MIRA
INFORM REPORT
|
Report Date : |
09.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUMEC INTERNATIONAL
TECHNOLOGY CO., LTD. |
|
|
|
|
Registered Office : |
F9-11, Sumec Mansion, No. 198 Yangtze River (Changjiang) Road, Nanjing
City, Jiangsu Province, 210018 Pr |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
12.03.1999 |
|
|
|
|
Com. Reg. No.: |
320000000012887 |
|
|
|
|
Legal Form : |
Limited
Liabilities Company |
|
|
|
|
Line of Business : |
Wholesaling coal, operating medical equipment business (according to
Medical Device Distribution Enterprise License). Wholesaling of hazardous
chemicals (should according to the permit). General business scope: import
& export of goods and technology,
project bidding agency, consulting, project supervision, project cost budget,
processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; counter trade & transit trade; technology
promotion and scientific & technological exchanges; economic, merchandise
information and technical advisory services; warehouse, leasing substances
and domestic labor dispatch. |
|
|
|
|
No. of Employees : |
360 |
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 : |
Satisfactory |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. However, China has made only
marginal progress toward these rebalancing goals. The new government of
President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources.
|
Source
: CIA |
Company name & address
SUMEC INTERNATIONAL
TECHNOLOGY CO., LTD.
F9-11, SUMEC
Mansion, NO. 198 Yangtze River (changjiang) ROAD,
NANJING city, JIANGSU PROVINCE, 210018 PR CHINA
TEL: 86 (0) 25-84531169/84531182/84531983
FAX: 86 (0) 25-84506298
EXECUTIVE SUMMARY
INCORPORATION DATE : march 12, 1999
REGISTRATION NO. : 320000000012887
REGISTERED LEGAL FORM : Limited
liabilities co.
CHIEF EXECUTIVE :
Mr. Zhang zhiyu (legal representative)
STAFF STRENGTH :
360
REGISTERED CAPITAL : CNY 210,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 30,275,370,000 (Unaudited, AS OF DEC. 31, 2013)
EQUITIES :
CNY 1,108,310,000 (Unaudited, AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.0483 = 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 limited liabilities company at Jiangsu provincial
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on March 12, 1999.
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 permit business scope:
wholesaling coal, operating medical equipment business (according to Medical
Device Distribution Enterprise License). Wholesaling of hazardous chemicals (should
according to the permit). General business scope: import & export of goods and technology, project bidding
agency, consulting, project supervision, project cost budget, processing with
imported materials, processing with imported samples, assembling with imported
parts, and compensation trade in agreement; counter trade & transit trade; technology promotion and scientific &
technological exchanges; economic, merchandise information and technical
advisory services; warehouse, leasing substances and domestic labor dispatch.
SC is mainly engaged in trading of goods.
Mr. Zhang Zhiy is legal representative, chairman and general manager of
SC at present.
SC is known to have approx. 360 employees
at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Nanjing. Our checks
reveal that SC owns the total premise, but the detailed information of the
premise is unspecified.
Registered address: F11, Sumec Mansion, No. 198 Yangtze River
(Changjiang) Road, Nanjing City, Jiangsu Province, 210018
http://technology.sumec.com/
The design is professional and the content is well organized. At present the
web is in Chinese and English versions.
