This report prepared by Huaxia D&B China is sent to answer your inquiry on:

                      Zhongshan Sints Powder Metallurgy Co.,Ltd

                      Prepared for   :   D&B Registration (Normal) - 2 years
                      Subscriber Key   :   927012679
                      Delivery Date   :   Feb 17,2016
                      Printed on   :   Feb 17,2016

                      Inquiry Date   :   Jan 27,2016
                      Inquiry Subject   :   中山市新泰兴粉末冶金有限公司
                      Inquiry Address   :   -
                      Inquiry Phone/Fax   :   (P)13790071767 
                      Inquiry Reference   :   CUSTSR

                      Copyright © 2011-2015 Shanghai Huaxia Dun & Bradstreet Business Information Consulting Co., Limited

                       

                      Zhongshan Sints Powder Metallurgy Co.,Ltd

                      Report compiled Feb 17,2016
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                      IDENTIFICATION & SUMMARY

                      Summarise  
                       
                         
                       

                      Identification

                      Company Name Zhongshan Sints Powder Metallurgy Co.,Ltd
                      Official English Name Yes
                      Chinese Name 中山市新泰兴粉末冶金有限公司
                      DUNS® Number 54-953-9268
                      Address Fusha Industry Zone, Fusha Town
                      Zhongshan
                      Guangdong
                      Postal Code 528434
                      Address (Chinese) 阜沙镇阜沙工业园
                      中山市
                      广东省
                      Telephone 0760 23453788
                      Facsimile 0760 23453789
                      Website www.hztljxpj.com
                      E-mail yinmanyan@126.com
                      Type of Business A limited company
                      Year Started 2008
                      History Clear (Complete Shareholder(s) and management information)
                      Imports Yes
                      Exports Yes
                      Employees 240 (Here)
                      Principal Xuejun XU / General Manager
                      US SIC Code 3714 0000
                      Primary Business Motor vehicle parts and accessories
                       
                       

                      Risk Summary

                         
                       
                      RISK EVALUATION
                         
                        EMMA Score 4  
                        D&B Rating 3A2  
                        D&B PAYDEX® N/A  
                       
                      LEGAL EVENTS
                         
                        Litigation Records 0  
                       
                      PRINCIPAL INFORMATION
                         
                        Principal(s) 2  
                       
                      PAYMENT INFORMATION
                         
                        Trade References 1  
                       
                      COMPANY KEY EVENTS
                         
                        History Changes 0  
                        Media Records 0  
                       
                      FINANCIAL SUMMARY
                         
                        Registered Capital RMB 5,000,000  
                        Sales/Turnover 79,799,000 (2014)  
                        Tangible Net Worth 48,950,000 (2014)  
                        Total Assets 66,129,000 (2014)  
                        Shareholders Equity 48,950,000 (2014)  
                       
                       
                      Click on summary items for full details
                       
                       
                       
                      CURRENCY
                      All monetary amounts quoted in this report are shown in Renminbi(RMB) unless otherwise stated.
                       
                      REMARK
                      "-" stands for "Insufficient information" or "No comments".
                       
                       
                         

                      Risk Assessment


                        EMMA Score 4  
                        Relative Risk  
                       
                       Below Average Risk
                       
                         
                        1 10  
                       
                        D&B Rating 3A2  
                        Financial Strength 3A (Tangible Net worth 8,500,000 - 84,999,999)  
                        Composite Appraisal2 Good 

                        PAYDEX of This Business N/A
                           
                        PAYDEX of this business is not available
                           
                        It requests at least three trade experiences to generate a PAYDEX. PAYDEX is not computable with the current payment information of the company.
                           
                       

                      EMMA Score predicts the possibility of a business in perilous status of instability or unreliability, such as poor financials, delay payment, stale inventory, abnormal operational status, etc., it is based on a scale of 1 (the lowest risk) to 10 (the highest risk). Subject's EMMA score is ‘4’, indicating Below Average Risk.

                      D&B Rating assesses enterprises'financial strength and credit condition and determines their credibility. Subject's D&B Rating is 3A2 (indicating Financial Strength: Tangible Net worth 8,500,000 - 84,999,999) and its composite credit appraisal is 2 (Good).

                      Company Overview

                      Subject is mainly engagedi n production and sales of metallurgy parts, auto parts products. It was established in 2008. Currently, subject owns around 240 staff. In 2014, subject's Revenue reached RMB 79,799 thousand, Profit Before Tax was RMB 11,812 thousand and Net Profit Margin that year was 14.80%.

                      Subject's EMMA score is "4", which is in the medium risk range. Based on its financial statements, subject's financial status is considered as good, indicating subject's real risk is probably lower than the EMMA score reflected.

                      Current Investigation


                      On Feb 17,2016 ,Sales Manager Ms.Manyan Yin(Tel: 1379007****) submitted full financial statement, and confirmed the operational and historical data in this report. Other information from a third party source and last investigation.

