MIRA
INFORM REPORT
|
Report Date : |
23.07.2013 |
|
el. No.: |
+86 512 62746627 |
|
Fax No.: |
+86 512 891808241 |
IDENTIFICATION DETAILS
|
Name : |
SJEC CORPORATION |
|
|
|
|
Registered Office : |
No. 28, Weixin Road, Suzhou Industrial Park Zone, Jiangsu Province 215122 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
20.06.1992 |
|
|
|
|
Com. Reg. No.: |
320000000063348 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and selling elevators, escalators, etc. |
|
|
|
|
No. of Employees : |
874 |
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 : |
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 – 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
SJEC Corporation
NO. 28, WEIXIN
ROAD, SUZHOU INDUSTRIAL PARK ZONE,
jiangsu province
215122 PR CHINA
TEL: 86 (0)
512-62746627/89180824 FAX: 86 (0)
512-62860300
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 20, 1992
REGISTRATION NO. :
320000000063348
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
874
REGISTERED CAPITAL : CNY
224,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 1,406,660,000 (CONSOLIDATED,
JAN. 1 TO SEP. 30, 2012)
EQUITIES :
CNY 1,287,975,000 (CONSOLIDATED, AS OF SEP. 30, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.23= 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: The given address 718 Fengting Avenue, SIP, Suzhou is
SC’s registered address and the operating address should be the heading one.
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 Jun. 20, 1992 and has been under present
legal form since September of 2007.
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 China.. Natural person are allowed to
serve as promoters. 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 and
selling elevators, escalators, passenger conveyor, parking equipment and accessories, electrical machinery and equipment;
installing, transforming and repairing related products; constructing stereo
parking garage; consulting service of
elevator technology; industrial investment.
SC is mainly
engaged in manufacturing and selling elevators,
escalators, etc.
Mr. Jin Zhifeng is the legal representative and chairman of SC
at present.
SC is known to have approx. 874 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 Suzhou. The detailed
premise information is unspecified.
http://www.sjec.com.cn/
The design is professional and the content is well organized. At present the
web is both in Chinese and English versions.
E-mail: stock@sjec.com.cn
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2007-9 |
Company name |
Suzhou Jiangnan Jiajie Elevator Group Co., Ltd. |
SJEC Corporation |
|
Registered Legal Form |
Limited liabilities co. |
Shares limited co. |
|
|
2009-6 |
Chinese name |
苏州江南嘉捷电梯股份有限公司 |
Present one |
|
2009 |
Registered capital |
CNY 100,000,000 |
CNY 120,000,000 |
|
2011 |
Registered capital |
CNY 120,000,000 |
CNY 168,000,000 |
|
2012 |
Registered capital |
CNY 168,000,000 |
Present amount |
Note: SC changed its Chinese name in 2009, while its English name
remains the same.
SC is a listed company in Shanghai Stock Exchange Market with the code
of 601313.
MAIN SHAREHOLDERS: (As of June 30, 2012)
Name
% of Shareholding
Jin Zhifeng 20.27
Jin Zuming 8.61
Qian Jinshui 7.60
Wu Jiong 6.18
Fei Huijun 5.74
Wang Huifang 4.79
Pan Guangyu 4.51
Wei Shanhu 2.89
Su Jinrong 1.99
Pan Daiqiu 1.86
Zhang Libin 1.86
Cheng Xinquan 1.86
Other shareholders 31.84
l
Legal representative and Chairman:
Mr. Jin Zhifeng , born in 1971 with university education, senior
engineer. He 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 Suzhou Fuji Lift Co., Ltd., Suzhou Shijieke Brand Management Co.,
Ltd. as legal representative; working in SJEC Corporation Suzhou Branch as
principal.
l
Vice chairman:
Mr. Qian Jinshui , born in 1948. He is currently responsible for the
daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman.
Also working in Suzhou Industrial Park
Jiangnan Saite NC Equipment Co., Ltd. as director; working in Suzhou Jianye
Industrial Co., Ltd. as legal representative.
l
Directors:
Chen Daxiong
Li Shoulin
Wu Weiru
l
Supervisors:
Gao Zhiying
Pan Daiqiu
Chen Zhe
SC is mainly
engaged in manufacturing and selling elevators,
escalators, etc.
SC’s products mainly include: elevators, escalators, passenger
conveyor, stereo parking, etc.
