MIRA INFORM REPORT
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Report No. : |
346889 |
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Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 619-620, Building T3b6-A, Hi-Tech
Industrial Village, No. 011, Gaoxin South 7th Rd., Nanshan District,
Shenzhen, Guangdong Province, 518057 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
24.08.2009 |
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Com. Reg. No.: |
440306104231775 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in selling LED lighting
products. |
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No. of Employees : |
85 |
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 : |
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
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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
SHENZHEN SYHDEE Co., Ltd.
ROOM
619-620, BUILDING T3B6-A, HI-TECH INDUSTRIAL VILLAGE, NO. 011, GAOXIN SOUTH 7TH
RD., NANSHAN DISTRICT, SHENZHEN,
GUANGDONG
PROVINCE, 518057 PR CHINA
TEL: 86 (0) 755-23088966 FAX: 86 (0) 755-23122125
EXECUTIVE
SUMMARY
INCORPORATION
DATE : AUG. 24, 2009
REGISTRATION
NO. : 440306104231775
REGISTERED
LEGAL FORM : SHARES LIMITED COMPANY
CHIEF
EXECUTIVE : MR. LIU
RUIJIN (CHAIRMAN)
STAFF
STRENGTH : 85
REGISTERED
CAPITAL : CNY 10,000,000
BUSINESS
LINE : TRADING
TURNOVER : CNY 89,250,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY
11,700,000 (AS OF DEC. 31, 2014)
PAYMENT
: NO COMPLAINTS
MARKET
CONDITION : AVERAGE
FINANCIAL
CONDITION : FAIRLY STABLE
OPERATIONAL
TREND : STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.3571 = 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
Note:
SC changed its office room from Room 601 to the heading one.
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 Aug. 24, 2009, and has been under the present legal form
since September of 2015.
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
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 technology development and sales of LED
panel, lighting, lighting and application products, solar energy and its
application products, LED encapsulation and application products; domestic
trade, import and export of goods and technology. (except the projects approval
by laws, administrative regulations and decision of the state council before
registration)
SC is mainly engaged in selling LED lighting products.
Mr.
Liu Ruijin (刘瑞金) has been the legal
representative and chairman of SC since 2011.
SC is
known to have approx. 85 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Shenzhen. Detail information of the
premise is unspecified.
http://www.syhdee.com The design is professional and the content is
well organized. At present it is in English and Chinese versions.
Email:
sales@syhdee.com
; info@syhdee.com
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2011-5-25 |
Legal representative |
Tang Jianwei |
Present one |
|
2013-7-12 |
Registered capital |
CNY 1,000,000 |
Present amount |
|
2015-4-27 |
Shareholders & shareholdings |
Chen Wuming 7% Liu Ruijin 43.5 % Tang Jianwei 42.5 % Zhong Baijun 7% |
Present ones |
|
2015-9-21 |
Company name |
Present one |
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|
Legal form |
Limited Liabilities Co. |
Present one |
Organization
code: 693967088
Credibility
Code: 914403006939670881
For
the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Liu
Ruijin
42
Tang
Jianwei
41
Zhong
Baijun
7
Chen
Wuming
7
Xia
Chen
3
Legal representative and Chairman:
Mr.
Liu Ruijin is currently responsible for the overall management of SC.
Working
Experience(s):
From
2011 to present Working in
SC as legal representative and chairman;
Also
working in Huizhou Syhdee Manufactory Co., Ltd. as legal representative,
executive director and general manager.
General Manager and Director:
Tang
Jianwei is currently responsible for the daily management of SC.
Working
Experience(s):
At
present Working in SC
as general manager and director.
Vice General Manager and Director:
Chen
Wuming
Zhong
Baijun
Xia
Chen
They
are currently responsible for the daily management of SC.
Working
Experience(s):
At
present Working in SC
as vice general manager and director.
