MIRA
INFORM REPORT
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Report No. : |
306141 |
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Report Date : |
04.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN
CIMC-TIANDA AIRPORT SUPPORT LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
18.07.1992 |
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Com. Reg. No.: |
440301501135224 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Subject engaged in manufacturing and selling airport ground equipment, port equipment, modern logistics warehousing system of boarding and parking system. |
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No. of Employee : |
1,143 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. 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 and expanded the daily trading band within which the RMB is permitted to fluctuate. 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 2013 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. 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 2011 more than 250 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.
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Source
: CIA |
Company name and address
SHENZHEN CIMC-TIANDA AIRPORT SUPPORT LTD.
NO. 4 GONGYE 4TH
ROAD, SHEKOU, NANSHAN DISTRICT
SHENZHEN, GUANGDONG
PROVINCE 518067 PR CHINA
TEL: 86 (0)
755-26688488
FAX: 86 (0)
755-26685815
EXECUTIVE SUMMARY
Date of Registration : july 18, 1992
REGISTRATION NO. : 440301501135224
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : usd
13,500,000
staff :
1,143
BUSINESS CATEGORY :
manufacturing & trading
Revenue :
CNY 879,284,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 388,893,000 (AS OF DEC. 31, 2013)
WEBSITE : www.cimc.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY good
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.25 = 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 Chinese-foreign equity joint venture enterprise of PRC on July 18, 1992. However, SC changed to
present legal form, and was registered as a wholly foreign-owned enterprise of
PRC with State Administration for Industry & Commerce (SAIC) under
registration No.: 440301501135224 on August 8, 2014.
SC’s Organization Code Certificate No.:
61880852-X
SC’s Tax No.: 44030161880852X
SC’s registered capital: USD 13,500,000
SC’s paid-in capital: USD 13,500,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
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Company Name |
Shenzhen CIMC Airport Support Ltd. |
Shenzhen Tianda Airport Support Ltd. |
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Legal Representative |
Dong Jiufeng |
Zhou Qifang |
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Legal Representative |
Zhou Qifang |
Mai Boliang |
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Company Name |
Shenzhen Tianda Airport Support Ltd. |
Shenzhen CIMC-Tianda Airport Support Ltd. |
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Registered Capital |
USD 3,000,000 |
USD 5,500,000 |
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Legal Representative |
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Zhao Qingsheng |
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Registered Capital |
USD 5,500,000 |
USD 13,500,000 |
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Registration No. |
102866 |
440301501135224 |
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Legal Representative |
Zhao Qingsheng |
Li Yinhui |
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Legal Form |
Chinese-Foreign Equity Joint Venture Enterprise |
Wholly Foreign-Owned Enterprise |
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Shareholder (s) |
Shenzhen TGM Ltd.30% China International Marine Containers (Hong
Kong) Limited 70% |
Pteris Global Limited 30% Techman (HongKong) Limited 70% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Pteris Global
Limited |
30 |
|
Techman
(HongKong) Limited |
70 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Li Yinhui |
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General Manager |
Chang Shaomin |
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Director |
Wang Jianmin |
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Qin Gang |
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Jin Jianlong |
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Zheng Zuhua |
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|
Yu Yuqun |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Pteris Global Limited 30
Techman (HongKong) Limited 70
Techman
(HongKong) Limited
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CR No.: 1911815
Date of Registration: May 23, 2013
Legal Form: Private
Status: Live
MANAGEMENT
Li Yinhui, Legal Representative and Chairman
------------------------------------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Chang Shaomin, General Manager
---------------------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as general manager
Director
-----------
Wang Jianmin
Qin Gang
Jin Jianlong
Zheng Zuhua
Yu Yuqun
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling mechanical & electrical equipment for airport and port, mechanical
products, metal structure, automatic parking system & equipment, automated
logistics warehousing system & equipment, and airport special equipment
(including aviation food vehicles, self-propelled aircraft deicing vehicle,
anti ice, container, pallet loaders, spreading vehicle, snowplows, and friction
coefficient tester), installing its products and the after services, parking
lot operation & management service (operated by SC’s branches); importing
and exporting commodities and technology.
SC is mainly
engaged in manufacturing and selling airport ground equipment, port equipment,
modern logistics warehousing system of boarding and parking system.
SC’s products
mainly include:
Passenger Boarding
Bridge
Air Cargo Handling
System
Baggage Handing
System
Ground Support
Equipment
Visual Guidance
Docking System
Seaport Passenger
Boarding Bridge
Auto-parking
System
Automatic Storage
& Retrieval System
SC sources its materials 98% from domestic
market, and 2% from overseas market, mainly U.S.A., Japan, Germany, etc. SC sells
60% of its products in domestic market, and 40% to overseas market, mainly
Malaysia, Brazil, Australia, U.S.A.
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*
------------------
Winnipeg Airports
Authority Inc.
Intertek Sat
Terminal
Aeroportuaria De Guayaquil Sa Tagsa
Winnipeg Airports
Authority Inc.
Staff & Office:
--------------------------
SC is known
to have approx. 1,143 staff
at present.
SC rents an area
as its operating office & factory of approx. 35,151 sq. meters at the
heading address.
RELATED COMPANY
SC is known to have the
following branches at present,
Shenzhen
CIMC-Tianda Airport Support Ltd. Hefei Branch
Shenzhen
CIMC-Tianda Airport Support Ltd. Fuyong Branch
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
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
Current assets |
483,357 |
685,255 |
830,764 |
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Fixed assets |
25,291 |
20,974 |
21,936 |
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Long-term
investment |
0 |
18,900 |
0 |
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Intangible
assets and other assets |
89,940 |
113,144 |
190,737 |
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Other
non-current assets |
0 |
0 |
0 |
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------------------ |
------------------ |
------------------ |
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Total assets |
598,588 |
838,273 |
1,043,437 |
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============= |
============= |
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Current
liabilities |
248,938 |
416,858 |
654,544 |
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Non-current
liabilities |
54,136 |
60,000 |
0 |
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------------------ |
------------------ |
------------------ |
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Total liabilities |
303,074 |
476,858 |
654,544 |
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Equities |
295,514 |
361,415 |
388,893 |
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------------------ |
------------------ |
------------------ |
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Total
liabilities & equities |
598,588 |
838,273 |
1,043,437 |
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============= |
============= |
============= |
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Revenue |
571,030 |
706,924 |
879,284 |
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Profit before
tax |
53,897 |
75,764 |
89,070 |
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Less: profit tax |
8,745 |
9,862 |
11,807 |
|
Profits |
45,152 |
65,902 |
77,263 |
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============= |
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Important Ratios
=============
|
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As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
1.94 |
1.64 |
1.27 |
|
*Quick ratio |
-- |
-- |
-- |
|
*Liabilities
to assets |
0.51 |
0.57 |
0.63 |
|
*Net profit
margin (%) |
7.91 |
9.32 |
8.79 |
|
*Return on
total assets (%) |
7.54 |
7.86 |
7.40 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
-- |
|
*Accounts
receivable / Revenue ×365 |
-- |
-- |
-- |
|
*Revenue /
Total assets |
0.95 |
0.84 |
0.84 |
|
*Cost of sales
/ Revenue |
-- |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line,
and it increased year by year.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
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 Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. Taking into consideration of SC’s good background, general
performance, reputation as well as market conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.74 |
|
|
1 |
Rs.92.71 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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 |
|
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 |
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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 |
|
<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.