MIRA INFORM REPORT
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Report Date : |
21.10.2014 |
IDENTIFICATION DETAILS
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Name : |
NINGBO JINTIAN
COPPER TUBE CO., LTD. |
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Registered Office : |
No. 1 Chengxi West Road, Cicheng, Jiangbei District Ningbo, Zhejiang Province 315034 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
04.06.2003 |
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Com. Reg. No.: |
330200000012043 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Manufacturing and Selling of Copper Tubes. |
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No. of Employees : |
518 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company
Name and address
NINGBO JINTIAN COPPER TUBE CO., LTD.
NO. 1 CHENGXI WEST
ROAD, CICHENG, JIANGBEI DISTRICT
NINGBO, ZHEJIANG
PROVINCE 315034 PR CHINA
TEL: 86 (0)
574-87567880/87574833
FAX: 86 (0)
574-87597573
EXECUTIVE
SUMMARY
Date of Registration : june 4, 2003
REGISTRATION NO. : 330200000012043
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : CNY 20,000,000
staff : 518
BUSINESS CATEGORY : manufacturing & TRADING
Revenue : CNY 895,340,000 (AS OF DEC. 30,
2013)
EQUITIES : CNY 154,180,000 (AS OF DEC. 30, 2013)
WEBSITE : www.jt-tube.com
E-MAIL : sale@jt-tube.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.13 = 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 on June 4, 2003. However, SC changed to
present legal form, and was registered as one-person limited liabilities
company of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 330200000012043
in 2008.
SC’s Organization Code Certificate No.:
75035917-8
SC’s Tax No.: 330205750359178
SC’s registered capital: CNY 20,000,000
SC’s paid-in capital: CNY 20,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2007-2 |
Registered
Capital |
CNY 2,000,000 |
CNY 20,000,000 |
|
2008 |
Registration
No. |
3302001005188 |
330200000012043 |
|
Chairman |
Wang
Zhigang |
Lou Guojun |
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Registered
Legal Form |
Limited
Liabilities Company |
One-Person Limited Liability Company |
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Shareholder (s) (% of Shareholding) |
Ningbo
Jintian Copper (Group) Co., Ltd. 90% Wang
Zhigang 5% Lu Xiaomi 5% |
Ningbo
Jintian Copper (Group) Co., Ltd. 100% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ningbo
Jintian Copper (Group) Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal
Representative, Chairman, and General Manager |
Lou Guojun |
|
Supervisor |
Lu Xiaomi |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Ningbo Jintian Copper (Group) Co., Ltd. 100
=============================
Date of Registration: June 20, 1992
Registration No.: 330200000017076
Legal Form: Shares limited
Company
Registered Capital: CNY 1,214,969,000
MANAGEMENT
Lou
Guojun, Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø
ID# 330205196406214217
Ø Qualification:
University
Ø Working experience
(s):
From 2008 to present, working in SC as legal
representative, chairman and general manager
Lu Xiaomi,
Supervisor
-----------------------------------------
Ø
Gender: F
Ø
Age: 55
Ø
ID# 330205590211422
BUSINESS
OPERATION
SC’s registered business
scope includes pressing and processing non-ferrous metal and ferrous metal,
manufacturing and processing copper tube, copper tube fittings, plastic coating
copper tube, hardware, fastener, PPR tube materials and fittings, PEX tube
materials and fittings, air conditioner parts, and automotive parts, importing
and exporting various kinds of commodities and technology, excluding the goods
forbidden by the government.
SC is mainly
engaged in manufacturing and selling copper tubes.
SC’s products mainly include: various copper
tube
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 70% of its products in domestic market, and
30% to overseas market, mainly U.S.A., Southeast Asian market.
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:
==============
Altair Partners L.P.
METAPLUS S.A DE C.V
*Major Supplier:
============
Ningbo Jintian Copper (Group) Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 518 staff at
present.
SC owns an area as
its operating office & factory of approx. 56,000 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’s supplier
refused 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.
BANKING
Basic Bank:
Agricultural Bank of China Ningbo Branch
AC#:
39105001040004238
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2013 |
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Current assets |
514,460 |
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------------- |
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Total assets |
568,670 |
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Total liabilities |
414,490 |
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Equities |
154,180 |
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------------- |
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Revenue |
895,340 |
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Profits |
21,080 |
Important Ratios
=============
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As of Dec. 31, 2013 |
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*Liabilities to assets |
0.73 |
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*Net profit margin (%) |
2.35 |
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*Return on total assets (%) |
3.71 |
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* Revenue/Total assets |
1.57 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average 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 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.61.48 |
|
|
1 |
Rs.98.24 |
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Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.