MIRA INFORM REPORT
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Report No. : |
350637 |
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Report Date : |
19.11.2015 |
IDENTIFICATION DETAILS
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Name : |
EVERFINE CORPORATION |
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Registered Office : |
No. 669 Binkang Road, Binjiang District, Hangzhou, Zhejiang Province
310053 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2015 |
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Date of Incorporation : |
21.05.2003 |
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Com. Reg. No.: |
330108000006636 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in computer software, ampere meters, voltmeters,
power meters, power-factor indicators, optical standard lights, integrating
spheres, optical detectors, luminance meters, color measurement spectral
photometers, illuminometers (professional pocket-size illuminometers),
intelligent multifunctional photometers. Technological development services
and selling computer software, ampere meters, voltmeters, power meters,
power-factor indicators, optical standard lights, integrating spheres, optical
detectors, luminance meters, color measurement spectral photometers,
intelligent multifunctional photometers and professional pocket-size
illuminometers; importing and exporting business. |
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No. of Employees : |
569 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 & address
EVERFINE CORPORATION
NO. 669 BINKANG ROAD, BINJIANG DISTRICT, HANGZHOU
ZHEJIANG PROVINCE 310053 PR CHINA
TEL: 86 (0) 571-86698333
FAX: 86 (0) 571-86673318
EXECUTIVE
SUMMARY
DATE OF REGISTRATION :
MAY 21, 2003
REGISTRATION NO. :
330108000006636
LEGAL FORM :
SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
PAN JIANGEN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 240,000,000
STAFF :
569
BUSINESS CATEGORY : DEVELOPING & MANUFACTURING
& TRADING
REVENUE :
CNY 132,588,000 (FROM JAN. 1, 2015 TO SEP. 30, 2015)
EQUITIES :
CNY 1,063,500,000 (AS OF SEP. 30, 2015)
WEBSITE :
WWW.EVERFINE.NET
E-MAIL :
GLOBALSALES@EVERFINE.NET
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
FAIRLY GOOD
EXCHANGE RATE :
CNY 6.38 = 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 shares limited company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
330108000006636.
SC’s Organization Code Certificate No.: 74947581-7
SC’s Tax No.: 330107749475817
SC’s registered capital: CNY 240,000,000
SC’s paid-in capital: CNY 240,000,000
Registration Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the change |
|
2012-4-10 |
Registered Capital |
CNY 45,000,000 |
CNY 60,000,000 |
|
2012-9-20 |
Registered Capital |
CNY 60,000,000 |
CNY 120,000,000 |
|
2015-6-16 |
Registered Capital |
CNY 120,000,000 |
CNY 240,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder
(s) (As of September 30, 2015) |
% of
Shareholding |
|
Pan Jiangen |
33.36 |
|
Hangzhou Changyi Investment Co., Ltd. |
21.15 |
|
Meng Xin |
6.6 |
|
Min Fangsheng |
2.72 |
|
China Minsheng Bank-Dongfang Xinsilu Flexible Configuration Hybrid Securities
Investment Fund |
1.38 |
|
Hu Hongying |
1.3 |
|
Chin Construction Bank- Oriental Dragon Hybrid Open-End Securities
Investment Fund |
1.09 |
|
Chin Construction Bank-East Strategic Growth Mixed Open Securities
Investment Fund |
0.87 |
|
Meng Zheng |
0.72 |
|
Zhu Chunqiang |
0.66 |
|
Other Shareholders |
30.15 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Pan Jiangen |
|
Deputy General Manager |
Min Fangsheng |
|
Hu Hongying |
|
|
Zhang Jie |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 300306.
SHAREHOLDER CHART & BACKGROUND
Name % of Shareholding
(As of September 30, 2015)
----------------------------------
Pan Jiangen 33.36
Hangzhou Changyi Investment Co., Ltd. 21.15
Meng Xin 6.6
Min Fangsheng 2.72
China Minsheng Bank-Dongfang Xinsilu Flexible Configuration Hybrid
Securities Investment Fund 1.38
Hu Hongying 1.3
Chin Construction Bank- Oriental Dragon Hybrid Open-End Securities
Investment Fund 1.09
Chin Construction Bank-East Strategic Growth Mixed Open Securities
Investment Fund 0.87
Meng Zheng 0.72
Zhu Chunqiang 0.66
Other Shareholders 30.15
Hangzhou Changyi Investment Co., Ltd.
------------------------------------------------------
Date of Registration: March 9, 2010
Registration No.: 330108000052078
Chief Executive : Qiu Xingkuan
Registered Capital: CNY 10,000,000
MANAGEMENT
Pan Jiangen, Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Gender: M
Age: 50
Qualification: Doctor Degree
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Min Fangsheng, Deputy General Manager
------------------------------------------------------------------
Gender: M
Age: 44
Qualification: Doctor Degree
Working experience (s):
At present, working in SC as deputy general manager
Hu Hongying, Deputy General Manager
---------------------------------------------------------------
Gender: F
Age: 41
Qualification: University
Working experience (s):
At present, working in SC as deputy general manager
Zhang Jie, Deputy General Manager
-------------------------------------------------------
Gender: M
Age: 34
Qualification: Doctor Degree
Working experience (s):
At present, working in SC as deputy general manager
BUSINESS OPERATION
SC’s registered business scope includes computer software, ampere
meters, voltmeters, power meters, power-factor indicators, optical standard
lights, integrating spheres, optical detectors, luminance meters, color
measurement spectral photometers, illuminometers (professional pocket-size
illuminometers), intelligent multifunctional photometers. Technological
development services and selling computer software, ampere meters, voltmeters,
power meters, power-factor indicators, optical standard lights, integrating
spheres, optical detectors, luminance meters, color measurement spectral
photometers, intelligent multifunctional photometers and professional
pocket-size illuminometers; importing and exporting business.
