MIRA
INFORM REPORT
|
Report No. : |
340391 |
|
Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHENZHEN MTC CO., LTD. |
|
|
|
|
Registered Office : |
Floor 31-32, A, Xinghe Shiji Building, No. 3069 Caitian Road, Futian District, Shenzhen City, Guangdong, 518026 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
04.04.2005 |
|
|
|
|
Com. Reg. No.: |
440301102850794 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and
trading of consumer electronics. |
|
|
|
|
No. of Employees : |
4,908 |
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
SHENZHEN MTC CO., LTD.
FLOOR 31-32, A, XINGHE SHIJI BUILDING, NO.
3069 CAITIAN ROAD,
FUTIAN DISTRICT, SHENZHEN CITY, GUANGDONG,
518026 PR CHINA
TEL: 86 (0) 755-33345613 FAX: 86 (0) 755-33345607
EXECUTIVE SUMMARY
INCORPORATION DATE : APRIL 4, 2005
REGISTRATION NO. : 440301102850794
REGISTERED LEGAL FORM : SHARES
LIMITED COMPANY
CHIEF EXECUTIVE : MR. GU WEI (CHAIRMAN)
STAFF STRENGTH : 4,908
REGISTERED CAPITAL : CNY 1,601,787,759
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER
CNY 2,640,709,000 (CONSOLIDATED,
JAN. 1 TO JUN. 30, 2015)
EQUITIES :
CNY 4,722,712,000 (CONSOLIDATED, AS OF JUN. 30, 2015)
PAYMENT :
NO
COMPLAINTS
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.40
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 April 4, 2005, and changed to
the present ownership in 2007.
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
manufacturing and selling digital TV sets, digital camcorders, digital video
recorders, digital TV receivers, DVD sets, TFT displayers, LCD displayers; MID
products, tablet PC (excluding restricted items); technical consulting
services; software development, consulting, maintenance, testing services;
Information system integration services; creative planning services; sales
agent relating to the media, network services and related services; investment
management (excluding restricted items); domestic commerce, goods and materials
supply and marketing, import & export business (excluding specially
operated, controlled and monopolized commodities).
SC is mainly engaged in
manufacturing and trading of consumer electronics.
Mr. Gu Wei has been legal representative and
chairman of SC since June, 2007.
SC is known to have approx. 4,908 employees at present, including
555 research personnel, 322 administrative staff, 58 purchasing staff, 47
financial staff, 3,718 production staff and 208 sales staff.
SC is currently operating at the above stated
address, and this address houses its operating office in the commercial zone of
Shenzhen. Detailed premise information is not available at present. SC is also known to have 2 factories in
Shajing and Longgang of Shenzhen. Detailed premise information is not available
at present.
www.szmtc.com.cn The design is professional and
the content is well organized. At present it is in Chinese and English
versions.
Email: sales@szmtc.com.cn ; ls@szmtc.com.cn
See below for SC as executive party
(defendant).
|
Executed Party |
SC |
|
Court |
Bao’an District People's Court |
|
Date of Case |
|
|
Case Number |
(2012) 00013 |
|
Claim Amount |
RMB 5,660.34 |
|
Case Status |
Completed |
|
Executed Party |
SC |
|
Court |
Bao’an
District People's Court |
|
Date of Case |
|
|
Case Number |
(2010)
07971 |
|
Claim Amount |
RMB
9,867 |
|
Case Status |
Completed |
|
Executed Party |
SC |
|
Court |
Bao’an
District People's Court |
|
Date of Case |
2015-4-24 |
|
Case Number |
(2015)
00984 |
|
Claim Amount |
RMB
15,132.28 |
|
Case Status |
-- |
|
Executed Party |
SC |
|
Court |
Bao’an
District People's Court |
|
Date of Case |
2015-5-21 |
|
Case Number |
(2015)
00003 |
|
Claim Amount |
RMB
11,325.35 |
|
Case Status |
-- |
|
Executed Party |
SC |
|
Court |
Bao’an
District People's Court |
|
Date of Case |
2015-6-18 |
|
Case Number |
(2015)
00099 |
|
Claim Amount |
RMB
38,963.51 |
|
Case Status |
-- |
|
Executed Party |
SC |
|
Court |
Bao’an
District People's Court |
|
Date of Case |
2015-7-21 |
|
Case Number |
(2015)
00176 |
|
Claim Amount |
RMB
7,132.61 |
|
Case Status |
-- |
|
Executed Party |
SC |
|
Court |
Futian
District People's Court |
|
Date of Case |
2015-8-10 |
|
Case Number |
(2015)
08975 |
|
Claim Amount |
RMB
256,183.6 |
|
Case Status |
-- |
Remark: Due to
the lack of information, we are unable to provide the cause of action, judgment
or other information.
