|
|
|
MIRA INFORM REPORT
|
Report No. : |
496525 |
|
Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD. |
|
|
|
|
Formerly Known As : |
WUXI LEAD AUTO EQUIPMENT CO., LTD. |
|
|
|
|
Registered Office : |
No. 20 Xinxi Road, National High - Tech
Industrial Development Zone, Wuxi, Jiangsu Province 214000 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
30.04.2002 |
|
|
|
|
Unified Social
Credit Code : |
91320200735716149R |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Subject includes R&D, production and technical services of special
equipment for electronics industry; undertake customization of automation
equipment. |
|
|
|
|
No. of Employees : |
3,529 |
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 : |
Excellent |
|
|
|
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
Wuxi Lead Intelligent Equipment Co., Ltd. (Formerly as Wuxi Lead Auto Equipment Co.,
Ltd.) |
|
CURRENT ADDRESS |
No. 20 Xinxi Road,
National High - tech Industrial Development Zone, Wuxi, Jiangsu Province
214000 PR China |
|
TEL. NO. |
86 (0)
510-81163609/81163600 |
|
FAX NO. |
86 (0)
510-81163648 |
***Note: SC's current
name should be the heading one, and the given name (Wuxi Lead Auto Equipment
Co., Ltd.) was the former one.
EXECUTIVE
SUMMARY
Date of Registration : April 30, 2002
UNIFIED SOCIAL CREDIT CODE : 91320200735716149R
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL : CNY 440,137,075
staff : 3,529
BUSINESS CATEGORY : MANUFACTURING & trading
REVENUE : CNY 2,176,895,000 (Consolidated, As of Dec. 31, 2017)
EQUITIES : CNY 2,782,409,000
(Consolidated, As of Dec. 31, 2017)
WEBSITE : www.chinaxiandao.com
E-MAIL : service@leadchina.cn
PAYMENT : REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly 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 shares
limited company of PRC with State Administration of Industry &
Commerce (SAIC) under Unified Social Credit Code: 91320200735716149R.
SC’s registered capital: cny 440,137,075
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2015-10-1 |
Registered
Capital |
CNY 51,000,000 |
CNY 68,000,000 |
|
2015-12-2 |
Registered
Capital |
CNY 68,000,000 |
CNY 136,000,000 |
|
Company
Name |
Wuxi Lead Auto Equipment Co., Ltd. |
Wuxi Lead Intelligent Equipment Co., Ltd. |
|
|
2016-4-28 |
Registered
Capital |
CNY 136,000,000 |
cny 408,000,000 |
|
-- |
Registration
No./ Unified
Social Credit Code |
320200400012058 |
91320200735716149R |
|
2017-12-1 |
Registered
Capital |
cny 408,000,000 |
cny 440,137,075 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (As of December
31, 2017) |
% of Shareholding |
|
Wuxi Xiandao
Investment Development Co., Ltd. |
37.61 |
|
Shihezi
Jiading Equity Investment Partnership (Limited Partnership) |
11.76 |
|
Wuxi
Xiandao Capacitor Equipment Factory |
4.94 |
|
Wang Denv |
2.99 |
|
Shanghai Qijia
Equity Investment Partnership (Limited Partnership) |
2.38 |
|
National
Social Security Fund 413 Combination |
2.04 |
|
Li Yongfu |
1.5 |
|
Industrial
and Commercial Bank of China Co., Ltd.-Huitianfu Core Stock Securities
Investment Fund |
1.41 |
|
Agricultural
Bank of China Co., Ltd.-Huitianfu Social Responsibility Hybrid Securities
Investment Fund |
1.32 |
|
Bank of
Communications Co., Ltd.-E-fund Hybrid Securities Investment Fund |
1.15 |
|
Other
Shareholders |
32.9 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman and General Manager |
Wang Yanqing |
|
Deputy
General Manager |
Wang Jianxin |
|
Sun Jianjun |
|
|
Ni Hongnan |
|
|
Chen Qiang |
|
|
Miao Feng |
RECENT
DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 300450.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
(As of December 31, 2017)
-----------------------------------------
Wuxi Xiandao Investment Development Co.,
Ltd. 37.61
Shihezi Jiading Equity Investment
Partnership (Limited Partnership) 11.76
Wuxi Xiandao Capacitor Equipment Factory 4.94
Wang Denv 2.99
Shanghai Qijia Equity Investment Partnership
(Limited Partnership) 2.38
National Social Security Fund 413
Combination 2.04
Li Yongfu 1.5
Industrial and Commercial Bank of China Co.,
Ltd.-Huitianfu Core Stock
Securities Investment Fund 1.41
Agricultural Bank of China Co.,
Ltd.-Huitianfu Social Responsibility
Hybrid Securities Investment Fund 1.32
Bank of Communications Co., Ltd.-E-fund
Hybrid Securities Investment
Fund 1.15
Other Shareholders 32.9
Wuxi Xiandao Investment Development Co.,
Ltd.
-----------------------------------------------------------
Date of Registration: July 26, 2007
Unified Social Credit Code: 913202146649430449
Registered Capital: CNY 20,000,000
Wuxi Xiandao Capacitor Equipment Factory
------------------------------------------------------
Date of Registration: June 16, 2000
Unified Social Credit Code: 91320214720638563K
Registered Capital: CNY 400,000
MANAGEMENT
Wang Yanqing,
Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø
Age: 52
Ø
ID# 320222660407021
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager, also working in Wuxi Xiandao
Investment Development Co., Ltd., Wuxi Xiandao Capacitor Equipment Factory,
Wuxi Yiling Electronic Technology Co., Ltd. and Zhuhai Titans New Power
Electronics Co., Ltd. as legal representative.
