MIRA INFORM REPORT
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Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SJEC CORPORATION |
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Formerly Known as : |
Suzhou Jiangnan Jiajie Elevator
Group Co., Ltd. |
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Registered Office : |
718 Fengting Avenue, SIP, Suzhou |
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Country : |
China |
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Financials (as on) : |
31.12.2013 (Consolidated) |
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Date of Incorporation : |
20.06.1992 |
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Com. Reg. No.: |
320000000063348 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in manufacturing and selling elevators, escalators, passenger
conveyor, parking equipment and accessories, electrical
machinery and equipment; installing, transforming and repairing related
products; constructing stereo parking garage; consulting service of elevator technology; industrial
investment. |
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No of Employees : |
Approximately
1,872 employees (including subsidiaries) at present, including
1,051 workers and 317 Sales
Representatives |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 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. Debt overhang from
its credit-fueled stimulus program in 2008-10, particularly among local
governments, and soaring property prices challenge policy makers currently.
Their efforts to cool a red-hot property market in 2011 appear to have curbed
inflation, but contributed to slower GDP growth in 2012 and 2013. Slow recovery
in Europe and other key export markets have also retarded growth. 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 fixed investments and exports in the future.
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
SJEC Corporation
NO. 28, WEIXIN
ROAD, SUZHOU INDUSTRIAL PARK ZONE,
jiangsu province,
215122 PR CHINA
TEL: 86 (0)
512-62741520 FAX: 86 (0)
512-62860300
EXECUTIVE
SUMMARY
INCORPORATION DATE :
JUN. 20, 1992
REGISTRATION NO. :
320000000063348
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
1,872 (INCLUDING SUBSIDIARIES)
REGISTERED CAPITAL :
CNY 400,457,000
BUSINESS LINE :
MANUFACTURING AND SALES
TURNOVER :
CNY 2,423,003,000 (CONSOLIDATED, AS OF DEC. 31, 2013)
EQUITIES :
CNY 1,410,904,000 (CONSOLIDATED, AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.2581= 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: The 718 Fengting Avenue, SIP, Suzhou is SC’s registered address and the operating address should be the heading one.
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 Jun. 20, 1992 and has been under present legal form since September of 2007.
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 manufacturing and
selling elevators, escalators, passenger
conveyor, parking equipment and
accessories, electrical machinery and equipment; installing, transforming and repairing
related products; constructing stereo parking garage; consulting service of elevator
technology; industrial investment.
SC is mainly
engaged in manufacturing and selling elevators & escalators
Mr. Jin Zhifeng is
the legal representative, general manager and chairman of SC at present.
SC is
known to have approx. 1,872 employees (including subsidiaries) at present,
including 1,051 workers and 317 sales representatives
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Suzhou. The detailed
premise information is unspecified.
http://www.sjec.com.cn/ The design is professional
and the content is well organized. At present the web is both in Chinese and
English versions.
E-mail: stock@sjec.com.cn
Changes of its
registered information:
|
Date
of change |
Item |
Before the change |
After the change |
|
2007-9 |
Company name |
Suzhou Jiangnan Jiajie Elevator Group Co., Ltd. |
SJEC Corporation |
|
Registered Legal Form |
Limited liabilities co. |
Shares limited co. |
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|
2009-6 |
Chinese name |
苏州江南嘉捷电梯股份有限公司 |
Present one |
|
2009 |
Registered capital |
CNY 100,000,000 |
CNY 120,000,000 |
|
2011 |
Registered capital |
CNY 120,000,000 |
CNY 168,000,000 |
|
2012 |
Registered capital |
CNY 168,000,000 |
CNY 224,000,000 |
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2013 |
Registered capital |
CNY 224,000,000 |
CNY 231,300,000 |
|
2013 |
Registered capital |
CNY 231,300,000 |
CNY 416,340,000 |
|
2014 |
Registered capital |
CNY 416,340,000 |
Present amount |
Note: SC changed its Chinese name in 2009, while its English name
remains the same.
SC is a listed company in Shanghai Stock Exchange Market
with the code of 601313 on Jan. 16, 2012.
Subject
passed the annual inspection of 2012 with Administration for Industry &
Commerce.
Organization
Code: 138017489
MAIN SHAREHOLDERS:
(As of March 31, 2014)
Name
% of Shareholding
Jin Zhifeng 20.45
Jin Zuming 8.67
Qian Jinshui 5.75
Wang Huifang 4.82
Wu Jiong 4.73
Pan Guangyu 3.74
Wei Shanhu 2.91
Fei Huijun 2.57
Pan Daiqiu 1.87
Zhang Libin 1.87
Other shareholders 42.62
Legal
representative, General Manager and Chairman:
Mr. Jin Zhifeng, born in 1971 with university education, senior engineer. He is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative, general manager and chairman.
Also working in Suzhou Fuji Lift Co., Ltd., Suzhou Shijieke Brand Management Co., Ltd. as legal representative; working in SJEC Corporation Suzhou Branch as principal.
Vice Chairman:
Mr. Qian Jinshui, born in 1948, economist. He is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as vice chairman.
Also working in Suzhou Industrial Park Jiangnan Saite NC Equipment Co., Ltd. as director; working in Suzhou Jianye Industrial Co., Ltd. as legal representative.