                      Generally in China, the information in our reports is collected and validated through telephone interview with subject, review of public web sites of the business and acquisition of data that is publicly available by the Chinese Government.

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                      RISK ANALYSIS

                      Summarise
                       
                         

                      EMMA Score


                      10 


                      EMMA Score Analysis

                      Subject's EMMA score is mainly impacted by the following risk drivers:

                    1. Subject is a limited company, which is classified as a lower risk type of business.
                    2. Subject's history is Clear (Complete Shareholder(s) and management information), which indicates a lower risk level.
                    3. Subject's registered capital is RMB 5000000.00, which is in the medium level range, indicating a medium risk.
                    4. Subject/Industry PAYDEX® shows payment behaviour of the company/industry is good, indicating lower risk.
                    5. EMMA Score
                      4

                      By evaluating all risk factors, the company is assigned with EMMA score of "4", indicating "Below Average Risk".

                       

                      Industry Norm Grouping
                             
                        Industry Group SIC 3714  
                        Industry Group Description Motor vehicle parts and accessories  
                        Industry Group EMMA Score Quartile Values
                      Lower Quartile 4
                      Median 5
                      Upper Quartile 6
                       

                      Company Risk Vs Industry Norm Chart
                      EMMA Score
                      Lower Quartile
                      Median
                      Upper Quartile
                        0 1 2 3 4 5 6 7 8 9 10
                      EMMA Score
                      Zhongshan Sints Powder Metallurgy Co.,Ltd Industry
                      Distribution of EMMA Score in Huaxia D&B China's Database
                      40%
                      35%
                      30%
                      25%
                      20%
                      15%
                      10%
                      5%
                      0%
                        1 2 3 4 5 6 7 8 9 10
                       
                      Score Distribution
                      1 1%
                      2 8%
                      3 14%
                      4 19%
                      5 21%
                      6 19%
                      7 13%
                      8 4%
                      9 1%
                      10 0%

                      Note: please refer to the report appendix for the principle and major factors of Huaxia D&B China EMMA Score.

                       

                      Risk Assessment Matrix
                      PAYDEX Risk Range
                      Low
                      (EMMA 1 - 3)
                      Medium
                      (EMMA 4 - 7)
                      High
                      (EMMA 8 - 10)
                      PAYDEX>=80 AA BA CA
                      80>PAYDEX>=60 AB BB (Subject lies in this group) CB
                      PAYDEX<60 AC BC CC

                       

                      Interpretation and Analysis of Risk Assessment Matrix
                      Classifications Risk Level Description Credit Policy
                      Quality group AA->AB Business is sound, and the bills are paid promptly with good credit reputation. Favorable credit policy can be granted with automatic approval.
                      Medium risk group BA->BB->AC Business is operated under medium risk, and some delay payment behaviors exist. Appropriate credit policy is suggested with some manual review.
                      High risk group CA->BC->CB Business is operated under high risk, and some severe delay payment behaviors exist. Relatively strict credit policy is suggested with detailed manual review.
                      Monitoring group CC Business is run under high risk or with high possibility of windup, and the bills are unable to be paid in time. Avoid credit sales. Cash settlement is suggested.
                      *Risk levels are listed in order of risk from low to high.

                       

                      According to the Risk Assessment Matrix, subject is rated as "BB", which represents the subject belongs to the medium risk group:

                    6. The risk level of the subject is medium, which reveals its business risk is at the average level amid all Chinese enterprises;
                    7. The PAYDEX® of subject/industry indicates that some delay payment behavior exists. However, the time and amount of the delay is relatively acceptable, thus its delay payment behavior is not severe;
                    8. On the whole, Subject's business is operated at the average level and its business risk is also at the average level. And the subject/industry has some short-term delay payment behaviors. The subject is classified in the medium risk group. The appropriate credit policy should be granted, following a necessary manual review of the subject based on its capacity, internal policy and risk tolerance.
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                      THIRD PARTIES REFERENCES

                      Summarise
                       
                         

                      D&B PAYDEX®


                      The D&B PAYDEX® is a unique indicator of payment performance weighted by the monetary value of the payment experiences as reported to D&B by trade references. A detailed explaination of how to read and interpret PAYDEX values can be found in the Appendices section of this report.


                        PAYDEX of This Business N/A
                           
                        PAYDEX of this business is not available
                           
                        It requests at least three trade experiences to generate a PAYDEX. PAYDEX is not computable with the current payment information of the company.
                           
