MIRA
INFORM REPORT
|
Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
JIANGYIN XINGCHENG SPECIAL STEEL WORKS CO.,
LTD |
|
|
|
|
Registered Office : |
No. 297 Binjiang East Road, Economic Development
Zone, Jiangyin, Jiangsu Province, 214429 Pr |
|
|
|
|
Country : |
China |
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|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.11.1994 |
|
|
|
|
Com. Reg. No.: |
320281400000286 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
|
|
|
|
Line of Business : |
manufacturing and selling special steel |
|
|
|
|
No. of Employees : |
4200 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 & address
JIANGYIN
XINGCHENG SPECIAL STEEL WORKS CO., LTD.
NO. 297 BINJIANG EAST ROAD, ECONOMIC
DEVELOPMENT ZONE, JIANGYIN,
JIANGSU PROVINCE, 214429 PR CHINA
TEL: 86 (0) 510-86193388 FAX:
86 (0) 510-86191400
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 23, 1994
REGISTRATION NO. : 320281400000286
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH : 4,200
REGISTERED CAPITAL : USD 566,080,000
BUSINESS LINE :
MANUFACTURING & SELLING
TURNOVER :
CNY 18,645,877,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 6,163,427,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL KNOWN
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 Ren Min Bi Yuan
Note: SC is also known as Jiangyin Xingcheng Special Steel Co., Ltd.
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (The official body of issuing and renewing business license) on Nov. 23, 1994.
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 joint venture
usually have 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 which have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing
and processing ferrous metal and non-ferrous metal materials and accessory
materials.
SC is mainly engaged in manufacturing and selling special steel.
Mr. Xie Wei is legal representative and chairman of SC at present.
SC is known to have approx. 4,200 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the development zone of Jiangyin. Our checks reveal that SC owns the total premise about 1,126,005 square meters.
http://www.jyxc.com The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
E-Mail: office@jyxc.com
Certificates and
Honors:
Certificate of QS9000;
Certificate of QS9001 (2000);
Certificate of ISO14001;
Certificate of golden cup prize;
Approval Certificate of API;
Certificate of Lloyd’s register of shipping;
“National torch plan key high-tech enterprise”;
“Top 10 energy conservation and emission reduction demonstration
enterprises of Jiangsu Province”;
“AAAA national standards good behavior enterprise”;
Etc.
Changes
of its registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
2003-06-26 |
Registered capital |
USD
115,947,100 |
USD 168,650,327 |
|
Shareholders shareholding |
Jiangyin Steel Factory 36% Wanfu Investment Limited (British Virgin Islands,
In Chinese pinyin) 44% Jiangsu
CP Xingcheng Special Steel Co., Ltd. 20% |
Jiangyin Steel Factory 24.75% Wanfu Investment Limited (British Virgin Islands,
In Chinese pinyin)30.25% Jiangsu
CP Xingcheng Special Steel Co., Ltd. 45.00% |
|
|
2004-06-23 |
Shareholders shareholding |
Jiangyin Steel Factory 24.75% Wanfu Investment Limited (British Virgin Islands,
In Chinese pinyin)30.25% Jiangsu
CP Xingcheng Special Steel Co., Ltd. 45.00% |
Jiangyin Steel Factory 6.43% Wanfu Investment Limited (British Virgin Islands,
In Chinese pinyin) 44.00% Jiangsu
CP Xingcheng Special Steel Co., Ltd. 45.00% Tianshui Investment Co., Ltd. (British Virgin
Islands, In Chinese pinyin) 4.57% |
|
2005-10-11 |
Shareholders shareholding |
Jiangyin Steel
Factory 6.43% Wanfu Investment
Limited (British Virgin Islands, In Chinese pinyin) 44.00% Jiangsu CP Xingcheng Special Steel Co.,
Ltd. 45.00% Tianshui
Investment Co., Ltd. (British Virgin Islands, In Chinese pinyin) 4.57% |
Jiangyin Steel
Factory Co., Ltd. 6.43% Wanfu Investment
Limited (British Virgin Islands, In Chinese pinyin) 44.00% Jiangsu CP Xingcheng Special Steel Co.,
Ltd. 45.00% Tianshui Investment
Co., Ltd. (British Virgin Islands, In Chinese pinyin) 4.57% |
|
2006-11-07 |
Registered capital |
USD 168,650,327 |
USD 213,800,000 |
|
2007-01-19 |
Registration No. |
000033 |
The present one |
|
Registered capital |
USD 213,800,000 |
USD 309,630,000 |
|
|
Shareholders shareholding |
