MIRA
INFORM REPORT
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Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU YABANG IMPORT & EXPORT CO., LTD. |
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Registered Office : |
No. 105, West Renmin Road, Niutang Town, Wujin District, Changzhou, Jiangsu Province, 213163 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.08.2001 |
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Com. Reg. No.: |
320483000123414 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject engaged in importing and exporting chemical dyes. |
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No. of Employees : |
45 |
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 : |
Unknown |
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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 (31.03.2011) |
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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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 and address
jiangsu yabang import & export Co., Ltd.
NO. 105, WEST
RENMIN ROAD, NIUTANG TOWN, WUJIN DISTRICT,
CHANGZHOU, JIANGSU
PROVINCE, 213163 PR CHINA.
TEL: 86 (0)
519-86390503/83089182
FAX: 86 (0)
519-86398302/83089191
EXECUTIVE SUMMARY
INCORPORATION DATE : AUGUST 13, 2001
REGISTRATION NO. :
320483000123414
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
45
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 435,103,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 6,725,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE (AS OF DEC. 31, 2010)
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.18= 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 Aug. 13, 2001, and has been under present legal form since
2006.
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 CNY 00,000. 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 various goods and technologies (excluding
the goods prohibited or limited by the country); processing with imported
materials, processing with imported samples, assemblying with imported parts,
and compensation trade in agreement; counter trade &
transit trade.
SC is mainly
engaged in importing and exporting chemical dyes.
Mr. Xu Xudong has been chairman, legal representative and
general manager of SC since 2010.
SC is known
to have approx. 45 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Changzhou. Our checks reveal that SC
rents the total premise about 300 square meters.
SC is not known to host website of its own at present.
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
|
2005-9 |
Shareholders & Shareholdings |
Jiangsu Yabang Group Co., Ltd. 85% Jiangsu Yabang Coating Co., Ltd. 15% |
Changzhou Wujin Yabang Chemical Plant Co., Ltd. Jiangsu Yabang Coating Co., Ltd. 15% |
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Unspecified |
Legal Representative |
Wen Shijin |
Yuan Guoping |
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2006-04 |
Shareholders & Shareholdings |
Changzhou Wujin Yabang Chemical Plant Co., Ltd. Jiangsu Yabang Coating Co., Ltd. 15% |
Present one |
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Legal Form |
Limited liabilities co. |
Present one |
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Unspecified |
Registration No. |
3204832112638 |
Present one |
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2010-09 |
Legal Representative |
Yuan Guoping |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiangsu Yabang Dyestuff Co., Ltd. 100
Jiangsu Yabang Dyestuff Co., Ltd. is established
in July of 2003, have 13 subsidiary factories, incorporated businesses under
its command, importing the power of management, there are assets total value of
12 hundred million yuan in all, annual production is 2 ten thousand tons,
annual sales amount is over 15 hundred million yuan (2 hundred million
dollars), more than 70% of the products are exported to the developed countries
and regions, such as Europe, U.S.A., Japan and Korea S., etc.. There are the
main products to disperse the dyestuffs (TECHCRON\TECHCEL), reduces the
dyestuffs (TECHTHRENE), the pigment and intermediate of solvent dyestuffs
(TECHSOL).
l
Legal Representative, Chairman and General
manager:
Mr. Xu Xundong , ID# 320421196407261954, born in 1964, he is currently
responsible for the overall and daily management of SC.
Working Experience(s):
From 2010 to present Working in SC as chairman, legal
representative and general manager.
l
Supervisor:
Mr. Tong Guoqing , ID# 320483195011301918, born in
1950.
SC is mainly
engaged in importing and exporting chemical dyes.
SC’s products mainly include: disperse dyes,
vat dyes, solvent dyes, pigments and dyes intermediates etc.
SC sources its materials 90% from domestic
market, and 10% from overseas market, mainly Europe. SC sells 90% of its
products in domestic market, and 10% to overseas market, mainly to Southeast
Asian 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.
*Major Suppliers:
=============
Anhui Yabang
Chemical Co., Ltd.
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’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 Changzhou Branch Niutang Office
AC#:
32001626739050580700
Relationship:
Normal.
Summary
Unit: CNY’000
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As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
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Total
liabilities |
117,060 |
87,687 |
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Equities |
4,996 |
6,725 |
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-------------------- |
-------------------- |
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Total
liabilities & equities |
122,056 |
94,412 |
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============= |
============= |
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Turnover |
301,491 |
435,103 |
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Profit before
tax |
17,262 |
2,447 |
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Less: profit tax |
6,170 |
710 |
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Profits |
11,092 |
1,737 |
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Note: SC’s management declined to release the latest financial
information.
Important Ratios
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as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
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*Current ratio |
/ |
/ |
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*Quick ratio |
/ |
/ |
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*Liabilities
to assets |
0.96 |
0.93 |
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*Net profit
margin (%) |
3.68 |
0.40 |
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*Return on
total assets (%) |
9.09 |
1.84 |
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*Inventory
/Turnover ×365 |
/ |
/ |
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*Accounts
receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total
assets |
2.47 |
4.61 |
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* Cost of
goods sold/Turnover |
/ |
/ |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in both
years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in 2009,
but average in 2010.
l
SC’s turnover is average in 2009 and fairly good in
2010, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
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.54.17 |
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|
1 |
Rs.82.98 |
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Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.