MIRA INFORM
REPORT
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Report Date : |
01.10.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
NO. 26 Jiefang
North Road, Yuhu District, Xiangtan,
Hunan Province, 411100 PR |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
25.02.1993 |
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Com. Reg. No.: |
430300000009232 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
Engaged
in trading machine, equipment & parts, mechanical & electrical and
parts, etc. |
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No. of Employees : |
17 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed,
centrally planned system to a more market-oriented one that plays a major
global role - in 2010 China became the world's largest exporter. Reforms began
with the phasing out of collectivized agriculture, and expanded to include the
gradual liberalization of prices, fiscal decentralization, increased autonomy
for state enterprises, creation of a diversified banking system, development of
stock markets, rapid growth of the private sector, and opening to foreign trade
and investment. China has implemented reforms in a gradualist fashion. In
recent years, China has renewed its support for state-owned enterprises in
sectors it considers important to "economic security," explicitly
looking to foster globally competitive national champions. After keeping its
currency tightly linked to the US dollar for years, in July 2005 China revalued
its currency by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. From mid 2005 to late 2008 cumulative
appreciation of the renminbi against the US dollar was more than 20%, but the
exchange rate remained virtually pegged to the dollar from the onset of the
global financial crisis until June 2010, when Beijing allowed resumption of a
gradual appreciation. The restructuring of the economy and resulting efficiency
gains have contributed to a more than tenfold increase in GDP since 1978.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2010 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to near 9% for 2011. An economic slowdown in Europe is expected to
further drag Chinese growth in 2012. Debt overhang from the stimulus program,
particularly among local governments, and a property price bubble challenge
policy makers currently. The government's 12th Five-Year Plan, adopted in March
2011, emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent on exports in the
future. However, China has made only marginal progress toward these rebalancing
goals
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Source
: CIA |
Company name and address
XIANGTAN JIANGLU IMPORT AND EXPORT
CO., LTD.
NO. 26 JIEFANG NORTH ROAD, YUHU
DISTRICT,
XIANGTAN, HUNAN PROVINCE, 411100 PR
CHINA.
TEL: 86 (0) 731-58295318/58295967 FAX: 86 (0) 731-58262110
EXECUTIVE SUMMARY
INCORPORATION DATE : FEBRUARY 25, 1993
REGISTRATION NO. : 430300000009232
REGISTERED LEGAL FORM :
ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH : 17
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 34,380,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 3,530,000 (AS OF DEC. 31,
2011)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.2854 = USD
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 one-person limited
liability company at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license).
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single
person LLC should be set up by the shareholder The regulation of Single
person LLC has no shareholder meeting.
SC’s registered
business scope includes importing and exporting commodities and technology,
excluding the items prohibited by the state; designing, manufacturing and
selling machinery; selling machinery equipment & parts, mechanical &
electrical and parts, hardware, chemical products (excluding hazardous and controlled chemicals), general merchandise,
groceries, garments, hats & shoes, arts & crafts, policy permit
agricultural products.
SC is
mainly engaged in trading machine, equipment & parts, mechanical & electrical
and parts, etc.
Mr.
Liu Jie is legal representative, chairman and general manager of SC at present.
SC is known to have approx. 17 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Xiangtan.
Detailed premise information is not available at present.
http://www.jiangluieco.com/ The design is
professional and the content is well organized. At present it is in English
version.
E-mail: jlieco@126.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Legal representative |
Zhang Wuxing |
Present one |
|
Shareholder’s name |
Jianglu Machinery &
Electronics Technology Co., Ltd. 100% |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jianglu Machinery & Electronics
Group Co., Ltd. 100
Jianglu Machinery &
Electronics Group Co., Ltd. (formerly named as Jianglu Machinery &
Electronics Technology Co., Ltd.) is established through the transformation of
Jianglu Machinery Factory and Hunan Jianglu Machinery Group Co., Ltd. The
company is a state-owned first-class key enterprise that belongs to China North
Industries Group Corporation. The company is also an important enterprise for
national military support, a first class secrecy enterprise, and a first class national
metrology enterprise, one of the top 100 enterprises in China's machinery
manufacture industry, one of the first key enterprises in Xiangtan
Electromechanical Integration Industrial Base of National Torch Project, a
Hi-tech enterprise of Hunan Province, one of the first innovative experimental
enterprises in Hunan Province, an information-based exemplification enterprise
in Hunan Manufacture Industry, one of the first key enterprises in Hunan
Vehicle & Equipment Manufacture Industrial Base, a core enterprise in Hunan
construction machinery industry group, and a Civilization Enterprise of Hunan
Province. In September 2007, the technical center of the company got the
authorization and became "National Class Enterprise Technical
Center".
