MIRA
INFORM REPORT
|
Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
JIANGSU YAWEI MACHINE TOOL CO., LTD. |
|
|
|
|
Registered Office : |
Xiancheng Industrial Park, Huanghai South Road, Jiangdu District, Yangzhou, Jiangsu Province 225200 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
12.02.2000 |
|
|
|
|
Com. Reg. No.: |
321088000037129 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and selling machine tools and components |
|
|
|
|
No. of Employees : |
1,111 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
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 and address
jiangsu yawei machine tool co., ltd.
XIANCHENG
INDUSTRIAL PARK, HUANGHAI SOUTH ROAD, JIANGDU DISTRICT, YANGZHOU, jiangsu
province 225200 PR CHINA
TEL: 86 (0)
514-86880517
FAX: 86 (0)
514-86880521
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEB. 12, 2000
REGISTRATION NO. :
321088000037129
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
1,111
REGISTERED CAPITAL : CNY 176,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 579,318,000 (CONSOLIDATED,
JAN. 1 TO SEP. 30, 2012)
EQUITIES :
CNY 1,188,064,000 (CONSOLIDATED, AS OF SEP. 30, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.24= 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 co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Feb. 12, 2000 and has been under present
legal form since February of 2008.
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 manufacturing,
processing, and selling machine tools, machinery, and machine components;
exporting its self-made products and technologies; importing raw materials,
accessories, instruments & apparatus, machinery, components, and
technologies needed by manufacture and scientific research; processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement; general freight.
SC is mainly
engaged in manufacturing and selling machine tools and components.
Ms. Ji Suqin is the legal representative and chairman of
SC at present.
SC is known to have approx. 1,111 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 Yangzhou. The detailed
premise information is unspecified.
http://www.yawei.cc/ The design is professional and the content is
well organized. At present the web is both in Chinese and English versions.
E-mail: ir@yawei.cc
SC’s tax registration number: 321088724193899
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration no. |
3210882301195 |
Present one |
|
|
Registered capital |
CNY 37,728,000 |
CNY 46,423,000 |
|
|
Registered name |
江苏亚威机床有限公司 |
江苏亚威机床股份有限公司 |
|
Registered Legal Form |
Limited liabilities co. |
Shares limited co. |
|
|
Registered capital |
CNY 46,423,000 |
CNY 66,000,000 |
|
|
2011-4 |
Registered capital |
CNY 66,000,000 |
CNY 88,000,000 |
|
2012 |
Registered capital |
CNY 88,000,000 |
Present amount |
Note: SC changed its Chinese name in 2008, while its English name
remains the same.
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002559.
MAIN SHAREHOLDERS: (As of June 30, 2012)
Name
% of Shareholding
Jiangsu Yawei Technology Investment Co.,
Ltd. 17.81
Jiangsu Gaoding Technology Venture
Investment Co., Ltd. 11.24
Yangzhou Kechuang Investment Co., Ltd. 8.58
Ji Suqin 4.62
Leng Zhibin 3.67
Wen Qingyun 3.18
Wang Hongxiang 2.38
Yangzhou Venture Investment Co., Ltd. 2.31
Zhou Jiazhi 2.18
Yang Lin 2.18
Other shareholders 41.85
Jiangsu Yawei Technology Investment Co.,
Ltd.
===================================
Legal representative: Ji Suqin
Jiangsu Gaoding Technology Venture
Investment Co., Ltd.
==========================================
Registered no.: 321091000002489
Legal representative: Xu Jinrong
l
Legal representative and Chairman:
Ms. Ji Suqin , born in 1952 with university education, senior
accountant. She is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative
and chairman.
Also working in Jiangsu
Yawei-EPT Metal-Forming Machine Tool Co., Ltd., Jiangsu Yawei Technology
Investment Co., Ltd. as legal representative; working in Jiangsu Yawei-Selema
Coil Line Processing Co., Ltd. as director; working in Nisshinbo-Yawei
Precision Instruments & Machinery (Jiangsu) Co., Ltd. as vice chairman;
working in SMD Europe B.V as chairman.
l
Vice chairman:
Mr. Leng Zhibin , born in 1969 with Master’s
degree, senior engineer. He is currently responsible for the daily management
of SC.
Working Experience(s):
At present Working in SC as vice chairman.