                       
                        PAYDEX of This Industry
                      76
                       
                       
                       
                       
                         
                        0 100  
                       
                        When weighted by value,payments to suppliers average 6 days beyond terms based on payments collected over the last 24 months
                       
                        Industry Name:Motor vehicle parts and accessories
                        Industry Median:76
                        Upper/Lower Quartile:80/63
                        Based on:2713 businesses
                           
                       
                      D&B PAYDEX® Key
                      High risk of late payment(average 30 to 120 days beyond terms) Medium risk of late payment(average 30 days or less beyond terms) Low risk of late payment(average prompt to 30+ days sooner)

                      Trade Payment Information


                      Trade Payment Experiences Summary
                      Value Bands - Now Owes
                      RMB
                      No. of Exp Sum of Now Owes
                      RMB
                      Within
                      Terms
                      1-30
                      Days
                      31-60
                      Days
                      61-90
                      Days
                      91+
                      Days
                      >10,000,000 0 0.00 0% 0% 0% 0% 0%
                      1,000,000 - 9,999,999 0 0.00 0% 0% 0% 0% 0%
                      500,000 - 999,999 0 0.00 0% 0% 0% 0% 0%
                      100,000 - 499,999 0 0.00 0% 0% 0% 0% 0%
                      50,000 - 99,999 0 0.00 0% 0% 0% 0% 0%
                      <50,000 1 0.00 100% 0% 0% 0% 0%
                      TOTAL 1 0.00 100% 0% 0% 0% 0%

                       

                      Note: Above Trade Payment Experiences Summary is derived by analysis trade payment experiences details within 24 months.


                      Detailed Information
                       
                      Detailed Information
                      Trade Payment Experiences Details (Max. 100 records displayed)

                      (Amounts may be rounded to the nearest figure in prescribed ranges)

                      Date Paying Record High Credit Now Owes Past Due Selling Terms Last Sale
                      Oct 09,2015 Prompt 0 0 0 EOM 30 Oct 01,2015
                       

                      Note: The above payment record reflects how accounts are paid in relation to the terms granted. Slow-30, for example, indicates a 30 day term where 30 additional days are taken. In some instance, payment beyond terms can be the result of disputes over merchandise, lost invoices, etc

                      Industry Payment Information


                      According to the statistics collected by Huaxia Dun & Bradstreet China in 2014.10-2015.9, the payment timeliness ratio of automobile and parts industry was mostly kept between 60% and 65%. Despite the relative good performance in December, 2014, no apparent fluctuation has happened.

                      In terms of the payment records and performances, the payment timeliness ratio and the overdue ratio during the recent 12 months was 63% and 24%, up 1 percent and down 1 percent respectively. The average overdue term reached 19 days, the same as that of the last statistic (2014.7-2015.6). In terms of the payment amount and the overdue period, about 10 of the total value was delayed, the same as the last statistics. Among which, the one with overdue term of 1-30 days accounts for 54% of total overdue value, the same as that of the last quarter.

                      Overall, the payment timeliness ratio of automobile and parts industry was generally stable during the past 12 months with very limited raise of drop of the company risks. Regarding the outstanding amount of 30+ days overdue still accounts for nearly half of total overdue one, certain reminding is still necessary for the suppliers to collect their money.

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                      HISTORY

                      Summarise
                       
                         

                      Registration


                      Registration Date Jul 04,2008
                      Registered At Zhongshan Administration for Industry and Commerce
                      Registration No. 442000000148358
                      National Organization Code 677085640
                      License Expiry Date Jun 27,2028
                      Enterprise Registration Status In good standing
                      Enterprise Management Status open
                      Registered Capital RMB 5,000,000
                      Paid-up Capital RMB 5,000,000
                      Tax No. 442000677085640
                      Business Started 2008
                      Type of Business a limited company
                      Registered Address Fusha Industry Park,Fusha Town,Zhongshan
                      Legal Representative XuXuejun
                      Business Scope Production, processing and sales: hardware plastic products, mold, import and export goods, technology import and export (above laws and administrative regulations, except for prohibited items; laws and administrative regulations limit the project shall be managed to obtain a license). (By law subject to the approval of the project before the approval of the relevant business activities department) 〓

                      Shareholder(s)

                      Shareholding Structure

                      Name Region/ Country Shares Investment Mode Paid-Up Rate
                      Xiangyue Xu
                      徐香月
                      China 20% Cash fully paid
                      Junfang Xu
                      徐君芳
                      China 20% Cash fully paid
                      Xuejun Xu
                      徐学军
                      China 60% Cash fully paid
                      Total   100%    

                      Comment:

                    10. According to the notification from China State Administration for Industry & Commerce on February 19, 2014, business annual inspection is officially ceased as of March 1, 2014.
                    11. The type of business of subject is a limited liability company (invested or held by a natural person) .
                    12. History Summary

                      Subject was established in 2008, subject's shareholder(s) are Xiangyue Xu, Junfang Xu and Xuejun Xu. Xuejun Xu is now acting as subject's legal representative.

