MIRA INFORM REPORT

 

 

Report Date :

17.04.2012

 

IDENTIFICATION DETAILS

 

Name :

SHANDONG JIAFENG GLASS MACHINERY CO., LTD.

 

 

Registered Office :

No. 17 Xingmeng Road, Mengshui Town, Zhoucun District Zibo City Shandong Province 255318 Pr

 

 

Country :

China

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

11.03.1996

 

 

Com. Reg. No.:

370300018503947

 

 

Legal Form :

Limited Liabilities Company

 

 

Line of Business :

Manufacturing and Selling Glass Machinery

 

 

No. of Employees :

350

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 400,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

China

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

SHANDONG JIAFENG GLASS MACHINERY CO., LTD.

NO. 17 XINGMENG ROAD, MENGSHUI TOWN, ZHOUCUN DISTRICT

ZIBO CITY SHANDONG PROVINCE 255318 PR CHINA

TEL: 86 (0) 533-6881536/6889486

FAX: 86 (0) 533-6888788

 

 

EXECUTIVE SUMMARY

 

Date of Registration          : marCH 11, 1996

REGISTRATION NO.                  : 370300018503947

LEGAL FORM                           : Limited liabilities company

CHIEF EXECUTIVE                     : JING CHUANSHUN (LEGAL REPRESENTATIVE)

REGISTERED CAPITAL : cny 4,000,000

staff                                      : 350

BUSINESS CATEGORY : manufacturing & trading

Revenue                                : CNY 84,633,000 (AS OF DEC. 31, 2011)

EQUITIES                                 : CNY 51,239,000 (AS OF DEC. 31, 2011)

WEBSITE                                 : www.sdzbjf.com

E-MAIL                                     : master@sdzbjf.com

PAYMENT                                : AVERAGE

Recommended Credit Limit: UP TO USD 400,000

MARKET CONDITION                : competitive

FINANCIAL CONDITION             : FAIRly good

OPERATIONAL TREND  : STEADY

GENERAL REPUTATION           : AVERAGE

EXCHANGE RATE                     : CNY 6.30 = USD 1

 

 

Adopted abbreviations (as follows)

SC - Subject Company (the company inquired by you)

N/A – Not available

CNY – China Yuan Ren Min Bi

 

OPERATIONAL TREND & GENERAL REPUTATION

 

This section aims at indicating the relative positions of SC in respect of its operational trend & general reputation

 

Operational Trend:-                                             General Reputation:-

Upward                                                             Excellent

Steady                                                              Good

Fairly Steady                                                     Fairly Good

Ordinary                                                            Average

Fair                                                                   Fair

Stagnant                                                           Detrimental

Downward                                                         Not known

Not known                                                         Not yet be determined

Not yet be determined

 

 

LEGAL STATUS & HISTORY

 

SC was established as a limited liabilities company of PRC with State Administration of Industry & Commerce (SAIC) under registration No.: 370300018503947 on March 11, 1996.

 

SC’s Organization Code Certificate No.: 16413461-1

 

SC’s registered capital: cny 4,000,000

 

SC’s paid-in capital: cny 4,000,000

 

Registration Change Record:

Date

Change of Contents

Before the change

After the change

1997-3-15

Registered Capital

CNY 10,330,000

CNY 10,220,000

2002-1-23

Company Name

Shandong Zibo Jiafeng Group Co., Ltd.

Shandong Zibo Jiafeng Glass Machinery Co., Ltd.

Registered Capital

CNY 10,220,000

CNY 4,000,000

2008-10-13

Company Name

Shandong Zibo Jiafeng Glass Machinery Co., Ltd.

Shandong Jiafeng Glass Machinery Co., Ltd.

 

Current Co search indicates SC’s shareholders & chief executives are as follows:-

Name of Shareholder (s)

% of Shareholding

Jing Chuanshun

52.0

Wang Rujing

12.5

Jiang Yunsheng

12.5

Han Kezhong

5.75

Yang Sicheng

5.75

Sun Langui

5.75

Jing Guangcheng

5.75

 

SC’s Chief Executives:-

Position

Name

Legal Representative and Chairman

Jing Chuanshun

General Manager

Jiang Yunsheng

Director/Supervisor

Wang Rujing

Han Kezhong

Yang Sicheng

Sun Langui

Jing Guangcheng

 

 

RECENT DEVELOPMENT

 

No recent development was found during our checks at present.

