MIRA
INFORM REPORT
|
Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
JIANGYIN COMAT METAL PRODUCTS CO., LTD |
|
|
|
|
Registered Office : |
Industrial Concentrated Area, No. 100 Huannan
Road, Huashi Town, Jiangyin, Jiangsu Province, 214421 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
04.08.2005 |
|
|
|
|
Com. Reg. No.: |
320281400008029 |
|
|
|
|
Legal Form : |
Chinese
Foreign Equity Joint Venture Enterprise |
|
|
|
|
Line of Business : |
manufacturing and selling metal products |
|
|
|
|
No. of Employees : |
800 |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
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
JIANGYIN COMAT
METAL PRODUCTS CO., LTD.
INDUSTRIAL CONCENTRATED AREA, NO. 100
HUANNAN ROAD, HUASHI TOWN, JIANGYIN, JIANGSU PROVINCE, 214421 PR CHINA
TEL: 86 (0) 510-86213930/86065215 FAX: 86 (0) 510-86215102
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 4, 2005
REGISTRATION NO. : 320281400008029
REGISTERED LEGAL
FORM : CHINESE FOREIGN EQUITY JOINT VENTURE ENTERPRISE
STAFF STRENGTH : 800
REGISTERED CAPITAL : CNY 478,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 1,082,591,000 (AS OF DEC. 31, 2009)
EQUITIES : CNY 236,229,000 (AS OF DEC. 31, 2009)
PAYMENT : AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.36 = 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 Ren Min Bi
Note: SCs complete operating address should be the heading one instead of the given one (Industrial Area, Huannan Road, Huashi Town, Jiangsu).
SC was registered as a Limited Liability Company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Aug. 4, 2005 and has been under present legal form since 2008.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SCs registered business scope includes manufacturing and processing
metal products, food packaging materials, belt steel, stamping and white belt.
SC is mainly
engaged in manufacturing and selling metal products.
Mr. Zhao Xinbiao
has been chairman and general manager of SC since 2005.
SC is known to
have approx. 800 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 Jiangyin. Our checks reveal that SC owns the total premise, but SCs
accountant refused to release the gross area of the premise.
http://www.jycomat.com The design
is professional and the content is well organized. At present it is in Chinese,
English, Japanese and other versions.
E-Mail: info@jycomat.com
SC has obtained ISO 9001 and other certificates.
Changes of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Legal representative |
Yang Shounan |
Zhao Xinbiao |
|
Registered capital |
CNY 15,000,000 |
CNY 35,000,000 |
|
|
Shareholders (% of
shareholding) |
Zhao Xinbiao 20%, Zhao Huanqian 26.67%,
Yang Shounan 53.33% |
Xu Yuying 5%, He Ju 8%, Zhao Xinbiao 40%,
Xu Qiang 15%, Zhao Huanqian 32% |
|
|
|
Registered capital |
CNY 35,000,000 |
CNY 65,000,000 |
|
Shareholders (% of shareholding) |
Xu Yuying 5%, He Ju 8%, Zhao Xinbiao 40%,
Xu Qiang 15%, Zhao Huanqian 32% |
Xu Yuying 10%, Zhao Huanqian 30%, Zhao
Xinbiao 35%, Xu Qiang 15%, He Ju 10% |
|
|
|
Legal form |
Limited liability company |
The present one |
|
Registered capital |
CNY 65,000,000 |
CNY 150,000,000 |
|
|
Shareholders (% of shareholding) |
Xu Yuying 10%, Zhao Huanqian 30%, Zhao
Xinbiao 35%, Xu Qiang 15%, He Ju 10% |
Zhao Huanqian 23%, Chen Huayong
(Taiwanese)（30%, Zhao Xinbiao 26%, Xu Qiang 12%, Xu
Yuying 9% |
|
|
|
Registered capital |
CNY 150,000,000 |
CNY 180,000,000 |
|
Shareholders (% of shareholding) |
Zhao Huanqian 23%, Chen Huayong
(Taiwanese) 30%, Zhao Xinbiao 26%, Xu Qiang 12%, Xu Yuying 9% |
Zhao Huanqian
25%, Xu Yuying 10%, Chen Huayong (Taiwanese)（25%, Zhao
Xinbiao 27%, Xu Qiang 13% |
|
|
|
Registered capital |
CNY 180,000,000 |
CNY 350,000,000 |
|
Shareholders (% of shareholding) |
Zhao Huanqian 25%, Xu Yuying 10%, Chen
Huayong (Taiwanese) 25%, Zhao Xinbiao 27%, Xu Qiang 13% |
Chen Huayong (Taiwanese)28%, Zhao Xinbiao
22%, Xu
Qiang 50% |
|
|
Unspecified |
Registration no. |
000896 |
The present one |
|
Registered capital |
CNY 350,000,000 |
CNY 478,000,000 |
|
|
Shareholders (% of shareholding) |
Chen Huayong (Taiwanese) 28%, Zhao Xinbiao
22%, Xu Qiang 50% |
The present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Huayong (Taiwanese) ID # 0142397105(B) 25
Xu Qiang ID#: 320219198610153277 20
Jiangsu Haida Science & Technology Group
Co., Ltd. (literal translation) 55
------------------------------------------------------------------------------------------
Founded in July of 2007, it is located in
the most developed Yangtze River Delta in ChinaHuashi Town in Jiangyin, close
to Shnghai-Nanjing Freeway, Freeway along the Yangtze River and close to
XinyiChangxin Freeway.