Registration no.:
430300000004108
Registered capital: CNY
191,000,000
Legal representative: Liu Xiudao
Address: Jiefang North Road,
Xiangtan City, Hunan Province
Tel: 86-0731-58295734
Fax: 86-0731-58285168
E-mail: jianglu@163.com
Website: www.Jianglu.com or www.Jianglu.com.cn
l
Legal representative,
chairman and general manager:
Mr. Liu Jie is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working
in SC as chairman, legal representative and general manager.
l
Supervisor:
Su Qiang
SC is mainly
engaged in trading machine, equipment & parts, mechanical & electrical
and parts, etc.
SC’s products mainly include:
>Tower Crane
JL5015 JL5016 JL5613 JL6013 JL5515 JL5518 JL5520 JL6516
JL7020 JL7032 JL7034 JL7050 JL8032
>Luffing Crane
QTD480 QTD315
>Construction Hoist
Ordinary Frequency Governing
>Excavator
>Vibratory Roller
Full hydraulic vibratory roller Full hydraulic dual-drum
vibratory roller Full hydraulic smooth tyre roller
>Urban Garbage Compactor
YZLK YLK
>Roll forming machine
Coil process equipment
SC sources its materials 99%
from domestic market, and 1% from overseas market. SC sells 30% of its products
in domestic market, and 70% to overseas market.
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.
Note: SC’s management refused to release its main suppliers
and clients.
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 China Xiangtan Branch
AC#：592457348277
Relationship:
Normal.
Balance
Sheet
Unit:
CNY’000
|
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As of Dec. 31, 2011 |
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Cash
& bank |
6,030 |
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Inventory |
100 |
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Bills
receivable |
0 |
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Accounts
receivable |
4,530 |
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Other
Accounts receivable |
1,160 |
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Advances
to suppliers |
2,780 |
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Other
current assets |
0 |
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------------------ |
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Current
assets |
14,600 |
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Fixed
assets net value |
70 |
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Long-term
investment |
0 |
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Intangible
and other assets |
10 |
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------------------ |
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Total
assets |
14,680 |
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============= |
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Short
loans |
0 |
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Accounts
payable |
6,580 |
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Advance
from customers |
4,560 |
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Other
Accounts payable |
0 |
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Taxes
payable |
10 |
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Other
current liabilities |
0 |
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------------------ |
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11,150 |
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Long
term liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
11,150 |
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Equities |
3,530 |
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------------------ |
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14,680 |
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============= |
Income
Statement
Unit:
CNY’000
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As of Dec. 31, 2011 |
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Turnover |
34,380 |
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Cost of goods sold |
29,990 |
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Taxes and additional of main
operation |
6 |
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Sales expense |
2,310 |
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Management expense |
1,720 |
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Finance expense |
250 |
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Non-operating
income |
120 |
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Non-operating expense |
20 |
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Profit
before tax |
210 |
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Less:
profit tax |
0 |
|
Profits |
210 |
Important
Ratios
=============
|
|
As of Dec. 31, 2011 |
|
*Current
ratio |
1.31 |
|
*Quick
ratio |
1.30 |
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*Liabilities
to assets |
0.76 |
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*Net
profit margin (%) |
0.61 |
|
*Return
on total assets (%) |
1.43 |
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*Inventory
/Turnover ×365 |
1
day |
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*Accounts
receivable/Turnover ×365 |
48
days |
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*Turnover/Total
assets |
2.34 |
|
*
Cost of goods sold/Turnover |
0.87 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in
its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average,
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 is small.
l
The accounts receivable of SC appears
average.
l
SC has no short-term loan in 2011.
l
SC’s turnover is in a fairly good
level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is
average.
Overall
financial condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.69 |
|
|
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.68.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
-- |
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.