SC is mainly engaged in developing, manufacturing
and selling photo electric products.
Brand: EVERFINE
SC’s products mainly include: spectroradiometer, gonioophotometer,
luminance meter, illuminometers & photometer, UV irradiance meter, LED
aging-life test system, LED thermal analysis system, optical radiation safety
test system, EMC tester, LED diver & electronic ballast tester, digital
power meter, AC & DC power supply, test accessories, etc.
SC sources its materials 100% from domestic market. SC sells 98% of its
products in domestic market, and 2% to overseas market.
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 Customers:
==============
Chongqing Lifan Passenger Vehicle Co., Ltd.
GD Midea Lighting Electric Manufacturing Co., Ltd.
Beijing Shenan Investment Group Co., Ltd.
GCL（Shenzhen）Smart Energy Co., Ltd.
TUV Rheinland (Guangdong) Co., Ltd.
Staff & Office:
--------------------------
SC is known to have approx. 569 staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED COMPANY
SC is known to have the following subsidiaries and branches:
Hangzhou MeMe Electronics Co., Ltd.
Hangzhou Everfine Instrument Co., Ltd.
Hangzhou Yuanfang Spectrum Color Technology Co., Ltd.
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 SAIC.
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
As of Sep. 30, 2015 |
|
720,922 |
695,484 |
|
|
Notes receivable |
1,122 |
3,197 |
|
Accounts receivable |
2,684 |
2,332 |
|
Advances to suppliers |
8,673 |
6,458 |
|
Interest receivable |
2,533 |
6,799 |
|
Other receivable |
5,185 |
3,027 |
|
Inventory |
38,155 |
47,554 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
130,065 |
34,853 |
|
|
------------------ |
------------------ |
|
Current assets |
909,339 |
799,704 |
|
Long-term equity investment |
0 |
103,027 |
|
Fixed assets |
148,929 |
149,589 |
|
Construction in progress |
6,937 |
9,792 |
|
Engineering materials |
0 |
0 |
|
Intangible assets |
41,115 |
40,327 |
|
Development expenditure |
0 |
0 |
|
Goodwill |
0 |
0 |
|
Long-term prepaid expenses |
1,443 |
4,316 |
|
Deferred income tax assets |
631 |
1,884 |
|
Other non-current assets |
3,738 |
7,632 |
|
|
------------------ |
------------------ |
|
Total assets |
1,112,132 |
1,116,271 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
14,935 |
2,963 |
|
Advances from clients |
39,310 |
37,089 |
|
Payroll payable |
4,538 |
3,524 |
|
Tax payable |
7,678 |
5,216 |
|
Interest payable |
0 |
0 |
|
Dividends payable |
0 |
0 |
|
Other payable |
1,610 |
1,344 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
68,071 |
50,136 |
|
Non-current liabilities |
0 |
2,635 |
|
|
------------------ |
------------------ |
|
Total liabilities |
68,071 |
52,771 |
|
Equities |
1,044,061 |
1,063,500 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
1,112,132 |
1,116,271 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
From Jan. 1, 2015 to Sep. 30, 2015 |
|
Revenue |
208,975 |
132,588 |
|
Cost of sales |
70,789 |
43,472 |
|
Taxes and surcharges |
2,852 |
1,693 |
|
Sales expense |
25,786 |
17,973 |
|
Management expense |
57,657 |
57,356 |
|
Finance expense |
-26,534 |
-15,826 |
|
Investment income |
5,637 |
8,411 |
|
Non-operating income |
17,353 |
7,851 |
|
Non-operating expense |
268 |
199 |
|
Profit before tax |
100,908 |
44,252 |
|
Less: profit tax |
10,556 |
5,672 |
|
Profits |
90,352 |
38,580 |
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
As of Sep. 30, 2015 |
|
*Current ratio |
13.36 |
15.95 |
|
*Quick ratio |
12.80 |
15.00 |
|
*Liabilities to assets |
0.06 |
0.05 |
|
*Net profit margin (%) |
43.23 |
29.10 |
|
*Return on total assets (%) |
8.12 |
3.46 |
|
*Inventory / Revenue ×365/270 |
67 days |
97 days |
|
*Accounts receivable / Revenue ×365/270 |
5 days |
5 days |
|
*Revenue / Total assets |
0.19 |
0.12 |
|
*Cost of sales / Revenue |
0.34 |
0.33 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is average.
SC’s cost of sales is low, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC appears large.
The accounts receivable of SC appears average.
SC has no short-term loans.
SC’s revenue is in a fair level, comparing with the size of its total
assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is low.
Overall financial condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.11 |
|
|
1 |
Rs.100.51 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.