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Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
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Name : |
JILIN SINO-MICROELECTRONICS
CO., LTD. |
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Registered Office : |
NO. 99 Shenzhen Street, High-Tech Zone, Jilin City, Jilin, 132013 PR |
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Country : |
China |
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Financials (as on) : |
30.09.2013 |
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Date of Incorporation : |
21.10.1999 |
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Com. Reg. No.: |
220200000001250 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in designing, developing,
manufacturing and selling discrete semiconductor device, integrated circuit,
electrical/electronic product, automobile electronic product, process
automation instrumentation, electrical component and internet application;
exporting own products and related technologies, importing raw &
auxiliary materials, machinery equipment, instrument, meter, spare parts and
related technologies needed by own producing and R&D, processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement; manufacturing and
selling hydrogen, oxygen, nitrogen and compressed air. |
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No of Employees : |
3,173 (Including Subsidiaries) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 |
JILIN SINO-MICROELECTRONICS CO., LTD.
NO. 99 SHENZHEN STREET, HIGH-TECH ZONE, JILIN CITY, JILIN, 132013 PR
CHINA
TEL: 86 (0) 432-64684562/64675688 FAX:
86 (0) 432-64665812/64671533
INCORPORATION DATE :
OCT. 21, 1999
REGISTRATION NO. :
220200000001250
REGISTERED LEGAL FORM : SHARES
LIMITED COMPANY
CHIEF EXECUTIVE :
MR. XIA ZENGWEN (CHAIRMAN)
STAFF STRENGTH :
3,173 (INCLUDING SUBSIDIARIES)
REGISTERED CAPITAL : CNY 738,080,000
BUSINESS LINE :
DESIGNING, DEVELOPING, MANUFACTURING AND TRADING
TURNOVER :
CNY 907,638,000 (CONSOLIDATED,
JAN. 1 TO SEP. 30, 2013)
EQUITIES :
CNY 1,946,866,000 (CONSOLIDATED,
AS OF SEP. 30, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.0497= 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
Note: the correct tel. and fax
numbers are the heading one instead of the given one.
SC was registered as a
shares limited company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Oct. 21, 1999.
|
Company
Status: Shares limited co. This form of business in PR China is defined as a legal person. Its
registered capital is divided into shares of equal par value and the co.
raises capital by issuing share certificates by promotion or by public offer.
Shareholders bear limited liability to the extent of shareholding, and the
co. is liable for its debts only to the extent of its total assets. The co
has independent property of legal person and enjoys property rights of legal
person. The characteristics of the shares limited co. are as follows: The establishment of the co. requires at least two promoters and no
more than 200, half of whom shall be domiciled in China. Natural person are
allowed to serve as promoters. The minimum registered capital of a co. is CNY 5M. while that of the
co. with foreign investment is CNY 5M. The total capital of a co. which
propose to apply for publicly listed must be no less than CNY 30M. The board of directors must consist of five to nineteen directors. If the co. raises capital by public offer,
the promoters must not subscribe less than 35% of the total shares. the
promoters’ shares are restricted to transfer- within one year of the offer. A state-owned enterprise that is restructured into a shares limited
co. must comply with the conditions & requirements specified under the
law & administrative rule. |
SC’s registered business scope includes designing,
developing, manufacturing and selling discrete semiconductor device, integrated
circuit, electrical/electronic product, automobile electronic product, process
automation instrumentation, electrical component and internet application;
exporting own products and related technologies, importing raw & auxiliary
materials, machinery equipment, instrument, meter, spare parts and related
technologies needed by own producing and R&D, processing with
imported materials, processing with imported samples, assembling with imported
parts, and compensation trade in agreement; manufacturing and selling hydrogen,
oxygen, nitrogen and compressed air.
SC is mainly engaged in designing, developing, manufacturing
and selling semiconductor components.
Mr.
Xia Zengwen is legal representative and chairman of SC at present.
SC is known
to have approx. 3,173 employees (including employees of subsidiaries), including 1,887 production staff, 100 sales staff, 954
technical staff, 41 financial staff and 191 administration staff.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the high-tech zone of Jilin. Detailed premise
information is unspecified.
http://www.hwdz.com.cn
The design
is professional and the content is well organized. At present it is both in
Chinese and English versions.
E-Mail: IR@hwdz.com.cn
SC is a listed company in Shanghai Stock Exchange Market with the code
of 600360.
Subject passed the annual
inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 717149339
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Company’s name |
Present one |
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS: (As of Sep. 30, 2013)
Shanghai Pengsheng Science &
Technology Industry Co., Ltd.
23.51
Harfor Fund
Corporation-Minsheng-Founder
East Asia Trust Co., Ltd. 8.13
Jilin Small & Medium Size
Enterprises Credit Guarantee Group Co., Ltd.
(literal translation) 2.43
Xu Guoying 0.27
Xiao Guiqing 0.25
Li Li 0.24
Wang Wenbo 0.21
Cheng Xiuyun
0.18
Hu Ming 0.16
Qiu Guofu 0.16
Other Shareholders 64.46
Shanghai Pengsheng Science &
Technology Industry Co., Ltd.
=================================
Incorporation Date :
Nov. 14, 1995
Reg. No. : 310115000309455
Legal representative :
Wang
Yufeng
Registered capital : CNY
111,150,000
Web: www.shpstech.com
Add.: 17F, Liangyou Mansion, No. 618 Shangcheng Road, Pudong New Area,
Shanghai 618
Tel.: 021-51196800
Fax: 021-51196801
l
Legal Representative and
Chairman:
Mr. Xia Zengwen, born in 1952, with master’s degree, senior
economist. He is currently responsible for the overall management of SC.