This group company owns 6 subordinate
branches including Jiangyin Litai Decorative Material Co., Ltd (Singapore
listed company), Jiangyin Haida Decorative Material Co., Ltd, Jiangyin Haida
Color Coating Co., Ltd, Jiangyin Comat Metal Products Co., Ltd, Jiangyin Huayou
Decorative Material Co., Ltd and Jiangyin Haida Special Artifical Leather Co.,
Ltd.
Having developed quickly for many years, it
has obtained so many honors, such as star enterprise, cultural unit,
hundred-strong industry, hundred-excellent enterprise, ten-excellent science
& technology enterprise and AAA enterprise.
Tel: 0510-86213931
Fax: 0510-86206731
Address: 8 Huannan Road, Huashi, Jiangyin
City, Jiangsu Province. China
Email: info@jshaida.com
Website: www.jshaida.com
Chairman and
General Manager:
Mr. Zhao Xinbiao , born in 1968, with junior middle school education. He
is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and general manager
Directors:
Chen Wei ID#: 320219197307083291
Xu Qiang ID#: 320219198610153277
Supervisor:
Zhou Yan ID#: 320219197202253266
SC is mainly
engaged in manufacturing and selling metal products.
SCs products
mainly include:
Tinplate Coil
Tinplate Sheet
SC sources its
materials 100% from domestic market. SC sells 70% of its products in domestic
market, and 30% to the overseas market, mainly Southeast Asia and European
countries.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
According to www.jshaida.com:
Jiangyin
Litai Decorative Material Co., Ltd
Jiangyin
Haida Color Coating Co., Ltd.
Jiangyin
Haida Special Artificial Leather 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 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.
Jiangyin Rural Commercial Bank
AC# 3022402014-10110021211
Relationship:
Normal.
Balance Sheet
Unit: CNY000
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
Cash & bank |
236,332 |
|
|
Inventory |
108,569 |
|
|
Accounts
receivable |
25,919 |
|
|
Short-term
investment |
27,600 |
|
|
Advances to
suppliers |
300,679 |
|
|
Other
receivables |
28,745 |
|
|
Prepaid expenses |
16,085 |
|
|
Other current
assets |
0 |
|
|
|
------------------ |
------------------ |
|
Current assets |
743,929 |
|
|
Fixed assets net
value |
168,498 |
|
|
Projects under
construction |
38,785 |
|
|
Long-term to be
apportioned expense |
0 |
|
|
Intangible and
other assets |
6,835 |
|
|
|
------------------- |
------------------ |
|
Total assets |
958,047 |
1,669,901 |
|
|
============ |
============= |
|
Short loan |
283,800 |
|
|
Notes payable |
224,000 |
|
|
Accounts payable |
246,476 |
|
|
Advances from
clients |
18,126 |
|
|
Taxes payable |
107 |
|
|
Salaries payable |
1,762 |
|
|
Other Accounts
payable |
11,228 |
|
|
Other current
liabilities |
131 |
|
|
|
------------------ |
------------------ |
|
Current
liabilities |
785,630 |
|
|
Long term
liabilities |
38,510 |
25,150 |
|
|
------------------- |
------------------ |
|
Total
liabilities |
824,140 |
1,433,672 |
|
Equities |
133,907 |
236,229 |
|
|
-------------------- |
------------------ |
|
Total
liabilities & equities |
958,047 |
1,669,901 |
|
|
============= |
============= |
Income Statement
Unit: CNY000
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
Turnover |
663,986 |
1,082,591 |
|
Cost
of goods sold |
603,355 |
|
|
Taxes
and additional of main operation |
78 |
|
|
Profit from other operations |
2,876 |
|
|
Sales expense |
3,620 |
|
|
Management expense |
11,803 |
|
|
Finance expense |
21,059 |
|
|
Non-operating income |
1,585 |
|
|
Non-operating expense |
559 |
|
|
Profit before tax |
27,973 |
47,230 |
|
Less: profit tax |
0 |
0 |
|
Profits |
27,973 |
47,230 |
Note: SC has not lodged the latest annual returns
in local registry, hence no up-to date detailed financial information
available.
Important Ratios
=============
|
|
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
|
*Current ratio |
0.95 |
/ |
|
*Quick ratio |
0.81 |
/ |
|
*Liabilities
to assets |
0.86 |
0.86 |
|
*Net profit
margin (%) |
4.21 |
4.36 |
|
*Return on
total assets (%) |
2.92 |
2.83 |
|
*Inventory
/Turnover Χ365 |
60 days |
/ |
|
*Accounts
receivable/Turnover Χ365 |
14 days |
/ |
|
*Turnover/Total
assets |
0.69 |
0.65 |
|
* Cost of
goods sold/Turnover |
0.91 |
/ |
PROFITABILITY: FAIRLY GOOD
·
The
turnover of SC appears fairly good in its line, and it increased in 2009.
SCs net profit margin is fairly good in both years.
SCs return on total assets is average in both years.
SCs cost of goods sold is fairly high in 2008, comparing with
its turnover.
LIQUIDITY: FAIR
· The current ratio of SC is maintained in a fair level in 2008.
SCs
quick ratio is maintained in a normal level in 2008.
The inventory of SC
appears fairly large in 2008.
The accounts
receivable of SC appears average in 2008.
SCs
short-term loan appears LARGE in 2008.
SCs
turnover is in a fair level, comparing with the size of its total assets in
both years.
LEVERAGE: FAIR
· The debt ratio of SC is high.
The risk for SC to go
bankrupt is average.
Overall financial condition of the SC:
Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.45 |
|
UK Pound |
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 SCs 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.