MIRA
INFORM REPORT
|
Report Date : |
05.08.2013 |
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) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.08.2005 |
|
|
|
|
Com. Reg. No.: |
320281400008029 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and selling metal products. |
|
|
|
|
No. of Employees : |
1,100 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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
JIANGYIN COMAT METAL PRODUCTS CO., LTD.
INDUSTRIAL CONCENTRATED AREA, NO. 100, HUANNAN ROAD, HUASHI TOWN,
JIANGYIN, JIANGSU PROVINCE, 214421 PR CHINA
TEL: 86
(0) 510-86065215
FAX: 86 (0) 510-86215102
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG.
4, 2005
REGISTRATION NO. : 320281400008029
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture enterprise
CHIEF EXECUTIVE :
MR. ZHAO XINBIAO (CHAIRMAN)
STAFF STRENGTH :
1,100
REGISTERED CAPITAL : CNY 478,000,000
BUSINESS LINE : manufacturing and trading
TURNOVER :
cny 3,012,440,000 (AS OF DEC. 31, 2012)
EQUITIES :
cny 486,270,000 (AS OF DEC. 31, 2012)
PAYMENT :
average
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : Fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.13= 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
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 Aug. 4, 2005 and has been under present legal
form since Dec. 30, 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.
SC’s registered business scope includes general business scope:
manufacturing and processing metal products, food packaging materials, bright
strip, stampings and tinned steel strip.
SC is mainly engaged in manufacturing and selling metal products.
Mr. Zhao Xinbiao has been legal representative, chairman and general
manager of SC since 2005.
SC is known to have approx. 1,100 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 the gross area of the premise
is unspecific.
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
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2005-11-16 |
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% |
|
|
2006-03-22 |
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% |
|
|
2008-12-30 |
Legal form |
Limited liabilities 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% |
|
|
2009-10-14 |
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% |
|
|
2010-04-22 |
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 |
SC has obtained ISO 9001 and other certificates.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiangsu Haida Technology Group Co., Ltd. 55
Chen Huayong (Taiwanese) #0142397105(B) 25
Xu Qiang ID#320219198610153277 20
Jiangsu Haida Technology Group Co., Ltd.
===============================
Founded in July, 2007, Haida is located in the most developed Yangtze
River Delta in China. This group company owns 6 subordinate branches including
Jiangyin Litai Ornamental Materials Co., Ltd., 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 Man-made 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.
Registration no.: 320281000153440
Legal representative: Xu Youcai
E-mail: info@jshaida.com
Tel: 0510-86200080
Fax: 0510-86206731
Add: No. 8, Huannan Road, Huashi Town, Jiangyin, Jiangsu Province
Legal Representative,
Chairman and General Manager:
Mr. Zhao Xinbiao, ID# 320219196801293310, 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 legal representative, 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.
SC’s products mainly include: tinplate coil and tinplate sheet.
SC sources its materials 100% from domestic market. SC sells 70% of its
products in domestic market, and 30% to the overseas markets, 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.
Note: SC refused to release its major clients and suppliers.
According to the website: http://www.jshaida.com
Jiangyin Litai Ornamental Materials Co., Ltd.
================================
Tel: 86-510-86200080 Fax:
86-510-86203063
Jiangyin Haida Special Man-made Leather Co., Ltd.
=====================================
Tel: 86-510-86215073 Fax:
86-510-86215071
Jiangyin Donghua Aluminum Material Technology Co., Ltd.
============================================
Tel: 86-510-86219039
Fax: 86-510-86219039
E-mail: hd86203188@126.com
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 Huashi Sub-branch
AC#：3022402014-10110021211
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
as of Dec. 31,
2012 |
|
Cash & bank |
881,620 |
/ |
|
Inventory |
286,820 |
/ |
|
Notes receivable |
17,370 |
/ |
|
Accounts receivable |
101,060 |
/ |
|
Advances to suppliers |
70,390 |
/ |
|
Prepaid expenses |
19,020 |
/ |
|
Other receivables |
168,480 |
/ |
|
Other current assets |
0 |
/ |
|
|
------------------ |
------------------ |
|
Current assets |
1,544,760 |
4,112,010 |
|
Long-term investments |
29,900 |
/ |
|
Fixed assets net value |
433,560 |
/ |
|
Projects under construction |
0 |
/ |
|
Intangible assets |
6,900 |
/ |
|
Other assets |
0 |
/ |
|
|
------------------ |
------------------ |
|
Total assets |
2,015,120 |
4,532,850 |
|
|
============= |
============= |
|
Short loans |
665,610 |
/ |
|
Notes payable |
1,189,000 |
/ |
|
Accounts payable |
64,980 |
/ |
|
Employee payable |
16,750 |
/ |
|
Taxes payable |
-13,190 |
/ |
|
Other payable |
600 |
/ |
|
Other accounts payable |
-491,760 |
/ |
|
Other current liabilities |
0 |
/ |
|
|
----------------- |
------------------ |
|
Current liabilities |
1,431,990 |
4,046,580 |
|
Long term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
1,431,990 |
4,046,580 |
|
Shareholders equities |
583,130 |
486,270 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
2,015,120 |
4,532,850 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
as of Dec. 31,
2012 |
|
Turnover |
2,215,730 |
3,012,440 |
|
Cost of goods sold |
2,853,510 |
2,915,220 |
|
Taxes and additional of main operation |
600 |
/ |
|
Income from other operation |
715,850 |
/ |
|
Sales expense |
19,840 |
26,380 |
|
Management expense |
27,630 |
43,940 |
|
Finance expense |
87,430 |
112,000 |
|
Subsidy income |
500 |
/ |
|
Non-operating income |
40 |
/ |
|
Non-operating expense |
1,580 |
40 |
|
Profit before tax |
5,922,710 |
-97,200 |
|
Less: profit tax |
0 |
0 |
|
Net profit |
11,845,420 |
-97,200 |
Note: SC’s management declined to
release its detailed financial reports for Yr2012.
Important Ratios
=============
|
|
As of Dec. 31,
2011 |
as of Dec. 31,
2012 |
|
*Current ratio |
1.08 |
1.02 |
|
*Quick ratio |
0.88 |
/ |
|
*Liabilities to assets |
0.71 |
0.89 |
|
*Net profit margin (%) |
-2.64 |
-3.23 |
|
*Return on total assets (%) |
-2.90 |
-2.14 |
|
*Inventory /Turnover ×365 |
48 days |
/ |
|
*Accounts receivable/Turnover ×365 |
17 days |
/ |
|
*Turnover/Total assets |
1.10 |
0.66 |
|
* Cost of goods sold/Turnover |
1.29 |
0.97 |
PROFITABILITY:
FAIR
The turnover of SC appears good in its line, and it increased in 2012.
SC’s net profit margin is fair in both years.
SC’s return on total assets is fair in both years.
SC’s cost of goods sold is high in both years, comparing with its
turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level in both
years.
SC’s quick ratio is maintained in a normal level in 2011.
The inventory of SC appears average in 2011.
The accounts receivable of SC appears average in 2011.
The short-term loan of SC appears large in 2011.
SC’s turnover is in a fair level in 2012, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is average in 2011, but high in 2012.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.