MIRA INFORM REPORT
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Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
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Name : |
JIANGYIN EAST-CHINA
ALUMINIUM TECHNOLOGY CO., LTD. |
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Registered Office : |
No. 8 Huannan Road, Huashi Town, Jiangyin Wuxi, Jiangsu Province
214421 Pr |
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Country : |
China |
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Date of Incorporation : |
22.05.2003 |
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Com. Reg. No.: |
320281400008797 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Subject is engaged in manufacturing and selling aluminum,
aluminum-plastic composite decorative material and its products. |
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No. of Employees : |
1,325 |
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 : |
Unknown |
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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) |
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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 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 and address
JIANGYIN EAST-CHINA ALUMINIUM TECHNOLOGY
CO., LTD.
NO. 8 HUANNAN
ROAD, HUASHI TOWN, JIANGYIN WUXI, JIANGSU PROVINCE 214421 PR CHINA
TEL: 86 (0) 510-86219080/86219027/86215899/86219007
FAX: 86 (0)
510-86215111
EXECUTIVE SUMMARY
Date of Registration : may 22, 2003
REGISTRATION NO. : 320281400008797
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
CHIEF EXECUTIVE :
ZHAO ZHENYA (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : USD 47,000,000
staff :
1,325
BUSINESS CATEGORY : manufacturing & trading
Revenue :
N/A (AS
OF DEC. 31, 2012)
EQUITIES :
N/A (AS
OF DEC. 31, 2012)
WEBSITE : http://www.alu.cn/jshdhttp://www.xazhongwei.com/http://www.xjsada.net/
E-MAIL :
N/Amailto:xjsada@vip.sina.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.15 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established as a Chinese-foreign equity joint venture enterprise
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 320281400008797 on May 22,
2003.
SC’s Organization Code Certificate No.:
74941094-1
SC’s registered capital: USD 47,000,000
SC’s paid-in capital: USD 47,000,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China Delta Limited (B.V.I.) |
21.32 |
|
Forbury Investments Limited (B.V.I.) |
8.47 |
|
Jiangsu Haida Technology Group Co., Ltd. |
70.21 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Zhao Zhenya |
|
Director |
Xu Youcai |
|
Yin Ruifa |
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|
Supervisor |
Bian Hao |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
China Delta Limited (B.V.I.) 21.32
Forbury Investments Limited (B.V.I.) 8.47
Jiangsu Haida Technology Group Co., Ltd. 70.21
MANAGEMENT
Zhao Zhenya, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------
Gender: M
ID# 320219195907193292
Age: 54
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Director
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Xu Youcai ID# 320219195610283270
(Working in Jiangsu Haida Technology Group Co., Ltd. as legal
representative)
Yin Ruifa ID# 320219196408143033
Supervisor
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Bian Hao ID# 320219198208148779
BUSINESS
OPERATION
SC’s registered business scope includes researching and
developing aluminum, aluminum-plastic composite decorative material and its
products; manufacturing aluminum-plastic composite decorative material &
its products, and aluminum profile.
SC is mainly engaged in manufacturing and selling aluminum,
aluminum-plastic composite decorative material and its products.
SC’s products mainly include:
Aluminum profile
Curtain wall profiles
Aluminum alloy profile
Industrial profiles
Window and door profile
Civilian profiles
The broken bridge aluminum profile
General profile
Aluminum alloy doors and windows
Radiator profiles
Building material
SC sources its materials 100% from domestic market. SC sells 60% of its
products in domestic market, and 40% to overseas market, mainly Japan, U.S.A.,
Southeast Asia, etc.
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.
Staff &
Office:
--------------------------
SC is known to have approx. 1,325
staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED
COMPANY
SC is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank
Agricultural Bank of China
AC#: 10643314040003293
FINANCIALS
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered medium-sized in its line with 10 years business
history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
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|
1 |
Rs.83.67 |
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Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.