MIRA INFORM REPORT
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Report No. : |
338491 |
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Report Date : |
02.09.2015 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU STAR SHUAIER ELECTRIC APPLIANCE CO., LTD. |
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Registered Office : |
No. 99 Jiaojieling, Shoujiang Town, Fuyang, Hangzhou,
Zhejiang Province 311422 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
15.05.2002 |
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Com. Reg. No.: |
330100400019272 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in manufacturing relay, kitchen electric equipment,
chip components, and sensitive components; selling its products, importing and
exporting commodities. |
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No. of Employee : |
502 |
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
|
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
HANGZHOU STAR SHUAIER ELECTRIC APPLIANCE CO., LTD.
NO. 99 JIAOJIELING, SHOUJIANG TOWN, FUYANG, HANGZHOU, ZHEJIANG PROVINCE 311422 PR CHINA
TEL: 86 (0) 571-63410817/63413780/63410797
FAX: 86 (0) 571-63410816
EXECUTIVE
SUMMARY
Date of Registration : MAY 15, 2002
REGISTRATION NO. : 330100400019272
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL : cny 60,778,680
staff :
502
BUSINESS CATEGORY : MANUFACTURING & trading
Revenue :
CNY 270,792,000 (Consolidated, AS OF DEC. 31,
2014)
EQUITIES :
CNY 239,082,000
(Consolidated, AS OF DEC. 31, 2014)
WEBSITE : www.hzstarshuaier.com
E-MAIL :
ad@hzstarshuaier.com
& sailelectron@tom.com
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.41 = 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 Chinese-foreign equity joint venture enterprise of PRC on May 15, 2002. However, SC changed to
present legal form, and was registered as a shares limited company of PRC with
State Administration for Industry & Commerce (SAIC) under registration No.:
330100400019272 on December 27, 2013.
SC’s Organization Code Certificate No.:
71614316-2
SC’s Tax No.: 330183716143162
SC’s registered capital: CNY 60,778,680
SC’s paid-in capital: CNY 60,778,680
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2002-5-13 |
Registered Capital |
CNY 3,553,000 |
CNY 5,213,000 |
|
2003-2-22 |
Registered Capital |
CNY 5,213,000 |
CNY 6,113,000 |
|
2004-6-23 |
Registered Capital |
CNY 6,113,000 |
CNY 8,594,000 |
|
2008-4-16 |
Registration No. |
004215 |
330100400019272 |
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2008-9-27 |
Registered Capital |
CNY 8,594,000 |
CNY 11,594,000 |
|
2009-11-18 |
Registered Capital |
CNY 11,594,000 |
CNY 19,800,000 |
|
-- |
Registered Capital |
CNY 19,800,000 |
CNY 50,000,000 |
|
2011-1-28 |
Registered Capital |
CNY 50,000,000 |
cny 55,980,000 |
|
2013-12-27 |
Legal Form |
Chinese-Foreign Equity Joint Venture Enterprise |
Shares Limited Company |
|
2015-3-16 |
Registered Capital |
cny 55,980,000 |
CNY 60,778,680 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Lou Yuegen |
40.59 |
|
Fuyang Star Shuaier Investment Co., Ltd. |
25.25 |
|
Piao Zhongyun (Korea) |
9.42 |
|
Yuan Pudiao (Hong Kong) |
6.49 |
|
Xia Qikui |
4.19 |
|
Sun Huamin |
3.91 |
|
Lu Wencheng |
1.93 |
|
Che Baogen |
1.92 |
|
Niu Jianhua |
1.67 |
|
Lou Yazhen |
0.96 |
|
Gong Yizhang |
0.96 |
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Lou Gaoda |
0.95 |
|
Xu Zaixin |
0.95 |
|
Huang Luping |
0.81 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Lou Yuegen |
|
General Manager and Director |
Lou Yongwei |
|
Director |
Luo Guoliang |
|
Wei Wei |
|
|
Sun Huamin |
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|
Gu Qun |
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|
Lu Wencheng |
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Supervisor |
Niu Jianhua |
|
Xu Yulian |
|
|
Xia Qikui |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Lou Yuegen 40.59
Fuyang Star Shuaier Investment Co., Ltd. 25.25
Piao Zhongyun (Korea) 9.42
Yuan Pudiao (Hong Kong) 6.49
Xia Qikui 4.19
Sun Huamin 3.91
Lu Wencheng 1.93
Che Baogen 1.92
Niu Jianhua 1.67
Lou Yazhen 0.96
Gong Yizhang 0.96
Lou Gaoda 0.95
Xu Zaixin 0.95
Huang Luping 0.81
Fuyang Star
Shuaier Investment Co., Ltd.
