MIRA INFORM REPORT
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Report No. : |
302323 |
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Report Date : |
09.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
CYG INSULATOR CO.,
LTD. |
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|
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Registered Office : |
No. 2
Jinghui Road, Niushan Foreign Economy Industrial Park, Dongcheng
District, Dongguan Guangdong Province 523012
Pr |
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Country : |
China |
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Financials (as on) : |
30.11.2014 (Summary) |
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Date of Incorporation : |
18.08.1994 |
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Com. Reg. No.: |
441900000063765 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing
and Selling of Composite Insulator Series Products, High and Low Voltage
Electrical Products. |
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No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
Company
Name and address
CYG INSULATOR CO., LTD.
NO. 2 JINGHUI ROAD,
Niushan Foreign Economy Industrial Park
DONGCHENG DISTRICT,
DONGGUAN
GUANGDONG province
523012 PR CHINA
TEL: 86 (0)
769-22291876
FAX: 86 (0)
769-22291877
EXECUTIVE
SUMMARY
Date
of Registration :
AUGUST 18, 1994
REGISTRATION
NO. : 441900000063765
LEGAL
FORM : SHARES LIMITED COMPANY
REGISTERED
CAPITAL : cny 110,055,483
staff :
350
BUSINESS CATEGORY : MANUFACTURING & TRADING
REVENUE :
CNY 163,880,000 (From Jan. 1,
2014 to Nov. 30, 2014)
EQUITIES :
CNY 234,400,000 (As of Nov. 30, 2014)
WEBSITE : www.gaoneng.com
E-MAIL :
export@gaonengelectric.cn & cyggn@cyggonon.com
PAYMENT
:
No COMPLAINTS
MARKET
CONDITION :
COMPETITIVE
FINANCIAL
CONDITION : FAIRLY
STABLE
OPERATIONAL
TREND : FAIRLY STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
6.22 = 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 shares limited company of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 441900000063765.
SC’s Organization Code Certificate No.:
28184267-6
SC’s Tax No.: 441900281842676
SC’s registered capital: cny 110,055,483
SC’s paid-in capital: cny 110,055,483
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2014-04-15 |
Legal
Representative |
Xu Xiaowen |
Lu Erbing |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Lhasa
Changyuan Yingjia Investment Co., Ltd. |
30.02 |
|
Shaoguan
Xinyi Electric Industry Co., Ltd. |
4.17 |
|
Dongguan
Humen Jinfan Industry Cooperation |
4.17 |
|
Guangdong Electric
Power Industry Development Cooperation |
6.85 |
|
Dongguan
Guangneng Industry Investment Co., Ltd. |
20.00 |
|
Dongguan
Electric Power Industry Cooperation |
31.36 |
|
Other
Shareholders |
3.43 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative
and Chairman |
Lu Erbing |
|
Vice
Chairman |
Li Peng |
|
General
Manager |
Wang Muxi |
|
Director |
Zhong Haijie |
|
Chen Binghui |
|
|
Zhang Qing |
|
|
Hu Jinpei |
|
|
Zhang Wenbo |
|
|
Supervisor |
Zhang Fan |
|
Huang Xiaoxia |
|
|
Fang Yu |
|
|
Huang Yongwei |
|
|
Chen Wenli |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Lhasa Changyuan Yingjia Investment Co., Ltd. 30.02
Shaoguan Xinyi Electric Industry Co., Ltd. 4.17
Dongguan Humen Jinfan Industry Cooperation 4.17
Guangdong Electric Power Industry
Development Cooperation 6.85
Dongguan Guangneng Industry Investment Co.,
Ltd. 20.00
Dongguan Electric Power Industry Cooperation 31.36
Other Shareholders 3.43
Lhasa Changyuan Yingjia Investment Co., Ltd.
---------------------------------------------------------
Registration No.: 540100200000174
Legal Form: One-person Limited Liabilities
Company
Registered Capital: CNY 30,000,000
Legal Representative: Xu Xiaowen
Shaoguan Xinyi Electric Industry Co., Ltd.
---------------------------------------------------
Registration No.: 440221000005338
Legal Form: Limited Liabilities Company
Registered Capital: CNY 5,000,000
Legal Representative: Zhang Wenbo
Dongguan Humen Jinfan Industry Cooperation
---------------------------------------------------------
Registration No.: 441900000927803
Date of Registration: May 30, 1988
Registered Capital: CNY 3,300,000
Legal Representative: Hu Jinpei
Guangdong Electric Power Industry
Development Cooperation
----------------------------------------------------------
Registration No.: 440000000096756
Date of Registration: April 10, 1986
Registered Capital: CNY 20,900,000
Legal Representative: Zhang Jinjun
Dongguan Guangneng Industry Investment Co.,
Ltd.
---------------------------------------------------------------
Registration No.: 441900000040438
Legal Form: Limited Liabilities Company
Registered Capital: CNY 19,000,000
Legal Representative: Luo Sufang
Dongguan Electric Power Industry Cooperation
----------------------------------------------------------
Registration No.: 441900000164123
Registered Capital: CNY 3,280,000
Legal Representative: Li Peng
MANAGEMENT
Lu Erbing, Legal Representative and Chairman
-------------------------------------------------------------------------
Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Li Peng, Vice Chairman
----------------------------------------
Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as vice chairman
Also working in Dongguan Electric Power
Industry Cooperation as legal representative
Wang Muxi, General Manager
----------------------------------------------------
Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as general manager
Director
------------
Zhong Haijie
Chen Binghui
Zhang Qing
Hu Jinpei
Zhang Wenbo
Supervisor
---------------
Zhang Fan
Huang Xiaoxia
Fang Yu
Huang Yongwei
Chen Wenli
BUSINESS
OPERATION
SC’s registered business scope includes researching,
developing, manufacturing and selling composite insulator series products, high
and low voltage electrical products; importing and exporting commodities and
technology.
SC is mainly
engaged in manufacturing and selling composite insulator series products, high
and low voltage electrical products.
SC’s products
mainly include:
Transmission Line
Railway
Electrification
Electrical
Equipment
Etc.
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% to overseas
market, mainly U.S.A., Southeast Asia, etc.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include Check, T/T, L/C and Credit of 30-60 days.
*Major Client*
------------------
Bussmann S De Rl
De Cv
Staff & Office:
--------------------------
SC is known
to have approx. 350 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 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
The bank information
of SC is not filed in local SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Nov. 30, 2014 |
|
Total assets |
287,440 |
300,490 |
|
|
------------- |
------------- |
|
Total liabilities |
62,980 |
66,090 |
|
Equities |
224,460 |
234,400 |
|
|
------------- |
------------- |
|
|
As of Dec. 31, 2013 |
From Jan. 1, 2014 to Nov. 30,
2014 |
|
Revenue |
-- |
163,880 |
|
Profit before tax |
-- |
17,560 |
|
Less: profit tax |
-- |
2,630 |
|
Profits |
-- |
14,930 |
Important Ratios
=============
|
|
As of Nov. 30, 2014 |
|
*Liabilities to assets |
0.22 |
|
*Net profit margin (%) |
9.11 |
|
*Return on total assets (%) |
4.97 |
|
*Revenue/Total assets |
0.55 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears
average in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
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 low.
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.62.97 |
|
|
1 |
Rs.94.97 |
|
Euro |
1 |
Rs.74.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
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|
Report Prepared
by : |
NIT |
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.