MIRA INFORM REPORT
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Report No. : |
344691 |
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Report Date : |
15.10.2015 |
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. (excluding the items prohibited or limited by the country, with
permit if needed) |
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No. of Employees : |
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 : |
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
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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)
757-82666060/82272032 FAX: 86 (0) 757-82263362
EXECUTIVE
SUMMARY
INCORPORATION DATE : MAY 7, 1999
REGISTRATION NO. : 440600000018716
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
400
REGISTERED CAPITAL : CNY
25,600,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 1,055,550,000 (AS OF DEC.
31, 2014)
EQUITIES :
CNY 440,750,000 (AS OF DEC. 31, 2014)
PAYMENT :
REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3223 = USD 1
Adopted
abbreviations:
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a Limited liabilities
co. at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on May 7, 1999, and later was
changed to the present legal form.
Company
Status: One-person Limited Liability
Company
Single person LLC refers to a limited liability company set up by only one natural person or legal person as the single shareholder of it.
The minimum registered capital of Single person LLC is CNY100,000. The shareholder’s capital contributes, as set out by the articles of associations should be a lump-sum payment in full.
One natural person can only invest in and set up one limited liability company, which is not permitted to invest in and set up a new Single person LLC.
As to any one-person limited liability company, the sole-investor nature of the natural person or legal person shall be indicated in the registration documents of the company and shall be indicated in the business license thereof as well.
The regulation of Single person LLC should be set up by the shareholder
The regulation of Single person LLC has no shareholder meeting.
SC’s registered business scope includes manufacturing, selling and repairing machinery equipment; manufacturing and selling auto parts; importing and exporting commodities and technologies. (excluding the items prohibited or limited by the country, with permit if needed)
SC is mainly engaged in manufacturing and selling mechanical equipment.
Mr. Yang Xuexian is legal representative and general manager of SC at present.
SC is known to have approx. 400 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the industrial zone of Foshan. Our checks reveal that SC owns the total premise about 22,000 square meters.
The other address: (F4) No. 25, Part C, Sanshui Center Technology Industrial Area, Foshan
http://www.hlt.cc/
The design is professional and the content is well organized. At present the
web site is in Chinese and English versions.
E-mail: exp@hltpress.com;
hlt@hltpress.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Shareholders |
Wu Yingzhen 14.92% Liang Tongcan 14.62% Luo Mingzhao 9.62% Liang Hanzhu 8.72% Chen Guoqiang 8.72% Yang Deji 7.94% Chen Chenda 6.26% Lin Nuanzhao 6.26% Wu Guizhao 1.80% Ou Qiongzhi 1.80% Other Individual Shareholders 19.34% |
Present one |
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Legal form |
Limited liabilities co. |
||
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Legal representative |
Luo Mingzhao |
Organization Code:
712393666
SC was awarded the title of National CAD Technical Application
Demonstration Enterprise in 2001.
SC passed ISO9001:2000 Certificate in 2003.
The national industry standard JC/T910-2003 “Hydraulic Tile Press” drew
up by SC was issued by State Development and Innovation Commission in 2003.
SC was appraised of Top 500 of China Machinery and Top 10 Construction
& Building Machinery in 2004.
SC was appraised as one of the “Three-Strong” Enterprises of Foshan
Building & Sanitation Ceramic Machine Equipment Manufacturing in 2005.
SC was appraised as 2005-2006 Advanced Unit of National Building
Material Industry Machine Standardization. YP series hydraulic tile press was
awarded Famous Brand of China Building Material Industry by the Association of
China Building Material Machine Industry in 2006.
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Keda Clean Energy Co., Ltd. 100
Keda Clean Energy Co., Ltd. is listed in Shanghai
Stock Exchange Market with the stock code 600499.
Keda Clean Energy Co., Ltd. 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.
Formerly known as Keda Industrial Co., Ltd.
Incorporation Date: Dec. 11, 1996
Registration No.: 440000000016993
Registered Legal Form: Shares Limited
Company
Legal representative: Mr. Bian Cheng (边程)
Add: No. 1 Huanzhen West Road, Guanglong
Industrial Park , Chencun Town, Shunde District, Foshan, Guangdong
Tel: 0757-23833869
Fax: 0757-23833869
Web: http://www.kedachina.com.cn
l Legal
representative and general manager:
Mr. Yang Xuexian is currently responsible
for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and
general manager.
l Executive
director:
Mr. Wu Muhai , born in 1973, with master’s degree.
He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as executive director.
Also working in Keda Clean Energy Co.,
Ltd. as president.
l Supervisor:
Zeng Fei
SC is mainly
engaged in manufacturing and selling mechanical equipment.
SC’s products mainly include YP series of hydraulic press equipment,
firebrick press, Power cabinet, hydraulic station with tube type heat exchanger
and single linear charger.
SC sources its
materials 100% from domestic market. SC sells 70% of its products in domestic
market and 30% to overseas market, mainly Vietnam, Pakistan, Bangladesh.