SC listed in Shenzhen Stock Exchange Market
in 2010 with the stock code 002429.
Changes
of its registered information are as follows:
|
Date of
change |
Item |
Before
the change |
After
the change |
|
2007-6-1 |
Company’s
name |
Shenzhen MTC Multimedia Co., Ltd. |
Present
one |
|
Legal
form |
Limited
liabilities co. |
Present
one |
|
|
Legal
representative |
Yao
Xiangrong |
Present
one |
|
|
2007-9-10 |
Registration
No. |
4403012171548 |
Present
one |
|
2009-12-11 |
Registered
capital |
CNY
166,617,000 |
CNY
416,542,500 |
|
2011-7-12 |
Registered
capital |
CNY
416,542,500 |
CNY
472,542,500 |
|
2011-9-13 |
Registered
capital |
CNY
472,542,500 |
CNY
708,813,750 |
|
2013-1-7 |
Registered
capital |
CNY
708,813,750 |
CNY
711,951,871 |
|
2013-10-10 |
Registered
capital |
CNY
711,951,871 |
CNY
1,067,927,806 |
|
2014-5-12 |
Registered
capital |
CNY
1,067,927,806 |
CNY
1,068,321,806 |
|
2014-10-16 |
Registered
capital |
CNY
1,068,321,806 |
CNY
1,068,036,806 |
|
2014-10-28 |
Registered
capital |
CNY
1,068,036,806 |
CNY
1,602,055,209 |
|
2015-7-29 |
Registered
capital |
CNY
1,602,055,209 |
Present
amount |
Tax No.: 44030677272966X
Organization Code: 77272966X
Quality
Certifications:
MAIN SHAREHOLDERS: (As of Jun. 30, 2015)
Name %
of Shareholding
Xinjiang MTC Stock
Investment Partnership (Limited Partnership) (literal
translation) 60.79
Urumchi Xinchi Sihai Stock Investment
Partnership (Limited Partnership) (literal translation) 1.24
Wang Liqun 1.02
Lu Yanrong 0.78
New China Life Insurance Company Ltd. -
Traditional - General Insurance Products-018L-CT001 (Shen)
-018L-CT001 0.65
New China Life Insurance Company Ltd. -
Dividends - Personal Dividends-018L-FH002 (Shen)
-018L-FH002 0.62
Bank of China Limited- UBS SDIC Ruiyi Reformation
Flexible Configuration Hybrid Securities Investment Fund (literal translation) 0.54
China Minsheng Banking Corp., Ltd. - Huashang
Leading Enterprises Mixed Securities Investment Fund
0.5
Quan Jinsong 0.47
Kang Jian 0.47
Other Shareholders 32.92
Xinjiang MTC Stock Investment Partnership
(Limited Partnership) (literal translation)
-------------------------------------------------------------------------------------------------------
Registered no.: 440301103398840
Partner: Mr. Gu Wei
Legal Representative and
Chairman:
Mr. Gu Wei, born in 1965, with junior college
education, he is currently responsible for the overall management of SC.
Working Experience(s):
From June, 2007 until now Working in SC as legal representative
and chairman.
Also working in Shenzhen MTC Lighting Co.,
Ltd. and Nanchang MTC Technology Co., Ltd. as legal
representative, Xinjiang MTC Stock Investment Partnership (Limited Partnership)
as partner.
