MIRA
INFORM REPORT
|
Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
JUSHI
GROUP CO., LTD. |
|
|
|
|
Registered Office : |
No. 669, Wenhua South Road,
Economic Development Zone, Tongxiang, Zhejiang Province, 314500 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
28.06.2001 |
|
|
|
|
Com. Reg. No.: |
330400400005589 |
|
|
|
|
Legal Form : |
One-Person Limited Liability
Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing and selling fiberglass products. |
|
|
|
|
No. of Employees |
8,744 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
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, 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 and address
JUSHI
GROUP CO., LTD.
NO. 669, WENHUA SOUTH ROAD,
ECONOMIC DEVELOPMENT ZONE,
TONGXIANG, ZHEJIANG PROVINCE,
314500 PR CHINA
TEL: 86
(0) 573-88181222 FAX: 86 (0)
573-88181001
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 28, 2001
REGISTRATION NO. : 330400400005589
REGISTERED LEGAL FORM : One-person
Limited Liability Company
STAFF STRENGTH :
8,744
REGISTERED CAPITAL : CNY 3,921,763,048
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 2,417,716,000 (jan. 1 to
SEP. 30, 2013)
EQUITIES :
CNY 5,789,974,000 (AS OF SEP. 30, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY
6.2507 = 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 “6, Jinxia Road, Export Processing Zones, Jiujiang
Jiangxi” is not correct, while “No. 6, Jinxiu Road, Export Processing Zones,
Jiujiang, Jiangxi” belongs to SC’s subsidiary Jushi Group Jiujiang Co., Ltd.
The given tel. no. “
We have sent an e-mail to the given “divyesh@jushifrp.com ”, but have not
received any reply.
SC was registered as a Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC -
The official body of issuing and renewing business license) on Jun. 28, 2001 and has been under the present
legal form since 2011.
Company Status: One-person
Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered
business scope includes manufacturing and selling fiberglass, compound materials,
engineering plastic and plastic products, fiberglass chemical materials, glass
equipment and parts; import and export of goods and technology.
SC
is mainly engaged in manufacturing and selling fiberglass products.
Mr.
Zhang Yuqiang has been legal representative, chairman and
president of SC since 2002.
SC is known to have approx. 8,744 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the economic development zone of Tongxiang. Our checks reveal that SC owns the total
premise, but SC’s accountant refused to release the gross area.
http://www.jushi.com/ The design is professional
and the content is well organized. At present it is in Chinese, English and
other versions.
E-Mail: info@jushi.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Legal Representative |
Zhu Zuhua |
Present one |
|
|
Registered Capital |
USD 29,951,600 |
USD 46,951,600 |
|
|
Registered Capital |
USD 46,951,600 |
USD 61,751,600 |
|
|
Registered Capital |
USD 61,751,600 |
USD 110,151,600 |
|
|
Shareholders |
Zhenshi Group Co., Ltd. 15.1%; Surest Finance Limited (B.V.I.) 25%; China Fiberglass Co., Ltd. 59.9% |
Surest Finance Limited (B.V.I.）8% Zhenshi Group Co., Ltd. 11%; China National Building Material Co.,
Ltd. 11.5% Zhencheng International Ltd. (in Chinese Pinyin) (B.V.I.) 18.5% China Fiberglass Co., Ltd. 51%; |
|
Registered Capital |
USD 110,151,600 |
USD 151,208,105 |
|
|
|
Registered Capital |
USD 151,208,105 |
USD 186,208,105 |
|
|
Registration No. |
001621 |
Present one |
|
|
Registered Capital |
USD 186,208,105 |
USD 226,208,105 |
|
2009-10 |
Registered Capital |
USD 226,208,105 |
USD 239,399,966 |
|
|
Name of shareholder |
Zhenshi Group Co., Ltd |
Zhenshi Holding Group Co., Ltd. |
|
2010-3 |
Registered capital |
USD 239,399,966 |
USD 256,208,105 |
|
2011-7 |
USD 256,208,105 |
cny 1,971,763,048 |
|
|
Legal form |
Chinese-foreign equity joint venture
enterprise |
Present one |
|
|
Shareholders and shareholding |
China Fiberglass Co., Ltd. 51%; China
National Building Material Co., Ltd. 11.5%; Zhenshi Holding Group Co., Ltd.
11%; Surest Finance Limited (B.V.I.) 8%; Zhencheng International Ltd. (in
Chinese Pinyin) (B.V.I.) 18.5% |
Present one |
|
|
2012 |
Registered capital |
cny
1,971,763,048 |
Present amount |
Tax Registration Certificate No.:
33048373030919X
Organization Code: 73030919-X
SC’s quality system meets the international standards of
ISO9001, ISO14001, OHSAS18001, ISO10012 and ISO17025.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
China Fiberglass Co., Ltd. 100
China Fiberglass Co., Ltd. is mainly engaged
in manufacturing and selling glass fiber and
products. China Fiberglass Co., Ltd. is a listed company in Shanghai
Stock Exchange Market with the code of 600176.
