MIRA
INFORM REPORT
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Report Date : |
27.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
JIANGSU MIRACLE LOGISTICS SYSTEM ENGINEERING
CO., LTD. |
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Formerly Known As : |
Wuxi Nanfang
Miracle Logistics Machinery Co., Ltd. |
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Registered Office : |
No. 288 Luoou Road, Luoshe Town, Huishan District, Wuxi
City, Jiangsu, 214187 Pr |
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Country : |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
18.11.1997 |
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Com. Reg. No.: |
320000000041777 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is
engaged in designing, manufacturing, installing and managing in the field of
logistics automation equipment and wind power components |
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No. of Employees : |
813 employees |
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 |
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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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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.
|
Source : CIA |
Company name & address
JIANGSU
MIRACLE LOGISTICS SYSTEM ENGINEERING CO.,
LTD.
no. 288 luoou Road,
luoshe town, huishan district, wuxi city,
jiangsu, 214187 PR
CHINA
TEL: 86 (0)
510-83317223 FAX: 86 (0)
510-83313751
EXECUTIVE SUMMARY
INCORPORATION DATE : Nov. 18, 1997
REGISTRATION NO. : 320000000041777
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH : 813
REGISTERED CAPITAL : CNY 221,010,822
BUSINESS LINE :
DESIGNING, MANUFACTURING, INSTALLING & MANAGING
TURNOVER :
CNY 765,150,000 (Consolidated,
JAN. 1 TO JUN. 30, 2012)
EQUITIES :
CNY 759,620,000 (Consolidated, AS OF JUN. 30, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.2475 = 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 company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Nov. 18, 1997 and has been under present ownership since 2000.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by public
offer, the promoters must not subscribe less than 35% of the total shares.
the promoters’ shares are restricted to transfer- within one year of the
offer. A
state-owned enterprise that is restructured into a shares limited co. must comply with the conditions & requirements
specified under the law & administrative rule.
SC’s registered
business scope includes designing, manufacturing, installing & managing
logistic system engineering (with permit if needed), designing and construction of photo-electro-mechanical
integration and environmental engineering; manufacturing mechanical &
electrical products and exporting own products and related technologies
(excluding goods limited or forbidden by state); importing raw materials,
machinery equipment, instruments, spare parts & related technologies needed
by itself & its member companies (excluding goods limited or forbidden by
state); processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; developing, manufacturing and selling system
integration control software, industrial control software & computer
corollary equipment. Developing, designing, manufacturing and after-sale
servicing of wind generating sets & components.
SC is mainly
engaged in designing, manufacturing, installing and managing in the field of
logistics automation equipment and wind power components.
Mr. Bai Kaijun is
chairman of SC at present.
SC is
known to have approx. 813 employees
at present, including 304 production staff, 189 management staff, 194 technical
staff, and 38 administration staff.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Wuxi. Detailed premise
information is not available at present.
www.chinaconveyor.com The
design is professional and the content is well organized. At present it is in
Chinese version.
E-mail: fxy1973@vip.163.com
SC listed in Shenzhen Stock Exchange Market in 2004 with the stock code
002009.
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Registered Legal Form |
Limited liabilities company |
Present one |
|
Company’s
name |
Wuxi Nanfang Miracle Logistics Machinery Co., Ltd. |
Wuxi Nanfang Miracle Logistics Machinery Co., Ltd. |
|
|
|
Company’s
name |
Wuxi Nanfang Miracle Logistics Machinery Co., Ltd. |
Present
one |
|
Unknown |
Registration
no. |
3200002101697 |
Present
one |
Intellectual
property:
In 2011 SC gained 92 patents, including 13
invention patents and utility model patents; meanwhile, applied 2 PCT
international patents.
Honors:
In March 2011, SC was named as “National
Innovation Enterprise” by Ministry of Science and Technology, and “National
Intellectual Property Pilot Unit” by State Intellectual Property Bureau.
SC was awarded as “High & New Tech
Enterprises” in 2000 and “Top 100 Public Listed Enterprises” in 2006. In 2005
and 2006 SC was awarded by Forbes as the Chinese version of “China's Potential
List of
Tax Registration Certificate No.: 320283240507994
MAIN SHAREHOLDERS:
(As of June 30, 2012)
Name %
of Shareholding
Huang Weixing 21.11
Bai Kaijun 6.93
Yang Lei 2.79
Yintong Pioneering Investment Co., Ltd. (literal
translation) 0.50
Li Lin 0.48
China Industrial
International Trust Limited-Fujian Bank of China New Stock
Subscribe
Capital Trust Project Phase 2 0.48
Zhang Yanzhen 0.37
Gao Ge 0.29
Yang Yuan 0.29
Donghai Security Co., Ltd. 0.27
Other Shareholders 66.49
Yintong Pioneering Investment Co., Ltd.
(literal translation)
---------------------------------------------
Registration no.: 460000000119216
Incorporation date: April 9, 1998
Registered Capital: CNY 66,000,000
Legal Representative: Wang Hao
Chairman:
Mr. Bai Kaijun , born in 1964, EMBA, senior economist. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman.
Also working in Shenzhen Miracle Logistics System Engineering Co., Ltd. as chairman; and working in Changchun Miracle Machinery System Engineering Co., Ltd. and Changchun Faw Miracle Technological Equipment Engineering Co., Ltd. as legal representative.
General Manager
& Director
Mr. Yang Lei , born in 1969, EMBA. He is currently responsible for the
daily management of SC.
Working
Experience(s):
At present Working in SC as general manager & director.
