MIRA INFORM REPORT
|
Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
YIXING GRAND DRYING AND CONCENTRATING EQUIPMENT CO., LTD. |
|
|
|
|
Registered Office : |
No. 13 Lily Road, Yangxi, Zhoutie Town, Yixing, Jiangsu Province
214263 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
25.10.2000 |
|
|
|
|
Com. Reg. No.: |
320282000016341 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing, processing and installing cereals & oils dryer,
dehydrated machine, thickener, processing metal, operating and acting as an
agent of importing and exporting various kinds of commodities and technology,
excluding the goods forbidden by the government. |
|
|
|
|
No of Employees : |
388 |
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
YIXING GRAND DRYING AND CONCENTRATING EQUIPMENT CO., LTD.
NO. 13 LILY ROAD, YANGXI, ZHOUTIE TOWN, YIXING
JIANGSU PROVINCE 214263 PR CHINA
TEL: 86 (0) 510-87572333/87574800
FAX: 86 (0) 510-87571200
EXECUTIVE
SUMMARY
Date of Registration : october 25, 2000
REGISTRATION NO. : 320282000016341
LEGAL FORM : LIMITED
LIABILITIES COMPANY
CHIEF EXECUTIVE :
ma xiaogeng (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 80,000,000
staff :
388
BUSINESS CATEGORY : manufacturing & trading
Revenue :
CNY 447,270,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 330,880,000 (AS OF DEC. 31, 2013)
WEBSITE : www.yxglt.com
E-MAIL :
js@yxglt.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
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 limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 320282000016341 on October 25, 2000.
SC’s Organization Code Certificate No.:
72353609-5
SC’s Tax No.: 320282723536095
SC’s registered capital: CNY 80,000,000
SC’s paid-in capital: CNY 80,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008 |
Registered Capital |
CNY 10,000,000 |
CNY 80,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ma Liqiong |
30 |
|
Ma Xiaogeng |
40 |
|
Peng Aifen |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Ma Xiaogeng |
|
Supervisor |
Peng Aifen |
RECENT DEVELOPMENT
SC has got the certificate ISO 9001.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Ma Liqiong 30
Ma Xiaogeng 40
Peng Aifen 30
MANAGEMENT
Ma Xiaogeng, Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Gender: M
Age: 55
ID# 320223195905277999
Working experience (s):
From 2000 to present, working in SC as legal representative, chairman
and general manager
Peng Aifen ,
Supervisor
------------------------------------------
Gender: F
Age: 51
ID# 320223196309187967
BUSINESS OPERATION
SC’s registered business scope includes manufacturing,
processing and installing cereals & oils dryer, dehydrated machine,
thickener, processing metal, operating and acting as an agent of importing and
exporting various kinds of commodities and technology, excluding the goods
forbidden by the government.
SC is mainly engaged in manufacturing and selling drying and
concentrating equipment.
SC’s products mainly include: GZG type pipe bundle drying machine, JMZ
type falling film evaporator, YLQ series vibration fluidized-bed drying
machine, DGZQ type airflow drying system, DTMT920 embryo separation mill, GH
high-speed mixer, LJ Jigan single scre.
SC sources its materials 100% from domestic market, mainly Jiangsu. SC
sells 70% of its products in domestic market, and 30% to overseas market,
mainly U.S.A., Russia, Thailand, Brazil, and Southeast Asia.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers*
----------------------
Heilongjiang Jixian Fengrui Cereals & Oils Co., Ltd.
Huarun Saili Shida Maize Industry Co., Ltd.
Shandong Degussa Cathay Biotechnology Co. Ltd.
Anhgydro Inc.
Cargill Corn Milling Inc.
River Bend Transport Company
Staff &
Office:
--------------------------
SC is known to have approx. 388
staff at present.
SC owns an area as its operating office & factory of approx. 110,000
sq. meters at the heading address.
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:
Bank of Communications Yixing Sub-branch
AC#: 394000690010210050865
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
|
Total assets |
513,377 |
|
|
------------- |
|
Total liabilities |
182,497 |
|
Equities |
330,880 |
|
|
------------- |
|
Revenue |
447,270 |
|
Profit before tax |
96,525 |
|
Less: profit tax |
14,479 |
|
Profits |
82,046 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
|
*Liabilities to assets |
0.36 |
|
*Net profit margin (%) |
18.34 |
|
*Return on total assets (%) |
15.98 |
|
* Revenue/Total assets |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
LIQUIDITY: FAIR
SC’s revenue is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.