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MIRA
INFORM REPORT
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Report No. : |
491707 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
MUYANG HOLDINGS CO., LTD. |
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Registered Office : |
No. 1 Huasheng Road, Hi-Tech Development
Zone, Yangzhou, Jiangsu Province 225127 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2015 |
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Date of Incorporation : |
09.09.2010 |
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Unified Social
Credit Code : |
91321003561797996C |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Registered business scope includes manufacturing
and installing high grade feed machinery, farming equipment, grain machinery,
biological diesel oil equipment, waste disposal equipment, and intelligent
machine; manufacturing and selling new energy equipment, and agricultural
equipment; manufacturing and installing electrical control equipment;
designing and constructing steel structure engineering, steel silo
engineering, and tunnel engineering; manufacturing, installing, and selling
storage equipment, steel structure, steel silo & its parts, steel
formwork, and steel sheet; building engineering construction; selling
automobiles; manufacturing and selling auto parts; enterprise management
consulting service; importing and exporting commodities and technology. |
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No. of Employees : |
1,393 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March
2016, emphasizes the need to increase innovation and boost domestic consumption
to make the economy less dependent on government investment, exports, and heavy
industry. However, China has made more progress on subsidizing innovation than
rebalancing the economy. Beijing has committed to giving the market a more
decisive role in allocating resources, but the Chinese Government’s policies
continue to favor state-owned enterprises and emphasize stability. Chinese
leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year
Plan includes annual economic growth targets of at least 6.5% through 2020 to
achieve that goal. 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.
Chinese leaders also have undermined some market-oriented reforms by
reaffirming the “dominant” role of the state in the economy, a stance that
threatens to discourage private initiative and make the economy less efficient
over time. The slight acceleration in economic growth in 2017—the first such
uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging
and its Supply-Side Structural Reform agenda, first announced in late 2015.
|
Source
: CIA |
Company name and address
|
COMPANY NAME |
Muyang Holdings Co., Ltd. |
|
CURRENT ADDRESS/ REGISTERED
ADDRESS |
No. 1 Huasheng Road, Hi-Tech Development
Zone, Yangzhou, Jiangsu Province 225127 PR China |
|
TEL.
NO. |
86 (0) 514-87848880/85828888 |
EXECUTIVE SUMMARY
DATE OF REGISTRATION :
SEPTEMBER 9, 2010
UNIFIED SOCIAL CREDIT CODE :
91321003561797996C
LEGAL FORM : LIMITED LIABILITIES COMPANY
REGISTERED CAPITAL : cny 57,330,000
staff :
1,393
BUSINESS CATEGORY : manufacturing & trading
Revenue :
CNY 2,101,311,000 (AS OF DEC. 31,
2015)
EQUITIES :
CNY 218,872,000 (AS OF DEC. 31, 2015)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
REGULAR
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under Unified Social Credit Code: 91321003561797996C.
SC’s Import and Export Enterprise Code:
3200561797996
SC’s registered capital: CNY 57,330,000
SC’s paid-in capital: CNY 57,330,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2012-12-26 |
Legal Form |
Limited Liabilities Company |
One-person Limited Liabilities Company |
|
Registered Capital |
CNY 250,000,000 |
CNY 150,000,000 |
|
|
Shareholder (s) (% of Shareholding) |
Jiangsu Muyang Group Co., Ltd. 99% Xi Qianlong1% |
Jiangsu Muyang Group Co., Ltd. 100% |
|
|
2013-01-29 |
Shareholder (s) |
Jiangsu Muyang Group Co., Ltd.100% |
Muyang Co., Ltd. 100% |
|
2013-07-04 |
Legal Form |
One-person Limited Liabilities Company |
Limited Liabilities Company |
|
Registered Capital |
CNY 150,000,000 |
cny 197,330,000 |
|
|
Shareholder (s) (% of Shareholding) |
Muyang Co., Ltd. 100% |
Muyang Co., Ltd. 76.01% Yangzhou Huacai Investment Center (Limited