-------------------------------------------------------
Registration No.: 330183000061577
Legal Form: Limited Liabilities Company
Registered Capital: CNY 5,000,000
Legal Representative: Lou Yuegen
MANAGEMENT
Lou
Yuegen, Legal Representative and
Chairman
----------------------------------------------------------------------------
Ø Gender: M
Ø Working experience
(s):
At present, working in SC as legal representative
and chairman
Also working in
Fuyang Star Shuaier Investment Co., Ltd. as legal representative
Lou Yongwei , General Manager and Director
----------------------------------------------------------------------
Ø Gender: M
Ø Working experience
(s):
At present, working in SC as general
manager and director
Director
-----------
Luo Guoliang
Wei Wei
Sun Huamin
Gu Qun
Lu Wencheng
Supervisor
--------------
Niu Jianhua
Xu Yulian
Xia Qikui
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing
relay, kitchen electric equipment, chip components, and sensitive components;
selling its products, importing and exporting commodities.
SC is mainly
engaged in manufacturing and selling relay and components.
Brand: Star
Shuaier
SC’s products
mainly include:
Overload Protector
Starter
JQZ Starter Relay
SC sources its materials 100% from domestic market.
SC sells 60% of its products in domestic market, and 40% 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*
------------------------
Hangzhou Haisheng Refrigeration Equipment Co., Ltd.
Huayi Compressor (Jingzhou) Co., Ltd.
Wuhu Abaur Mechanical & Electrical Co., Limited
*Major Supplier*
-------------------
Epcos (Zhuhai)
Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 502 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
SC
is not known to have any subsidiary at present.
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’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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
9,082 |
|
|
Notes receivable |
84,068 |
|
Accounts
receivable |
60,458 |
|
Advances to
suppliers |
871 |
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Other receivable |
48 |
|
Inventory |
47,523 |
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Non-current
assets within one year |
0 |
|
Other current
assets |
127 |
|
|
------------------ |
|
Current assets |
202,177 |
|
Fixed assets |
55,425 |
|
Construction in
progress |
28,865 |
|
Intangible
assets |
10,811 |
|
Deferred income
tax assets |
583 |
|
Other
non-current assets |
31,805 |
|
|
------------------ |
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Total assets |
329,666 |
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|
============= |
|
Short-term loans |
39,750 |
|
Notes payable |
15,760 |
|
Accounts payable |
24,381 |
|
Welfares payable |
8,260 |
|
Taxes payable |
759 |
|
Advances from
clients |
150 |
|
Other payable |
1,494 |
|
Other current
liabilities |
30 |
|
|
------------------ |
|
Current
liabilities |
90,584 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
90,584 |
|
Equities |
239,082 |
|
|
------------------ |
|
Total
liabilities & equities |
329,666 |
|
|
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
Revenue |
270,792 |
|
Cost of sales |
165,293 |
|
Sales expense |
5,208 |
|
Management expense |
29,122 |
|
Finance expense |
4,567 |
|
Non-business
income |
3,797 |
|
Non-business expenditure |
240 |
|
Profit before
tax |
66,997 |
|
Less: profit tax |
10,170 |
|
56,827 |
Important Ratios
=============
|
|
As
of Dec. 31, 2014 |
|
*Current ratio |
2.23 |
|
*Quick ratio |
1.71 |
|
*Liabilities
to assets |
0.27 |
|
*Net profit
margin (%) |
20.99 |
|
*Return on
total assets (%) |
17.24 |
|
*Inventory /
Revenue ×365 |
65 days |
|
*Accounts
receivable / Revenue ×365 |
82 days |
|
*Revenue /
Total assets |
0.82 |
|
*Cost of sales
/ Revenue |
0.61 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is fairly good.
l
SC’s cost of sales is low, comparing with its
revenue.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear average.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
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 Good.
CONCLUSIONS
SC is considered small-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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.