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MIRA INFORM REPORT
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Report No. : |
483879 |
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Report Date : |
03.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ZHUHAI RAYSHARP TECHNOLOGY CO., LTD. |
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Registered Office : |
No. 100, Science & Technology 6th Road, National
Hi-Tech Zone, Zhuhai, Guangdong Province 519000 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2017 |
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Date of Incorporation : |
06.08.2007 |
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Unified Social
Credit Code : |
91440400665003767C |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject registered business scope includes manufacturing, selling,
installing and repairing security products; developing and selling software; manufacturing
and selling electronic products; network system integration. |
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No. of Employees : |
1,150 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 allowed resumption of a gradual liberalization. In 2015, the People’s
Bank of China announced it would continue to carefully push for full
convertibility of the renminbi (RMB) after the currency was accepted as part of
the IMF’s special drawing rights basket. After engaging in one-way, large-scale
intervention to resist appreciation of the RMB for a decade, China’s 2016
intervention in foreign exchange markets has sought to prevent a rapid RMB
depreciation that would have negative consequences for the United States, China,
and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government
faces numerous economic challenges including: (a) reducing its high domestic
savings rate and correspondingly low domestic household consumption; (b)
servicing its high corporate debt burdens to maintain financial stability; (c)
facilitating higher-wage job opportunities for the aspiring middle class,
including rural migrants and college graduates, while maintaining
competitiveness; (d) dampening speculative investment in the real estate
sector; (e) reducing industrial overcapacity; and (f) raising productivity
growth rates through the more efficient allocation of capital. 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 only marginal progress toward these rebalancing goals.
Under President XI Jinping, Beijing has signaled its understanding that China's
long-term economic health depends on giving the market a more decisive role in
allocating resources, but has moved slowly on market-oriented reforms because
of potential negative consequences for stability and short-term economic
growth. He has also increased state-control over key sectors and Party control
over state-owned enterprises. 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.
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Source
: CIA |
Company
name & address
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COMPANY NAME |
ZHUHAI RAYSHARP TECHNOLOGY CO., LTD. |
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CURRENT ADDRESS/ REGISTERED
ADDRESS |
NO. 100, SCIENCE & TECHNOLOGY 6TH ROAD,
NATIONAL HI-TECH ZONE, ZHUHAI, GUANGDONG PROVINCE 519000 PR CHINA |
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TEL. NO. |
86 (0) 756-8598227 |
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FAX NO. |
86 (0) 756-8598208 |
EXECUTIVE
SUMMARY
Date of Registration : august 6, 2007
UNIFIED SOCIAL CREDIT CODE : 91440400665003767C
LEGAL FORM : SHARES LIMITED
COMPANY
CHIEF EXECUTIVE :
xu jin (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 51,600,000
staff :
1,150
BUSINESS CATEGORY : MANUFACTURING & TRADING
REVENUE :
CNY 444,037,000 (CONSOLIDATED, JAN. 1, 2017 TO JUN. 30, 2017)
EQUITIES :
CNY 237,991,000 (CONSOLIDATED, AS OF JUN. 30, 2017)
WEBSITE : www.raysharp.cn
E-MAIL :
overseas@raysharp.cn
PAYMENT :
Regular
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : 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 shares limited company of PRC with State Administration of Industry &
Commerce (SAIC) under unified social credit code: 91440400665003767C.
SC’s Import and Export Enterprise Code: 4404665003767
SC’s registered capital: CNY 51,600,000
SC’s paid-in capital: CNY 51,600,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered Capital |
CNY 46,000,000 |
CNY 51,600,000 |
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Registration No./ Unified Social Credit Code |
440400000006452 |
91440400665003767C |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (as
of Jun. 30, 2017) |
% of Shareholding |
|
Beijing Lianzhong Yongsheng Technology & Trade Co., Ltd. |
43.6589 |
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Guangdong Technology Risk Company |
10.6589 |
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Huiwen Tianfu (Suzhou) Investment Enterprises (Limited Partnership) |
8.1008 |
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Guangdong Yuecai Venture Capital Co., Ltd. |
6.3953 |
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Foshan Technology Venture Capital Co., Ltd. |
4.6899 |
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Qi Liang |
4.6899 |
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Xu Jin |
3.5957 |
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Zhuhai Junhe Investment Adviser Co., Ltd. |
3.56 |
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Li Zhiyang |
2.5775 |
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Zhang Pingli |
2.1705 |
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Other Shareholders |
9.9026 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative and Chairman |
Xu Jin |
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General Manager |
Li Zhiyang |
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Deputy General Manager |
Shen Lei |
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Zhang Jinbiao |
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|
Song Qingfeng |
RECENT
DEVELOPMENT
SC was listed on the new three board stock market, and the stock code is
833645.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
(As of Jun. 30,
2017)
Beijing Lianzhong Yongsheng Technology & Trade Co., Ltd. 43.6589
Guangdong Technology Risk Company 10.6589
Huiwen Tianfu (Suzhou) Investment Enterprises (Limited Partnership) 8.1008
Guangdong Yuecai Venture Capital Co., Ltd. 6.3953
Foshan Technology Venture Capital Co., Ltd. 4.6899
Qi Liang 4.6899
Xu Jin 3.5957
Zhuhai Junhe Investment Adviser Co., Ltd. 3.56
Li Zhiyang 2.5775
Zhang Pingli 2.1705
Other Shareholders 9.9026
Beijing Lianzhong Yongsheng Technology & Trade Co., Ltd.