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.
Suzhou Jianye Industrial Co., Ltd.
Legal representative: Qian Jinshui
Subsidiaries:
Suzhou
Fuji Lift Co., Ltd.
Legal
representative: Jin Zhifeng
Suzhou
Shijieke Brand Management Co., Ltd.
Legal
representative: Jin Zhifeng
Suzhou
Jiangnan Chuangyi Mechanical & Electrical Technology Institute Co., Ltd.
Suzhou
Industrial Park Jiangnan Saite NC Equipment Co., Ltd.
Etc.
Branch:
SJEC
Corporation Suzhou Branch
Principal:
Jin Zhifeng
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 records 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.
The given bank information:
Bank of China
Suzhou Branch
Tel:
0512-65113558
AC#: 467658214864
Note: The Bank
staff refused to confirm the given banking information.
Consolidated
Balance Sheet
|
Unit: CNY’000 |
as of Dec. 31,
2011 |
As
of Sep. 30, 2012 |
|
Cash & bank |
313,940 |
1,030,122 |
|
Notes receivable |
3,684 |
10,954 |
|
Inventory |
218,894 |
298,392 |
|
Accounts
receivable |
377,108 |
450,743 |
|
Advances to
supplies |
36,453 |
40,988 |
|
Other
receivables |
22,036 |
31,881 |
|
Other current
assets |
988 |
1,251 |
|
|
------------------ |
------------------ |
|
Current assets |
973,103 |
1,864,331 |
|
Fixed assets |
259,282 |
265,740 |
|
Projects under
construction |
20,166 |
18,946 |
|
Intangible
assets |
39,449 |
38,672 |
|
Deferred tax
assets |
4,457 |
3,027 |
|
Long-term
investment |
323 |
323 |
|
Other assets |
87 |
2,168 |
|
|
------------------ |
------------------ |
|
Total assets |
1,296,867 |
2,193,207 |
|
|
============= |
============= |
|
Short loans |
25,000 |
0 |
|
Accounts payable |
407,078 |
516,929 |
|
Bills payable |
25,444 |
0 |
|
Advances from
customers |
255,626 |
404,324 |
|
Payroll payable |
9,922 |
10,594 |
|
Taxes payable |
-18,799 |
-36,682 |
|
Other Accounts
payable |
1,122 |
1,981 |
|
Dividend payable |
128 |
128 |
|
Other current
liabilities |
4,403 |
7,450 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
709,924 |
904,724 |
|
Non-current
liabilities |
558 |
508 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
710,482 |
905,232 |
|
Equities |
586,385 |
1,287,975 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,296,867 |
2,193,207 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2011 |
Jan. 1 to Sep.
30, 2012 |
|
Turnover |
1,667,529 |
1,406,660 |
|
Cost of goods
sold |
1,269,523 |
1,084,608 |
|
Sales expense |
105,555 |
121,760 |
|
Management expense |
110,366 |
95,072 |
|
Finance expense |
-937 |
-14,200 |
|
Investment
income |
-390 |
0 |
|
Profit before
tax |
161,520 |
122,848 |
|
Less: profit tax |
24,873 |
20,525 |
|
Profits |
136,647 |
102,323 |
Important
Ratios
=============
|
|
As of Dec. 31, 2011 |
As of Sep. 30, 2012 |
|
*Current ratio |
1.37 |
2.06 |
|
*Quick ratio |
1.06 |
1.73 |
|
*Liabilities
to assets |
0.55 |
0.41 |
|
*Net profit
margin (%) |
8.19 |
7.27 |
|
*Return on
total assets (%) |
10.54 |
4.67 |
|
*Inventory
/Turnover ×365 |
48 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
83 days |
/ |
|
*Turnover/Total
assets |
1.29 |
0.64 |
|
* Cost of
goods sold/Turnover |
0.76 |
0.77 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears 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 normal
level in 2011 and in a fairly good level in the first three quarters of 2012.
l
SC’s quick ratio is maintained in a normal level in
2011 and in a fairly good level in the first three quarters of 2012.
l
The inventory of SC is average.
l
The accounts receivable of SC is average.
l
SC’s short-term loan appears average in 2011.
l
SC’s turnover is in an average level in 2011,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
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 medium-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.41 |
|
|
1 |
Rs.90.74 |
|
Euro |
1 |
Rs.78.11 |
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.