Working Experience(s):
At present
Working in SC as chairman and legal representative;
l Vice
Chairman:
Mr. Wang Yufeng, born in 1968, with bachelor’s degree,
engineer and economist. He is currently responsible for the daily management of
SC.
Working Experience(s):
From 2006 until now Working in SC as vice chairman
Also working in Shanghai
Pengsheng Science & Technology Industry Co., Ltd. as legal representative,
chairman and general manager
l General
Manager:
Mr. Zhao Dongjun, born in 1968, with bachelor’s degree. He
is currently responsible for the daily management of SC.
Working Experience(s):
From 2008 until now Working in SC as general manager
Also working in Jilin Magic Semiconductor
Co., Ltd. as legal representative and chairman
l Directors:
Song Tianxiang
Liang Zhiyong
Jiang Yongheng
l Supervisors:
Chen Cheng
Yu Tong
Song Yuning
SC is
mainly engaged in designing, developing, manufacturing and selling
semiconductor components.
SC’s business
mainly includes 3-inch, 4-inch, 5-inch and 6-inch semiconductor
devices.
SC sources its materials 80% from domestic market and 20%
from the 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.
Major Clients
===========
Yidong HK Trading Limited
Shenzhen Powin Science & Technology Co., Ltd.
Shanghai
Seefull Electronic Co., Ltd.
NTL
Note: SC’s management refused to release its major
suppliers.
Jilin Magic Semiconductor Co., Ltd.
Guangzhou Sino Microelectronics Company Limited
Jilin Huasheng Electronic Co., Ltd.
Jilin Enzhipu Semiconductor Co., Ltd. (literal
translation)
Shanghai Wenxian Microelectronics Co., Ltd.
(literal translation)
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.
SC’s
management refused to release its banking information.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Sep. 30, 2013 |
as
of Dec. 31, 2012 |
|
Cash
& bank |
1,010,542 |
699,348 |
|
Notes
receivable |
197,990 |
162,824 |
|
Accounts
receivable |
333,125 |
250,007 |
|
Other
receivables |
35,517 |
29,950 |
|
Advances to
suppliers |
66,450 |
52,681 |
|
Inventory |
253,451 |
261,775 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
1,897,075 |
1,456,585 |
|
Investment
property |
27,609 |
28,921 |
|
Fixed
assets net value |
1,160,537 |
1,195,250 |
|
Projects
under construction |
220,514 |
184,773 |
|
Long
term investment |
52,349 |
52,349 |
|
Intangible
assets |
169,910 |
178,856 |
|
Long-term
deferred expenses |
6,592 |
7,778 |
|
Other
assets |
0 |
0 |
|
Deferred
assets |
9,896 |
10,263 |
|
|
------------------ |
------------------ |
|
Total
assets |
3,544,482 |
3,114,775 |
|
|
============= |
============= |
|
Short
loans |
374,450 |
300,730 |
|
Notes
payable |
211,005 |
193,997 |
|
Accounts
payable |
364,780 |
297,707 |
|
Advances from
clients |
1,188 |
1,061 |
|
Payroll
payable |
2,231 |
0 |
|
Taxes
payable |
9,702 |
3,429 |
|
Interests
payable |
610 |
739 |
|
Dividends
payable |
0 |
0 |
|
Other
payable |
45,198 |
50,334 |
|
Other
current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,009,164 |
847,997 |
|
Long
term liabilities |
588,452 |
594,748 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,597,616 |
1,442,745 |
|
Equities |
1,946,866 |
1,672,030 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
3,544,482 |
3,114,775 |
|
|
============= |
============= |
Consolidated Income Statement
Unit: CNY’000
|
|
Jan. 1 to Sep. 30, 2013 |
as
of Dec. 31, 2012 |
|
Turnover |
907,638 |
1,055,067 |
|
Cost of goods sold |
696,027 |
815,978 |
|
Taxes
and additional of main operation |
6,260 |
6,860 |
|
Sales expense |
32,864 |
29,597 |
|
Management expense |
103,149 |
132,846 |
|
Finance expense |
34,170 |
51,507 |
|
Investment
income |
4,443 |
4,585 |
|
Asset impairment loss |
106 |
4,285 |
|
Non-operating
income |
8,628 |
22,999 |
|
Non-operating expense |
152 |
357 |
|
Profit before
tax |
1,793,437 |
2,124,081 |
|
Less: profit tax |
10,894 |
6,924 |
|
Profits |
37,087 |
34,297 |
Important Ratios
=============
|
|
as of Sep. 30, 2013 |
as
of Dec. 31, 2012 |
|
*Current ratio |
1.88 |
1.72 |
|
*Quick ratio |
1.63 |
1.41 |
|
*Liabilities
to assets |
0.45 |
0.46 |
|
*Net profit
margin (%) |
4.09 |
3.25 |
|
*Return on
total assets (%) |
1.05 |
1.10 |
|
*Inventory
/Turnover ×365 |
/ |
91 days |
|
*Accounts receivable/Turnover
×365 |
/ |
86 days |
|
*Turnover/Total
assets |
0.26 |
0.34 |
|
* Cost of
goods sold/Turnover |
0.77 |
0.77 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of
SC appears average.
l
The accounts receivable of SC appears average.
l
SC’s short-term loan is average.
l
SC’s turnover is in a poor level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable
SC is considered large-sized in its line with stable
financial conditions. Taking into consideration of SC’s general performance and
operation size, a credit line up to would appear to be within SC’s capacities
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.