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                      PRINCIPALS

                      Summarise
                       
                         

                      Principal(s)

                      Xuejun XU - General Manager/Legal Representative
                      徐 学军

                      Gender Male
                      Year of Birth 1970
                      Nationality China
                      Education Master
                      Academy of Graduation Central South University
                      Activity Status Yes
                      Area of Responsibility Overall management
                      Related Working Experience 5 Year+


                      Xuejun XU - Legal Representative
                      徐 学军

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                      OPERATIONS

                      Summarise  
                         

                      Supply Capacity & Operation Nature

                      Subject is mainly engagedi n production and sales of metallurgy parts, auto parts products.


                      US SIC Code 3714 0000 Motor vehicle parts and accessories

                      The operation is seasonal.

                      The low season of subject is from Jun to Aug.

                      Subject provides ODM Service.

                      Awards & Certifications

                      Awards & Certifications Name ISO9001
                         
                      Awards & Certifications Name ISO/TS16949
                         
                      Awards & Certifications Name QC080000
                         

                      Licenses

                      Subject is entitled to independent import and export rights.

                      Patent

                        Application Number Application Date Publication Date Duration of Patent Invention Title  
                        201320230538.2 Apr 28,2013 Oct 09,2013 10 Year  

                      Patent refers to an exclusive right with a time limit for the invention or creation that applied to national approval authorities and approved qualified after legal examination. The three categories of patent are invention patent, utility model patent and design patent.

                      Products & Services

                      Product Name Maximum Productivity Percent
                      Powder metallurgy parts    
                      Exhaust system flanges    
                      Auto parts    
                      Locks    
                      Other Parts    

                      Subject owns 3 production lines.

                      Purchasing

                      Purchase Territory

                      Area Percent Region/Country
                      Domestic    
                      Overseas    

                      Purchasing Terms

                      Terms   Percent
                      Credit 90 days -
                      Cheque - -
                      Draft - -

                      Major Suppliers

                      Area Name DUNS  
                      Domestic Haining Feida Metallurgy Powder Co., Ltd.    
                      Domestic Bazhou Hongsheng Industry Co.,Ltd.    

                      Selling

                      Sales Territory

                      Area Percent Region/Country
                      Domestic 80%  
                      Overseas 20% Hong Kong
                      United Kingdom
                      Taiwan
                      Italy  

                      Selling Terms

                      Terms   Percent
                      Partial Advance - -

                      Selling Settlement Method

                      Settlement Method Percent
                      Cash  

                      Major Customers

                      Area Name DUNS
                      Domestic Mianyang Wanxin Wanrui'er Auto Parts Co.,Ltd  
                      Domestic Shenzhen Biyadi Industry Co.,Ltd.  

                      China Customs Import and Export Data

                       

                      HS Code 720521 Alloy steel powders
                      HS Code 730791 Iron and steel flanges, NES (excluding stainless steel)
                      HS Code 848340 Roller screw transmission gear

                      HS Code's full name is International Convention for Harmonized Commodity Description and Coding System, which is a multipurpose international trading commodity classification catalog. Abbreviation: Harmonized System, i.e. HS. The above HS Code are listed based on products of subject that have the top 5 import/export values in the latest 12 months.


                      Customs Rating: B

                      Transport Type

                        Jan. - Jun. 2015 2014 2013
                      Import - River-Sea Transportation Air Transport
                      Export Air Transport,River-Sea Transportation,Motor Vehicle Transportation Motor Vehicle Transportation, River-Sea Transportation, Air Transport Motor Vehicle Transportation

                      Trade Type

                        Jan. - Jun. 2015 2014 2013
                      Import - Ordinary Trade Ordinary Trade
                      Export Ordinary Trade Ordinary Trade Ordinary Trade

                      Import & Export Value

                        Jan. - Jun. 2015 2014 2013
                      Import - USD 1,263 USD 1,431
                      Export USD 51,190 USD 54,032 USD 617

                      Main Import & Export Country

                      Import Country Export Country
                      - Hong Kong
                      United Kingdom
                      Taiwan
                      Italy

                       

                      The above data are provided with the authorization of China General Administration of Customs.

                      Employees

                      Employee Size


                      Type Number
                      Here 240
                      The above are approximate staff numbers.

                      Operations Summary

                      Subject is mainly engagedi n production and sales of metallurgy parts, auto parts products. Major products include Powder metallurgy parts, Exhaust system flanges, Auto parts, Locks and Other Parts. Currently, it owns 3 production lines.
                      Subject is entitled to I/E Rights. Its manufacturing is seasonal. Subject's products 80% are sold in domestic market and 20% are exported.export country/region mainly include Hong Kong, United Kingdom, Taiwan and Italy. Its selling settlement methods include Cash. Subject's major customer includes Mianyang Wanxin Wanrui'er Auto Parts Co.,Ltd , Shenzhen Biyadi Industry Co.,Ltd. and etc.Subject's major suppliers include Haining Feida Metallurgy Powder Co., Ltd., Bazhou Hongsheng Industry Co.,Ltd. and etc.

