MIRA INFORM REPORT
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Report No. : |
355314 |
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Report Date : |
21.12.2015 |
IDENTIFICATION DETAILS
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Name : |
JIANGYIN ANUO ELECTRODE CO., LTD. |
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Registered Office : |
No. 19, Yishan Road, Shen’gang Street, Jiangyin, Jiangsu Province, 214443
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
13.04.2010 |
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Com. Reg. No.: |
320281000273494 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Manufacture, repair, research and development of metal electrode, ion
membrane electrode and other electrode; manufacturing, and processing of
electrolytic equipment and parts, other chemical production of special
equipment and steel structure; sales of machinery equipment and metal
materials; self-management and agent import and export business of all kinds
of goods and technology, except the goods and technologies limited or
forbidden by the state. (with permit if needed) |
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No. of Employees : |
25 |
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 : |
Slow but correct |
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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.
|
Source
: CIA |
Company name
& address
JIANGYIN ANUO ELECTRODE CO., LTD.
NO. 19, YISHAN ROAD, SHEN’GANG STREET,
JIANGYIN, JIANGSU PROVINCE, 214443 PR CHINA
TEL: 86 (0) 510-86092318 FAX: 86 (0)
510-86627001
EXECUTIVE
SUMMARY
INCORPORATION DATE :
APR. 13, 2010
REGISTRATION NO. :
320281000273494
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MS. CHENG YALIAN (LEGAL
REPRESENTATIVE)
STAFF STRENGTH : 25
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
MANUFACTURING, MAINTAINING AND SELLING
TURNOVER :
CNY 12,730,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 200,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.4784=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 co. at local Administration
for Industry & Commerce (AIC-The official body of issuing and renewing
business license) on Apr. 13, 2010.
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 scope includes manufacture, repair, research
and development of metal electrode, ion membrane electrode and other electrode;
manufacturing, and processing of electrolytic equipment and parts, other
chemical production of special equipment and steel structure; sales of
machinery equipment and metal materials; self-management and agent import and
export business of all kinds of goods and technology, except the goods and
technologies limited or forbidden by the state. (with permit if needed)
SC is mainly engaged in manufacturing,
maintaining and selling of various kinds of electrode.
Ms. Cheng Yalian is the legal representative, executive director and
general manager of SC at present.
SC is known to have approx. 25 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Jiangyin. SC’s employee refused to
release the gross area of the premise.
http://anuochina.com/ch/main.asp The design is professional and the content is
well organized. At present the web site is both in Chinese and English
versions.
E-mail: 492804173@qq.com
; anuo@anuochina.com
No significant changes were found during our checks with the local AIC.
Organization Code: 553799772
MAIN SHAREHOLDERS:
Name % of
shareholdings
Cheng Yalian 52
Shan Jian 40
Cheng Jiande 8
Legal representative, executive director and general manager:
Ms. Cheng Yalian is currently responsible for the overall management of
SC
Working Experience(s):
At present Working in SC
as legal representative, executive director and general manager.
Supervisor:
Shan Jian
SC is mainly engaged in manufacturing, maintaining and selling of
various kinds of electrode.
SC’s products mainly include:
Water Treatment
Oxygen
Membrane
Ionic Membrane Electrolyzer
Zero Gap Modification of Cathode
Chlorate
Other Special Electrode
SC sources its materials 100% from domestic market. SC sells 80% of its
products in domestic market, and 20% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC refused to release its main customers and suppliers.
SC is not known to have any subsidiary company 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.
SC’s management refused to disclose its banking information.
Balance
Sheet
Unit: CNY’000
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as of Dec. 31,
2014 |
as of Dec. 31,
2013 |
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Cash & bank |
610 |
/ |
|
340 |
/ |
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|
-700 |
/ |
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Other accounts receivable |
-1,900 |
/ |
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Notes receivable |
730 |
/ |
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------------------ |
------------------- |
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-920 |
/ |
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Fixed assets net value |
1,340 |
/ |
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------------------ |
--------------------- |
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Total assets |
420 |
1,350 |
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============= |
============ |
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Short loans |
0 |
/ |
|
-260 |
/ |
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Tax payable |
30 |
/ |
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Other accounts payable |
290 |
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Salaries payable |
160 |
/ |
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------------------ |
------------ |
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220 |
/ |
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Long term liabilities |
0 |
/ |
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------------------ |
--------------- |
|
220 |
1,188 |
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Equities |
200 |
162 |
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------------------ |
---------------------- |
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420 |
1,350 |
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============= |
============== |
Income
Statement
Unit: CNY’000
|
|
as of Dec. 31,
2014 |
as of Dec. 31,
2013 |
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12,730 |
6,483 |
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|
10,610 |
/ |
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Taxes and additional of
main operation |
110 |
/ |
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Sales expense |
650 |
/ |
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Management expense |
1,260 |
/ |
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Finance expense |
-70 |
/ |
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Non-operating expense |
50 |
/ |
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Profit before tax |
120 |
41 |
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Less: profit tax |
50 |
8 |
|
70 |
33 |
Note: SC’s management refused to disclose the detailed finical
statements for year 2013.
Important
Ratios
=============
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as of Dec. 31,
2014 |
as of Dec. 31,
2013 |
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*Current ratio |
/ |
/ |
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*Quick ratio |
/ |
/ |
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*Liabilities to assets |
0.52 |
0.88 |
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*Net profit margin (%) |
0.55 |
0.51 |
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*Return on total assets (%) |
16.67 |
2.44 |
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*Inventory /Turnover ×365 |
10 days |
/ |
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*Accounts receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total assets |
30.31 |
4.80 |
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* Cost of goods sold/Turnover |
0.83 |
/ |
PROFITABILITY: AVERAGE
The turnover of SC appears average in its line, and it increased greatly
in 2014.
SC’s net profit margin appears average.
SC’s return on total assets appears average in 2013, and good in 2014.
SC’s cost of goods sold is average in 2014, comparing with its turnover.
LIQUIDITY: AVERAGE
SC’s inventory appears average in 2014.
SC has no short-term loan in 2014.
SC’s turnover is in a fairly good level in 2013, and good in 2014,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is high in 2013 and average in 2014.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly Stable
SC is considered small-sized in its line with fairly stable financial
conditions. Taking into consideration of SC’s background and development
history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
CNY |
1 |
Rs.10.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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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.