MIRA INFORM REPORT
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Report No. : |
353831 |
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Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
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Name : |
zhangjiagang New
gangxing Technology co., ltd. |
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Registered Office : |
No. 288, Fenghuang Road, Fenghuang Town, Zhangjiagang, Jiangsu Province, 215613 Pr |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.10.1989 |
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Com. Reg. No.: |
320582000000297 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Researching and developing tinning technology, chromium-free
aluminized and galvanized fingerprint-resistant technology and ultra-thin
precision cold-rolled sheet technology; manufacturing and selling tin plates,
chromium-free aluminized and galvanized steel coils, galvanizing steel coils,
ceiling channels and grid and series products, oxygen core lance,
color-coated steel coils and ultra-thin precision cold-rolled sheet; storage;
import and export of various goods and technology. (with permit if needed) |
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No. of Employees : |
400 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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, 2015
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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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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 & address
zhangjiagang New gangxing Technology co., ltd.
NO. 288, fengHUANG road, fenghuang town,
zhangjiagang, jiangsu province, 215613 PR CHINA
TEL: 86 (0) 512-58403395/58497703 FAX: 86 (0) 512-58401299
EXECUTIVE SUMMARY
INCORPORATION DATE : october 20, 1989
REGISTRATION NO. : 320582000000297
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. xu wenlong (CHAIRMAN)
STAFF STRENGTH :
400
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
researching, developing, manufacturing AND TRADING
TURNOVER :
CNY 895,430,000 (UNAUDITED, AS OF DEC. 31, 2013)
EQUITIES :
CNY 64,260,000 (UNAUDITED, AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly STABLE (AS OF DEC. 31, 2013)
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.4182 = USD 1
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Ren Min Bi Yuan
SC was registered as a limited liabilities company at local Administration
for Industry & Commerce (The official body of issuing and renewing business
license).
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scopes include researching and developing tinning
technology, chromium-free aluminized and galvanized fingerprint-resistant
technology and ultra-thin precision cold-rolled sheet technology; manufacturing
and selling tin plates, chromium-free aluminized and galvanized steel coils,
galvanizing steel coils, ceiling channels and grid and series products, oxygen
core lance, color-coated steel coils and ultra-thin precision cold-rolled
sheet; storage; import and export of various goods and technology. (with permit
if needed)
SC is mainly engaged in researching, developing, manufacturing and
selling galvanized steel coils, color-coated steel coils, tin plates, ceiling
channels and grid.
Mr. Xu Wenlong is legal representative, chairman and general manager of
SC at present.
SC is known to have approx. 400 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 Zhangjiagang.
Our checks reveal that SC owns the total premise about 50,000 square meters.
http://www.gangxing.cn
The design is professional and the content is well organized. At present the
web site is in Chinese and English versions.
E-mail: danny@gangxing.com.cn ; export@gangxing.com.cn
According to SC’s website, SC’s predecessor was Zhangjiagang Galvanizing Plant (张家港市镀锌厂)
SC has obtained the certificate ISO9001, ISO14001, the considerable
development and compelling achievement, and was awarded as Jiangsu Famous-brand
Products, Jiangsu High-tech Enterprise, etc.
Changes of its registered information are as follows are as follows:
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Date of change |
Item |
Before the change |
After the change |
|
2007 |
Shareholders |
Fenghuang Town Assets Management Corporation 93.27% Xu Wenlong 5.77% Zhang Jijun 0.96% |
Xu Wenlong 86.54% Zhang Jijun 13.46% |
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Registration
No. |
3205821100176 |
320582000000297 |
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|
Unknown |
Company name |
Zhangjiagang Gangxing New Building Materials Co., Ltd. |
Zhangjiagang NewGangxing Technology Co., Ltd. |
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Registered capital |
CNY 2,080,000 |
CNY 20,000,000 |
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Shareholders |
Xu Wenlong 86.54% Zhang Jijun 13.46% |
Xu Wenlong 88% Zhang Jijun 12% |
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Xu Wenlong 88% Zhang Jijun 12% |
Present ones |
Tax registration no.: 320582711577586
Organization code: 711577586
Credibility code: 913205827115775867
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xu Wenlong 88
Ou Bin 12
Legal
Representative, Chairman and General Manager:
Mr. Xu Wenlong, born in 1963, with university education, he is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager
Vice Chairman:
Mr. Zhu Ximing, with university education, he is currently responsible
for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice chairman
Directors:
Xu Jianqing
Zhang Hongyuan
Zhou Zhong
Supervisors:
Jiang Jiandong
Qian Qin
Sun Renyuan
Zhang Jianyun
SC is mainly engaged in researching, developing, manufacturing and
selling galvanized steel coils, color-coated steel coils, tin plates, ceiling
channels and grid.
SC’s products mainly include:
Cold Rolled Steel Coil
Galvanized Steel Coil
Prepainted Steel Coil
Tinplate
Ceiling Grid
Galvanized Steel for Cable
Galvanized Steel Strip
Matt PPGI
Prepainted Aluminum Coil
Prepainted Steel Strip
Black Groove T-Bar
Stud and Track
Annealed Steel Coil
Brand: GANGXING.
SC sources its materials 100% from domestic market, mainly Wuxi. SC
sells 70% of its products in domestic market, and 30% to overseas market,
mainly 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.
TRADEMARKS & PATENTS
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Registration No. |
5397260 |
5397273 |
5397224 |
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Registration Date |
2009-8-28 |
2009-9-28 |
2009-8-21 |
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Trademark Design |
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Note: SC declined to release its major suppliers and clients.
SC is not known to have any subsidiary at present.
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.
Rural Commercial Bank of Zhangjiagang
AC#：800040047202015
Relationship: Normal.
Financial
Information
Unit: CNY’000
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Unaudited, as of Dec. 31, 2013 |
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Total
liabilities |
308,650 |
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Equities |
64,260 |
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-------------- |
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Total assets |
372,910 |
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========= |
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Turnover |
895,430 |
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Cost of goods
sold |
829,670 |
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Profits |
-7,410 |
Note: SC’s
accountant refused to release the latest financial reports.
Important Ratios
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As of Dec. 31, 2013 |
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*Liabilities to assets |
0.83 |
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*Net profit margin (%) |
-0.83 |
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*Return on total assets (%) |
-1.99 |
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*Turnover/Total assets |
2.40 |
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*Cost of goods sold/Turnover |
0.93 |
PROFITABILITY:
FAIR
The turnover of SC appears fairly good in its line.
SC’s net profit margin is fair.
SC’s return on total assets is fair.
SC’s cost of goods sold is fairly high, comparing with its turnover.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly Stable. (As of Dec. 31,
2013)
SC is considered medium-sized in its line with a long development
history. Taking into consideration of SC’s general performance, reputation as
well as market conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.75 |
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|
1 |
Rs.100.29 |
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Euro |
1 |
Rs.72.89 |
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CNY |
1 |
Rs.10.38 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
TPT |
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.