MIRA
INFORM REPORT
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Report Date : |
19.12.2013 |
IDENTIFICATION DETAILS
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Name : |
JIANGYIN BONDTAPE TECHNOLOGY CORPORATION |
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Registered Office : |
No. 780 Zhencheng Road, Xiagang, Lingang New City, Jiangyin
City, Jiangsu Province, 214442 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
06.06.2005 |
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Legal Form : |
Limited
Liabilities Company |
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Line of Business : |
Manufacturing and selling of special foil tape, special adhesive tape and a variety of veneer materials. |
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No. of Employees : |
74 |
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 : |
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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
JIANGYIN BONDTAPE
TECHNOLOGY CORPORATION
NO. 780 ZHENCHENG
ROAD, XIAGANG, LINGANG NEW CITY, JIANgYIN CITY, JIANGSU PROVINCE, 214442 PR
CHINA
TEL: 86 (0)
510-86033678 / 86033660
FAX: 86 (0)
510-86033661
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 6, 2005
REGISTRATION NO. : 320281000131603
REGISTERED LEGAL FORM
: LIMITED
LIABILITIES COMPANY
CHIEF EXECUTIVE : MS. XU CAIRONG
(CHAIRMAN)
STAFF STRENGTH : 74
REGISTERED CAPITAL :
CNY 15,000,000
BUSINESS LINE : R & D,
Manufacturing, SELLING
TURNOVER : n/a
(AS OF DEC. 31, 2012)
EQUITIES :
CNY 26,940,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.07 = 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 Jun. 6, 2005.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes research, development, manufacturing, processing and selling of adhesive tape, stickers, plastic products, fabric insulating materials, insulation materials, packaging; selling of hardware, refrigeration equipment accessories; import & export business and self- agent all kinds of goods and technology , but excluding the state limited or prohibited. * (with permit if needed)
SC is mainly engaged in R & D, manufacturing and selling of special foil tape, special adhesive tape and a variety of veneer materials.
Ms. Xu Cairong is legal representative, chairman and general manager of SC at present.
SC is known to have approx. 74 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 rents the total premise, but the detailed information of the premise is unspecified.
www.bondtape.com/ The design is professional and the content is well organized. At present it is in Chinese, English and other versions.
E-mail: sales@bondtape.com
No significant events or changes were found during our checks with the local Administration for Industry and Commerce.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xu Cairong 18
Ju Chundi 17
Xu Huiliang 17
Zhang Juying 17
Xu Zhenghua 13
Wu Yanfang 12
Shen Wu 6
Legal Representative, Chairman and General Manager:
Ms. Xu Cairong ID# 32021919691019****, born in 1969, she is currently responsible for the overall and daily management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Supervisor:
Ju Chundi
SC is mainly engaged in R & D, manufacturing and selling of special foil tape, special adhesive tape and a variety of veneer materials.
SC’s products mainly include: Aluminum Foil Tapes, Foil-Scrim-Kraft Tapes, PP-Scrim-Kraft
Tape, Vapor Barrier (Laminated Insulation Facings), Double-Sided Reflective
Aluminum Foil Insulation, etc.
SC sources its materials 99% from domestic market and 1% from overseas market. SC sells 40% of its products in domestic market, and 60% 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
declined to release its major clients and suppliers.
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.
SC declined to release its bank details.
Financial Summary
Unit: CNY’000
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As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
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Total liabilities |
39,430 |
67,250 |
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Equities |
23,020 |
26,940 |
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-------------------- |
-------------------- |
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Total assets |
62,450 |
94,190 |
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============= |
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Turnover |
/ |
/ |
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Profit before tax |
/ |
5,330 |
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Profits |
/ |
3,990 |
Note: SC’s management refused to release
the detail financial reports for Yr 2011 & 2012.
Important Ratios
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As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
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*Liabilities to assets |
0.63 |
0.71 |
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*Return on total assets (%) |
/ |
4.24 |
PROFITABILITY:
AVERAGE
SC’s return on total assets is average in 2012.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.92 |
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|
1 |
Rs.100.83 |
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Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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.