|
|
|
MIRA INFORM REPORT
|
Report No. : |
491943 |
|
Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
BYD AUTO INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
No. 3001, 3007 Hengping Road, Pingshan, Pingshan
New Zone, Shenzhen, Guangdong Province 518118 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.06.2017 |
|
|
|
|
Date of Incorporation : |
03.08.2006 |
|
|
|
|
Unified Social
Credit Code : |
91440300791738553L |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
|
|
|
|
Line of Business : |
Registered business scope includes researching and developing
vehicles, electric vehicle and parts thereof, automobile mould and related accessories,
and automobile electronic device; developing and researching wireless
communication technology and systems; selling its software; researching,
developing and selling solar charger, charging pile, charging cabinet,
battery management system, converter cabinet, inverter cabinet / bus box,
switch cabinet, energy storage unit, and home energy system product;
importing and exporting commodities and technology; wholesaling solar cells
and components, commission agency, import & export and related business;
operating and repairing charging facilities for electric vehicles, renting
autos, its own property management; researching, developing, manufacturing
and selling automobiles, electric cars, cars and other types of passenger
cars, buses and passenger car chassis; providing after services; refitting
van, passenger car, and sleeper bus; manufacturing and selling automobile
parts, electric vehicle parts, automobile decorative material, automobile
mould and related accessories, and automobile electronic device;
manufacturing and selling engines; researching, developing, designing,
manufacturing, selling, repairing, and renting rail transit vehicles,
construction machinery, all kinds of electrical and mechanical equipment,
electronic equipment and components, electronic and electrical components;
designing, manufacturing and selling rail traffic signal system,
communication and integrated monitoring system and equipment; manufacturing
track beam and column; manufacturing and selling pure electric truck; technology
consulting, and technology services for the above items; importing and
exporting the above related products |
|
|
|
|
No. of Employees : |
27,255 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
|
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 |
BYD Auto Industry Co., Ltd. |
|
CURRENT ADDRESS/ REGISTERED
ADDRESS |
No. 3001, 3007 Hengping Road, Pingshan,
Pingshan New Zone, Shenzhen, Guangdong Province 518118 PR China |
|
TEL.
NO. |
86 (0) 755-89888888 |
|
FAX
NO. |
86 (0) 755-28403950 |
***Note: SC's
address should be the heading one, and SC's parent company-BYD Company Limited
locates in the given address (No. 3009, BYD Road, Pingshan Shenzhen 518118 PR).
EXECUTIVE
SUMMARY
Date of Registration : august 3, 2006
Unified Social Credit Code : 91440300791738553L
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL : usd 453,245,000
staff :
27,255
BUSINESS CATEGORY : R & D & MANUFACTURING & TRADING
REVENUE :
CNY 21,093,605,000 (FROM JAN. 1, 2017 TO JUN. 30, 2017)
EQUITIES :
CNY 12,172,850,000 (AS OF JUN. 30, 2017)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
REGULAR
MARKET CONDITION : COMPETITVE
FINANCIAL CONDITION : fairLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : FAIRLY GOOD
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 with State
Administration of Industry & Commerce (SAIC) under Unified Social Credit
Code: 91440300791738553L.
SC’s registered capital: USD 453,245,000
SC’s paid-in capital: USD 453,245,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2016-2-22 |
Registration No./ Unified Social Credit Code |
440301102894004 |
91440300791738553L |
|
2017-2-24 |
Registered Capital |
USD 448,000,000 |
USD 453,245,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
BYD Company Limited |
72.2016 |
|
BYD (H.K.) Co., Limited |
26.6412 |
|
Guokai Development Fund Co., Ltd. |
1.1572 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Wang Chuanfu |
|
Director |
Lv Xiangyang |
|
Xia Zuoquan |
|
|
Supervisor |
Wang Zhen |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
BYD Company Limited 72.2016
BYD (H.K.) Co., Limited 26.6412
Guokai Development Fund Co., Ltd. 1.1572
BYD Company Limited
-----------------------------
Unified Social Credit Code:
91440300192317458F
Date of Registration: February 10, 1995
Legal Form: Shares Limited Company
Registered Capital: CNY 2,728,142,855
Legal Representative: Wang Chuanfu
Stock Code: 002594
Web: www.byd.cn
BYD (H.K.) Co., Limited
-------------------------------
CR.: 0667704
Date of Registration: February 19, 1999
Legal Form: Private
Status: Live
Guokai Development Fund Co., Ltd.
