MIRA INFORM REPORT
|
Report No. : |
336424 |
|
Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
JIANGYIN COMAT METAL PRODUCTS CO., LTD. |
|
|
|
|
Registered Office : |
Industrial Concentrated Area, No. 100, Huannan Road, Huashi Town,
Jiangyin, Jiangsu Province, 214421 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
04.08.2005 |
|
|
|
|
Com. Reg. No.: |
320281400008029 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in general business scope: manufacturing and processing
metal products, food packaging materials, bright strip, stampings and tinned
steel strip.(With permitted if needed) |
|
|
|
|
No. of Employees : |
1,100 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
Company
Name & address
JIANGYIN COMAT METAL PRODUCTS CO., LTD.
INDUSTRIAL CONCENTRATED AREA, NO. 100, HUANNAN ROAD,
HUASHI TOWN, JIANGYIN, JIANGSU PROVINCE, 214421 PR CHINA
TEL: 86 (0) 510-86218301 FAX: 86 (0) 510-86218999
EXECUTIVE
SUMMARY
INCORPORATION DATE :
AUG. 4, 2005
REGISTRATION NO. :
320281400008029
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
CHIEF EXECUTIVE :
MR. ZHAO XINBIAO (CHAIRMAN)
STAFF STRENGTH :
1,100
REGISTERED CAPITAL : CNY 478,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 3,052,863,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 208,653,000 (AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.4158 = 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
SC was registered as a Limited Liabilities Company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Aug. 4, 2005 and has been under present legal
form since Dec. 30, 2008.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes general business scope:
manufacturing and processing metal products, food packaging materials, bright
strip, stampings and tinned steel strip.(With permitted if needed)
SC is mainly engaged in manufacturing and selling metal products.
Mr. Zhao Xinbiao has been legal representative, chairman and general
manager of SC since 2005.
SC is known to have approx. 1,100 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Jiangyin. Our
checks reveal that SC owns the total premise, but the gross area of the premise
is unspecific.
http://www.jycomat.com
The design is professional and the content is well organized. At present it is
in Chinese, English, Japanese and other versions.
E-mail: info@jycomat.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2005-11-16 |
Legal representative |
Yang Shounan |
Zhao Xinbiao |
|
Registered capital |
CNY 15,000,000 |
CNY 35,000,000 |
|
|
Shareholders (% of shareholding) |
Zhao Xinbiao 20%, Zhao Huanqian 26.67%, Yang Shounan 53.33% |
Xu Yuying 5%, He Ju 8%, Zhao Xinbiao 40%, Xu Qiang 15%, Zhao Huanqian
32% |
|
|
2006-03-22 |
Registered capital |
CNY 35,000,000 |
CNY 65,000,000 |
|
Shareholders (% of shareholding) |
Xu Yuying 5%, He Ju 8%, Zhao Xinbiao 40%, Xu Qiang 15%, Zhao Huanqian
32% |
Xu Yuying 10%, Zhao Huanqian 30%, Zhao Xinbiao 35%, Xu Qiang 15%, He
Ju 10% |
|
|
2008-12-30 |
Legal form |
Limited liabilities company |
The present one |
|
Registered capital |
CNY 65,000,000 |
CNY 150,000,000 |
|
|
Shareholders (% of shareholding) |
Xu Yuying 10%, Zhao Huanqian 30%, Zhao Xinbiao 35%, Xu Qiang 15%, He
Ju 10% |
Zhao Huanqian 23%, Chen Huayong (Taiwanese) 30%, Zhao Xinbiao 26%, Xu Qiang 12%, Xu
Yuying 9% |
|
|
2009-10-14 |
Registered capital |
CNY 150,000,000 |
CNY 180,000,000 |
|
Shareholders (% of shareholding) |
Zhao Huanqian 23%, Chen Huayong (Taiwanese) 30%, Zhao Xinbiao 26%, Xu
Qiang 12%, Xu Yuying 9% |
Zhao Huanqian 25%, Xu Yuying 10%, Chen Huayong (Taiwanese) 25%, Zhao
Xinbiao 27%, Xu Qiang 13% |
|
|
2010-04-22 |
Registered capital |
CNY 180,000,000 |
CNY 350,000,000 |
|
Shareholders (% of shareholding) |
Zhao Huanqian 25%, Xu Yuying 10%, Chen Huayong (Taiwanese) 25%, Zhao
Xinbiao 27%, Xu Qiang 13% |
Chen Huayong (Taiwanese) 28%, Zhao Xinbiao 22%, Xu Qiang 50% |
|
|
Unspecified |
Registration no. |
000896 |
The present one |
|
Registered capital |
CNY 350,000,000 |
CNY 478,000,000 |
|
|
Shareholders (% of shareholding) |
Chen Huayong (Taiwanese) 28%, Zhao Xinbiao 22%, Xu Qiang 50% |
The present ones |
SC has obtained ISO 9001 and other certificates.
