MIRA INFORM REPORT
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Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
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Name : |
JAMBROS INC. |
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Registered Office : |
Qutou Science Park, Yujiawu Township,
Tongzhou District, Beijing 101105 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
29.08.2000 |
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Com. Reg. No.: |
110112001646329 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in producing and selling carpet |
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No. of Employees : |
70 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 80,000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A1 |
A1 |
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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 & address
JAMBROS
INC.
QUTOU SCIENCE PARK, YUJIAWU TOWNSHIP,
TONGZHOU DISTRICT,
BEIJING 101105 PR
CHINA
TEL: 86 (0) 10-80521692/80523791-601 FAX: 86 (0) 10-80529162
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUG. 29, 2000
REGISTRATION NO. :
110112001646329
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. MA JIN (LEGAL
REPRESENTATIVE)
STAFF STRENGTH : 70
REGISTERED CAPITAL : CNY 19,000,000
BUSINESS LINE :
MANUFACTURING & SELLING
TURNOVER :
CNY 96,680,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 17,790,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 80,000 (PERIODICAL REVIEW)
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.15 =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: SC is also known as “Beijing Wanshijie Carpet Co., Ltd.”
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 Aug. 29, 2000.
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 producing
carpet; import and export of commodity, agency and technology; selling carpet, mechanical
equipment, instrument, furniture, needles textiles, building materials, daily necessities;
economic and trade consulting; lease mechanical equipment.
SC is mainly engaged in producing and selling carpet.
Mr. Ma Jin is chairman, legal representative & general manager of SC at present.
SC is known to have approx. 70 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in Beijing. Our checks reveal that SC owns the total premise about 23,000 square meters.
http://www.jambrosinc.com/ The design is
professional and the content is well organized. At present it is in English version.
Email: dandanli@jambrosinc.com
No significant events or changes were found during our checks with local
AIC.
See below for SC as
executive party (defendant).
|
Executed
Party |
SC |
|
Court |
Beijing Tongzhou District People's Court |
|
Date of Case |
2010-12-27 |
|
Case
Number |
(2011) 00845 |
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Claim Amount |
RMB 68,395.3 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are
unable to provide the cause of action, judgment or other information.
MAIN
SHAREHOLDERS:
Name
% of
shareholdings
Ma Jin 70
Ma Ye 30
Chairman, Legal
Representative & General Manager:
Mr. Ma Jin, ID#: 110101630712301, born in 1963. He is currently responsible for the overall management of SC
Working
Experience(s):
At present Working in SC as chairman, legal representative & general manager
Also working in Beijing Wanshijie Machine Weaving Carpet Co., Ltd. (in Chinese Pinyin) as legal representative
Supervisor:
Ma Ye
SC is mainly engaged in producing and selling carpet.
SC’s products mainly include: various kinds of tapestry, carpet, etc.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 20% of its products in domestic
market, and 80% to overseas market, mainly America, U.K., Germany, Sweden and
Malaysia.
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 refused to release its main customers and suppliers.
According to SC's
website:
Jambros Europe GmbH
=================
Tel: 0049 40 7975 5679 11
Fax: 0049 40 7975 5679 13
Email: Jambros.europe@yahoo.de
Jambros America LLC
=================
Tel: 001-732-640-1765
Fax: 001-732-640-1767
Email: info@jambrosamerica.com
Subsidiary:
Beijing Wanshijie Machine Weaving Carpet Co., Ltd. (in Chinese Pinyin)
---------------------------------------
Registration No.: 110112011640652
Incorporation Date: 2009-02-17
Chairman: Ma Jin
Registered Capital: CNY 1,000,000
Etc.
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.
Standard
Chartered Bank (China) Limited
AC#:
3513380943
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Cash & bank |
2,100 |
670 |
|
Inventory |
12,490 |
9,080 |
|
Accounts
receivable |
9,350 |
25,580 |
|
Advances to
suppliers |
120 |
110 |
|
Other accounts
receivable |
18,320 |
18,840 |
|
Prepaid expenses |
0 |
0 |
|
Other current
assets |
230 |
150 |
|
|
------------------ |
------------------ |
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Current assets |
42,610 |
54,430 |
|
Fixed assets net
value |
16,890 |
15,300 |
|
Project under
construction |
0 |
0 |
|
Long term
investment |
8,250 |
8,250 |
|
Intangible and
other assets |
14,620 |
14,630 |
|
|
------------------ |
------------------ |
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Total assets |
82,370 |
92,610 |
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|
============= |
============= |
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Short loans |
23,900 |
32,350 |
|
21,360 |
28,900 |
|
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Advances from
clients |
0 |
0 |
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Welfare payable |
0 |
0 |
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Accrued payroll |
0 |
0 |
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Taxes payable |
-630 |
-1,900 |
|
Surcharge payable |
0 |
0 |
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Other accounts
payable |
19,600 |
15,470 |
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Other current
liabilities |
0 |
0 |
|
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------------------ |
------------------ |
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Current
liabilities |
64,230 |
74,820 |
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Long-term
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
64,230 |
74,820 |
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Equities |
18,140 |
17,790 |
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------------------ |
------------------ |
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Total
liabilities & equities |
82,370 |
92,610 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2012 |
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Turnover |
96,680 |
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Cost of goods sold |
88,500 |
|
Sales expense |
3,500 |
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Management expense |
3,850 |
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Finance expense |
2,490 |
|
Income from
other operations |
1,310 |
|
Profit before
tax |
-350 |
|
0 |
|
|
Profits |
-350 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
0.66 |
0.73 |
|
*Quick ratio |
0.47 |
0.61 |
|
*Liabilities to
assets |
0.78 |
0.81 |
|
*Net profit
margin (%) |
/ |
-0.36 |
|
*Return on
total assets (%) |
/ |
-0.38 |
|
*Inventory
/Turnover ×365 |
/ |
35 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
97 days |
|
*Turnover/Total
assets |
/ |
1.04 |
|
* Cost of goods
sold/Turnover |
/ |
0.92 |
PROFITABILITY: FAIR
l
The turnover of SC appears average in 2012.
l
SC’s net profit margin appears fair in 2012.
l
SC’s return on total assets appears fair in 2012.
l
SC’s cost of goods sold is fairly high in 2012,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC is average in 2011
and appears fairly large in 2012.
l
SC’s short-term loan appears large in both years.
l
SC’s turnover is in an average level in 2012,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair
SC is considered medium-sized in its line with fair financial
conditions. The large amount of accounts receivable and short-term loan could
be a threat to SC’s financial condition. A credit line up to USD 80,000 appears to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
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 |
|
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 |
|
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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.