Vice General
Managers:
Wu Jiong
Su Jinrong
Wei Shanhu
Etc.
Directors:
Xiao Xiang
Li Shoulin
Wang Huifang
Etc.
Supervisors:
Gao Zhiying
Pan Daiqiu
Chen Zhe
SC is mainly engaged in manufacturing and
selling elevators & escalators
SC’s products mainly include: elevators,
escalators, passenger conveyor & stereo parking
SC sources its materials 70% from domestic
market and 30% from overseas market; SC sells its products 80% in domestic
market and 20% to overseas market.
The buying terms of SC include T/T, Check,
L/C and Credit of 30-60 days. The payment terms of SC include T/T, Check, L/C
and Credit of 30-60 days.
Note: SC’s management declined to release its main clients and
suppliers.
Suzhou Jianye Industrial Co., Ltd.
Legal representative: Qian Jinshui
Subsidiaries:
Suzhou
Fuji Lift Co., Ltd.
Legal
representative: Jin Zhifeng
Suzhou
Shijieke Brand Management Co., Ltd.
Legal
representative: Jin Zhifeng
Suzhou
SJEC Mechanical & Electrical Technology Institute Co., Ltd.
Suzhou
Industrial Park Jiangnan Saite NC Equipment Co., Ltd.
Etc.
Branches:
SJEC Corporation
Suzhou Branch
Principal:
Jin Zhifeng (金志峰)
SJEC
Corporation Shanghai Branch
Etc.
According to SC’s website,
SC also has the following offices:
Xinjiang
Office
Hangzhou
Office
Guangzhou
Office
Xi’an
Office
Zhengzhou Office
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.
SC’s management declined to release its
bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2013 |
As
of Dec. 31, 2012 |
|
Cash & bank |
780,380 |
1,046,327 |
|
Bills receivable
|
5,649 |
2,430 |
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Accounts
receivable |
567,349 |
449,563 |
|
Advances to
suppliers |
98,950 |
38,875 |
|
Other
receivables |
37,762 |
43,265 |
|
Inventory |
312,170 |
319,244 |
|
Other current
assets |
275,589 |
42,298 |
|
|
------------------ |
------------------ |
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Current assets |
2,077,849 |
1,942,002 |
|
Long term
investment |
323 |
323 |
|
Fixed assets |
274,855 |
275,685 |
|
Projects under
construction |
67,886 |
11,345 |
|
Intangible
assets |
53,107 |
54,006 |
|
Goodwill |
2,116 |
2,116 |
|
Long-term
prepaid expenses |
11 |
39 |
|
Deferred income
tax assets |
9,664 |
5,971 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
2,485,811 |
2,291,487 |
|
|
============= |
============= |
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Short loans |
0 |
0 |
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Bills payable |
45,788 |
43,558 |
|
Accounts payable |
543,501 |
501,553 |
|
Accounts
receivable advance |
446,555 |
371,009 |
|
Salaries payable |
19,059 |
14,540 |
|
Taxes payable |
12,583 |
5,519 |
|
Dividends payable |
2,318 |
128 |
|
Other payable |
1,889 |
933 |
|
Other current
liabilities |
989 |
7,658 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,072,682 |
944,898 |
|
Long term
liabilities |
2,225 |
1,491 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,074,907 |
946,389 |
|
Equities |
1,410,904 |
1,345,098 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,485,811 |
2,291,487 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2012 |
|
Turnover |
2,423,003 |
1,992,142 |
|
Cost of goods
sold |
1,770,683 |
1,504,334 |
|
Tax and additional duty of main operation |
14,182 |
11,679 |
|
Sales expense |
232,473 |
166,758 |
|
Management expense |
177,031 |
143,827 |
|
Finance expense |
-12,565 |
-24,764 |
|
Assets impairment loss |
23,803 |
9,340 |
|
Investment
income |
7,715 |
0 |
|
Non-operating
income |
5,241 |
5,479 |
|
Non-operating expense |
2,364 |
2,361 |
|
Profit before
tax |
227,988 |
184,086 |
|
Less: profit tax |
40,466 |
30,564 |
|
Profits |
187,522 |
153,522 |
Important Ratios
=============
|
As of Dec. 31, 2013 |
As of Dec. 31, 2012 |
|
|
*Current ratio |
1.94 |
2.06 |
|
*Quick ratio |
1.65 |
1.72 |
|
*Liabilities to
assets |
0.43 |
0.41 |
|
*Net profit
margin (%) |
7.74 |
7.71 |
|
*Return on total
assets (%) |
7.54 |
6.70 |
|
*Inventory
/Turnover ×365 |
48 days |
59 days |
|
*Accounts
receivable/Turnover ×365 |
86 days |
83 days |
|
*Turnover/Total
assets |
0.97 |
0.87 |
|
* Cost of goods
sold/Turnover |
0.73 |
0.76 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of SC
appears good in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is fairly good.
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 fairly
good level in 2012, but in a normal level in 2013.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is average.
l
The accounts receivable of SC is average.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level in 2013,
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: Fairly good.
SC is considered large-sized in its line with fairly good
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
UK Pound |
1 |
Rs.101.32 |
|
Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
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Report Prepared
by : |
MNL |
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.