MIRA INFORM REPORT
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Report No. : |
350816 |
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Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
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Name : |
OPPLE LIGHTING CO., LTD. |
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Registered Office : |
Building 3, Huasheng Technology Park, No. 1999 Zhangheng Road, Zhangjiang
Hi-Tech Park, Pudong New District, Shanghai 201203 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
21.10.2008 |
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Com. Reg. No.: |
91310000680999558Q |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing of electric light, lighting equipment, electrical
switches (only for branches) Selling: lighting lines system design, lighting
industry technology research and development, professional construction of
urban and road lighting construction projects, import and export business
goods and technology. (with permit if needed) |
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No. of Employees : |
6,974 (Including Subsidiary and Branch) |
RATING & COMMENTS
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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 |
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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 name & address
OPPLE LIGHTING CO., LTD.
BUILDING 3, HUASHENG TECHNOLOGY PARK
NO. 1999 ZHANGHENG ROAD, ZHANGJIANG HI-TECH PARK
PUDONG NEW DISTRICT, SHANGHAI 201203 PR CHINA
TEL: 86 (0) 21-38550000/38550296
FAX: 86 (0) 21-33932370
EXECUTIVE
SUMMARY
Date of Registration : octOBER 21, 2008
UNIFIED SOCIAL CREDIT CODE : 91310000680999558Q
LEGAL FORM : SHARES LIMITED
COMPANY
CHIEF EXECUTIVE :
wang yaohai (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny
521,479,104
staff :
6,974
(INCLUDING SUBSIDIARY AND BRANCH)
BUSINESS CATEGORY :
MANUFACTURING & TRADING
Revenue :
CNY 3,843,035,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
EQUITIES :
CNY 1,605,221,000
(CONSOLIDATED, AS OF DEC. 31, 2014)
WEBSITE : www.opple.com
E-MAIL :
intersales@opple.com
& kefu@opple.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : 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 unified social credit
code: 91310000680999558Q.
SC’s Organization Code Certificate No.:
68099955-8
SC’s Tax No.: 310115680999558
SC’s registered capital: CNY 521,479,104
SC’s paid-in capital: CNY 521,479,104
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhongshan OPPLE Investment Co., Ltd. |
51.36 |
|
Ma Xiuhui |
20.82 |
|
Wang Yaohai |
20.15 |
|
Chen Jinghua |
0.14 |
|
Jiang Zhihu |
0.16 |
|
Ma Weijin |
0.12 |
|
Ma Zhiwei |
0.12 |
|
Wang Guoxiao |
0.14 |
|
Shanghai Kaiming Investment Partnership (Limited Partnership) |
2.88 |
|
Shenzhen Zhufeng Jishi Equity Investment Partnership (Limited
Partnership) |
1.38 |
|
Qingdao Ocean Jishi Venture Capital Enterprise (Limited Partnership) |
0.31 |
|
Shenzhen Zhongou Jishi Equity Investment Partnership (Limited
Partnership) |
0.15 |
|
Shanghai Gefei Rainbow Investment Partnership (Limited Partnership) |
0.46 |
|
Shaoxing Shihe Investment Consulting Co., Ltd. |
0.76 |
|
Debao Equity Investment (Kunshan) Partnership (Limited Partnership) |
0.15 |
|
Kunshan Gefei Jinhong Equity Investment Center (Limited Partnership) |
0.64 |
|
Kunshan Gefei Jincheng Equity Investment Center (Limited Partnership) |
0.26 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Wang Yaohai |
|
General Manager |
Ma Xiuhui |
|
Deputy General Manager |
Qi Xiaoming |
|
Director |
Deng Tao |
|
Deng Xiaoyang |
|
|
Jiang Shenglu |
|
|
Ma Zhiwei |
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|
Jin Xin |
|
|
Lin Liangqi |
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Supervisor |
Qin Yangwen |
|
Gan Shixiong |
|
|
Wang Guoxiao |
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|
Ni Guolong |
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|
Hong Weiying |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhongshan OPPLE Investment Co., Ltd. 51.36
Ma Xiuhui 20.82
Wang Yaohai 20.15
Chen Jinghua 0.14
Jiang Zhihu 0.16
Ma Weijin 0.12
Ma Zhiwei 0.12
Wang Guoxiao 0.14
Shanghai Kaiming Investment Partnership (Limited Partnership) 2.88
Shenzhen Zhufeng Jishi Equity Investment Partnership (Limited
Partnership) 1.38
Qingdao Ocean Jishi Venture Capital Enterprise (Limited Partnership) 0.31
Shenzhen Zhongou Jishi Equity Investment Partnership (Limited
Partnership) 0.15
Shanghai Gefei Rainbow Investment Partnership (Limited Partnership) 0.46
Shaoxing Shihe Investment Consulting Co., Ltd. 0.76
Debao Equity Investment (Kunshan) Partnership (Limited Partnership) 0.15
Kunshan Gefei Jinhong Equity Investment Center (Limited Partnership) 0.64
Kunshan Gefei Jincheng Equity Investment Center (Limited Partnership) 0.26
Zhongshan OPPLE Investment Co., Ltd.