Supervisors:
Zhou
Rui
Liu
Xiaoyuan
He
Guifang
SC
is mainly engaged in selling LED lighting products. (该公司目前主要从事LED照明产品的销售业务。)
SC’s
products mainly include:
External
Driver LED Tube
Triac
Dimmable LED Tube
LED
Glass Tube
LED
Cooler Door Light
LED
Linear Lamps
LED
Panel Light
ETL
Listed LED Tube
DLC
Qualified LED Tube
UL
Certificated LED Tube
VDE
Certificated LED Tube
TUV-CE
Certificated LED Tube
DEKRA-CE
Certified LED Tube
SAA
Certificated LED Tube
PSE
Certificated LED Tube
T8
Integrated LED Tube Light
T5
Integrated LED Tube Light
Compatible
LED Tube
All
Plastic LED Tube Lights
Single
Pin LED Tube
T8
PIR LED Tube
T8
Emergency LED Tube
T8
Body G5 Pin LED Tube
SC
sources its materials 100% from domestic market SC sells 50% of its products in
domestic market, and 50% 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.
Note: SC’s management
declined to release its customer and supplier details.
Trademark
& Patents
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Registration No. |
10870654 |
14783634 |
7942730 |
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Registration Date |
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Trademark Design |
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According to the website http://www.syhdee.com:
UK
Representative Office
Address:
24 Warwick street Middleborough TS1 4NX UK
Tel:
+44-1642-247371
Mobile:
+44-7883014081
SC is known to invest in
the following company:
Huizhou Syhdee Manufactory Co., Ltd.
-------------------------------------------
Incorporation
date:
Registered
no.: 441300000266050
Legal
representative: Mr. Liu Ruijin
Tel:
+86-752-5306888
Fax:
+86-752-5306899
Factory
Add: Syhdee Industrial Park, 8 Zonger Rd., Zhongxingongye Avenue, Huizhou City,
Guangdong Province, 516055 China
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
management declined to release its bank details.
Balance Sheet
Unit:
CNY’000
|
|
As of Dec. 31, 2014 |
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Cash & bank |
490 |
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Inventory |
11,000 |
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Accounts receivable |
4,720 |
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Advances to suppliers |
1,060 |
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Other Accounts receivable |
33,470 |
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|
------------------ |
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Other current assets |
50,740 |
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Fixed assets net value |
200 |
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------------------ |
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Total assets |
50,940 |
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============= |
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Short loans |
0 |
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Accounts payable |
36,990 |
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Advance from customers |
640 |
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Taxes payable |
1,250 |
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Other Accounts payable |
30 |
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Accrued payroll |
330 |
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------------------ |
|
39,240 |
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Long term liabilities |
0 |
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------------------ |
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Total liabilities |
39,240 |
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Equities |
11,700 |
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------------------ |
|
50,940 |
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============= |
Income Statement
Unit:
CNY’000
|
|
As of Dec. 31, 2014 |
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Turnover |
89,250 |
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Cost of goods sold |
70,200 |
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Taxes and additional of main operation |
380 |
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Sales expense |
6,660 |
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Management expense |
10,310 |
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Finance expense |
60 |
|
Non-operating income |
20 |
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Non-operating expense |
120 |
|
Profit before tax |
1,540 |
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Less: profit tax |
290 |
|
Profits |
1,250 |
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
|
*Current ratio |
1.29 |
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*Quick ratio |
1.01 |
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*Liabilities to assets |
0.77 |
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*Net profit margin (%) |
1.40 |
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*Return on total assets (%) |
2.45 |
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*Inventory /Turnover ×365 |
45 days |
|
*Accounts receivable/Turnover ×365 |
19 days |
|
*Turnover/Total assets |
1.75 |
|
* Cost of goods sold/Turnover |
0.79 |
PROFITABILITY: AVERAGE
The
turnover of SC appears average in its line.
SC’s
net profit margin is average.
SC’s
return on total assets is average.
SC’s
cost of goods sold is average, comparing with its turnover.
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 appears average.
The
accounts receivable of SC appears average.
SC
has no short-term loan in 2014.
SC’s
turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
The
debt ratio of SC is fairly high.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
|
UK Pound |
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
TRU |
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 |
|
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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 |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.