                      Location

                      Principal Place of Business

                      Location Description An industrial area
                      Land Area 7,000 sqm
                      Used as Office, factory and warehouse
                      Showroom
                      Occupation Type Owns

                      Other Place of Business

                      Type REGISTERED ADDRESS
                      Address Fusha Industry Park,Fusha Town,Zhongshan
                         

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                      FINANCE & BANKING

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                      Finance


                      Please note that any financial information (such as financial statements) included in this report was obtained with the company's consent or from the stock exchange. If no financial information is provided in this report, it is because the company did not provide its consent to have such information disclosed. Pursuant to the Interim Regulations on the Public Disclosure of Enterprise Information, issued by the State Council and effective from 1 October 2014, companies will no longer be required to submit their financial statements to the Administration of Industry and Commerce (AIC). Instead, only limited financial figures of the company will be reported to the AIC, and such figures will be made available in reports only if the company itself has consented to the disclosure of such financial figures. These new requirements affect all company financial information for the 2013 financial year and onward, and as such, financial statements should no longer be available in any reports for the 2013 financial year and onward, unless the company itself has provided such statements and consented to the disclosure of such statements, or the company's financial statement has been published on a stock exchange.


                      The 2014 financial statements were submitted by the company personnel.

                      Financial Highlights

                           
                       
                       
                       
                      Dec 31,2014
                      RMB '000
                      Change
                      %
                      Dec 31,2013
                      RMB '000
                       
                        Current Assets     42,888 4.95% 40,866  
                        Current Liabilities     17,179 - 17,052  
                        Working Capital     25,709 7.96% 23,814  
                        Tangible Net Worth     48,950 -2.92% 50,420  
                        Fixed Assets     23,241 -12.65% 26,606  
                        Total Assets     66,129 -1.99% 67,472  
                        Total Liabilities     17,179 - 17,052  
                        Shareholders Equity     48,950 -2.92% 50,420  
                        Sales     79,799 8.91% 73,273  
                        Net Profit     11,812 -6.43% 12,624  

                      Balance Sheet

                           
                       
                      Dec 31,2014
                      RMB '000
                      Fiscal
                      (Independent)
                      Dec 31,2013
                      RMB '000
                      Fiscal
                      (Independent)
                       
                        Cash and Bank   1,323 1,422  
                        Accounts Receivables   24,997 24,166  
                        Other Receivables   3,166 3,466  
                        Prepaid Expense   352 559  
                        Inventory   12,900 10,903  
                        Other Current Assets   150 350  
                        Total Current Assets   42,888 40,866  
                        Fixed Assets, at cost   33,833 32,265  
                        Less Acc. Depreciation   (10,592) (5,659)  
                        Total Fixed Assets   23,241 26,606  
                        Total Intangible Assets   - -  
                        Total Investment & Other Assets   - -  
                        TOTAL ASSETS   66,129 67,472  
                        Short-Term Loans   10,650 10,650  
                        Accounts Payable   6,501 6,205  
                        Provision:Taxes & Fees   28 197  
                        Total Current Liabilities   17,179 17,052  
                        Total Non-Current Liabilities   - -  
                        Total Liabilities   17,179 17,052  
                        Capital   5,000 5,000  
                        Surplus   100 321  
                        Retained Earnings   43,850 45,099  
                        Total Equity   48,950 50,420  
                        TOTAL LIABILITIES & EQUITY   66,129 67,472  

                      Profit & Loss Statement

                           
                       
                      Dec 31,2014
                      RMB '000
                      Fiscal
                      (Independent)
                      Dec 31,2013
                      RMB '000
                      Fiscal
                      (Independent)
                       
                        Sales   79,799 73,273  
                        -Cost of Goods Sold   64,427 55,666  
                        -Sales Tax   240 201  
                        Gross Profit/Loss   15,132 17,406  
                        -Operating Expenses   1,979 1,950  
                        -Administrative Expenses   1,028 2,201  
                        -Financial Expenses   313 631  
                        Operating Profit/Loss   11,812 12,624  
                        Profit/Loss Before Tax   11,812 12,624  
                        Profit/Loss After Tax   11,812 12,624  
                        Net Profit(Loss)   11,812 12,624  

                      Key Financial Ratios

                        Ratio
                        2014 2013  
                        Current Ratio   2.49 2.39  
                        Quick Ratio   1.74 1.75  
                        Total Debt/Equity Ratio   0.35 0.33  
                        Debt Ratio   0.25 0.25  
                        Collection Period (Days)   112 118  
                        Payment Period (Days)   36 40  
                        Inventory Turnover (Days)   72 70  
                        Asset Turnover   1.20 1.08  
                        Gross Profit Margin %   18.96 23.75  
                        Net Profit Margin %   14.80 17.22  
                        Return on Equity %   24.13 25.03  
                        Return on Assets %   17.86 18.71  
                      Financial Comments
                       