Vice Chairman and Vice General
Manager:
Mr. Quan Jinsong, born in 1968, with master’s
degree, he is currently responsible for the overall management of SC.
Working Experience(s):
From Feb. of 2014 to present Working in SC as vice chairman.
From May of 2010 to present Working in SC as vice general
manager.
General Manager:
Mr. Kang Jian, born in 1974, with bachelor’s
degree, he is currently responsible for the daily management of SC.
Working Experience(s):
From Aug., 2010 until now Working in SC as general
manager.
Vice General Manager:
Ms. Qi Lingyan, born in 1982, with master’s
degree, she is currently responsible for the daily management of SC.
Working Experience(s):
From Jun. of 2011 to present Working in SC as vice general
manager.
*Officials:
=======
Name Title
Qin Fei
Director
Yao Xiaocong Director
Yan Zhirong Director
Luo Tao Supervisor
Ding Shasha Supervisor
Wen Ting Supervisor
SC is mainly engaged in manufacturing and
trading of consumer electronics.
SC’s products mainly include: digital TV
sets, DVB-T, DVD sets, LED products & spare parts.
SC sources its materials 40% from domestic
market, and 60% from overseas market. SC sells 40% of its products in domestic
market, and 60% to overseas market, mainly to Europe, America, Asia, Oceania.
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.
Note:
SC’s management declined to release its main suppliers and customers.
Trademark & Patents
|
Registration No. |
7068567 |
4768255 |
5554344 |
|
Registration Date |
2010-11-14 |
2008-5-28 |
2009-11-21 |
|
Trademark Design |
|
|
|
SC is known to have the following branches:
Shenzhen MTC Co., Ltd. Shajing Factory
===========================
Registration No.: 440301103690757
Principal: Yu Biao
Date of incorporation: Nov. 3, 2008
Shenzhen MTC Co., Ltd. Longgang Factory
===========================
Registration No.: 440301112331363
Principal: Lian Jidong
Date of incorporation: Mar. 11, 2015
SC is known to have the following
subsidiaries:
Shenzhen MTC Lighting Co., Ltd.
===========================
Registration No.: 440306105340783
Legal representative: Mr. Gu Wei
Legal form: One-person Limited Liability
Company
Date of incorporation: April 21, 2011
Shareholder: Shenzhen MTC Co., Ltd.
Website: www.bmtclighting.com
Nanchang MTC Technology Co., Ltd. (literal
translation)
===========================================
Registration No.: 360100110005727
Legal representative: Mr. Gu Wei
Registered capital: CNY 30,000,000
Legal form: One-person Limited Liability
Company
Date of incorporation: April 12, 2008
Shareholder: Shenzhen MTC Co., Ltd.
Zhaochi Hongkong Limited
======================
Registration No.: 1228948
Legal form: Private Company Limited by Shares
Date of incorporation: April 18, 2008
Active Status: Live
MTC Electronic Co., Limited (British Virgin
Islands)
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 declined to release its bank details.