-------------------------------------------------------------------------------
Date of Registration: May 21, 2004
Unified Social Credit Code: 911101057629868492
Chief Executive : Xu Jin
Registered Capital: CNY 6,000,000
MANAGEMENT
Xu Jin, Legal Representative and Chairman
-----------------------------------------------------------------
Gender: M
Nationality: China
Age: 46
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman
Also working in Beijing Lianzhong Yongsheng Technology & Trade Co.,
Ltd. as legal representative
Li Zhiyang,
General Manager
--------------------------------------------------
Gender: M
Nationality: China
Age: 37
Qualification: University
Working experience (s):
At present, working in SC as general manager
Shen Lei, Deputy
General Manager
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Gender: M
Nationality: China
Age: 40
Qualification: University
Working experience (s):
At present, working in SC as deputy general manager
Zhang Jinbiao,
Deputy General Manager
----------------------------------------------------------------
Gender: M
Nationality: China
Age: 51
Qualification: University
Working experience (s):
At present, working in SC as deputy general manager
Song Qingfeng,
Deputy General Manager
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Gender: M
Nationality: China
Age: 38
Qualification: University
Working experience (s):
At present, working in SC as deputy general manager
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing, selling,
installing and repairing security products; developing and selling software;
manufacturing and selling electronic products; network system integration.
SC is mainly engaged in manufacturing and selling electronic products.
Brand: EYEHOME, RAYSHAR
SC’s products mainly include: AHD DVR, TVI DVR, Mobile DVR, etc.
SC sources its materials 60% from domestic market, and 40% from overseas
market. SC sells 50% of its products in domestic market, and 50% 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 Customers*
==============
Lorex Technology Inc
Tianjin Samsung Techwin Opto-electronics Co., Ltd.
Swann Communications Ltd
Worldwide Marketing Limited
Circus World Displays Limited
Staff &
Office:
--------------------------
SC is known to have approx. 1,150
staff at present.
SC own area as its operating office and factory, but the detailed
information is unknown.
RELATED
COMPANY
SC is known to have 2 branches at present.
Zhuhai Raysharp Technology Co., Ltd. Beijing Branch
Zhuhai Raysharp Technology Co., Ltd. Shenzhen 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 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
SC is not known to have any subsidiary at present.
FINANCIALS
Consolidated
Balance Sheet
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Unit: CNY’000 |
As of Dec. 31,
2016 |
As of Jun. 30,
2017 |
|
91,738 |
55,621 |
|
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Notes receivable |
0 |
54 |
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Accounts receivable |
87,720 |
149,129 |
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Advances to suppliers |
5,842 |
3,646 |
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Other receivable |
7,924 |
1,269 |
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Inventory |
112,707 |
171,547 |
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Non-current assets within one year |
0 |
0 |
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Other current assets |
12,020 |
9,546 |
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|
------------------ |
------------------ |
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Current assets |
317,951 |
390,812 |
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Long-tem investment |
0 |
0 |
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Fixed assets |
106,008 |
111,282 |
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Construction in progress |
18,653 |
22,629 |
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Fixed assets in liquidation |
0 |
0 |
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Intangible assets |
14,642 |
14,708 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
4,405 |
5,700 |
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Other non-current assets |
1,787 |
1,788 |
|
|
------------------ |
------------------ |
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Total assets |
463,446 |
546,919 |
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|
============= |
============= |
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Short-term loans |
45,416 |
75,178 |
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Notes payable |
0 |
0 |
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Accounts payable |
115,826 |
132,779 |
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Wages payable |
12,014 |
15,933 |
|
Taxes payable |
3,745 |
4,887 |
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Interest payable |
193 |
512 |
|
Advances from clients |
7,635 |
9,354 |
|
Other payable |
4,455 |
2,530 |
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Other current liabilities |
10,035 |
20,320 |
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|
------------------ |
------------------ |
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Current liabilities |
199,319 |
261,493 |
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Non-current liabilities |
52,477 |
47,435 |
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|
------------------ |
------------------ |
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Total liabilities |
251,796 |
308,928 |
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Equities |
211,650 |
237,991 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
463,446 |
546,919 |
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|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2016 |
Jan. 1, 2017 to
Jun. 30, 2017 |
|
Revenue |
544,763 |
444,037 |
|
Cost of sales |
424,532 |
349,118 |
|
Taxes and surcharges |
3,147 |
1,475 |
|
Sales expense |
20,803 |
13,676 |
|
Management expense |
51,455 |
29,062 |
|
Finance expense |
-414 |
3,877 |
|
Investment income |
-1,858 |
110 |
|
Non-operating income |
5,679 |
4,604 |
|
Non-business expenditure |
228 |
58 |
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Profit before tax |
39,770 |
41,922 |
|
Less: profit tax |
5,055 |
5,261 |
|
34,715 |
36,661 |
Important Ratios
=============
|
|
As of Dec. 31,
2016 |
As of Jun. 30,
2017 |
|
*Current ratio |
1.60 |
1.49 |
|
*Quick ratio |
1.03 |
0.84 |
|
*Liabilities to assets |
0.54 |
0.56 |
|
*Net profit margin (%) |
6.37 |
8.26 |
|
*Return on total assets (%) |
7.49 |
6.70 |
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*Inventory / Revenue ×365/180 |
76 days |
70 days |
|
*Accounts receivable / Revenue ×365/180 |
59 days |
61 days |
|
*Revenue / Total assets |
1.18 |
0.81 |
|
*Cost of sales / Revenue |
0.78 |
0.79 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s cost of sales is average, comparing with its revenue.
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’s short-term loans are in an average level.
SC’s revenue is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.67 |
|
|
1 |
INR 85.90 |
|
Euro |
1 |
INR 76.41 |
|
CNY |
1 |
INR 9.77 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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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 |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.