MIRA
INFORM REPORT
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Report Date : |
06.06.2012 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU SHUANGDENG GROUP CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.10.2002 |
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Com. Reg. No.: |
321200400005741 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
manufacturing & selling batteries and investing in its subsidiaries |
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No. of Employees : |
1,725 (including its subsidiaries &
branches) |
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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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 & address
jiangsu shuangdeng group co., ltd.
Shuangdeng Sci.
& Ind. Park, Liangxu Town, Jiangyan,
jiangsu PROVINCE,
225526 PR CHINA
TEL: 86 (0)
523-88529845/88529888 FAX: 86 (0)
523-88521244
EXECUTIVE SUMMARY
INCORPORATION DATE : October 15, 2002
REGISTRATION NO. : 321200400005741
REGISTERED LEGAL
FORM : Wholly foreign-owned enterprise
STAFF STRENGTH : 1,725 (including its
Subsidiaries & branches)
REGISTERED CAPITAL :
CNY 280,000,000
BUSINESS LINE : manufacturing, trading
& investing
TURNOVER : CNY 2,296,520,000 (UNAUDITED, AS OF DEC.
31, 2011)
EQUITIES :
CNY 924,680,000 (UNAUDITED, AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30 = 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 Renminbi
SC was registered as a limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on October 15, 2002, and has been under present legal form since 2005.
Company Status: Wholly foreign-owned
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered
business scope includes researching & developing, and manufacturing
lithium-ion batteries, electronic source equipment, new energy & materials,
power equipment, energy saving technology; wholesaling wires & cable,
storage batteries air-conditioner, heat exchange system, communication room
air-conditioning, diesel generator, UPS, high-frequency switching power supply,
communication room base station energy-saving products.
SC is
mainly engaged in manufacturing & selling batteries and investing in its
subsidiaries.
Mr. Yang Shanji
has been legal representative, chairman and general manager of SC since 2007.
SC is known to
have approx. 1,725 employees at present, including the ones in its subsidiaries
and branches.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone
of Jiangyan. Detailed premise information is not available.
http://www.shuangdeng.com.cn
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: office@shuangdeng.com.cn
Changes
of its registered information:
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Date of change |
Item |
Before the
change |
After the change |
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Shareholders (% of shareholding) |
Beijing Weite Investment Co., Ltd. 15% Jiangyan Shuangxin Investment Co., Ltd.
85% |
Leadstar Enterprises Limited (the British
Virgin Islands) 100% |
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Registered Legal Form |
Limited Liabilities Co. |
Wholly foreign-owned enterprise |
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Registered capital |
CNY 60,000,000 |
CNY 150,000,000 |
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Legal representative |
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Yang Shanji |
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Registered capital |
CNY 150,000,000 |
CNY 250,000,000 |
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Shareholder |
Leadstar Enterprises Limited (the British
Virgin Islands) 100% |
Present one |
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Registered capital |
CNY 250,000,000 |
Present amount |
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Unknown |
Registration
No. |
001342 |
Present one |
Qualifications:
SC has got China Well-known Trademark, ISO 9001 and other certificates.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wealth Source Development Limited. (Hong Kong) 100
Registration No.: 0624904
Incorporation Date:
Registered Legal Form: Private
Legal
Representative, Chairman and General Manager:
Mr. Yang Shanji , ID# 321028195312295616, born in 1953, with university education. He is currently responsible for the overall management of SC.
Working
Experience(s):
From 2007 to present Working in SC as legal representative, chairman and general manager;
At present Also working in Jiangsu Shuangdeng Co., Ltd. as legal
representative.
Vice General
Managers:
Mr. Zhou Yuezhang, ID# 321028195804045613, born in 1958, with university education. He is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC vice general manager.
Directors:
Zhou Weigang ID# 321028196208250017
Zhou Ping ID# 321028197210095612
Qian Shangao ID# 321028551121561
Supervisor:
Tang Lixia, ID# 321028196408163065
SC is mainly engaged
in manufacturing & selling batteries and investing in its subsidiaries.