                      • Business Performance: According to subject's financial statements of 2014, its sales realized RMB 79,799 thousand, up 8.91% over the previous year, indicating its decent sales growth. During the same year, subject's net profit booked RMB 11,812 thousand, down 6.43% from the previous year. Its net profit margin was 14.80%, lower than the year-earlier level, which indicated its profitability should be improved.
                      • Solvency: By the end of 2014, Subject's current ratio and quick ratio posted 2.49 and 1.74 respectively, showing its strong short-term solvency capacity. Its working capital increased to RMB 25,709 thousand. At the end of 2014, subject's debt ratio stood at 0.25, which indicated its capital structure was reasonable.
                      • Cash Flow: By the end of 2014, subject's cash and bank deposit was RMB 1,323 thousand, decreasing from the previous year. At the end of 2014, subject's account receivable booked RMB 24,997 thousand, and its DSO recorded 112 day(s), shortening 6 day(s) compared with the year earlier, indicating its control on account receivable was improved to som extent. Its account payable was RMB 6,501 thousand, with a payment period of 36 day(s).
                      • Overall financial status of subject is considered as good.
                       

                      Banking

                      The company maintains relationship(s) with the following bank(s) in China:

                      The Industrial & Commercial BANK OF CHINA, Zhongshan Branch
                      Fusha Subbranch

                      2011028009024849580

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                      INDUSTRY HIGHLIGHTS

                      Summarise  
                       
                         

                      Industry Highlights


                      Date Jul 01, 2015
                      Source Statistics Authorities
                      DetailIn 2014, China's auto market continued in the development trend of 2013, maintaining steady growth. Automobile production and sales were steady and were increased, new energy vehicle have made significant progress, and large-scale enterprise group enhanced the scale of production and sales in general, the automobile industry structure was further optimized.In 2014, the production and sales volume were both over 23 million sets, with production and sales volume as the No. 1 in the world. 23,725,200 sets of automobile were produced in the whole year, up by 7.3%, and 23,491,900 sets of automobile were sold, up by 6.9%.
                      Among them, 19,919,800 sets of passenger car were produced and 19,700,600 sets were sold, up by 10.2% and 9.9% respectively; 3,803,100 sets of commercial vehicle were produced and 3,791,300 sets were sold, down by 5.7% and 6.5% respectively.The industry economic efficiency continued to improve. In 2014, there were 12,407 automobile manufacturing industrial enterprises above designated size, which realized main business income of 6.667701 trillion yuan, an increase of 12.285%; sales profit of 599.097 billion yuan, the industry profit margin of 8.99%. Industry total asset size was of 5.214441 trillion yuan, an increase of 11.64%; total industry liabilities size of 2.947158 trillion yuan, and industry assets and liabilities was 56.52%.
                      In 2014, the export of complete automobile fell, while the import market maintained to grow. In 2014, China exported 897,200 sets of completed automobile accumulatively, down by 2.8%, and the accumulative export volume of $ 12.531 billion, an increase of 4.6%. China imported 1,422,700 sets of completed automobile accumulatively, up by 19.3%, and the accumulative import volume of $60.626 billion.
                      Date May 30, 2014
                      Source Statistics Authorities
                      DetailAs of the end of 2013, the total number of enterprises in Chinese automobile manufacturing industry reached 11,599, including loss companies of 1,358, with industry loss of 11.70%. Industry realized main business income of RMB 6.05 trillion and total profit reached RMB 510.77 billion. From the operation of market, the automotive industry economy maintained good posture, and annual vehicle production and sales respectively reached 22,116,800 and 21,984,100, with a year-on-year increase of 14.76% and 13.87%. The production and sales of passenger cars was 18,085,200 and 17,928,900, with a year-on-year increase of 16.50 percent and 15.71 percent. The production and sales of commercial vehicles was 4,031,600 and 4,055,200 respectively, with a year-on-year increase of 7.56% and 6.40% respectively.
                      From the import and export situation, the car import scale continued to expand, but exports declined. Motor vehicle and chassis imported a total of 1,193,500 in 2013 , total exports of 977,300 cars, and the year-on-year growth of imports and exports respectively reached 5.54% and -7.46 %.
                      From the industry investment perspective, with new energy vehicle development and production gradually advancing, industry investment maintained growth. The auto industry investment in fixed assets reached RMB 927.2 billion, with a year-on-year increase of 15.84%. It is expected that in 2014, in the case of the automotive market environment will not change much, with the implementation of the policy and environmental policy limit line, the car sales growth has slowed over this year.
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                      Public Records

                      Summarise
                       
                         

                      Litigation Records

                      As of Feb 17,2016 , HDBC has searched the China Court website, website of local court in the place where subject is located, major domestic courts websites as well as our internal China court database, but no related court records can be found against the subject within 5 years.