Also working in Jiangsu CASIO-TIANAN Smart Science & Technology Co., Ltd., Wuxi Ryle Zhufeng Technology Co., Ltd., Jiangsu Miracle Logistics Systems Engineering Co., Ltd. Logistics Automation Technology Institution as legal representative.
Directors:
Huang Weixing
Fei Xinyi
Shen Changming
Huang Bin
Supervisors:
Wu Qiuting
Zhang Jingjie
Zhang Yuanxing
SC is mainly
engaged in designing, manufacturing, installing and managing in the field of logistics
automation equipment and wind power components.
SC’s products mainly include:
Logistics
automation equipment
Automobile logistics
automation equipment
Auto sorting and storage
system
Bulk stock transportation
system
Wind power
components
Other business
Logistics networking
Meticulous dismantle and
recycle of waste cars
SC sources its
materials 100% from domestic market. SC sells 90% of its products in domestic
market, and 10% 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 Customers:
==============
FAW-Volkswagen
Automobile Co., Ltd.
Shanghai Electric Windpower Equipment Co.,
Ltd.
Guangzhou Fengshen
Auto Co., Ltd.
Chang’an Ford Mazda Automobile Co., Ltd.
Note:
SC’s management declined to release its major suppliers.
Tongling Miracle Mechanical Equipment Co., Ltd.
Jilin Miracle Equipment Manufacturing Engineering Co., Ltd.
Changchun Miracle Machinery System Engineering Co., Ltd. (literal
translation)
Changchun Faw Miracle Technological Equipment
Engineering Co., Ltd. (literal translation)
Shenzhen Miracle Logistics System Engineering Co., Ltd.
Shanghai Tianzhiqin Auto Engineering Technology
Co., Ltd. (literal translation)
Wuxi Ryle Zhufeng Technology Co., Ltd.
Wuxi Chengfeng New Energy Equipment Co., Ltd.
Wuxi Miracle Precision Technology Co., Ltd.
Jiangsu CASIO-TIANAN Smart Science & Technology Co., Ltd.
Jiangsu Tiansheng Supply Chain Management Co., Ltd
Etc.
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.
Note:
SC’s suppliers declined to make any comments on SC, so the trade reference is
infeasible.
SC declined to
release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As
of Jun. 30, 2012 |
As
of Dec. 31, 2011 |
|
Cash & bank |
481,670 |
519,880 |
|
Inventory |
869,830 |
748,440 |
|
Accounts
receivable |
581,480 |
517,660 |
|
Notes receivable |
45,950 |
120,280 |
|
Other Accounts
receivable |
61,090 |
53,610 |
|
Advances to
supplies |
115,640 |
152,520 |
|
Other current
assets |
|
|
|
|
------------------ |
------------------ |
|
Current assets |
2,155,660 |
2,112,390 |
|
Fixed assets |
657,990 |
628,800 |
|
Projects under
construction |
55,130 |
35,750 |
|
Long term
investment |
6,480 |
6,420 |
|
Development
expenditure |
34,200 |
24,510 |
|
Long-term
receivables |
0 |
0 |
|
Intangible
assets |
184,450 |
187,900 |
|
Long-term deferred
expenses |
3,880 |
3,380 |
|
Deferred tax
assets |
12,440 |
12,480 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
3,110,230 |
3,011,630 |
|
|
============= |
============= |
|
Short loans |
897,030 |
843,400 |
|
Accounts payable |
430,060 |
383,420 |
|
Notes payable |
340,230 |
263,240 |
|
Accrued Payroll |
8,190 |
16,170 |
|
Interest payable |
1,140 |
4,010 |
|
Taxes payable |
-16,770 |
11,580 |
|
Advances from
customers |
241,600 |
281,690 |
|
Other Accounts payable |
163,080 |
192,510 |
|
Non-current
liabilities due within one year |
48,000 |
68,000 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
2,112,560 |
2,064,020 |
|
Long-term loans |
65,000 |
62,000 |
|
Bond payable |
101,760 |
99,210 |
|
Special payable |
4,270 |
4,800 |
|
Other
liabilities |
67,020 |
52,070 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
2,350,610 |
2,282,100 |
|
Equities |
759,620 |
729,530 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
3,110,230 |
3,011,630 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
Jan. 1 to Jun.
30, 2012 |
As of Dec. 31,
2011 |
|
Turnover |
765,150 |
1,544,370 |
|
Cost of goods sold |
584,900 |
1,189,870 |
|
Taxes and additional of main
operation |
3,010 |
13,910 |
|
Sales expense |
17,110 |
42,900 |
|
Management expense |
79,650 |
155,910 |
|
Finance expense |
43,740 |
65,660 |
|
Assets impairment loss |
5,150 |
50,360 |
|
Investment
income |
2,840 |
16,500 |
|
Non-operating
income |
6,600 |
22,460 |
|
Non-operating expense |
1,180 |
2,910 |
|
Profit before
tax |
39,850 |
61,810 |
|
Less: profit tax |
10,360 |
20,790 |
|
Profits |
29,490 |
41,020 |
Important
Ratios
=============
|
|
As
of Jun. 30, 2012 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.02 |
1.02 |
|
*Quick ratio |
0.61 |
0.66 |
|
*Liabilities
to assets |
0.76 |
0.76 |
|
*Net profit
margin (%) |
3.85 |
2.66 |
|
*Return on
total assets (%) |
/ |
1.36 |
|
*Inventory
/Turnover ×365 |
/ |
177 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
122 days |
|
*Turnover/Total
assets |
/ |
0.51 |
|
* Cost of
goods sold/Turnover |
0.76 |
0.77 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good 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: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC is fairly large.
l
SC’s short-term loan appears large.
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 low.
Overall financial
condition of the SC: Fairly Stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of short loan could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
UK Pound |
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.