Jiangyin Steel
Factory Co., Ltd. 6.43% Wanfu Investment
Limited (British Virgin Islands, In Chinese pinyin) 44.00% Jiangsu CP Xingcheng Special Steel Co.,
Ltd. 45.00% Tianshui Investment
Co., Ltd. (British Virgin Islands, In Chinese pinyin) 4.57% |
Ipson Investments Limited (Hong Kong) 44% Jiangsu CP Xingcheng Special Steel Co.,
Ltd. 45% Perfect Future International Limited (Hong
Kong) 4.57% Jiangyin Steel Factory Co., Ltd. 6.43% |
|
|
2008-06-30 |
Shareholders shareholding |
Ipson Investments Limited (Hong Kong) 44% Jiangsu CP Xingcheng Special Steel Co.,
Ltd. 45% Perfect Future International Limited (Hong
Kong) 4.57% Jiangyin Steel Factory Co., Ltd. 6.43% |
Ipson Investments Limited (Hong Kong) 44% Jiangsu CP Xingcheng Special Steel Co.,
Ltd. 45% Jiangyin Xingye Investment Co., Ltd. 6.43% Perfect Future International Limited (Hong
Kong) 4.57% |
|
2008-09-25 |
Legal representative |
Li Songxing |
Liu Jie |
|
2011-01-27 |
Registered capital |
USD 309,630,000 |
USD 409,610,000 |
|
Shareholders shareholding |
Ipson Investments Limited (Hong Kong) 44% Jiangsu CP Xingcheng Special Steel Co.,
Ltd. 45% Jiangyin Xingye Investment Co., Ltd. 6.43% Perfect Future International Limited (Hong
Kong) 4.57% |
Ipson Investments Limited (Hong Kong)
57.67% Jiangsu CP Xingcheng Special Steel Co.,
Ltd. 34.02% Jiangyin Xingye Investment Co., Ltd. 4.86% Perfect Future International Limited (Hong
Kong) 3.45% |
|
|
2011-5-11 |
Registered
capital |
USD 409,610,000 |
USD 506,080,000 |
|
Shareholdings |
Ipson Investments Limited (Hong Kong)
57.67% Jiangsu CP Xingcheng Special Steel Co.,
Ltd. 34.02% Jiangyin Xingye Investment Co., Ltd. 4.86% Perfect Future International Limited (Hong
Kong) 3.45% |
The present ones |
|
|
Unknown
|
Legal representative |
Liu Jie |
The present one |
|
Registered
capital |
USD 506,080,000 |
The present amount |
Note: On Oct. 11, 2005,
one of SC’s shareholders changed its Chinese name from 江苏泰富兴澄特殊钢股份有限公司 to 江苏泰富兴澄特殊钢有限公司, but its English name still remains the same.
MAIN
SHAREHOLDERS:
Name
%
of Shareholdings
Ipson Investments Limited (Hong Kong) 46.68
Jiangsu CP Xingcheng Special Steel Co., Ltd. 46.59
Jiangyin Xingye Investment Co., Ltd. 3.94
Perfect Future International Limited (Hong
Kong) 2.79
Ipson
Investments Limited (Hong Kong)
=============================
Registration No.: 1167386
Establishment Date: Sep. 14, 2007
Legal Form: Private
Active Status: Live
Jiangsu CP Xingcheng Special Steel Co., Ltd.
================================
Registered no.: 320281400007972
Legal representative: Xie Wei
Tel.: 0510-86193388
Add.: No. 297, Binjiang East Road, Jiangyin,
Jiangsu Province
Jiangyin Xingye Investment Co., Ltd.
===========================
Registered no.: 320281000061844
Legal representative: Xie Wei
Perfect Future International Limited (Hong
Kong)
====================================
CR No.: 1111518
Date of Incorporation: Feb. 23, 2007
Company Status: Private
Active Status: Live
Legal
representative and chairman:
Mr. Xie Wei, born in 1964 with university education. 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 Jiangsu CP Xingcheng Special Steel Co., Ltd., Jiangyin Xingye Investment Co., Ltd., Jiangyin Xingcheng Storage and Transportation Co., Ltd., Jiangyin CP Xingcheng Industry Gas Co., Ltd. and Jiangyin CP Xingcheng By-products Recycling Co., Ltd., etc. as legal representative
Vice chairman:
Mr. Yu Yapeng, born in 1955 with
university education. He is currently responsible for
the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman.
General manager:
Mr. Qian Gang, born in 1966 with
university education. He is currently responsible for
the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager.
Directors:
Guo Jiahua # k173044 (4)
Guo Wenliang # G679331 (1)
Zhang Wenji ID# 320219500410651
He Xulin
SC
is mainly engaged in manufacturing and selling special steel.
SC’s products
mainly include: bearing steel, gear steel, alloy spring steel, oil well tube steel.
Its products are widely used for automobile, railway, ship, machinery, oils and
electric, etc.
SC
sources its materials 100% from domestic. SC sells 90% of its products in
domestic market, and 10% to overseas market, mainly India, South Asia, and
Brazil.
The buying terms of SC include Check, 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 refused to release its major customers and suppliers.
