MIRA INFORM
REPORT
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Report Date : |
17.02.2011 |
IDENTIFICATION DETAILS
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Name : |
JDM Ningbo JingDa
Machine-Electric Science & Technology Co., Ltd. |
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Registered Office : |
NO. 191, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
15.08.2002 |
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Com. Reg. No.: |
330200000071060 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling High Speed Precision Press and Heat
Exchanger Equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 600.000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No complaints |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name address
JDM Ningbo JingDa Machine-Electric Science
& Technology Co., Ltd.
NO. 191,
JIANGBEI DISTRICT,
TEL: 86 (0) 574-87562525/87562556
FAX: 86 (0) 574-87562555/87562586
EXECUTIVE SUMMARY
INCORPORATION DATE : august 15, 2002
REGISTRATION NO. :
330200000071060
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 350
REGISTERED CAPITAL : CNY 60,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 106,964,000 (AS OF DEC. 31, 2009)
EQUITIES : CNY 85,714,000 (AS OF DEC. 31, 2009)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.59 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC is also known as JDM-Ningbo
Jingda Machine-Electric & Technology Co., Ltd.
SC was registered as a limited liabilities
company at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Aug. 15, 2002.
Company Status: Limited liabilities co. This
form of business in PR China is defined as a legal person. No more than
fifty shareholders contribute its registered capital jointly. Shareholders
bear limited liability to the extent of shareholding, and the co. is liable
for its debts only to extent of its total assets. The characteristics of
this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The
board of directors is comprised of three to thirteen members. The
minimum registered capital for a co. is CNY 30,000. Shareholders
may take their capital contributions in cash or by means of tangible assets
or intangible assets such as industrial property and non-patented
technology. Cash
contributed by all shareholders must account for at least 30% of the
registered capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered business
scope includes manufacturing and processing automatic welding equipment,
precise complete equipment of air conditioning and heat exchanger production
lines; researching and developing air conditioning, mechanical and electrical
integrative equipment; wholesaling and retailing electrical appliances and
mechanical equipment; exporting its products and
technology and importing machinery, parts, materials and technology needed for
its produce, excluding the items limited or prohibited by the state.
SC is mainly
engaged in manufacturing and selling high speed precision press and heat
exchanger equipment.
Mr. Zheng Liangcai has been legal representative and chairman of SC since
2002.
SC is known
to have approx. 350 employees at present.
SC
is currently operating at the above stated address,
and this address houses its operating office and factory in the industrial zone
of Ningbo. Our checks reveal that SC owns the total premise about 10,000 square
meters.
http://www.nbjingda.com The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
Email: jdm@nbjingda.com
SC has got the Quality Management System Certificate, and also passed
ISO 9001-2000.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Registered Capital |
CNY 10,060,000 |
CNY 20,000,000 |
|
|
Registered
Capital |
CNY 20,000,000 |
CNY 46,000,000 |
|
Registered no. |
3302002005909 |
330200000071060 |
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|
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Registered Capital |
CNY 46,000,000 |
CNY 55,000,000 |
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|
Registered Capital |
CNY 55,000,000 |
CNY 60,000,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ningbo Chengxing Holding Co.,
Ltd. 44.10
Ningbo Guangda Investment Co.,
Ltd. 8.50
Zhejiang Dongli Group Co., Ltd. 7.33
Zhejiang Yintai Ruiqi Venture
Investment Co., Ltd. 1.00
Xu Jianfen 7.67
Zheng Liangcai 7.67
Zheng Gong 5.25
Xu Guorong 3.07
Other shareholders 15.41
Zhejiang Dongli Group Co., Ltd.
---------------------------------------
Address: No. 1,
Tel: 0574-88398951
l
Legal Representative and Chairman:
Mr. Zheng Liangcai (郑良才), ID
# 330203491225033, born in 1949. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2002 to present Working
in SC as legal representative and chairman.
Directors:
Xu Guorong ID#330203500329095
Xie Wenjie ID#330204560723201
Supervisors:
Xu Jianfen ID#330203480828034
Zheng Huizhen ID#330203550514182
Zhang Xiaoming ID#330205560819001
SC is mainly
engaged in manufacturing and selling high speed precision press and heat exchanger
equipment.
SC’s products
mainly include fin lines, hairpin benders, expanders, straight tube cut-offs,
return benders and ring loading machinery.
SC sources its materials 80% from
domestic market, and 20% from overseas market, mainly
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.
SC is not known to have any subsidiary at present.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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 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.
Bank of
AC#：62853818093014
Relationship:
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
Cash & bank |
39,800 |
37,716 |
|
Bills receivable |
1,500 |
4,439 |
|
Accounts
receivable |
16,877 |
35,773 |
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Advances to
suppliers |
704 |
6,817 |
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Other Accounts
receivable |
191 |
362 |
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Inventory |
12,401 |
16,072 |
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Deferred expense |
71 |
46 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
71,544 |
101,225 |
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Long-term
investment |
0 |
0 |
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Fixed assets net
value |
77,058 |
69,392 |
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Projects under
construction |
0 |
1,455 |
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Intangible
assets |
14,523 |
14,266 |
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Other assets |
0 |
710 |
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------------------ |
------------------ |
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Total assets |
163,125 |
187,048 |
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============= |
============= |
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Short loans |
5,000 |
5,000 |
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Bills payable |
0 |
0 |
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Accounts payable |
6,973 |
7,544 |
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Advances from
clients |
24,202 |
15,673 |
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Welfares payable |
2,786 |
2,530 |
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Taxes payable |
-130 |
1,475 |
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Other Accounts
payable |
42,755 |
69,049 |
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Long term
liabilities due within one year |
0 |
0 |
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Other current
liabilities |
11 |
63 |
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------------------ |
------------------ |
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Current
liabilities |
81,597 |
101,334 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
81,597 |
101,334 |
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Equities |
81,528 |
85,714 |
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------------------ |
------------------ |
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Total
liabilities & equities |
163,125 |
187,048 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
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Turnover |
120,542 |
106,964 |
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Cost of goods sold |
71,292 |
45,951 |
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Sales expense |
2,685 |
2,684 |
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Management expense |
16,335 |
15,871 |
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Finance expense |
229 |
-68 |
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Profit before
tax |
34,702 |
45,489 |
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Less: profit tax |
4,908 |
6,415 |
|
Profits |
29,794 |
39,074 |
Important Ratios
=============
|
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as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
*Current ratio |
0.88 |
1.00 |
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*Quick ratio |
0.72 |
0.84 |
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*Liabilities
to assets |
0.50 |
0.54 |
|
*Net profit
margin (%) |
24.72 |
36.53 |
|
*Return on
total assets (%) |
18.26 |
20.89 |
|
*Inventory
/Turnover ×365 |
38 days |
55 days |
|
*Accounts
receivable/Turnover ×365 |
52 days |
123 days |
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*Turnover/Total
assets |
0.74 |
0.57 |
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* Cost of
goods sold/Turnover |
0.59 |
0.43 |
PROFITABILITY: FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is low, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
level in 2008, and appears normal in 2009.
l
SC’s quick ratio is maintained in a normal level in
2009
l
The inventory of SC appears average.
l
The accounts receivable of SC appears fairly large
l
The short-term loan of SC appears average.
l
SC’s turnover 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 average.
Overall financial condition of the SC:
Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line up to USD 600,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Company |
---- |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.