MIRA INFORM REPORT
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Report Date : |
20.03.2013 |
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IDENTIFICATION DETAILS
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Name : |
TIANJIN JET-MATE TECHNOLOGY CO., LTD. |
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Registered Office : |
Room 807, Building A, Tianjin International Commercial
Trade Centre, No. 59 Machang Road, Tianjin City, 300203 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.09.1998 |
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Com. Reg. No.: |
120000400010589 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
importing and exporting business
include special dyes, liquid dyes, pigments, metal
complex dyes, dyes and pigments additives, paper additives and ink, etc. |
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No. of Employees : |
28 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
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 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.
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Source : CIA |
Company name & address
TIANJIN JET-MATE
TECHNOLOGY CO., LTD.
ROOM 807, BUILDING A, TIANJIN INTERNATIONAL
COMMERCIAL TRADE CENTRE, NO. 59 MACHANG ROAD, TIANJIN CITY, 300203 PR CHINA
TEL: 86 (0) 22-83866118-809 FAX: 86 (0) 22-83866117
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 10, 1998
REGISTRATION NO. : 120000400010589
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. JIA GUANGYUAN (CHAIRMAN)
STAFF STRENGTH :
28
REGISTERED CAPITAL : USD 200,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 31,570,000 (UNaudited, AS OF DEC. 31, 2012)
EQUITIES :
CNY 5,060,000 (UNaudited, AS OF
DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.22 = 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
wholly foreign-owned enterprise at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Sep. 10,
1998.
Company Status:
Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes wholesaling hazardous
chemicals; manufacturing and selling high-tech products; international trade
and simple processing; storage services of bonded goods; goods exhibition and
related consultation services (with permit if needed).
SC is
mainly engaged in importing and exporting business.
Mr.
Jia Guangyuan is legal representative and chairman of SC at present.
SC is known to have approx. 28 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Tianjin. Our
checks reveal that SC rents the total premise about 200 square meters.
http://www.jetmate.cn The design is professional
and the content is well organized. At present it is in Chinese version.
E-Mail: export@jet-mate.com
Changes
of its registered information:
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Date of change |
Item |
Before the
change |
After the change |
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Unknown |
Registration No. |
012240 |
Present one |
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Legal representative |
Zhao Chiming |
Present one |
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Zhao Chiming (Chinese American) 100
Legal
representative and chairman:
Mr. Jia Guangyuan is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative and chairman
SC is
mainly engaged in importing and exporting business.
SC’s products mainly include: special dyes, liquid dyes, pigments, metal complex dyes,
dyes and pigments additives, paper additives and ink, etc.
SC sources its merchandises 50% from the overseas market and
50% from domestic market. SC sells 50% of its merchandises in domestic market
and 50% to overseas market.
The buying terms of SC include Check, L/C, T/T 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.
According to SC’s website:
Beijing Office
Add:
Room 503, Modern Boli Building, No. 12 East 3rd Ring Middle Road,
Chaoyang District, Beijing
Tel:
010-67718531
Fax:
010-67718128
Shanghai Office
Add:
Room 3608, Block D, No. 1515 Zhongshan North 2nd Road, Shanghai
Tel:
021-55890698
Fax:
021-55890677
Canada Office
Add: 1020 Denison Street, Suite 207, Markham, Ontario, Canada L3R 3W5
Tel: 1-416-312-6678
Fax: 1-416-800-8210
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.
Bank of China
AC#：65811424608091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As of Dec. 31,
2012 |
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Cash & bank |
2,080 |
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Inventory |
4,140 |
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Accounts
receivable |
6,730 |
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Advances to
suppliers |
0 |
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Notes receivable |
510 |
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Other accounts
receivable |
750 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
14,210 |
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Fixed assets net
value |
860 |
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Project under
construction |
0 |
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Long-term
deferred expenses |
0 |
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Intangible and
other assets |
10 |
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Total assets |
15,080 |
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============= |
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Short loans |
0 |
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Accounts payable |
9,890 |
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Advances from
clients |
120 |
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Accrued payroll |
0 |
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Taxes payable |
-1 |
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Other accounts
payable |
3 |
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Other current
liabilities |
8 |
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Current
liabilities |
10,020 |
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Long-term
liabilities |
0 |
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Total
liabilities |
10,020 |
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Equities |
5,060 |
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Total
liabilities & equities |
15,080 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2012 |
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Turnover |
31,570 |
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Cost of goods sold |
25,360 |
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Taxes and additional of main
operation |
110 |
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Sales expense |
0 |
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Management expense |
5,970 |
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Finance expense |
-20 |
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Profit before
tax |
140 |
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0 |
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Profits |
140 |
Note: The Financial Report for Year 2012 hasn’t been audited.
Important
Ratios
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As
of Dec. 31, 2012 |
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*Current ratio |
1.42 |
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*Quick ratio |
1.00 |
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*Liabilities
to assets |
0.66 |
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*Net profit
margin (%) |
0.44 |
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*Return on total
assets (%) |
0.93 |
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*Inventory
/Turnover ×365 |
48 days |
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*Accounts
receivable/Turnover ×365 |
78 days |
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*Turnover/Total
assets |
2.09 |
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* Cost of
goods sold/Turnover |
0.80 |
PROFITABILITY: AVERAGE
l The turnover of SC appears average in its
line.
l
SC’s net profit margin is
average.
l SC’s return on total assets is average.
l SC’s cost of goods sold is average, comparing with its turnover in 2012.
LIQUIDITY: AVERAGE
l The current ratio
of SC is maintained in a normal level.
l SC’s quick ratio
is maintained in a normal level.
l The inventory of
SC appears average.
l The accounts
receivable of SC appears fairly large.
l
SC has no short-term loan in 2012.
l SC’s turnover is
in an average level, comparing with the size of its total assets in 2012.
LEVERAGE: AVERAGE
l The debt ratio of
SC is average.
l The risk for SC to
go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable
financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
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UK Pound |
1 |
Rs.81.94 |
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Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
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Report Prepared by
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MNL |
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.