Partnership) 10.24% Yangzhou Fuxing Investment Center (Limited
Partnership)13.75% |
|
|
2014-10-23 |
Legal Representative |
Fan Tianming |
Liu Chunbin |
|
2016-2-26 |
Registration No./ Unified Social Credit Code |
321027000129301 |
91321003561797996C |
|
2016-12-13 |
Registered Capital |
cny 197,330,000 |
CNY 57,330,000 |
|
Shareholder (s) (% of Shareholding) |
Muyang Co., Ltd. 76.01% Yangzhou Huacai Investment Center (Limited
Partnership)10.24% Yangzhou Fuxing Investment Center (Limited
Partnership)13.75% |
Yangzhou Fuxing Investment Center (Limited
Partnership)47.32% Yangzhou Huacai Investment Center (Limited
Partnership)） 35.24% Yangzhou Muyang Tunneling Equipment Co., Ltd.13.95% Xingde Supply Chain Management (Shanghai)
Co., Ltd.3.49% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yangzhou Fuxing Investment Center (Limited
Partnership) |
47.32 |
|
Yangzhou Huacai Investment Center (Limited
Partnership) |
35.24 |
|
Yangzhou Muyang Tunneling Equipment Co., Ltd. |
13.95 |
|
Xingde Supply Chain Management (Shanghai) Co.,
Ltd. |
3.49 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Liu Chunbin |
|
Supervisor |
Ji
Xuequn |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Yangzhou Fuxing Investment Center (Limited
Partnership) 47.32
Yangzhou Huacai Investment Center (Limited
Partnership) 35.24
Yangzhou Muyang Tunneling Equipment Co.,
Ltd. 13.95
Xingde Supply Chain Management (Shanghai)
Co., Ltd. 3.49
Yangzhou Huacai
Investment Center (Limited Partnership)
-----------------------------------------------------------------------------
Unified Social Credit Code:
91321000072700620D
Yangzhou Fuxing
Investment Center (Limited Partnership)
-----------------------------------------------------------------------------
Unified Social Credit Code:
913210000727005244
Yangzhou Muyang
Tunneling Equipment Co., Ltd.
-------------------------------------------------------------------
Unified Social Credit Code:
913210033391846383
Date of Registration: June 8, 2015
Registered Capital: CNY 8,000,000
Legal Representative: Gao Bo
Xingde Supply
Chain Management (Shanghai) Co., Ltd.
-------------------------------------------------------------------------
Unified Social Credit Code:
91310115MA1K3FLM8N
Date of Registration: August 15, 2016
Registered Capital: CNY 5,000,000
Legal Representative: Guo Ye
MANAGEMENT
Liu Chunbin, Legal Representative, Chairman and General
Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø
ID# 321021197203282917
Ø
Age: 46
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Ji Xuequn, Supervisor
-----------------------------------------
Ø Gender: F
Ø Nationality: China
Ø ID#
321025196911065420
Ø Age: 49
Ø Working experience
(s):
At present, as supervisor of SC
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
installing high grade feed machinery, farming equipment, grain machinery,
biological diesel oil equipment, waste disposal equipment, and intelligent machine;
manufacturing and selling new energy equipment, and agricultural equipment;
manufacturing and installing electrical control equipment; designing and
constructing steel structure engineering, steel silo engineering, and tunnel
engineering; manufacturing, installing, and selling storage equipment, steel
structure, steel silo & its parts, steel formwork, and steel sheet;
building engineering construction; selling automobiles; manufacturing and
selling auto parts; enterprise management consulting service; importing and
exporting commodities and technology.
SC is mainly
engaged in manufacturing and selling feed machinery, farming equipment, grain
machinery, etc.
SC’s products
mainly include: feed machinery, farming equipment, grain machinery, etc.
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*
==============
Agripac S.A.
Alimentsa Dietas Y
Alimentos S.A.
Agroindustrias
Anzaldo Srl
Meosa
Constrjociones S.A. De C.V.
Abis Exports I Pvt
Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 1,393 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to have the
following subsidiaries and branches at present,
Yangzhou Daye New Energy Co., Ltd.
Yangzhou Muyang Steel Structure Engineering Co., Ltd.
Muyang Holding Co., Ltd. Lai’an Branch
Muyang Holding Co., Ltd. Xinzheng Branch
Muyang Holding Co., Ltd. Tangshan Branch
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 records 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.
