MIRA INFORM REPORT
|
Report No. : |
344852 |
|
Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
HEFEI TAIHE OPTOELECTRONIC TECHNOLOGY CO., LTD. |
|
|
|
|
Registered Office : |
No. D-1, Science
& Technology Industrial Park, No. 168 Xiangzhang Avenue, High-Tech Zone,
Hefei, Anhui Province, 230088 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
10.12.2004 |
|
|
|
|
Com. Reg. No.: |
340106000025377 |
|
|
|
|
Legal Form : |
Shares Limited
Company |
|
|
|
|
Line of Business : |
Subject is engaged in
R&D, manufacturing and selling machinery equipment and industrial robot. |
|
|
|
|
No. of Employee : |
537 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 and address
HEFEI TAIHE
OPTOELECTRONIC TECHNOLOGY CO., LTD.
NO.
D-1, Science & Technology Industrial Park, No. 168 Xiangzhang Avenue,
High-tech Zone, Hefei, Anhui Province, 230088 PR CHINA
TEL:
86 (0) 551-65399996/68588468 FAX: 86
(0) 551-68588883/65399015
EXECUTIVE
SUMMARY
INCORPORATION DATE : DEC. 10, 2004
REGISTRATION NO. : 340106000025377
REGISTERED LEGAL
FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE : MR. XU DAHONG (LEGAL REPRESENTATIVE)
STAFF STRENGTH : 537
REGISTERED CAPITAL :
CNY 56,970,000
BUSINESS LINE :
MANUFACTURING, SELLING, R&D
TURNOVER : CNY
273,030,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 249,225,000 (AS OF DEC. 31, 2014)
PAYMENT : NO
COMPLAINT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION
: FAIRLY GOOD
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3421 =
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
Ren Min Bi
Note: The correct
name is the heading one.
SC was registered
as a limited liabilities company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Dec. 10, 2004 and has been under
present ownership since Jun., 2012.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in China.. Natural person are allowed to
serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes R & D and transferring optical, software,
artificial intelligent vision, control technology, robot and system;
manufacturing and selling separation equipment and accessories, robot and
apparatus; export of its products and technology, and import of technology,
machinery equipment, parts and raw materials for the enterprise (if needed with
permit).
SC is mainly
engaged in R&D, manufacturing and selling machinery equipment and
industrial robot.
Mr. Xu Dahong has
been the legal representative, general manager and chairman of SC since 2004.
SC is known to
have approx. 537 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office and R&D Center in the hi-tech zone of Hefei, while its factory is in
the Economic Development Zone, Hefei. The detailed information of the area is
unspecified.
Factory Address:
the intersection of Yulan Avenue and Fangxing Avenue, Expand Zone of Taohua
Industrial Park, Economic Development Zone, Hefei, Anhui Province
www.colorsort.cn
The design is professional and the content is well organized. At present it is
in Chinese, English and other versions.
E-mail: thsorter@colorsort.cn
For the past two years there is no record of
litigation.
SC obtained the
certificate of ISO9001:2000 and CE certificate.
SC was awarded
Grade AAA Quality Reputation Unit.
SC was awarded
High–Tech Enterprise in 2007.
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the
change |
After the
change |
|
2010 |
Registered
capital |
CNY 3,000,000 |
CNY 3,817,800 |
|
Unknown |
Registered
capital |
CNY 3,817,800 |
CNY 5,100,000 |
|
Registered no. |
3401002020228 |
Present one |
|
|
2012-6 |
Legal form |
limited liabilities co. |
Shares limited
co. |
|
Company name |
|
Present one |
|
|
Registered
capital |
CNY 5,100,000 |
Present amount |
|
|
2014-4-16 |
Shareholders |
Xu Dahong 50.5972% Ge Suhui 8.9889% Yan Tianxin 8.8784% Tang Lin 8.0569% Zhejiang Zhengmao
Venture Investment Co., Ltd. 4.8973% Hidea (Tianjin) Investment
Management Co., Ltd. 4.1706% Xinjiang Jingyi
Stock Investment Partnership (Limited
Partnership) 3.9810% Ningbo
Haidadingxing Venture Capital Co., Ltd. 3.2227% Guo Peng 2.8436% Wu Jiantong 1.5987% Other 26
Individuals 2.7647% |
Present ones |
Note: SC changed
its Chinese name in 2012, while its English name remains the same.
Organization Code:
769029427
MAIN SHAREHOLDER:
Name Amount
(CNY) % of Shareholding
Xu Dahong 28,879,200 50.69
Ge Suhui 5,121,000 8.99
Yan Tianxin 5,058,000 8.88
Tang Lin 4,590,000 8.06
Zhejiang Zhengmao
Venture Investment Co., Ltd. 2,790,000 4.90
Hidea (Tianjin)
Investment Management Co., Ltd. 2,376,000 4.17
Xinjiang Jingyi
Stock Investment Partnership
(Limited
Partnership) 2,268,000 3.98
Ningbo
Haidadingxing Venture Capital Co., Ltd. 1,836,000 3.22
Guo Peng 1,620,000 2.84
Wu Jiantong 910,800 1.60
Other 25
Individuals 1,521,000 2.67
Legal representative, General
Manager and Chairman:
Mr. Xu Dahong, ID#
34012219761113xxxx, born in 1976, with junior college education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to
present Working in SC as
legal representative, general manager and chairman.