Incorporation date: Apr. 16, 1999
Registration No: 110000009797733
Legal Representative:
Registered capital: CNY 872,629,500
Website: http://www.cfgcl.com.cn/
E-mail: cfgcl@cfgcl.com.cn
Tel: 010-68139131
Fax: 010-68139191
l
Legal Representative, Chairman and President:
Mr. Zhang Yuqiang , born in 1955, with master’s
degree, professorate senior engineer. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working
in SC as legal representative, chairman and president;
Also working in China
Fiberglass Co., Ltd. as general manager, Zhenshi Holding Group Co.,
Ltd., Tongxiang Jushi Imp. & Exp. Co., Ltd., etc. as legal representative.
l
Vice Presidents:
Mr. Zhou Senlin, born in 1961, economist, MBA;
Mr. Yang Guoming , MBA;
Mr.
Ms. Xiang Rubing , MBA
They are currently responsible for the daily management of
SC.
Working Experience(s):
At present Working
in SC as vice presidents.
Mr. Yang Guoming is
also working in Jushi Group Chengdu
Co., Ltd. and Jushi Group Jiujiang Co., Ltd. as legal
representative.
l
Supervisor:
Mr. Tang Hsin Hua
l
Directors:
Mr. Cai Guobin
Mr. Qiu Zhongwei
Mr.
SC
is mainly engaged in manufacturing and selling fiberglass products.
SC’s products
mainly include: high performance Compofil, direct roving for CFRT, woven roving,
E-Glass texturized roving, wet chopped strands, assembled roving for filament
winding, assembled roving for SMC, etc.
SC sources its materials 80%
from domestic market, and 20% from overseas market. SC sells 55% of its
products in domestic market, and 45% to overseas market, mainly North America,
Europe, Asia, etc.
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:
………………
Shandong Chengxiang Electrician & Electrical Co., Ltd.
Feicheng Sanying Fiberglass Co., Ltd.
Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd.
Shandong Shenghao Glassfiber Co., Ltd.
Major suppliers:
………………
Standard Chartered Bank
Air Products and Chemicals (Tongxiang) Co., Ltd.
Hangzhou Xiaoshan Tiancheng Machinery Co., Ltd.
Zhenshi Holding Group Co., Ltd.
========================
Incorporation date:
Registration no: 330000000018459
Registered capital: CNY 197,000,000
Legal representative: Zhang Yuqiang
Web: http://www.zhenshigroup.com
E-mail: zhenshigroup@126.com
Tel: 86-573-88181085
Fax: 86-573-88181976
Add: Fuxing South Road, Tongxiang, Zhejiang Province
SC is known to invest in the following companies:
Jushi Group Chengdu Co., Ltd.
=======================
Incorporation date:
Registration no: 510113000003794
Registered capital: CNY 889,900,744
Legal representative: Yang Guoming
Legal form: One-person
Limited Liability Company
Tel: 86-28-89302060
Fax: 86-28-89302061
E-mail: chengdu@jushi.com
Add: Datong Town, Qingbaijiang District,
Chengdu, Sichuan Province
Jushi Group Jiujiang Co., Ltd.
======================
Incorporation date:
Registration no: 360400110001003
Registered capital: CNY 706,000,000
Legal representative: Yang Guoming
Legal form: One-person Limited Liability
Company
Tel: 86-792-8252016
Fax: 86-792-8252011
E-mail: jiujiang@jushi.com
Add: No. 6, Jinxiu Road, Jiujiang, Jiangxi
Province
Tongxiang Jushi Imp. & Exp. Co., Ltd.
===========================
Incorporation date:
Registration no: 330483000095088
Registered capital: CNY 500,000
Legal representative: Zhang Yuqiang
Legal form: One-person Limited Liability
Company
Jushi Group Hong Kong Co., Limited
===========================
Incorporation date:
Registration no: 1036269
Legal form: Private company limited by shares
Status: Live
Tel: 2545 6068 2541 1114
Fax: 2854 0404 2544 3157
E-mail: greatwin@hkstar.com
Address: Rm. 901, Bonham Centre, 79-85 Bonham
Strand East, Central, Hong Kong
Jushi
Italy SRL
=================
Tel:
0039 0331857918
Fax:
0039 0331825521
E-mail: essebi@jushiitalia.it
Address:
Via Adige 10/12 21043 Castiglione Olona (VA)
Jushi Group (SA) Sinosia Composite Materials
Co., (Pty) Ltd.