Brand: Shoto
SC’s products
mainly include: AGM VRLA Battery, GFM Series VRLA Battery, 6-GFM Series VRLA
Battery, 6-FMX Front-access VRLA Battery, VRLA Battery for Internal-combustion
Locomotive, VRLA Battery for Railway Carriage, VRLA Battery for Electric
Locomotive, Super Power Battery, Power Type VRLA Battery, GEL VRLA Battery,
GFMJ(OPzV) Series gel VRLA Battery, 6-GFMJ Series gel VRLA Battery, PV Series
VRLA Battery, Flooded Battery, GFX(OPzS) 2V Series Stationary Battery,
GFX(OpzS) 12V Series Stationary Battery.
SC sources its materials 80% from domestic
market, mainly Jiangsu, and 20% from overseas market. SC sells 80% of its
products in domestic market, and 20% to overseas market, mainly U.S.A., Europe
and Southeast Asian countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Suppliers:
==============
Jiangsu Shuangdeng Power Supply Co., Ltd.
Jiangsu Fuste Power Supply Co., Ltd.
*Major Customers: (according to SC’s website)
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China Telecom, China Unicom, China Mobile,
Huawei, Emerson, etc.
According to SC’s
website:
Jiangsu Fuste Power Supply Co., Ltd.
Nanjing
Shuangdeng Sci. & Tech. Development Research Institute Co., Ltd.
Yangzhou
Zhenghe Power Supply Co., Ltd.
Jiangsu Shuangdeng Co., Ltd.
Etc.
Subsidiary: (according to
SC’s website)
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Jiangsu Best Power Supply Co., Ltd.
Branches and Offices:
(according to SC’s website)
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India
Branch, Singapore Branch, Frankfurt Branch, Moscow Branch, Beijing Market
Center, etc.
Administration Office
Add: 22nd floor
Jinfeng Building, No. 19 Zhongyang road, Nanjing, China
Tel: +86-25-83176853
Fax: +86-25-83176850
Service Tel:
+86-25-83176860
Email: gjpt@CHINASHOTO.COM
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.
China Construction Bank Jiangyan Sub-branch
AC# 26137666
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2011 |
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336,820 |
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Inventory |
218,750 |
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Accounts receivable |
398,500 |
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Other Accounts receivable |
195,740 |
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Advances to suppliers |
72,080 |
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Other current assets |
32,170 |
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Current assets |
1,254,060 |
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Fixed assets net value |
442,520 |
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Projects under construction |
123,620 |
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Long term investment |
185,440 |
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Intangible and other assets |
99,850 |
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Total assets |
2,105,490 |
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Short-term loans |
258,410 |
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Accounts payable |
539,520 |
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Advances from clients |
158,750 |
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Salaries payable |
35,620 |
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Tax payable |
19,860 |
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Other Accounts payable |
140,250 |
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Other current liabilities |
28,400 |
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Current liabilities |
1,180,810 |
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Long term liabilities |
0 |
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Total liabilities |
1,180,810 |
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Equities |
924,680 |
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Total liabilities & equities |
2,105,490 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2011 |
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Turnover |
2,296,520 |
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Cost of goods sold |
1,875,800 |
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Sales expense |
191,540 |
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Management expense |
165,870 |
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Finance expense |
20,140 |
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Investment
income |
35,960 |
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Profit before
tax |
145,030 |
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Less: profit tax |
0 |
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Profits |
145,030 |
Note: SC’s financial statements for Year 2011 have not been audited.
Important Ratios
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As
of Dec. 31, 2011 |
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*Current ratio |
1.06 |
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*Quick ratio |
0.88 |
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*Liabilities
to assets |
0.56 |
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*Net profit
margin (%) |
6.32 |
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*Return on
total assets (%) |
6.89 |
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*Inventory
/Turnover ×365 |
35 days |
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*Accounts
receivable/Turnover ×365 |
63 days |
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*Turnover/Total
assets |
1.09 |
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* Cost of
goods sold/Turnover |
0.82 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line in
2011.
l
SC’s net profit margin is fairly good in 2011.
l
SC’s return on total assets is fairly good in 2011.
l
SC’s cost of goods sold is average in 2011,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average in 2011.
l
The accounts receivable of SC is average in 2011.
l
SC’s short-term loan is average in 2011.
l
SC’s turnover is in an average level in 2011,
comparing with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average in 2011.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.56 |
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UK Pound |
1 |
Rs.85.52 |
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Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.