda 陈晨达 3.065244% Lin Nuanzhao 林暖钊 3.065244% Wu Guizhao 吴贵钊 0.884254% Feng Ruiyang 冯瑞阳 0.58947% Yang Xuexian 杨学先 0.412629% |
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-- |
Legal representative |
Bian Cheng |
Luo Mingzhao |
|
Legal representative |
Luo Mingzhao |
Yang Xuexian |
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|
Legal Form |
Limited Liabilities Company |
One-person Limited Liability Company |
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Shareholder (s) (% of Shareholding) |
Keda Industrial Co., Ltd. 51% Wu Yingzhen 14.5158% Liang Tongcan 14.029431% Liang Hanzhu 4.273689% Chen Guoqiang 4.273688% Yang Deji 3.890551% Chen Chenda 3.065244% Lin Nuanzhao 3.065244% Wu Guizhao 0.884254% Feng Ruiyang 0.58947% Yang Xuexian 0.412629% |
Keda Clean Energy Co., Ltd. 100% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Keda Clean Energy Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Yang Xuexian |
|
Director |
Wu Muhai |
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Supervisor |
Zeng Fei |
RECENT
DEVELOPMENT
【2010】
June, SC was recognized as "Guangdong Provincial private scientific
and technological enterprise" by department of science and technology of
Guangdong.
May, YP4000 hydraulic tile press was certified as "National New Key
Product"
May, SC was awarded as "Twenty Years Contribution" at China
International Ceramics Industry Exhibition.
SC launched a new factory in the beginning of 2010 at Sanshui district,
and then registered company as "Foshan Henglitai Machinery Co., Ltd
Sanshui Branch".
【2009】
November, 2009. Two R&D projects, YP3500 hydraulic tile press of
beam-column structure with optimized cylinder and new generation wide body
YP2500 hydraulic tile press with optimized cross-beam structure, were approved
by Guangdong Provincial Department of Science and Technology. The committee
thinks highly of the project products as reaching international advance level
and leading level domestically, which will be helpful in improving the
production efficiency and tile quality of the Chinese ceramic industry.
The patented Position detected pressure control method of powder
formation machine invented by SC was awarded Gold prize in the third section of
Chancheng District and appraised by the district government.
Jun, SC was honored as "Guangdong top fifty equipment manufacturing
industry" by Guangdong economic and trade commission.
January, Foshan government honored SC as "2008 annual tax payment
over 50 million CNY enterprise"
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Keda Clean Energy Co., Ltd. 100
Keda Clean Energy
Co., Ltd.
=======================
Registration No.: 440000000016993
Date of Registration: December 11, 1996
Legal Form: Shares Limited Company
Registered Capital: CNY 705,732,161
Legal Representative: Bian Cheng
KEDA Industrial Company Limited is
specialized in manufacturing machinery and offering complete solution for
ceramics, building materials, natural & artificial stone processing as well
as new power—clean coal gasification.
Tel: +86-757-23832929/23832922
Fax: +86-757-23832690
Website: www.kedachina.com.cn
E-mail: ied@kedachina.com.cn
MANAGEMENT
Yang
Xuexian , Legal Representative, Chairman, and General Manager
-------------------------------------------------------------------------------------------------------
Ø Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman, and general manager
Director
-----------
Wu Muhai
Supervisor
--------------
Zeng Fei
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing,
selling and repairing machinery equipment; manufacturing and selling auto parts;
importing and exporting commodities and technologies. (with permit if needed)
SC is mainly
engaged in manufacturing and selling ceramic mechanical equipment.
SC’s products mainly include:
S-series tile press
M-series tile press
L-series tile press
Such as,
YP series of hydraulic press equipment, fixed single crank charger,
BXC-linear five-colored feeding system, air cooler, etc.
Trademarks: “恒力泰”, “HENGLITAI”,
“HLT”, 
, 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, mainly Vietnam, Pakistan, etc.
The buying terms
of SC include 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 Customer:
=============
Picasso Ceramics
& Colours Pvt. Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 400 staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
SC is not known to have the
following subsidiary,
=====================================
u
Foshan Dianshi Machinery Co., Ltd.
Registration
No.: 440602000063565
Date of Registration: July 16, 2008
Legal Form: Limited Liabilities Company
Registered Capital: CNY 1,000,000
Legal Representative: Jiang Guoyong
Related Companies,
===============
u
Keda Industrial (Hong Kong) Limited
Company
File No.: 1083119
Date
of Registration: October 26, 2006
Legal
Form: Private
Status:
Live
u KEDA (MAS)
Industrial Co., Ltd.
Registration
No.: 340500400002124
Date of Registration: June 25, 2008
Legal Form: Limited Liabilities Company
Registered Capital: CNY 680,000,000
Legal Representative: Shen Xiaohe
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
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
Cash & bank |
117,960 |
|
Total assets |
828,260 |
|
|
------------- |
|
Total
liabilities |
494,440 |
|
Equities |
333,820 |
|
|
------------- |
|
Revenue |
911,670 |
|
Profits |
163,840 |
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
49,690 |
|
|
Notes receivable |
11,130 |
|
Accounts
receivable |
126,020 |
|
Advances to
suppliers |
11,270 |
|
Other receivable |
43,860 |
|
Inventory |
321,850 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
7,270 |
|
|
------------------ |
|
Current assets |
571,090 |
|
Long term equity
investment |
29,500 |
|
Fixed assets |
118,290 |
|
Construction in
progress |
31,350 |
|
Intangible
assets |
12,550 |
|
Long-term
prepaid expenses |
0 |
|
Deferred income
tax assets |
1,880 |
|
Other
non-current assets |
0 |
|
|
------------------ |
|
Total assets |
764,660 |
|
|
============= |
|
Short-term loans |
0 |
|
Notes payable |
25,400 |
|
Accounts payable |
117,230 |
|
Payroll payable |
11,490 |
|
Taxes payable |
12,390 |
|
Advances from clients |
146,300 |
|
Other payable |
6,550 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
319,360 |
|
Non-current
liabilities |
4,550 |
|
|
------------------ |
|
Total
liabilities |
323,910 |
|
Equities |
440,750 |
|
|
------------------ |
|
Total
liabilities & equities |
764,660 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
Revenue |
1,055,550 |
|
Cost of sales |
717,560 |
|
Taxes and surcharges |
7,580 |
|
Sales expense |
33,200 |
|
Management expense |
59,180 |
|
Finance expense |
-730 |
|
Non-operating
income |
4,810 |
|
Non-operating expense |
180 |
|
Profit before
tax |
243,450 |
|
Less: profit tax |
36,520 |
|
206,930 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Current ratio |
-- |
1.79 |
|
*Quick ratio |
-- |
0.78 |
|
*Liabilities
to assets |
0.60 |
0.42 |
|
*Net profit
margin (%) |
17.97 |
19.60 |
|
*Return on
total assets (%) |
19.78 |
27.06 |
|
*Inventory /
Revenue ×90 |
-- |
112 days |
|
*Accounts
receivable / Revenue ×90 |
-- |
44 days |
|
*Revenue /
Total assets |
1.10 |
1.38 |
|
*Cost of sales
/ Revenue |
-- |
0.68 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC appears
fairly good in its line, and it increased in 2014.
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: AVERAGE
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 average.
l
SC has no short-term loans in 2014.
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.66.32 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.72.13 |
|
CNY |
1 |
Rs. 10.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
ASH |
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.