Organization Code: 776886785
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiangsu Haida Technology Group Co., Ltd. 55
Chen Huayong (Taiwanese)
#0142397105(B) 25
Xu Qiang
ID#32021919861015**** 20
Jiangsu Haida Technology Group Co., Ltd.
===============================
Founded in July, 2006, Haida is located in the most developed Yangtze River
Delta in China. This group company owns 6 subordinate branches including
Jiangyin Litai Ornamental Materials Co., Ltd., Jiangyin Comat Metal Products
Co., Ltd. and Jiangyin Haida Special Man-made Leather Co., Ltd.
Having developed quickly for many years, it has obtained so many honors,
such as star enterprise, cultural unit, hundred-strong industry,
hundred-excellent enterprise, ten-excellent science & technology enterprise
and AAA enterprise.
Registration no.: 320281000153440
Legal representative: Xu Youcai 徐友才
E-mail: info@jshaida.com
Tel: 0510-86200080
Add: No. 8, Huannan Road, Huashi Town, Jiangyin, Jiangsu Province
Legal
Representative, Chairman and General Manager:
Mr. Zhao Xinbiao (赵新标), ID#
32021919680129****, born in 1968, with junior middle school education, he is
currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as legal representative, chairman and general manager
Directors:
Chen Wei ID#32021919730708****
Xu Qiang ID#32021919861015****
Supervisor:
Zhou Yan ID# 32021919720225****
SC is mainly engaged in manufacturing and selling metal products.
SC’s products mainly include: tinplate coil and tinplate sheet.
SC sources its materials 100% from domestic market. SC sells 70% of its
products in domestic market, and 30% to the overseas markets, mainly Southeast
Asia and European countries.
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.
Note: SC refused to release its major clients and suppliers.
Trademarks:
|
Trademark |
|
|
|
Registration
No. |
5509978 |
5509921 |
|
Registration
Date |
July 28, 2010 |
October 7, 2009 |
According to the website: http://www.jshaida.com
Jiangyin Litai Ornamental Materials Co., Ltd.
================================
Registered no.: 320281400007204
Incorporation date:
Legal representative: Xu Youcai
Tel: 86-510-86200080 Fax:
86-510-86203063
Jiangyin Haida Special Man-made Leather Co., Ltd.
=====================================
Registered no.: 320281000061560
Incorporation date:
Legal representative: Gong Jinbao
Tel: 86-510-86215073 Fax:
86-510-86215071
Jiangyin Donghua Aluminum Material Technology Co., Ltd.
============================================
Registered no.: 320281400008797
Incorporation date:
Legal representative: Xu Youcai
Tel: 86-510-86219039
Fax: 86-510-86219039
E-mail: hd86203188@126.com
SC is known to invest in the following company:
Wuxi Hongfu International Venture Investment Center
Registered no.: 320200000171367
Incorporation date:
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.
Jiangyin Rural Commercial Bank Huashi Sub-branch
AC#：3022402014-10110021211
Relationship: Normal.