Consolidated Balance Sheet
|
Unit: CNY’000 |
as of June 30, 2015 |
as of Dec. 31, 2014 |
|
Cash & bank |
631,914 |
935,893 |
|
Inventory |
1,148,310 |
693,482 |
|
Accounts receivable |
1,237,572 |
1,381,947 |
|
Trading of financial assets |
28,176 |
0 |
|
Notes receivable |
451,452 |
121,995 |
|
Interest receivable |
175 |
7,003 |
|
Other accounts receivable |
43,380 |
62,911 |
|
Advances to supplies |
253,753 |
190,583 |
|
Non-current assets maturing within one year |
794,870 |
342,900 |
|
Other current assets |
1,323,314 |
1,121,947 |
|
|
------------------ |
------------------ |
|
Current assets |
5,912,916 |
4,858,661 |
|
Financial assets available for sale |
400,000 |
0 |
|
Long-term investment |
0 |
0 |
|
Fixed assets |
368,739 |
311,566 |
|
Investment real estate |
896 |
924 |
|
Projects under construction |
628,168 |
565,698 |
|
Intangible assets |
185,219 |
187,326 |
|
Long-term deferred expenses |
4,517 |
4,066 |
|
Goodwill |
41,813 |
41,813 |
|
Deferred income tax assets |
16,422 |
20,395 |
|
Other non-current assets |
882,707 |
905,973 |
|
|
------------------ |
------------------ |
|
Total assets |
8,441,397 |
6,896,422 |
|
|
============= |
============= |
|
Short loans |
2,247,115 |
1,212,622 |
|
Transaction of financial liabilities |
0 |
3,686 |
|
Accounts payable |
826,585 |
851,555 |
|
Notes payable |
270 |
479 |
|
Accrued Payroll |
21,147 |
26,766 |
|
Dividends payable |
26,051 |
318 |
|
Interest payable |
1,031 |
0 |
|
Taxes payable |
32,753 |
45,990 |
|
Advances from customers |
21,314 |
30,040 |
|
Other accounts payable |
40,381 |
42,719 |
|
Other current liabilities |
7,788 |
7,788 |
|
|
------------------ |
------------------ |
|
Current liabilities |
3,224,435 |
2,221,963 |
|
Non-current liabilities |
494,250 |
188,238 |
|
|
------------------ |
------------------ |
|
Total liabilities |
3,718,685 |
2,410,201 |
|
Equities |
4,722,712 |
4,486,221 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
8,441,397 |
6,896,422 |
|
|
============= |
============= |
Consolidated Income Statement
Unit: CNY’000
|
|
Jan. 1 to Jun. 30, 2015 |
as of Dec. 31, 2014 |
|
Turnover |
2,640,709 |
7,107,625 |
|
Cost of goods sold |
2,328,483 |
6,035,784 |
|
Taxes and additional of main operation |
14,546 |
47,060 |
|
Sales expense |
74,904 |
163,846 |
|
Management expense |
62,321 |
156,056 |
|
Finance expense |
12,405 |
-4,175 |
|
Assets impairment loss |
-10,620 |
99,458 |
|
Investment income |
101,633 |
139,046 |
|
The profits on the changes in fair value |
31,863 |
-24,577 |
|
Non-operating income |
28,281 |
62,114 |
|
Non-operating expense |
849 |
1,879 |
|
Profit before tax |
319,598 |
784,300 |
|
Less: profit tax |
50,398 |
118,638 |
|
Profits |
269,200 |
665,662 |
Important Ratios
=============
|
|
as of June 30, 2015 |
as of Dec. 31, 2014 |
|
*Current ratio |
1.83 |
2.19 |
|
*Quick ratio |
1.48 |
1.87 |
|
*Liabilities to assets |
0.44 |
0.35 |
|
*Net profit margin (%) |
10.19 |
9.37 |
|
*Return on total assets (%) |
3.19 |
9.65 |
|
*Inventory /Turnover ×365 |
/ |
36 days |
|
*Accounts receivable/Turnover ×365 |
/ |
71 days |
|
*Turnover/Total assets |
0.31 |
1.03 |
|
* Cost of goods sold/Turnover |
0.88 |
0.85 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears good in its line.
SC’s net profit margin is fairly good in 2014
and good in the 1st half of 2015.
SC’s return on total assets is fairly good in
2014 but average in the 1st half of 2015.
SC’s cost of goods sold is average, comparing
with its turnover.
LIQUIDITY:
AVERAGE
The current ratio of SC is maintained in a
fairly good level in 2014 but in a normal level in the 1st half of
2015.
SC’s quick ratio is maintained in a normal
level.
The inventory of SC appears average.
The accounts receivable of SC is average.
SC’s short loan is fairly large.
SC’s turnover is in an average level in 2014,
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.
SC is considered large-sized in its line with
fairly good financial conditions. The large amount of short loan could be a
threat to SC’s financial conditions. But taking into consideration of SC’s
development history, operation size as well as marketing conditions, we would
rate SC as a low credit risk company. A credit line up to USD 20,000,000
appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66..37 |
|
UK Pound |
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TRU |
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.