MIRA
INFORM REPORT
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Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU FENGRUN ELECTRICAL EQUIPMENT CO., LTD. |
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Registered Office : |
Industrial Park, Lijia Town,
Changzhou, Jiangsu Province,
213176 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
16.11.2001 |
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Com. Reg. No.: |
320483000049394 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing air-conditioners, etc. |
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No. of Employees : |
1,200 |
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 200,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
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 and address
JIANGSU
FENGRUN ELECTRICAL EQUIPMENT CO., LTD.
INDUSTRIAL PARK, LIJIA TOWN,
CHANGZHOU,
JIANGSU PROVINCE, 213176 PR
CHINA
TEL: 86 (0) 519-86235760 FAX: 86 (0) 519-86238226
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 16, 2001
REGISTRATION NO. :
320483000049394
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
1,200
REGISTERED CAPITAL : CNY 100,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER CNY 553,772,000
(AS OF DEC. 31, 2010)
EQUITIES :
CNY 30,020,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO
USD 200,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.29 = USD 1
Adopted abbreviations:
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbin
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 Nov. 16, 2001.
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 air-condition, refrigerator &
components, machinery parts, pressing, and plastics (excluding clinical
plastics); metal cold-forming; selling household appliances, steel material,
ferrous metals, and plastic particle; importing and exporting commodities and
technology (excluding the goods and technology prohibited or limited by the
country
SC is
mainly engaged in manufacturing air-condition, etc.
Mr. Wu Qingping is legal representative, chairman and general manager of
SC at present.
SC is known to
have approx. 1,200 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 Changzhou. Our checks
reveal that SC owns the total premise, but SC’s employee refused to release the
gross area.
SC has another office located in 6/F, Jindu Building, No. 18-5, Yanzheng Middle Road, Wujin District, Changzhou, Jiangsu Province
http://www.feng-run.com The design is
professional and the content is well organized. At present, the web has
Chinese, English, French and Spanish versions.
E-mail: fengrun168@126.com
Changes
of its registered information as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registered number |
3204832103641 |
The present one |
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|
Registered capital |
CNY 5,000,000 |
CNY 10,000,000 |
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|
CNY 10,000,000 |
CNY 50,000,000 |
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|
|
CNY 50,000,000 |
The present amount |
MAIN SHAREHOLDERS:
Name
% of Shareholding
Wu Qingping
ID# 320421196907083015 70
Huang Xiaoxin
ID# 32042119710809306X 30
l
Legal representative, chairman and general manager:
Mr. Wu Qingping, ID# 320421196907083015, born
in 1969 with high school education. He is currently responsible for the
overall and the daily management of SC.
Working Experience(s):
At present
Working in SC as legal representative, chairman and general manager.
l
Supervisor:
Huang Xiaoxin
ID# 32042119710809306X
SC is
mainly engaged in manufacturing air-conditioners, etc.
SC's products mainly
include: Dehumidifiers, Portable
Air Conditioner, Evaporator & Condenser for a/c or Air-conditioner, and Roll Bond Evaporator, etc.
SC sources its materials
100% from domestic market, mainly Jiangsu province; SC sells its products 60%
in domestic market, mainly Jiangsu province, and 40% to overseas market.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include
Check, T/T, L/C and Credit of 30-60 days.
*Major Supplier:
==============
Gaoxin Zhangtong Co., Ltd.
*Major Customer:
==============
Suzhou Samsung Electronics Co., Ltd.
Subsidiary (according to SC’s website):
------------------------------------------------
Jiangsu
Fengrun Foreign Trade Branch
Add:
No. 411, Fengrun Plaza, No. 65, Heping North Road, Changzhou, Jiangsu Province
Tel:
86 (0) 519-86235760
Fax:
86 (0) 519-88102789
E-mail:
fionamou@feng-run.com
Jiangsu Yoau Electric Co., Ltd.
Add: Industrial Park, Lijia Town, Wujin, Changzhou, Jiangsu
Province
Tel: 86 (0) 519-86234981
Fax: 86 (0) 519-86236698
E-mail: sales@yoau.com.cn
Web site: http://www.yoau.com.cn
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’s suppliers declined to make
any comments.
Delinquent payment record: None in our database.
Debt collection
record: No overdue amount owed by SC was placed to us for collection within the
last 6 years.
Agricultural
Bank of China Wujin Lijia Office
AC#:
346601801040008181
Relation: Normal
Financial Summary
|
Unit: CNY’ 000 |
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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Total liabilities |
220,696 |
384,831 |
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Shareholders equities |
25,772 |
30,020 |
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--------------- |
--------------- |
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Total assets |
246,468 |
414,851 |
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========== |
========== |
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Turnover |
249,450 |
553,772 |
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Profit before tax |
1,495 |
3,998 |
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Less: Profit tax |
374 |
863 |
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Net profit |
1,121 |
3,135 |
Note: we did not find SC’s detailed
financial reports at local AIC for Yr2009 and Yr2010.
Important Ratios
===============
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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*Liabilities
to assets |
0.90 |
0.93 |
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*Net profit
margin (%) |
0.45 |
0.57 |
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*Return on
total assets (%) |
0.45 |
0.76 |
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*Turnover/Total
assets |
1.01 |
1.33 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line,
and it increased greatly in 2010.
l
SC’s net profit margin appears average in both 2
years.
l
SC’s return on total assets appears average in both
2 years.
l
SC’s turnover is in an average level in both 2
years, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both 2 years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered large-sized in its line with
fairly stable financial conditions. A credit line up to USD 200,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.31 |
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|
1 |
Rs.77.84 |
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Euro |
1 |
Rs.65.35 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.