Also working in Jiangsu
Yawei-EPT Metal-Forming Machine Tool Co., Ltd. as general manager; working in
Nisshinbo-Yawei Precision Instruments & Machinery (Jiangsu) Co., Ltd. as
director.
l
Directors:
Cai Jian
Xu Wangquan
Liu Xin
l
Supervisors:
Wang Shouyuan
Yang Lin
Yuan Chunyan
SC is mainly
engaged in manufacturing and selling machine tools and components.
SC’s products mainly include: CNC Laser cutting
machine, CNC turret punch, etc.
SC’s brand: “Yawei”
SC sources its materials 70% from domestic
market and 30% from overseas market; SC sells its products 60% in domestic
market and 40% to overseas market.
The buying terms
of SC include T/T, Check, L/C and Credit of 30-60 days. The payment terms of SC
include T/T, Check, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its main clients and
suppliers.
Subsidiaries:
Nisshinbo-Yawei
Precision Instruments & Machinery (Jiangsu) Co., Ltd.
Jiangsu
Yawei-EPT Metal-Forming Machine Tool Co., Ltd.
Legal
representative: Ji Suqin
Jiangsu
Yawei-Selema Coil Line Processing Co., Ltd.
SMD
Europe B.V
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.
Industrial and
Commercial Bank of China
AC#: 1108810309300001863
Relationship:
Normal.
Consolidated
Balance Sheet
|
Unit: CNY’000 |
as of Dec. 31,
2011 |
As
of Sep. 30, 2012 |
|
Cash & bank |
612,257 |
523,743 |
|
Notes receivable |
35,707 |
43,266 |
|
Inventory |
307,642 |
308,786 |
|
Accounts
receivable |
88,184 |
92,509 |
|
Advances to
supplies |
92,164 |
66,145 |
|
Other
receivables |
4,608 |
4,441 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
1,140,562 |
1,038,890 |
|
Fixed assets |
214,217 |
302,339 |
|
Projects under
construction |
64,655 |
72,640 |
|
Intangible
assets |
42,896 |
41,844 |
|
Deferred tax
assets |
2,007 |
2,209 |
|
Long-term
investment |
34,099 |
33,131 |
|
Other assets |
267 |
266 |
|
|
------------------ |
------------------ |
|
Total assets |
1,498,703 |
1,491,319 |
|
|
============= |
============= |
|
Short loans |
25,000 |
25,000 |
|
Accounts payable |
145,022 |
117,175 |
|
Advances from
customers |
103,069 |
101,395 |
|
Payroll payable |
10,124 |
15,424 |
|
Taxes payable |
13,186 |
9,218 |
|
Other Accounts
payable |
12,057 |
3,462 |
|
Dividend payable |
5,636 |
10,277 |
|
Other current
liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
314,094 |
281,951 |
|
Non-current
liabilities |
35,932 |
21,304 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
350,026 |
303,255 |
|
Equities |
1,148,677 |
1,188,064 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,498,703 |
1,491,319 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2011 |
Jan. 1 to Sep.
30, 2012 |
|
Turnover |
852,690 |
579,318 |
|
Cost of goods
sold |
639,193 |
433,381 |
|
Sales expense |
42,886 |
30,191 |
|
Management expense |
65,024 |
46,546 |
|
Finance expense |
-3,000 |
-4,560 |
|
Investment
income |
-14 |
-1,049 |
|
Profit before
tax |
110,391 |
83,349 |
|
Less: profit tax |
15,290 |
12,685 |
|
Profits |
95,101 |
70,664 |
Important
Ratios
=============
|
|
As of Dec. 31, 2011 |
As of Sep. 30, 2012 |
|
*Current ratio |
3.63 |
3.68 |
|
*Quick ratio |
2.65 |
2.59 |
|
*Liabilities
to assets |
0.23 |
0.20 |
|
*Net profit
margin (%) |
11.15 |
12.20 |
|
*Return on
total assets (%) |
6.35 |
4.74 |
|
*Inventory
/Turnover ×365 |
132 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
38 days |
/ |
|
*Turnover/Total
assets |
0.57 |
0.39 |
|
* Cost of
goods sold/Turnover |
0.75 |
0.75 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is average.
l
The accounts receivable of SC is average.
l
The short-term loan of SC is average.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly good.
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.05 |
|
|
1 |
Rs.83.45 |
|
Euro |
1 |
Rs.72.53 |
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 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.