E-mail: sumec-itc@sumec.com.cn
For the past two years there is no record of litigation.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
2012 |
Registered Capital |
CNY 70,000,000 |
CNY 170,000,000 |
|
|
Shareholders |
Chen Zhutao 1.97% Fu Wei 1.83% Hu Haijing 3.57% Sumec Group Corporation 35.000% Labor Union of Sumec Group Corporation 34.84% Liu Bo 1.29% Liu Zhen 1.29% Lu Yunli 2.14% Ou Weiguo 2.93% Shi Xue 1.29% Shi Lei 2.93% Wei Wei 1% Zhang Wei 2.64% Zhao Weilin 4% Zhao Ling 1.29% Zhu Jian 0.70% Zhou Feng 1.29% |
Chen Zhutao 1.76% Fu Wei 1.35% Han Yufeng 1.59% Hu Haijing 2.94% Sumec Group Corporation 35% Labor Union of Sumec Group Corporation 38.97% Liu Bo 0.65% Liu Zhen 0.5% Lu Li 2.24% Ou Weiguo 2.76% Shi Xue 0.65% Shi Lei 2.94% Zhang Wei 2.47% Zhang Yan 0.94% Zhao Weilin 2.76% Zhao Ling1.24% Zhou Feng 0.65% Zhu Jian 0.59% |
||
|
2013-3 |
Registered Capital |
CNY 170,000,000 |
CNY 200,000,000 |
|
|
Shareholders |
Chen Zhutao 1.76% Fu Wei 1.35% Han Yufeng 1.59% Hu Haijing 2.94% Sumec Group Corporation 35% Labor Union of Sumec Group Corporation 38.97% Liu Bo 0.65% Liu Zhen0.5% Lu Li 2.24% Ou Weiguo 2.76% Shi Xue 0.65% Shi Lei 2.94% Zhang Wei 2.47% Zhang Yan 0.94% Zhao Weilin 2.76% Zhao Ling 1.24% Zhou Feng 0.65% Zhu Jian 0.59% |
Chen Zhutao 1.8% Fu Wei 1.35% Han Yufeng 1.35% Hu Haijing 2.8% Sumec Group Corporation 35% Labor Union of Sumec
Group Corporation 44.75% Lu Yunli 1.8% Ou Weiguo 欧卫国 2.6% Shi Lei 史磊 2.8% Zhang Wei 张伟 2% Zhao Weilin 赵维林 2.6% Zhao Ling赵苓 1.15% |
||
|
2013 |
Shareholders’ Chinese names |
|
Present ones |
|
|
Chinese name |
|
|||
|
2014-4 |
Registered Capital |
CNY 200,000,000 |
Present amount |
|
|
|
Shareholders |
Chen Zhutao 1.8% Fu Wei 1.35% Han Yufeng 1.35% Hu Haijing 2.8% Sumec Group Corporation 35% Labor Union of Sumec Group Corporation 44.75% Lu Yunli 1.8% Ou Weiguo 2.6% Shi Lei 2.8% Zhang Wei 2% Zhao Weilin 2.6% Zhao Ling 1.15% |
Present ones |
|
Note: SC and its shareholders changed theirs Chinese names in 2013, while
their English names remain the same.
Subject passed the annual
inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 704049726
MAIN SHAREHOLDERS:
Name Amount
(CNY) % of Shareholding
Sumec Group Corporation 73,500,000 35
Labor Union of Sumec Group
Corporation 92,300,000 43.95
Zhang Wei 4,700,000 2.24
Zhao Weilin 5,200,000 2.48
Shi Lei 5,600,000 2.67
Ou Weiguo 4,900,000 2.33
Hu Haijing 5,600,000 2.67
Fu Wei 2,700,000 1.29
Lu Yunli 2,000,000 0.95
Chen Zhutao 4,000,000 1.90
Zhao Ling 2,400,000 1.14
Han Yufeng 2,000,000 0.95
Rui An 2,700,000 1.29
Xia Junping 2,400,000 1.14
Sumec Group Corporation
=======================================
SUMEC Group Corporation (SUMEC) is a key member of the China National
Machinery Industry Corporation (SINOMACH). It is one of the largest import and
export enterprises in China.
Registration No.: 320000000004014
Incorporation Date:
Registered Legal Form: Limited Liabilities Co.
Legal Representative: Cai Jibo
Registered Capital: CNY 500,000,000
Email: sumec@sumec.com.cn
Add: Sumec Mansion, No. 198, Changjiang Road, Jiangsu Province
Tel: 025-84511888
Fax: 025-84411772
Legal
Representative, Chairman and General Manager:
Mr. Zhang Zhiyu (张治宇), born in 1956,
with university education. He is currently responsible for the overall
management of SC.
WORKING
EXPERIENCE(S):
At present Working in SC as
legal representative, chairman and general manager.
Also working in Shanghai Sumec International Trade Co., Ltd., Sumec
Technology Equipment Co., Ltd. and Sumec Automobile Trading Co., Ltd. as legal
representative
Directors
·
Cai Jibo
·
Zhang Geling
·
Zhao Weilin
·
Shi Lei
Supervisors
·
Jin Wei
·
Chen Zhigang
·
Huang Zhen
SC is mainly engaged in trading of goods.