 

 

SHAREHOLDER CHART & BACKGROUND

 

Name                                                               % of Shareholding

 

Jing Chuanshun                                                             52.0

Wang Rujing                                                                  12.5

Jiang Yunsheng                                                             12.5

Han Kezhong                                                                 5.75

Yang Sicheng                                                                5.75

Sun Langui                                                                    5.75

Jing Guangcheng                                                           5.75

 

 

MANAGEMENT

 

Jing Chuanshun , Legal Representative and Chairman

--------------------------------------------------------------------------------

Ø         Gender: M

Ø         Age: 65

Ø         ID# 370306194702203010

Ø         Qualification: University

Ø         Working experience (s):

 

At present, working in SC as legal representative and chairman

 

 

Jiang Yunsheng , General Manager

---------------------------------------------------------

Ø         Gender: M

Ø         Age: 72

Ø         ID# 370306194012193011

Ø         Qualification: University

Ø         Working experience (s):

 

At present, working in SC as general manager

 

Director/Supervisor

--------------------------

Wang Rujing

Han Kezhong

Yang Sicheng

Sun Langui

Jing Guangcheng

 

 

BUSINESS OPERATION

 

SC’s registered business scope includes manufacturing and selling hydraulic brake, pesticide machinery, glass machinery, welding electrodes, welding materials and equipment, textile machinery & accessories; selling wood, grocery, hardware, steel materials, building materials, and native products; importing and exporting commodities and technology.

 

SC is mainly engaged in manufacturing and selling glass machinery.

 

Brand: JF

 

SC’s products mainly include:

single gob I.s glass-forming machine

dounle gob108, 127mm and 140mm I.s glass-forming machine

Triple gob 76, 84mm and 94mm I.s glass-forming machine

S.G, D.G and T.G mechanical feeder

Gas/Electronic fired annealing lehr

Decorating lehr and tempering lehr

Transfer annealing equipment, Stacker

Cold-end coating equipment

Hot-end coating equipment

Cross conveyor

bottke single liner

SC sources its materials 100% from domestic market, mainly Shandong. SC sells 70% of its products in domestic market, and 30% to overseas market, India, Oman, Indonesia, Egypt, etc.

 

The buying terms of SC include T/T and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit of 30-60 days.

 

*Major Supplier:

=============

Zibo Zhoucun Industrial Supplying & Selling Corp.

 

*Major Customer:

=============

Shandong Northern Driving Medium Co., Ltd.

 

Staff & Office:

--------------------------

SC is known to have approx. 350 staff at present.

 

SC rents an area as its operating office and factory of approx. 27,800 sq. meters at the heading address.

 

 

RELATED COMPANY

 

SC is not known to have any subsidiary at present.

 

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 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

 

Agricultural Bank of China Zibo Zhoucun Sub-branch Mengshui Office

 

AC#: 216601040006954

 

 

FINANCIALS

 

Financial Summary

Unit: CNY’000

As of Dec. 31, 2009

As of Dec. 31, 2010

As of Dec. 31, 2011

Long term investment

0

0

0

Total assets

42,220

60,210

67,891

 

-------------

-------------

-------------

Long term liabilities

0

0

0

Total liabilities

12,230

19,110

16,652

Equities

29,990

41,100

51,239

 

-------------

-------------

-------------

Revenue

68,490

76,394

84,633

Profit before tax

12,900

13,011

11,031

Less: profit tax

3,220

1,951

1,655

Profits

9,680

11,060

9,376

 

Note: The detailed financials for Y2009 & Y2010 & Y2011 are not available in SAIC.

 

Important Ratios

=============

 

As of Dec. 31, 2009

As of Dec. 31, 2010

As of Dec. 31, 2011

*Liabilities to assets

0.29

0.32

0.25

*Net profit margin (%)

14.13

14.48

11.08

*Return on total assets (%)

22.93

18.37

13.81

* Revenue/Total assets

1.62

1.27

1.25

 

 

 

 

 

 

 

FINANCIAL COMMENTS

 

PROFITABILITY: FAIRLY GOOD

l         The revenue of SC appears average, but it was rising year by year.

l         SC’s net profit margin is fairly good in three years.

l         SC’s return on total assets is fairly good in three years.

 

LIQUIDITY: AVERAGE

l         SC’s revenue is in an average level, comparing with the size of its total assets.

 

LEVERAGE: FAIRLY GOOD

l         The debt ratio of SC is low.

l         The risk for SC to go bankrupt is average.

 

Overall financial condition of the SC: Fairly Good.

 

 

CONCLUSIONS

 

SC is considered medium-sized in its line with fairly good financial conditions. A credit line up to USD 400,000 would appear to be within SC’s capacities.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.66

UK Pound

1

Rs.81.79

Euro

1

Rs.67.18

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.