--------------------------------------------
Unified Social Credit Code:
91110000355228485N
Legal Form: One-person Limited Liabilities
Company
Registered Capital: CNY 50,000,000,000
Legal Representative: Wang Yongsheng
MANAGEMENT
Wang Chuanfu, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 52
Ø
Age: Master Degree
Ø Qualification: University
Ø Working experience
(s):
At
present, working in SC as legal representative, chairman and general manager
Also working in BYD Company Limited, Guilin
BYD Industry Co., Ltd., Anyang BYD Industry Co., Ltd., Bengbu BYD Industry Co.,
Ltd., Guang'an BYD Industry Co., Ltd., Shantou BYD Industry Co., Ltd., Beijing
Jinghuan BYD Technology Co., Ltd., Ningbo BYD Auto Co., Ltd., etc as legal
representative
Director
-----------
Lv Xiangyang
Xia Zuoquan
Supervisor
--------------
Wang Zhen
BUSINESS
OPERATION
SC’s
registered business scope includes researching and developing vehicles,
electric vehicle and parts thereof, automobile mould and related accessories,
and automobile electronic device; developing and researching wireless communication
technology and systems; selling its software; researching, developing and
selling solar charger, charging pile, charging cabinet, battery management
system, converter cabinet, inverter cabinet / bus box, switch cabinet, energy
storage unit, and home energy system product; importing and exporting
commodities and technology; wholesaling solar cells and components, commission
agency, import & export and related business; operating and repairing
charging facilities for electric vehicles, renting autos, its own property
management; researching, developing, manufacturing and selling automobiles,
electric cars, cars and other types of passenger cars, buses and passenger car
chassis; providing after services; refitting van, passenger car, and sleeper
bus; manufacturing and selling automobile parts, electric vehicle parts,
automobile decorative material, automobile mould and related accessories, and
automobile electronic device; manufacturing and selling engines; researching,
developing, designing, manufacturing, selling, repairing, and renting rail
transit vehicles, construction machinery, all kinds of electrical and
mechanical equipment, electronic equipment and components, electronic and
electrical components; designing, manufacturing and selling rail traffic signal
system, communication and integrated monitoring system and equipment;
manufacturing track beam and column; manufacturing and selling pure electric
truck; technology consulting, and technology services for the above items;
importing and exporting the above related products.
SC is mainly
engaged in researching, developing, manufacturing and selling vehicles.
SC’s products
mainly include: vehicles.
Trademark:
SC sources its materials
80% from domestic market, and 20% from overseas market. SC sells 30% in
domestic market and 70% to overseas market.
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 Clients*
-------------------
Tokyo Motors S.A.
Byd Coach & Bus Llc
Byd Motor Colombia Sas
Staff & Office:
--------------------------
SC is known
to have approx. 27,255 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 135
subsidiaries at present, and the following are the major ones.
n
Guilin BYD Industry Co., Ltd.
---------------------------------
Date of Registration: August 3, 2006
Registration No.: 91440300791738553L
Registered Capital: CNY 50,000,000
n
Anyang BYD Industry Co., Ltd.
---------------------------------
Date of Registration: May 27, 2017
Registration No.: 91410522MA440YNR8N
Registered Capital: CNY 50,000,000
n
Bengbu BYD Industry Co., Ltd.
---------------------------------
Date of Registration: February 20, 2017
Registration No.: 91340300MA2NCW071H
Registered Capital: CNY 100,000,000
n
Guang'an BYD Industry Co., Ltd.
---------------------------------
Date of Registration: February 16, 2017
Registration No.: 91511600MA62XEFR43
Registered Capital: CNY 50,000,000
n
Shantou BYD Industry Co., Ltd.
---------------------------------
Date of Registration: November 21, 2016
Registration No.: 91440512MA4W05D26U
Registered Capital: CNY 100,000,000
n
Beijing Jinghuan BYD Technology Co., Ltd.
---------------------------------------
Date of Registration: September 5, 2016
Registration No.: 91110112MA0082PQ8K
Registered Capital: CNY 500,000,000
n
Chengdu Shengshi Xinjing Auto Sales Co., Ltd.
---------------------------------------------
Date of Registration: July 6, 2016
Registration No.: 91510104MA61WLB27J
Registered Capital: CNY 100,000,000
n
Ningbo BYD Auto Co., Ltd.
---------------------------------
Date of Registration: June 27, 2016
Registration No.: 91330283MA2827NF7X
Registered Capital: CNY 100,000,000
n
Shanwei BYD Auto Co., Ltd.
---------------------------------
Date of Registration: October 14, 2015
Registration No.: 91441523MA4UJ1PG
Registered Capital: CNY 100,000,000
n
Hangzhou BYD Auto Co., Ltd.
---------------------------------
Date of Registration: April 21, 2015
Registration No.: 91330110328238872H
Registered Capital: CNY 100,000,000
n
Wuhan BYD Auto Co., Ltd.
---------------------------------
Date of Registration: December 26, 2014
Registration No.: 91420116303777079L
Registered Capital: CNY 100,000,000
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:
Bank
of China Shenzhen Kuiyong Sub-branch
AC#:
766657957378
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
As
of Jun. 30, 2017 |
|
Total assets |
66,628,710 |
59,794,394 |
65,810,683 |
|
|
------------- |
------------- |
------------- |
|
Total
liabilities |
61,864,129 |
48,435,580 |
53,637,833 |
|
Equities |
4,764,581 |
11,358,814 |
12,172,850 |
|
|
------------- |
------------- |
------------- |
|
|
As of Dec. 31,
2015 |
As of Dec. 31,
2016 |
From Jan. 1,
2017 to Jun. 30, 2017 |
|
Revenue |
33,301,995 |
50,236,186 |
21,093,605 |
|
Profits |
596,695 |
1,591,233 |
814,036 |
Important Ratios
=============
|
|
As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
As
of Jun. 30, 2017 |
|
*Liabilities
to assets |
0.93 |
0.81 |
0.82 |
|
*Net profit
margin (%) |
1.79 |
3.17 |
3.86 |
|
*Return on
total assets (%) |
0.90 |
2.66 |
1.24 |
|
*Revenue/Total
assets |
0.50 |
0.84 |
0.32 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC appears
good in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY: AVERAGE
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.13 |
|
|
1 |
INR 89.17 |
|
Euro |
1 |
INR 79.39 |
|
CNY |
1 |
INR 10.07 |
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.