                      Remark: The above mentioned channels are currently publicly available ones to search for the court records against China enterprises. However, due to lack of a centralized database in mainland China that covers all Chinese enterprises' litigation records, partial cases against subject might not be available.

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                      APPENDICES

                      Summarise  
                         

                      HDBC EMMA Score

                      D&B EMMA Score (Emerging Market Mediation Alert Score) is a risk assessment model developed for emerging market countries. It is a score developed by data profiling approach and statistical modeling, which predicts the possibility of a business in perilous status of instability or unreliability, such as poor financials, delay payment, stale inventory, abnormal operational status, etc. The EMMA Score provides you with a quick assessment of a business' risk standing, and when used together with other information, allows you to make better risk decisions.

                      The EMMA Score is based on a scale of 1 to 10, where 1 represents a lower risk and 10 a higher risk.

                      EMMA Score for China is initially rolled out in May 2009, derived from the sample analysis of millions of company records. When using the Score to make individual applicant decisions, a customized version of this table based on an analysis of the Score against your customer account portfolio is recommended. It does not necessarily mean doing business with a company, which is assigned with higher Risk Score, will result in increased risk.

                      Considering the particularity of Chinese business environment and in order to make EMMA Score analyze and reflect risk factors of Chinese enterprises more appropriately, HDBC conducted an optimization and adjustment toward EMMA Score in the first half of 2012, combined PAYDEX® to appraisal model as an important risk evaluating dimension and will try harder to deeply reflect the internal factors of enterprise risk. The optimized EMMA Score makes the scores more scientifically and effectively reflect the risk characteristics of current China as an emerging market and more objectively and deeply reflect risk level of Chinese enterprises.

                      EMMA Score for China is calibrated on regular basis following D&B Global Modeling Methodology that captures business environmental change in China caused by macro economy shift and particular systematic events.

                       

                      HDBC EMMA Score Commentary
                      Risk Range EMMA Score % of Report in Database   % of High Risk Business   Commentary  
                      Low Risk Scores 1-3 28.9%   5.7%   Lower Risk Range  
                      Medium Risk Scores 4-7 56.7%   9.1%   Average Risk Range  
                      High Risk Scores 8-10 14.4%   36.4%   High Risk Range  


                      The Key Drivers of the EMMA Score include the following:

                      Business Information

                      • Business Type
                      • Line of Business
                      • Employee Size
                      • Sales Territory
                      • Registered Capital
                      • Year of Establishment
                      • History Status
                      • Property Ownership

                      Geographical Information

                      • Region & Province

                      Public Record

                      • Number of Negative Record

                      Payment Information

                      • Percentage of Overdue Payment
                      • Company/Industry PAYDEX®
                      EMMA Score Application
                      • Low EMMA Score - May proceed to process the applicant quickly with minimal or no manual review depending on the extent of score validation analysis.
                      • Medium EMMA Score - Medium Risk Scores - Recommend a manual review of the applicant based on the applicant's capacity, your internal policy and risk tolerance.
                      • High EMMA Score - High Risk Scores - Requires thorough manual review of potential decline, or approval depending on the applicant's capacity, your internal policy and risk tolerance.

                      Sample Data Analysis of Risk Assessment Matrix Database


                      Risk Matrix Sample Distribution
                      PAYDEX Risk Range
                      Low Medium High
                      PAYDEX>=80 13.6% 12.6% 0.5%
                      80>PAYDEX>=60 15.2% 28.7% 1.7%
                      PAYDEX<60 0.1% 15.4% 12.2%

                      Possibility of High Risk Enterprise
                      PAYDEX Risk Range
                      Low Medium High
                      PAYDEX>=80 5.8% 8.4% 9.1%
                      80>PAYDEX>=60 5.6% 8.4% 14.5%
                      PAYDEX<60 5.6% 11.1% 40.4%

                      Interpretation and Analysis of Risk Assessment Matrix
                      Classifications Risk Level Description Credit Policy
                      Quality group AA->AB Business is sound, and the bills are paid promptly with good credit reputation. Favorable credit policy can be granted with automatic approval.
                      Medium risk group BA->BB->AC Business is operated under medium risk, and some delay payment behaviors exist. Appropriate credit policy is suggested with some manual review.
                      High risk group CA->BC->CB Business is operated under high risk, and some severe delay payment behaviors exist. Relatively strict credit policy is suggested with detailed manual review.
                      Monitoring group CC Business is run under high risk or with high possibility of windup, and the bills are unable to be paid in time. Avoid credit sales. Cash settlement is suggested.

                      *Risk levels are listed in order of risk from low to high.

                      Risk Assessment Matrix is the tool for investigating the insight of subject combined with EMMA Score and PAYDEX®. EMMA Score can indicate the risk level of subject. With the help of  PAYDEX®, one can also further analysis subject's risk and find out the internal factors causing risks based on the payment records of subject. In summary, the assessment matrix can make further insightful analysis towards the enterprises with similar EMMA Scores.