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.
Note:
SC declined to release its major suppliers and clients.
Trademark &
Patents
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Registration No. |
6059756 |
8120613 |
6585191 |
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Registration Date |
2009-11-28 |
2011-05-21 |
2010-08-21 |
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Trademark Design |
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SC is known to
invest in the following companies:
Foshan Henglitai Labor Dispatch Co. Ltd.
=========================
Incorporation Date: 2011-09-23
Registration No.: 440602000241764
Registered Legal Form:
One-Person Limited Liability Company
Legal representative: Chen Yulan陈玉兰
Foshan Do Better Machinery Co., Ltd.
=======================
Incorporation Date: 2007-07-18
Registration No.: 440683000008100
Legal representative: Hu Jianguo胡建国
Web: http://www.fsdobetter.com/
According to http://www.kedachina.com.cn/
Foshan Keda Hydraulic Machinery Co., Ltd.
Keda Clean Energy (Anhui) Co., Ltd.
Keda Industrial (Anhui) Co., Ltd.
Keda-Suremaker (Wuhu) Industrial Co., Ltd.
Henan KDNEU International Engineering Co., Ltd.
According to SC’s website:
Service Office of India
Add: (Morbi, Rajkot, Gujarat) C/O Prajapati Roofing Tiles (Bhavani Cearmics) B/H Mod Cera Ceramic Industries (Astron Ceramics) NR. Rachana Society, OPP. Vishal Furniture Mall
Contact: Mr. Birenkumar B. Patel
Tel: +91 9925923721
E-mail: hltindia@hltpress.com
Service Office of Vietnam
Add.:No.135/37/74 Nguyen Huu Canh Street, Ward 22, Binh Thanh Dist., HCM City
Contact: Mr DUONG CANH KHOA，Miss Nguyen Thi Tuyet Cham
Tel: +84 8 6294 4013
Fax: +84 8 6294 4124
E-mail: henglitaivn@yahoo.com , tangjingke2002@yahoo.com
Service Office of Iran
Add: No.74-Anna Building -Bl.Jomhori-Yazd-Iran
Contact: Mr. Mohammad Reia Zolfaghari, Miss Sonia Sing
Tel: +983515244385
Miss Sonia Sing’s Mobile Phone: 0098-9191191959
Fax: +983515244384
E-mail: info@iransincoza.com
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
SC’s accountant refused
to release the bank details.
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
Cash & bank |
49,690 |
|
Inventory |
321,850 |
|
Accounts
receivable |
126,020 |
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Advances to
suppliers |
11,270 |
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Bills receivable |
11,130 |
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Other
receivables |
43,860 |
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Other current
assets |
7,270 |
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------------------ |
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Current assets |
571,090 |
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Fixed assets net
value |
118,290 |
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Long term
investment |
29,500 |
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Projects under
construction |
31,350 |
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Deferred tax
assets |
1,880 |
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Intangible
assets |
12,550 |
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------------------ |
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Total assets |
764,660 |
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|
=========== |
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Short loan |
0 |
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Accounts payable |
117,230 |
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Advances from
clients |
146,300 |
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Accrued payroll |
11,490 |
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Taxes payable |
12,390 |
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Other Accounts
payable |
6,550 |
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Note payable |
25,400 |
|
|
------------------ |
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Current
liabilities |
319,360 |
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Long term
liabilities |
4,550 |
|
|
------------------ |
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Total
liabilities |
323,910 |
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Equities |
440,750 |
|
|
------------------ |
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Total
liabilities & equities |
764,660 |
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|
=========== |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
Turnover |
1,055,550 |
|
Cost of goods sold |
717,560 |
|
Taxes and additional of main operation |
7,580 |
|
Sales expense |
33,200 |
|
Management expense |
59,180 |
|
Finance expense |
-730 |
|
Asset impairment loss |
-60 |
|
Non-operating income |
4,810 |
|
Non-operating
expense |
180 |
|
Profit before tax |
243,450 |
|
Less: profit tax |
36,520 |
|
Profits |
206,930 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2014 |
|
*Current ratio |
1.79 |
|
*Quick ratio |
0.78 |
|
*Liabilities
to assets |
0.42 |
|
*Net profit
margin (%) |
19.60 |
|
*Return on
total assets (%) |
27.06 |
|
*Inventory
/Turnover ×365 |
112 days |
|
*Accounts
receivable/Turnover ×365 |
44 days |
|
*Turnover/Total
assets |
1.38 |
|
* Cost of
goods sold/Turnover |
0.68 |
PROFITABILITY:
GOOD
l The turnover of SC
appears good in its line.
l SC’s net profit
margin is good.
l SC’s return on
total assets is good.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears average.
l
SC has no short-term loan in 2014.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
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.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.11 |
|
UK Pound |
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
VNT |
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 |
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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 |
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-- |
NB |
New Business |
-- |
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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.