Balance
Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2012 |
as of Dec. 31, 2013 |
As of Dec. 31,
2014 |
|
Cash & bank |
/ |
2,216,406 |
/ |
|
Inventory |
/ |
348,488 |
/ |
|
Notes receivable |
/ |
32,460 |
/ |
|
Accounts receivable |
/ |
194,327 |
/ |
|
Advances to suppliers |
/ |
117,253 |
/ |
|
Other receivables |
/ |
1,943,835 |
/ |
|
Trading financial assets |
/ |
5,000 |
/ |
|
Other current assets |
/ |
19,416 |
/ |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
4,112,010 |
4,877,185 |
/ |
|
Long-term investments |
/ |
29,900 |
/ |
|
Fixed assets net value |
/ |
349,176 |
/ |
|
Projects under construction |
/ |
0 |
/ |
|
Intangible assets |
/ |
6,220 |
/ |
|
Other assets |
/ |
0 |
/ |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
4,532,850 |
5,262,481 |
5,111,216 |
|
|
============= |
============= |
============= |
|
Short loans |
/ |
2,598,693 |
/ |
|
Notes payable |
/ |
1,517,500 |
/ |
|
Accounts payable |
/ |
345,241 |
/ |
|
Employee payable |
/ |
21,799 |
/ |
|
Advances from clients |
/ |
107,829 |
/ |
|
Taxes payable |
/ |
-12,041 |
/ |
|
Other payable |
/ |
315,687 |
/ |
|
Other current liabilities |
/ |
0 |
/ |
|
|
------------------ |
------------------ |
------------------ |
|
Current liabilities |
4,046,580 |
4,894,708 |
/ |
|
Long term liabilities |
0 |
0 |
/ |
|
|
------------------ |
------------------ |
------------------ |
|
Total liabilities |
4,046,580 |
4,894,708 |
4,902,563 |
|
Shareholders equities |
486,270 |
367,773 |
208,653 |
|
|
------------------ |
------------------ |
------------------ |
|
Total liabilities & equities |
4,532,850 |
5,262,481 |
5,111,216 |
|
|
============= |
============= |
============= |
Income
Statement
Unit: CNY’000
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Turnover |
3,012,440 |
3,167,514 |
3,052,863 |
|
Cost of goods sold |
2,927,280 |
3,097,004 |
/ |
|
Taxes and additional of main operation |
/ |
3,580 |
/ |
|
Sales expense |
26,380 |
24,715 |
/ |
|
Management expense |
43,940 |
26,982 |
/ |
|
Finance expense |
112,000 |
115,304 |
/ |
|
Investment income |
/ |
10 |
/ |
|
Non-operating income |
/ |
2,137 |
/ |
|
Non-operating expense |
40 |
190 |
/ |
|
Profit before tax |
-97,200 |
-98,114 |
-151,265 |
|
Less: profit tax |
0 |
0 |
0 |
|
Net profit |
-97,200 |
-98,114 |
-151,265 |
Important
Ratios
=============
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
1.02 |
1.00 |
/ |
|
*Quick ratio |
/ |
0.93 |
/ |
|
*Liabilities to assets |
0.89 |
0.93 |
0.96 |
|
*Net profit margin (%) |
-3.23% |
-3.10% |
-4.95% |
|
*Return on total assets (%) |
-2.14% |
-1.86% |
-2.96% |
|
*Inventory /Turnover ×365 |
/ |
41 days |
/ |
|
*Accounts receivable/Turnover ×365 |
/ |
23 days |
/ |
|
*Turnover/Total assets |
0.66 |
0.60 |
0.60 |
|
* Cost of goods sold/Turnover |
0.97 |
0.98 |
/ |
PROFITABILITY:
FAIR
The turnover of SC appears good in three years.
SC’s net profit margin appears fair in three years, and there is a
decline in 2014.
SC’s return on total assets is fair in three years.
SC’s cost of goods sold is high in 2013 and 2014, comparing with its
turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level in 2012 and 2013.
SC’s quick ratio is maintained in a normal level in 2013.
The inventory of SC appears average in 2013.
The accounts receivable of SC appears average in 2013.
The short-term loan of SC appears large in 2013.
SC’s turnover is maintained in a fair level in three years, comparing
with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is high in three years.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair
SC is considered large-sized in its line with fair financial conditions.
After our research and based on the information obtained.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.12 |
|
|
1 |
Rs.101.62 |
|
Euro |
1 |
Rs.72.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.