===========================================
Tel: 27-21-5772747
Fax: 27-21-5772727
Web: http://jushisinosia.co.za
E-mail: info@jushisinosia.co.za
Address: 4/65 Nerl Hare Road, Atlantis
Industrial 7350, Cape Town, South Africa
Jushi (India) FRP Accessories Pvt. Ltd.
============================
Tel: 0091 22 40335333
Fax: 0091 22 40335334
E-mail: vishal@jushifrp.com
Address: 310 Creative Industrial Estate,
Sitaram Mill Compound, N.M. Joshi Marg, Mumbai 400011 India
Jushi International Group (Canada) Co., Ltd.
==================================
Tel: 001 9054777628
Fax: 001 9054776047
E-mail: a.gardiner@jushicanada.com
Address: Markham, Toronto Canada
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’s suppliers
declined to make any comments.
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.
Agricultural Bank of China Tongxiang Sub-branch
AC#：370201040023893
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2012 |
as of Sep. 30,
2013 |
|
Cash & bank |
798,375 |
887,278 |
|
Notes receivable |
232,651 |
180,900 |
|
Inventory |
812,071 |
951,882 |
|
Accounts
receivable |
904,783 |
1,191,342 |
|
Advances to
supplies |
157,876 |
149,144 |
|
Other
receivables |
235,054 |
160,911 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
3,140,810 |
3,521,457 |
|
Fixed assets net
value |
5,871,615 |
6,518,739 |
|
Projects under
construction |
916,900 |
164,003 |
|
Long-term
investments |
3,230,426 |
3,426,709 |
|
Intangible
assets |
86,311 |
82,564 |
|
Deferred income
tax assets |
4,024 |
4,024 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
13,250,086 |
13,717,496 |
|
|
============= |
============= |
|
Short loans |
3,430,961 |
3,845,165 |
|
Accounts payable |
582,957 |
441,823 |
|
Notes payable |
30,000 |
0 |
|
Advances from
customers |
90,951 |
223,082 |
|
Employee pay
payable |
8,444 |
7,319 |
|
Interest payable |
16,250 |
28,865 |
|
Dividends
payable |
227,000 |
0 |
|
Taxes payable |
66,754 |
25,793 |
|
Other Accounts
payable |
316,680 |
426,268 |
|
Deferred revenue |
0 |
1,696 |
|
Long-term
liabilities due with in one year |
785,557 |
0 |
|
Other
current liabilities |
736,633 |
723,625 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
6,292,187 |
5,723,636 |
|
Long term
liabilities |
1,400,175 |
2,203,886 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
7,692,362 |
7,927,522 |
|
Shareholders
equities |
5,557,724 |
5,789,974 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
13,250,086 |
13,717,496 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2012 |
Jan. 1 to Sep.
30, 2013 |
|
Turnover |
3,400,899 |
2,417,716 |
|
Cost of goods sold |
2,347,694 |
1,757,598 |
|
Taxes and additional of main
operation |
31,389 |
19,356 |
|
Income
from other operations |
0 |
0 |
|
Sales expense |
88,732 |
63,771 |
|
Management expense |
218,405 |
193,384 |
|
Finance expense |
347,267 |
216,634 |
|
Asset impairment loss |
8,248 |
5,392 |
|
Investment income |
-390 |
67,734 |
|
Non-operating
income |
24,109 |
29,268 |
|
Non-operating expense |
255 |
1,110 |
|
Profit before
tax |
382,628 |
257,473 |
|
Less: profit tax |
60,952 |
30,488 |
|
Net profit |
321,676 |
226,985 |
Important Ratios
=============
|
|
as
of Dec. 31, 2012 |
as
of Sep. 30, 2013 |
|
*Current ratio |
0.50 |
0.62 |
|
*Quick ratio |
0.37 |
0.45 |
|
*Liabilities
to assets |
0.58 |
0.58 |
|
*Net profit
margin (%) |
9.46 |
9.39 |
|
*Return on
total assets (%) |
2.43 |
1.65 |
|
*Inventory
/Turnover ×365 |
88 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
98 days |
/ |
|
*Turnover/Total
assets |
0.26 |
0.18 |
|
* Cost of
goods sold/Turnover |
0.69 |
0.73 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin appears fairly good.
l
SC’s return on total assets appears average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a poor level in
2012 and fair in the first three quarters of 2013.
l
SC’s inventory appears fairly large.
l
SC’s accounts receivable appears fairly large.
l
SC’s short-term loan appears large.
l
SC’s turnover is in a poor level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of inventory, accounts receivable and short-term
loan could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.05 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PDT |
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.