MIRA INFORM REPORT
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Report No. : |
336171 |
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Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
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Name : |
Jiangsu Haiyang
Chemical Fibres Co., Ltd. |
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Registered Office : |
No. 28 Haiyang Road, Taizhou, Jiangsu Province 225300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
05.11.1979 |
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Com. Reg. No.: |
321202000022589 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is mainly
engaged in manufacturing and selling chemical fiber materials and polyamide
fabrics. |
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No. of Employees : |
2,046 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name and Address
Jiangsu Haiyang Chemical Fibres Co., Ltd.
No. 28 Haiyang Road, Taizhou, Jiangsu Province 225300
PR China
TEL: 86 (0) 523-86559771/86550500
FAX: 86 (0) 523-86558655
EXECUTIVE
SUMMARY
Date of Registration : november 5, 1979
REGISTRATION NO. : 321202000022589
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 90,000,000
staff : 2,046
BUSINESS CATEGORY : MANUFACTURING
& TRADING
Revenue : CNY 2,093,436,000
(AS OF DEC. 31, 2014)
EQUITIES : CNY 487,328,000
(AS OF DEC. 31, 2014)
WEBSITE : www.pa6.com.cn
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.40 = 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.: 321202000022589
on November 5, 1979.
SC’s Organization Code Certificate No.:
14185058-6
SC’s Tax No.: 321201141850586
SC’s registered capital: CNY 90,000,000
SC’s paid-in capital: CNY 90,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
1982-04-07 |
Registered Capital |
CNY 1,839,600 |
CNY 2,915,000 |
|
1988-01-21 |
Registered Capital |
CNY 2,915,000 |
CNY 12,954,000 |
|
1988-05-03 |
Company Name |
Taizhou Synthetic Fiber Factory |
Taizhou Cord Fabrics Factory |
|
1990-05-25 |
Legal Representative |
Miu Hanzhong |
Cai Yuanyi |
|
Registered Capital |
CNY 12,954,000 |
CNY 14,738,000 |
|
|
1992-03-20 |
Registered Capital |
CNY 14,738,000 |
CNY 27,171,698 |
|
1992-07-29 |
Legal Representative |
Cai Yuanyi |
Yang Jianhua |
|
1993-05-27 |
Company Name |
Taizhou Cord Fabrics Factory |
Nanjing Chemical Industrial (Group) Corp. Taizhou
Chemical Fiber Limited |
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1997-03-14 |
Company Name |
Nanjing Chemical Industrial (Group) Corp.
Taizhou Chemical Fiber Limited |
Nanjing Chemical Industrial Group Taizhou
Chemical Fiber Limited |
|
1997-12-05 |
Legal Representative |
Yang Jianhua |
Shen Jiaguang |
|
1999-03-29 |
Legal Representative |
Shen Jiaguang |
Lu Xincai |
|
2006-07-20 |
Company Name |
Nanjing Chemical Industrial Group Taizhou
Chemical Fiber Limited |
Jiangsu Haiyang
Chemical Fiber Co., Ltd. |
|
Registered Capital |
CNY 27,171,698 |
CNY 48,159,511 |
|
|
2010-04-07 |
Shareholders (%) (% of Shareholding) |
Lu Xincai
2.80% Shen
Jiaguang 2.80% Wang Sufeng
2.80% Xu Youlan
2.77% Zhang Keyin
2.80% Other
Shareholders 86.03% |
Lu Xincai
6.19% Shen
Jiaguang 4.96% Ji Shibiao
4.95% Zhang
Zhigang 4.95% Chen
Jianxin 4.94% Wang Sufeng
3.58% Xia Hua
2.12% Cui
Shunying 2.12% Zhang
Ruijuan 2.11% Huanghua
2.10% Kong
Linggen 2.10% Zhu Huilin
2.08% Other 36
individuals 57.80% |
|
-- |
Registered No. |
3212022102924 |
321202000022589 |
|
2013 |
Shareholders (%) (% of Shareholding) |
Lu Xincai
6.19% Shen
Jiaguang 4.96% Ji Shibiao
4.95% Zhang
Zhigang 4.95% Chen
Jianxin 4.94% Wang Sufeng
3.58% Xia Hua
2.12% Cui
Shunying 2.12% Zhang
Ruijuan 2.11% Huanghua
2.10% Kong
Linggen 2.10% Zhu Huilin
2.08% Other 36
individuals 57.80% |
Chen Jianxin 6.25% Cui Shunying 1.72% Geng Zhengxian 1.89% Huang Kaihua 1.70% Ji Zengming 5.69% Ji Shibiao 4.80% Kong Linggen2.91% Liu Rongxi 3.38% Lu Xincai7.15% Sha Guopei 1.67% Shen Jiaguang 5.36% Wang Sufeng 4.17% Other 34 individuals 53.31% |
|
Registered Capital |
CNY
48,159,511 |
CNY 60,198,105 |
|
|
2014-06-26 |
Registered Capital |
CNY
60,198,105 |
CNY 90,000,000 |
|
Shareholders (%) (% of Shareholding) |
Chen Jianxin 6.25% Cui Shunying 1.72% Geng Zhengxian 1.89% Huang Kaihua 1.70% Ji Zengming 5.69% Ji Shibiao 4.80% Kong Linggen 2.91% Liu Rongxi
3.38% Lu Xincai 7.15% Sha Guopei 1.67% Shen Jiaguang 5.36% Wang Sufeng 4.17% Other 34 individuals 53.31% |
Chen Jianxin 7.54% Ji Zengming 5.80% Ji Shibiao 5.46% Kong Linggen 3.15% Liu Rongxi 2.78% Lu Xincai 9.09% Shen Jiaguang 6.92% Wang Sufeng 4.79% Wang Jun
2.47% Wang Lin
2.25% Other 36 individuals 49.75% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chen Jianxin |
7.54 |
|
Ji Zengming |
5.80 |
|
Ji Shibiao |
5.46 |
|
Kong Linggen |
3.15 |
|
Liu Rongxi |
2.78 |
|
Lu Xincai |
9.09 |