                      When using EMMA Score and Risk Assessment Matrix, the combination of other information, such as internal assessment policy of enterprise, commercial information provided by HDBC, and feedback from the people who directly contacts with subject, etc., is recommended. With these information, it will allow you to be more convenient to make risk decisions.

                      D&B Rating

                      D&B Rating Interpretation Tables


                        Financial Strength   Composite Credit Appraisal
                      Tangible Net worth Registered Capital Renminbi (RMB) Strong Good Fair Limited Undetermined
                      5A 5AA > 450,000,000 1 2 3 4 -
                      4A 4AA 85,000,000 - 449,000,000 1 2 3 4 -
                      3A 3AA 8,500,000 - 84,999,999 1 2 3 4 -
                      2A 2AA 6,500,000 - 8,499,999 1 2 3 4 -
                      1A 1AA 4,500,000 - 6,499,999 1 2 3 4 -
                      A AA 2,500,000 - 4,499,999 1 2 3 4 -
                      B BB 1,750,000 - 2,499,999 1 2 3 4 -
                      C CC 1,000,000 - 1,749,999 1 2 3 4 -
                      D DD 650,000 - 999,999 1 2 3 4 -
                      E EE 450,000 - 649,999 1 2 3 4 -
                      F FF 300,000 - 449,999 1 2 3 4 -
                      G GG 200,000 - 299,999 1 2 3 4 -
                      H HH < 200,000 1 2 3 4 -
                        Alternate Ratings   Explanation               
                      N Financial Strength is negative     3 4 -
                      O Financial Strength is undisclosed 1 2 3 4 -
                      NB New Business: Less than 24 months 1 2 3 4 -
                      NQ Out of Business: Business has ceased to trade 4  
                      BR Branch or division location
                      INV Investigation is undergoing

                      Explanation of PAYDEX

                      A score of 80 denotes that payments reported to D&B have generally been made within terms. Scores over 80 indicate that payments reported to D&B have been made earlier than terms. The chart below outlines the specific 0-100 score and what it means.

                       

                      D&B PAYDEX®   Payment Habit
                      100   Anticipate
                      90   Discount
                      80   Prompt
                      70   15 days beyond terms
                      60   22 days beyond terms
                      50   30 days beyond terms
                      40   60 days beyond terms
                      30   90 days beyond terms
                      20   120 days beyond terms
                      0-19   Over 120 days beyond terms
                      UN   Unavailable

                      Customs Rating

                      According to the Measures of the Customs of the People's Republic of China on the Classified Management of Enterprises (hereafter “the Measures”), China General Administration of Customs has classified custom supervision category into 5 classes, which are AA, A, B, C and D. Enterprises are assessed and classified based on if they comply with laws, administrative regulations, custom rules, related anti-corruption stipulations and operational management conditions, supervisory and statistic custom records and etc.


                      AA Class: Enterprise with outstanding credit verified by the customs, suitable for correspondingly easy clearance measures.

                      A Class: Enterprise with good credit, suitable for generally easy clearance measures.

                      B Class: Enterprise with average credit, suitable for routine management.

                      C Class: Enterprise with poor credit, suitable for averagely close supervision measures.

                      D Class: Enterprise with rather poor credit, suitable for close supervision measures.


                      According to the notification published by China General Administration of Customs on Nov. 19, 2014 on the implementation of Interim Measures of the Customs of the People's Republic of China for the Administration of Enterprise Credit, the customs has started classifying companies into the levels of Authorized Enterprise, Average Credit Enterprise and Poor Credit Enterprise based on their credit status as of Dec. 1, 2014. According to the rules of “the Measures”, companies of AA Class are classified as High Grade Authorized Enterprise; A Class as Averagely Authorized Enterprise; B Class as Average Credit Enterprise; C and D Classes are to be reassessed accordingly. If companies of C and D Classes are rated as Poor Credit enterprise, the application period of credit level will remain the same as that of C Class and D Class.

                      Huaxia D&B China will timely organize the information disclosed by China General Administration of Customs.

                      Customer Service


                      Customer Service Contact Information
                      Web www.huaxiadnb.com
                      Email enquiry@huaxiadnb.com
                      Telephone 400-820-3536 (Shanghai)
                      400-810-3531 (Beijing)
                      800-830-9032 (Guangzhou)
                       
                      Our ref: 201601279309300158

                      Your ref: CUSTSR
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                      Remarks

                      Whilst Huaxia D&B China attempts to ensure that the information provided is accurate and complete by reason of the immense quantity of detailed matter dealt within compiling the information and the fact that some of the data are supplied from sources not controlled by Huaxia D&B China which cannot always be verified, including information provided direct from the subject of enquiry as well as the possibility of negligence and mistake, HDBC does not guarantee the correctness or the effective delivery of the information and will not be held responsible for any errors or omissions therein.


                      Copyright © Huaxia D&B China     


                       
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