Vice General Manager:
Mr. Xu Mengsheng ,
ID# 3401221982xxxx6015, born in 1982, with junior college education. He is
currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice
general manager.
Director:
Zhou Shaoyuan
Wang Wen’gang
Lu Taiping
Supervisor:
Wang Chengying
Feng Weijin
Bu Cheng
SC is mainly engaged
in R&D, manufacturing and selling machinery equipment and industrial robot.
SC’s products
mainly include: rice color sorter, grain color sorter, wheat color sorter, belt
color sorter, color sorters for industrial goods, tea color sorter, peanut color
sorter, wolfberry color sorter, beans color sorter, customization of color
sorters and stamping robot
SC sources its
materials 70% from domestic market, and 30% from overseas market. SC sells 50%
of its products in domestic market, and 50% to the overseas markets.
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
Suppliers:
==============
Matrixspa
Regulus
International Co., Ltd.
Anhui Huajing Machinery
Co., Ltd. (In Chinese Pinyin)
Hefei Jinfeng
Photoelectric Instrument Sales Co., Ltd. (In Chinese Pinyin)
Hefei Sidelin
Automatic Control Equipment Co., Ltd. (In Chinese Pinyin)
*Major
Customers:
==============
Unique Tech Solutions (India)
Al-Karam Rice Engineering (Pvt) Ltd.
(Pakistan)
Delta Technology Corporation (America)
Uy Long Electromachanics Automatic Joint (Vietnam)
Khmer Food Co., Ltd. (Cambodia)
Trademark & Patents
|
Registration No. |
10623010 |
10622987 |
10623074 |
|
Registration Date |
2013-7-14 |
2013-7-21 |
2013-11-28 |
|
Trademark Design |
|
|
|
SC is not known to have
any subsidiary at present.
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’s suppliers
declined to make any comments.
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.
Huishang Bank
Lujiang Road Sub-branch
AC#：1021601021000213875
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2014 |
as of Dec. 31, 2013 |
|
Cash & bank |
126,759 |
114,125 |
|
Note receivable |
350 |
0 |
|
Accounts
receivable |
48,358 |
37,003 |
|
Advances to
suppliers |
1,583 |
2,612 |
|
Other receivables |
1,803 |
5,883 |
|
Inventory |
44,084 |
35,231 |
|
|
------------------ |
------------------ |
|
Current assets |
222,937 |
194,854 |
|
Fixed assets |
32,321 |
29,633 |
|
Projects under
construction |
43,089 |
3,112 |
|
Intangible assets |
15,673 |
7,347 |
|
Deferred income
tax assets |
2,005 |
1,136 |
|
Other assets |
1,702 |
10,423 |
|
|
------------------ |
------------------ |
|
Total assets |
317,727 |
246,505 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Bills payable |
14,055 |
15,763 |
|
Accounts payable |
29,554 |
23,055 |
|
Advances from
clients |
8,604 |
10,473 |
|
Payroll payable |
10,160 |
4,754 |
|
Tax payable |
5,225 |
2,718 |
|
Other payable |
785 |
2,446 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
68,383 |
59,209 |
|
Non-Current
liabilities |
119 |
136 |
|
|
------------------ |
------------------ |
|
Total liabilities |
68,502 |
59,345 |
|
Equities |
249,225 |
187,160 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
317,727 |
246,505 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2014 |
as of Dec. 31, 2013 |
|
Turnover |
273,030 |
210,142 |
|
Cost of goods
sold |
123,287 |
97,909 |
|
Taxes and
additional of main operation |
1,620 |
1,337 |
|
Sales expense |
44,689 |
28,604 |
|
Management expense |
32,454 |
22,275 |
|
Finance expense |
-2,118 |
-226 |
|
Asset impairment loss |
387 |
951 |
|
Non-operating
income |
11,656 |
9,733 |
|
Non-operating
expense |
0 |
33 |
|
Profit before tax |
84,367 |
68,992 |
|
Less: profit tax |
11,665 |
9,847 |
|
Profits |
72,702 |
59,145 |
Important Ratios
=============
|
|
as of Dec. 31, 2014 |
as of Dec. 31, 2013 |
|
*Current ratio |
3.26 |
3.29 |
|
*Quick ratio |
2.62 |
2.70 |
|
*Liabilities to
assets |
0.22 |
0.24 |
|
*Net profit margin
(%) |
26.63 |
28.15 |
|
*Return on total
assets (%) |
22.88 |
23.99 |
|
*Inventory
/Turnover ×365 |
59 days |
62 days |
|
*Accounts
receivable/Turnover ×365 |
65 days |
65 days |
|
*Turnover/Total
assets |
0.86 |
0.85 |
|
* Cost of goods sold/Turnover |
0.45 |
0.47 |
PROFITABILITY: GOOD
The turnover of SC
appears fairly good in its line.
SC’s net profit
margin is good.
SC’s return on
total assets is good.
SC’s cost of goods sold
is low, comparing with its turnover.
LIQUIDITY: FAIRLY GOOD
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 average.
The accounts
receivable of SC appears average.
SC has no
short-term loan in both years.
SC’s turnover 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.
SC is considered
medium-sized in its line with fairly good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.11 |
|
|
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.