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Shen Jiaguang |
6.92 |
|
Wang Sufeng |
4.79 |
|
Wang Jun |
2.47 |
|
Wang Lin |
2.25 |
|
Other 36 individuals |
49.75 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman, and General Manager |
Lu Xincai |
|
Director |
Ji Shibiao |
|
Wang Sufeng |
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Shen Jiaguang |
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Chen Jianxin |
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Geng Zhengxian |
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Ji Zengming |
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Supervisor |
Zhang Heping |
|
Miao Jinsong |
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Zhu Huilin |
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Jiang Baohua |
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|
Zhou Jianxun |
RECENT
DEVELOPMENT
SC passed through ISO 9001 quality system certification and ISO14001 environment
protection system certification. The company won the title of “Measurement and
Guarantee Confirmation Enterprise”, “Provincial Quality Honesty Enterprise”,
“Product Except from Inspection”, “Jiangsu Water Saving Enterprise”.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Chen Jianxin 7.54
Ji Zengming 5.80
Ji Shibiao 5.46
Kong Linggen 3.15
Liu Rongxi 2.78
Lu Xincai 9.09
Shen Jiaguang 6.92
Wang Sufeng 4.79
Wang Jun 2.47
Wang Lin 2.25
Other 36 individuals 49.75
MANAGEMENT
Lu Xincai, Legal Representative, Chairman and General
Manager
-------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 63
Ø
ID# 320112520416161
Ø Qualification:
University
Ø Working experience
(s):
From
1999 to present, working in SC as legal representative, chairman and general
manager
Also
working in Jiangsu Haiyang Nylon New Material Co., Ltd. as legal representative
Director
-----------
Ji Shibiao
Wang Sufeng
Shen Jiaguang
Chen Jianxin
Geng Zhengxian
Ji Zengming
Supervisor
--------------
Zhang Heping
Miao Jinsong
Zhu Huilin
Jiang Baohua
Zhou Jianxun
BUSINESS
OPERATION
SC’s registered business
scope includes manufacturing and selling organic chemical products, chemical
fiber raw materials (Caprolactam slice, thread, and wire), nylon cord fabric,
plastic product, warehousing service, management and commission of import and
export of all kinds of goods and technology.
SC is mainly
engaged in manufacturing and selling chemical fiber materials and polyamide
fabrics.
Brand: Feichi
SC’s products
mainly include: nylon tire cord, nylon civilian-use slice, high-strength nylon
fiber, etc.
SC sources its materials 90% from domestic market and 10% from the overseas market. SC sells 30% of its products to overseas market and 70% in domestic 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 Customer:
---------------------
Cheng Shin Rubber
(Xiamen) Ind., Ltd.
*Major Supplier:
--------------------
Nanjing Disiman Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 2,046
staff at present.
SC owns an area as
its operating office & factory of approx. 130,000 sq. meters at the heading
address.
RELATED
COMPANY
SC is known to have a
subsidiary at present,
Jiangsu
Haiyang Nylon New Material Co., Ltd.
---------------------------------------
Date of Registration: May 16, 2013
Registration No.: 321200000033538
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 60,000,000
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 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.
BANKING
Basic Bank:
Industrial and
Commercial Bank of China Taizhou Branch
AC#:
1115020109000044242
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Total assets |
1,083,346 |
1,218,289 |
|
|
------------- |
------------- |
|
Total liabilities |
660,696 |
730,961 |
|
Equities |
422,650 |
487,328 |
|
|
------------- |
------------- |
|
Revenue |
1,867,970 |
2,093,436 |
|
Profit before tax |
83,733 |
56,612 |
|
Less: profit tax |
20,696 |
13,904 |
|
Profits |
63,037 |
42,708 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Liabilities to assets |
0.61 |
0.60 |
|
*Net profit margin (%) |
3.37 |
2.04 |
|
*Return on total assets (%) |
5.82 |
3.51 |
|
*Revenue / Total assets |
1.72 |
1.72 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC appears
fairly good in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is fairly good.
LIQUIDITY: AVERAGE
l
SC’s revenue is in a fairly good 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 Good.
CONCLUSIONS
SC is considered an old-established business in medium size with fairly
good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.92 |
|
|
1 |
Rs.101.44 |
|
Euro |
1 |
Rs.72.26 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
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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.