------------------------------------------------------
Date of Registration: June 23, 2006
Chief Executive : Wang Yaohai
Registered Capital: CNY 250,000,000
MANAGEMENT
Wang Yaohai, Legal Representative and Chairman
------------------------------------------------------------------------------
Gender: M
Age: 49
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman
Also working in Zhongshan OPPLE Investment Co., Ltd. and Guangdong OPPLE
Lighting Co., Ltd. as legal representative
Ma Xiuhui, General
Manager
--------------------------------------------------
Gender: F
Age: 44
Qualification: University
Working experience (s):
At present, working in SC as general manager
Also working in OPPLE Lighting Electrical (Zhongshan) Co., Ltd. and
Suzhou OPPLE Lighting Co., Ltd. as legal representative
Qi Xiaoming,
Deputy General Manager
--------------------------------------------------------------
Gender: M
Age: 44
Qualification: University
Working experience (s):
At present, working in SC as deputy general manager
Director
-----------
Deng Tao
Deng Xiaoyang
Jiang Shenglu
Ma Zhiwei
Jin Xin
Lin Liangqi
Supervisor
--------------
Qin Yangwen
Gan Shixiong
Wang Guoxiao
Ni Guolong
Hong Weiying
BUSINESS OPERATION
SC’s registered business scope includes manufacturing of electric light,
lighting equipment, electrical switches (only for branches) Selling: lighting
lines system design, lighting industry technology research and development,
professional construction of urban and road lighting construction projects,
import and export business goods and technology. (with permit if needed)
SC is mainly engaged in manufacturing and selling lighting equipment.
Brand: OPPLE
SC’s products mainly include: light source, lamps, electrical
appliances, integrated ceiling lamps.
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 40% of its products in domestic market, and 60% to overseas
market.
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 Customers:
==============
AL Manara Electric Co.
OS Projects (Pvt) Ltd.
Al-Arabia Electrical Company
Farmer Phoyarzar Co., Ltd.
Shaanxi Wude Lighting Co., Ltd.
Nanjing Kaitian Lighting Electrical Appliance Co., Ltd.
Fuzhou Renguang Lighting Equipment Co., Ltd.
Staff &
Office:
--------------------------
SC is known to have approx. 6,974
staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED COMPANY
Guangdong OPPLE Lighting Co., Ltd.
Suzhou OPPLE Lighting Co., Ltd.
SC is known to
have following subsidiaries and branches:
OPPLE Lighting Electrical (Zhongshan) Co., Ltd.
OPPLE Lighting Co., Ltd. Wujiang
Branch
OPPLE Lighting Co., Ltd.
Chongqing 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 SAIC.
FINANCIALS
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
41,609 |
27,924 |
|
|
Notes receivable |
2,200 |
1,154 |
|
Accounts receivable |
125,675 |
156,474 |
|
Advances to suppliers |
13,636 |
12,413 |
|
Other receivable |
19,282 |
17,518 |
|
Inventory |
292,389 |
487,339 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
1,129,005 |
930,751 |
|
|
------------------ |
------------------ |
|
Current assets |
1,623,796 |
1,633,573 |
|
Long-term investment |
0 |
2,579 |
|
Fixed assets |
606,390 |
627,380 |
|
Construction in progress |
83,611 |
191,080 |
|
Intangible assets |
144,037 |
146,939 |
|
Long-term prepaid expenses |
0 |
0 |
|
Deferred income tax assets |
14,237 |
18,490 |
|
Other non-current assets |
113,443 |
153,522 |
|
|
------------------ |
------------------ |
|
Total assets |
2,585,514 |
2,773,563 |
|
|
============= |
============= |
|
Short-term loans |
8,597 |
20,193 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
409,030 |
525,635 |
|
Wages payable |
132,160 |
150,287 |
|
Taxes payable |
68,825 |
59,553 |
|
Advances from clients |
85,267 |
61,568 |
|
Other payable |
86,350 |
89,046 |
|
Other current liabilities |
268,852 |
250,134 |
|
|
------------------ |
------------------ |
|
Current liabilities |
1,059,081 |
1,156,416 |
|
Non-current liabilities |
12,916 |
11,926 |
|
|
------------------ |
------------------ |
|
Total liabilities |
1,071,997 |
1,168,342 |
|
Equities |
1,513,517 |
1,605,221 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
2,585,514 |
2,773,563 |
|
|
============= |
============= |
Consolidated Income
Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
3,390,044 |
3,843,035 |
|
Cost of sales |
2,103,922 |
2,455,921 |
|
Sales expense |
651,259 |
804,257 |
|
Management expense |
232,480 |
284,358 |
|
Finance expense |
3,186 |
1,727 |
|
Investment income |
39,057 |
62,855 |
|
Non-business income |
161,106 |
43,142 |
|
Non-business expenditure |
1,682 |
1,572 |
|
Profit before tax |
562,758 |
363,642 |
|
Less: profit tax |
83,943 |
62,793 |
|
478,815 |
300,849 |
Important Ratios
=============
|
|
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
*Current ratio |
1.53 |
1.41 |
|
*Quick ratio |
1.26 |
0.99 |
|
*Liabilities to assets |
0.41 |
0.42 |
|
*Net profit margin (%) |
14.12 |
7.83 |
|
*Return on total assets (%) |
18.52 |
10.85 |
|
*Inventory / Revenue ×365 |
32 days |
47 days |
|
*Accounts receivable/ Revenue ×365 |
14 days |
15 days |
|
*Revenue/Total assets |
1.31 |
1.39 |
|
*Cost of sales / Revenue |
0.62 |
0.64 |
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 fairly good.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
SC’s short-term loans are in an average level.
SC’s revenue is in an average 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 average.
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
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.