BANKING
Basic Bank:
Industrial
and Commercial Bank of China Yangzhou Hanjiang Sub-branch
AC#:
110826030910092888
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
As
of Dec. 31, 2015 |
|
Cash |
82,919 |
63,346 |
88,457 |
162,465 |
|
Notes receivable |
0 |
0 |
26,173 |
23,639 |
|
Accounts
receivable |
36 |
2,541 |
112,611 |
254,138 |
|
Advances to
suppliers |
318,041 |
159,299 |
59,539 |
0 |
|
Other receivable |
255 |
8,642 |
369,881 |
686,192 |
|
Inventory |
114 |
207 |
112,906 |
22,580 |
|
Prepaid expenses |
0 |
0 |
0 |
0 |
|
Other current
assets |
0 |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Current assets |
401,365 |
234,035 |
769,567 |
1,149,014 |
|
Fixed assets |
14 |
68,024 |
226,385 |
279,068 |
|
Construction in
progress |
70,199 |
220,025 |
163,090 |
189,244 |
|
Intangible
assets |
31,898 |
31,390 |
54,902 |
53,074 |
|
Long-term
prepaid expenses |
254 |
5,232 |
5,797 |
996 |
|
Deferred income
tax assets |
0 |
0 |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total assets |
503,730 |
558,706 |
1,219,741 |
1,671,396 |
|
|
============= |
============= |
============= |
============= |
|
Short-term loans |
0 |
0 |
0 |
155,852 |
|
Notes payable |
0 |
0 |
0 |
29,000 |
|
Accounts payable |
351 |
42,100 |
323,250 |
578,800 |
|
Wages payable |
0 |
0 |
0 |
60 |
|
Taxes payable |
-158 |
-14,323 |
-15,535 |
-776 |
|
Advances from
clients |
0 |
10,958 |
442,988 |
510,409 |
|
Other payable |
17,513 |
2,377 |
3,487 |
18,325 |
|
Accrued expenses |
0 |
0 |
0 |
0 |
|
Other current
liabilities |
0 |
631 |
1,749 |
2,914 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
17,706 |
41,743 |
755,939 |
1,294,584 |
|
Non-current liabilities |
332,940 |
332,940 |
257,939 |
157,940 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
350,646 |
374,683 |
1,013,878 |
1,452,524 |
|
Equities |
153,084 |
184,023 |
205,863 |
218,872 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
503,730 |
558,706 |
1,219,741 |
1,671,396 |
|
|
============= |
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
As of Dec. 31,
2015 |
|
Revenue |
2,211 |
32,765 |
1,207,837 |
2,101,311 |
|
Cost of sales |
1,786 |
31,717 |
986,215 |
1,742,911 |
|
Taxes and surcharges |
22 |
449 |
1,544 |
4,678 |
|
Sales expense |
0 |
0 |
93,247 |
160,567 |
|
Management expense |
2,232 |
17,862 |
117,619 |
164,048 |
|
Finance expense |
-2,187 |
-866 |
5,205 |
7,396 |
|
Non-operating
income |
12 |
196 |
21,356 |
4,049 |
|
Non-operating expense |
0 |
0 |
987 |
441 |
|
Profit before
tax |
368 |
-16,201 |
24,374 |
25,320 |
|
Less: profit tax |
0 |
190 |
3,165 |
3,798 |
|
Profits |
368 |
-16,391 |
21,209 |
21,522 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
As
of Dec. 31, 2015 |
|
*Current ratio |
22.67 |
5.61 |
1.02 |
0.89 |
|
*Quick ratio |
22.66 |
5.60 |
0.87 |
0.87 |
|
*Liabilities
to assets |
0.70 |
0.67 |
0.83 |
0.87 |
|
*Net profit
margin (%) |
16.64 |
-50.03 |
1.76 |
1.02 |
|
*Return on
total assets (%) |
0.07 |
-2.93 |
1.74 |
1.29 |
|
*Inventory /
Revenue ×365 |
19 days |
3 days |
35 days |
4 days |
|
*Accounts
receivable / Revenue ×365 |
6 days |
29 days |
35 days |
45 days |
|
*Revenue /
Total assets |
0.004 |
0.06 |
0.99 |
1.26 |
|
*Cost of sales
/ Revenue |
0.81 |
0.97 |
0.82 |
0.83 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is average in 2014 and 2015.
l SC’s return on total
assets is average in 2014 and 2015.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
level in 2015.
l
SC’s quick ratio is maintained in a normal level in
2015.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear average in 2015.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. Taking into consideration of SC’s good background
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.28 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
|
CNY |
1 |
INR 10.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.