SC’s products mainly include: mechanical and electrical products, steel,
mineral, coal, petrochemicals, wool, wood and building materials
SC sources its materials 70% from domestic market, and 30% from overseas
market. SC sells 70% of its products in domestic market, and 30% to overseas
market.
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 declined to release its major suppliers and clients.
According to SC’s website, SC has the following subsidiaries:
Shanghai Sumec International Trade Co., Ltd.
=================================
Registration No.: 310115000749717
Incorporation Date:
Registered Legal Form: Limited Liabilities Co.
Legal Representative: Zhang Zhiyu 张治宇
Registered Capital: CNY 2,000,000
Sumec Technology Equipment Co., Ltd.
=============================
Registration No.: 320000000018289
Incorporation Date:
Registered Legal Form: Limited Liabilities Co.
Legal Representative: Zhang Zhiyu
Registered Capital: CNY 5,000,000
Sumec Automobile Trading Co., Ltd.
=============================
Registration No.: 320000000016427
Incorporation Date:
Registered Legal Form: One-person Limited Liabilities Co.
Legal Representative: Zhang Zhiyu
Registered Capital: CNY 10,080,000
Win Faith Trading Limited (Hong Kong)
=====================
CR No.: 1354764
Date of Incorporation:
Company Status: Private
Active Status: Live
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.
China Citic Bank Nanjing Chengzhong Sub-branch
AC#: 7351110182300001703
Relationship: Normal
Industrial and Commercial Bank of China Xuanwu Sub-branch
AC#: 4301015919100243324
Relationship: Normal.
Balance
Sheet (Unaudited)
Unit: CNY’000
|
|
As
of Dec. 31, 2013 |
|
Cash & bank |
714,190 |
|
Inventory |
219,380 |
|
Accounts receivable |
1,568,960 |
|
Notes receivable |
1,485,330 |
|
Advances to suppliers |
3,679,290 |
|
Other receivables |
30,670 |
|
|
------------------ |
|
Current assets |
7,697,820 |
|
Fixed assets net value |
60,450 |
|
Long term investment |
41,550 |
|
Deferred tax asset |
31,100 |
|
|
------------------ |
|
Total assets |
7,830,920 |
|
|
=========== |
|
Short loan |
1,338,650 |
|
Accounts payable |
824,230 |
|
Advances from customers |
3,316,950 |
|
Notes payable |
848,420 |
|
Employee salary payable |
11,350 |
|
Taxes payable |
70,480 |
|
Other accounts payable |
312,530 |
|
|
------------------ |
|
Current liabilities |
6,722,610 |
|
Long term liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
6,722,610 |
|
Equities |
1,108,310 |
|
|
------------------ |
|
Total liabilities & equities |
7,830,920 |
|
|
=========== |
Income
Statement (Unaudited)
Unit: CNY’000
|
|
As
of Dec. 31, 2013 |
|
Turnover |
30,275,370 |
|
Cost of goods sold |
29,485,220 |
|
Taxes and additional of
main operation |
12,650 |
|
Sales expense |
144,290 |
|
Management expense |
61,580 |
|
Finance expense |
-107,720 |
|
Investment income |
7,980 |
|
Asset impairment loss |
91,440 |
|
Non-operating income |
36,850 |
|
Non-operating expense |
910 |
|
Profit before tax |
631,830 |
|
Less: profit tax |
166,960 |
|
Profits |
464,870 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2013 |
|
*Current ratio |
1.15 |
|
*Quick ratio |
1.11 |
|
*Liabilities to assets |
0.86 |
|
*Net profit margin (%) |
1.54 |
|
*Return on total assets (%) |
5.94 |
|
*Inventory /Turnover ×365 |
3 days |
|
*Accounts receivable/Turnover ×365 |
19 days |
|
*Turnover/Total assets |
3.87 |
|
* Cost of goods sold/Turnover |
0.974 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears good in its line.
SC’s net profit margin is average.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC appears small.
The accounts receivable of SC is maintained in an average level.
SC’s short loans are large in 2013.
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial conditions.
The large amount of short loans could be a threat to SC’s financial situation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.55 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.