Jiangyin Xingcheng Storage and Transportation Co., Ltd.
Legal representative: Xie Wei
Jiangyin CP Xingcheng Industry Gas Co., Ltd.
Legal representative: Xie Wei
Jiangyin CP Xingcheng By-products Recycling Co., Ltd.
Legal representative: Xie Wei
Wuxi Xingcheng Steel Products Co., Ltd.
Legal representative: Xie Wei
Jiangyin Xingcheng Metalwork Co., Ltd.
Legal representative: Xie Wei
Etc.
Representative
Offices (website sources)
==============================
Korea Office
Indonesia Office
Malaysia Office
Thailand Office
Middle East Office
India Office
North American Office
South American Office
North Europe Office
France Office
Italy Office
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.
Jiangsu Jiangyin Rural Commercial Bank Yaosai Sub-branch
AC#: 20110040374
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
871,917 |
/ |
|
Bills receivable
|
1,020,129 |
/ |
|
Inventory |
1,391,869 |
/ |
|
Accounts
receivable |
277,711 |
/ |
|
Advances to
suppliers |
275,881 |
/ |
|
Other receivables
|
290,962 |
/ |
|
Other current
assets |
0 |
/ |
|
|
------------------ |
------------------ |
|
Current assets |
4,128,469 |
/ |
|
Fixed assets net
value |
7,620,973 |
/ |
|
Long term
investment |
78,315 |
93,185 |
|
Project under
construction |
4,237,077 |
/ |
|
Project goods
and material |
3,390 |
/ |
|
Intangible
assets |
301,998 |
/ |
|
Deferred tax
assets |
12,516 |
/ |
|
Other assets |
586,932 |
/ |
|
|
------------------ |
------------------ |
|
Total assets |
16,969,670 |
20,278,495 |
|
|
============= |
============= |
|
Short loans |
563,283 |
/ |
|
Bills payable |
0 |
/ |
|
Accounts payable
|
1,614,611 |
/ |
|
Advances from
clients |
518,789 |
/ |
|
Wages
& welfares payable |
42,172 |
/ |
|
Taxes payable |
-231,193 |
/ |
|
Dividend payable
|
339,434 |
/ |
|
Other payable |
1,228,128 |
/ |
|
Long term
liabilities due within one year |
300,000 |
/ |
|
Other current
liabilities |
0 |
/ |
|
|
------------------ |
------------------ |
|
Current liabilities |
4,375,224 |
/ |
|
Long term
liabilities |
6,485,038 |
4,614,781 |
|
Long term
payable |
1,014,056 |
/ |
|
Special payable |
1,090 |
/ |
|
|
------------------ |
------------------ |
|
Total
liabilities |
11,875,408 |
14,115,068 |
|
Equities |
5,094,262 |
6,163,427 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
16,969,670 |
20,278,495 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Turnover |
11,568,268 |
18,645,877 |
|
Cost
of goods sold |
10,130,115 |
/ |
|
Taxes and additional of main operation |
51 |
/ |
|
Sales expense |
134,532 |
/ |
|
Management expense |
277,886 |
/ |
|
Finance expense |
74,073 |
/ |
|
Asset impairment loss |
3,008 |
/ |
|
Investment income |
7,052 |
/ |
|
Non-operating income |
23,397 |
/ |
|
Non-operating
expense |
2,058 |
/ |
|
Profit before tax |
976,994 |
1,255,217 |
|
Less: profit tax |
145,491 |
186,052 |
|
Profits |
831,503 |
1,069,165 |
Note: SC’s detailed financial reports for Yr2010 were not found. SC’s management declined to release its financial
information of Yr2011.
Important Ratios
=============
|
|
As of Dec. 31,
2009 |
As of Dec. 31, 2010 |
|
*Current ratio |
0.94 |
/ |
|
*Quick ratio |
0.63 |
/ |
|
*Liabilities
to assets |
0.70 |
0.70 |
|
*Net profit
margin (%) |
7.19 |
5.73 |
|
*Return on
total assets (%) |
4.90 |
5.27 |
|
*Inventory
/Turnover ×365 |
44 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
9 days |
/ |
|
*Turnover/Total
assets |
0.68 |
0.92 |
|
* Cost of
goods sold/Turnover |
0.88 |
/ |
PROFITABILITY:
FAIRLY GOOD
l The turnover of SC
appears good in both years, and it increased in 2010.
l SC’s net profit
margin is fairly good in both years.
l SC’s return on
total assets is average in 2009 and fairly good in 2010.
l
SC’s cost of goods sold is average in 2009,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in 2009.
l
SC’s quick ratio is maintained in a fair level in
2009.
l
The inventory of SC appears fairly large in 2009.
l
The accounts receivable of SC appears average in
2009.
l
The short-term loan of SC appears average in 2009.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
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.54.28 |
|
UK Pound |
1 |
Rs.82.06 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.