Deputy
General Manager
-----------------------------------
Wang Jianxin
Sun Jianjun
Ni Hongnan
Chen Qiang
Miao Feng
BUSINESS
OPERATION
SC’s registered
business scope includes R&D, production and technical services of special equipment
for electronics industry; undertake customization of automation equipment.
SC is mainly
engaged in manufacturing and selling special equipment for electronics
industry.
Brand: Lead
SC’s products
mainly include: capacitor automation equipment, lithium battery automation
equipment, PV automation equipment, etc.
SC sources its
materials 90% from domestic market and 10% from the overseas market. SC sells
75% in domestic market and 25% to overseas market, mainly U.S.A., etc.
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*
-----------------------
Regal Beloit
America, Inc.
Csi Technologies
Inc.
Epcos India Pvt
Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 3,529 staff
at present.
SC owns an area as
its operating office & factory of approx. 44,000 sq. meters at the heading
address.
RELATED COMPANY
SC is known to have
following subsidiaries at present.
Wuxi
Yiling Electronic Technology Co., Ltd.
--------------------------------------------------------
Date of Registration: May 4, 2008
Unified Social Credit Code: 91320214672047418L
Registered Capital: CNY 30,000,000
Zhuhai Titans New Power Electronics Co., Ltd.
Date of Registration: February 24, 2014
Unified Social Credit Code: 91440400092380062L
Legal Representative: Wang Yanqing
Registered Capital: CNY 20,000,000
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:
Jiangsu
Bank Helie Sub-branch
AC#:
808010188100011643
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2016 |
As of Dec. 31, 2017 |
|
212,726 |
866,789 |
|
|
Notes receivable |
365,873 |
353,532 |
|
Accounts receivable |
185,681 |
896,757 |
|
Advances to suppliers |
10,553 |
78,887 |
|
Other receivable |
4,372 |
17,937 |
|
Inventory |
1,026,617 |
2,559,066 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
279,967 |
272,957 |
|
|
------------------ |
------------------ |
|
Current assets |
2,085,789 |
5,045,925 |
|
Long-term investment |
0 |
0 |
|
Fixed assets |
183,699 |
208,921 |
|
Construction in progress |
17,461 |
95,760 |
|
Engineering materials |
0 |
0 |
|
Fixed assets in liquidation |
0 |
0 |
|
Intangible assets |
107,006 |
164,972 |
|
Goodwill |
0 |
1,092,335 |
|
Long-term prepaid expenses |
16,382 |
28,402 |
|
Deferred income tax assets |
5,408 |
14,790 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,415,745 |
6,651,105 |
|
|
============= |
============= |
|
Short-term loans |
0 |
50,000 |
|
Notes payable |
348,821 |
1,192,771 |
|
Accounts payable |
285,680 |
644,251 |
|
Wages payable |
32,641 |
61,688 |
|
Taxes payable |
22,861 |
69,422 |
|
Interest payable |
0 |
0 |
|
Dividend payable |
0 |
0 |
|
Advances from clients |
772,393 |
1,673,579 |
|
Other payable |
4,099 |
16,677 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
1,466,495 |
3,708,388 |
|
Non-current liabilities |
5,179 |
160,308 |
|
|
------------------ |
------------------ |
|
Total liabilities |
1,471,674 |
3,868,696 |
|
Equities |
944,071 |
2,782,409 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
2,415,745 |
6,651,105 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2016 |
As of Dec.
31, 2017 |
|
Revenue |
1,078,981 |
2,176,895 |
|
Cost of sales |
619,816 |
1,281,266 |
|
Taxes and surcharges |
11,385 |
20,217 |
|
Sales expense |
30,636 |
84,102 |
|
Management expense |
142,282 |
251,177 |
|
Finance expense |
-3,560 |
-5,810 |
|
Asset impairment loss |
14,099 |
45,958 |
|
Investment income |
5,180 |
9,050 |
|
Non-business income |
101,429 |
29,582 |
|
Non-business expenditure |
36,750 |
11,115 |
|
Profit before tax |
334,114 |
622,685 |
|
Less: profit tax |
43,462 |
85,185 |
|
290,652 |
537,500 |
Important Ratios
=============
|
|
As of Dec. 31, 2016 |
As of Dec. 31, 2017 |
|
*Current ratio |
1.42 |
1.36 |
|
*Quick ratio |
0.72 |
0.67 |
|
*Liabilities to assets |
0.61 |
0.58 |
|
*Net profit margin (%) |
26.94 |
24.69 |
|
*Return on total assets (%) |
12.03 |
8.08 |
|
*Inventory / Revenue ×365 |
348 days |
430 days |
|
*Accounts receivable/ Revenue ×365 |
63 days |
151 days |
|
*Revenue/Total assets |
0.45 |
0.33 |
|
*Cost of sales / Revenue |
0.57 |
0.59 |
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 average, comparing with its
revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear small in 2017.
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 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 64.92 |
|
|
1 |
INR 90.23 |
|
Euro |
1 |
INR 80.54 |
|
CNY |
1 |
INR 10.27 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NIT |
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.