MIRA INFORM REPORT
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Report No. : |
356218 |
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Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU HAIYANG CHEMICAL FIBERS CO., LTD. |
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Registered Office : |
No. 28 Haiyang Road, Hailing District, Taizhou, Jiangsu Province, 225300
P.R |
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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 : |
Manufacturing and selling organic chemical products, chemical fiber
raw materials (caprolactam slice, thread, and wire), nylon cord fabric,
plastic product (excluding hazardous article), warehousing service (excluding
hazardous article), management and commission of import and export of all
kinds of goods and technology. |
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No. of Employee : |
2,046 |
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 : |
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
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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 AND ADDRESS
JIANGSU HAIYANG CHEMICAL FIBERS CO., LTD.
NO. 28 HAIYANG ROAD, HAILING DISTRICT, TAIZHOU,
JIANGSU PROVINCE, 225300 P.R. CHINA
TEL: 86 (0) 523-86559771/86550500
FAX: 86 (0) 523-86558655
EXECUTIVE
SUMMARY
INCORPORATION DATE : NOVEMBER 5, 1979
REGISTRATION NO. : 321202000022589
REGISTERED LEGAL
FORM : LIMITED LIABILITIES
COMPANY
CHIEF EXECUTIVE : MR. LU XINCAI
(CHAIRMAN)
STAFF STRENGTH : 2,046
REGISTERED CAPITAL : CNY 90,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER : CNY
2,093,436,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 487,328,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION
: STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.4765=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 Renminbi
Note: SC’s correct company name and complete company address should be
the heading ones.
SC was registered as a Collective-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Nov. 5, 1979, and has been under the current
ownership since 2006.
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 manufacturing and selling
organic chemical products, chemical fiber raw materials (caprolactam slice,
thread, and wire), nylon cord fabric, plastic product (excluding hazardous article),
warehousing service (excluding hazardous article), management and commission of
import and export of all kinds of goods and technology. (excluding those
restricted and prohibited by the state)
SC is mainly engaged in producing and selling chemical fiber materials
and polyamide fabrics.
Mr. Lu Xincai has been legal representative, chairman and general
manager of SC since 1999.
SC is known to have approx. 2,046 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 Taizhou. Our
checks reveal that SC owns the premise, but SC’s accountant refused to release
the gross area of the premise.
http://www.pa6.com.cn/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: tzww8004@63.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Registered capital |
CNY 1,839,600 |
CNY 2,915,000 |
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Registered capital |
CNY 2,915,000 |
CNY 12,954,000 |
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Company name |
Taizhou Synthetic Fiber Factory (literal translation) |
Taizhou Cord Fabrics Factory (literal translation) |
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Legal representative |
Miu Hanzhong |
Cai Yuanyi |
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Registered capital |
CNY 12,954,000 |
CNY 14,738,000 |
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Registered capital |
CNY 14,738,000 |
CNY 27,171,698 |
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Registered capital |
CNY 27,171,698 |
CNY 27,170,000 |
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Legal representative |
Cai Yuanyi |
Yang Jianhua |
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Registered capital |
CNY 27,170,000 |
CNY 27,171,698 |
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Company name |
Taizhou Cord Fabrics Factory (literal translation) |
Nanjing Chemical Industrial (Group) Corp. Taizhou Chemical Fiber
Limited (literal translation) |
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Company name |
Nanjing Chemical Industrial (Group) Corp. Taizhou Chemical Fiber
Limited (literal translation) |
Nanjing Chemical Industrial Group Taizhou Chemical Fiber Limited
(literal translation) |
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Legal representative |
Yang Jianhua |
Shen Jiaguang |
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Legal representative |
Shen Jiaguang |
Lu Xincai |
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Company name |
Nanjing Chemical Industrial Group Taizhou Chemical Fiber Limited
(literal translation) |
Jiangsu Haiyang Chemical Fiber Co., Ltd. |
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Registered capital |
CNY 27,171,698 |
CNY 48,159,511 |
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Registered number |
3212022102924 |
321202000022589 |
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Legal form |
Collective-owned enterprise |
Present one |
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2013-5-13 |
Registered capital |
CNY 48,159,511 |
CNY 60,198,105 |
|
2014-6-26 |
Registered capital |
CNY 60,198,105 |
Present amount |
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”.
Organization code: 141850586
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
Lu Xincai
Chen Jianxin
Shen Jiaguang
Zhang Heping
Ji Zengming
Ji Shibiao
Wang Sufeng
Kong Linggen
Liu Rongxi
Wang Jun
Wang Lin
Other 33 individuals
Note: The latest information of SC’s shareholder’s investment amount is
not available at present.
Legal representative, chairman and general manager:
Mr. Lu Xincai,
Senior Economist, born in 1952, with university education. He is currently
responsible for the overall management of SC.
Working
Experience(s):
From 1999 to present Working in
SC as legal representative, chairman and general manager
Also working in Jiangsu Haiyang Polyamide New Materials Co., Ltd. as
legal representative
Directors:
Geng Zhengxian born in 1960
Wang Sufeng , born in 1965
Ji Shibiao , born in 1952
Shen Jiaguang, born in 1964
Chen Jianxin, born in 1965
Ji Zengming, ID#32108219730128xxxx, born in 1973
Supervisors:
Zhu Huilin, born in 1966
Jiang Baohua, ID# 32102019600109xxxx, born in 1960
Miu Jinsong , born in 1956
Zhou Jianxun , born in 1963
Zhang Heping ID#
32102019570421xxxx, born in 1957
SC is mainly engaged in producing and selling chemical fiber materials
and polyamide fabrics.
SC’s products mainly include: nylon tire cord, nylon civilian-use slice,
high-strength nylon fiber,
.
Brand: Feichi
SC sources its materials 90% from domestic market and 10% from the
overseas market. SC sells 40% of its products to overseas market and 60% in domestic market.
The buying terms of SC include Check, L/C, 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’s management declined to release its customer and supplier
details.
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Registration No. |
15233330 |
212435 |
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Registration
Date |
2015-10-14 |
1984-9-15 |
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Trademark Design |
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Jiangsu Haiyang Polyamide New Materials Co., Ltd. (literal translation)
========================================
Reg. No.: 321200000033538
Incorporation date:
Legal representative: Lu Xincai
Jiangsu Haohui Trade Co., Ltd. (literal translation)
========================================
Reg. No.: 321200000028436
Incorporation date: 2012-5-29
Legal representative: Zhang Heping
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.
Industrial and Commercial Bank of China Taizhou Branch
AC#: 1115020109000044242
Relationship: Normal.
===============
Unit: CNY’000
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As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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Total liabilities |
660,696 |
730,961 |
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Equities |
422,650 |
487,328 |
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-------------------- |
-------------------- |
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Total assets |
1,083,346 |
1,218,289 |
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============= |
============= |
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Turnover |
1,867,970 |
2,093,436 |
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Profit before tax |
83,733 |
56,612 |
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Profits |
63,037 |
42,708 |
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Note: SC’s management
refused to release its detailed financial reports.
Important Ratios
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As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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*Liabilities to assets |
0.61 |
0.60 |
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*Net profit margin (%) |
3.37 |
2.04 |
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*Return on total assets (%) |
5.82 |
3.51 |
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*Turnover/Total assets |
1.72 |
1.72 |
PROFITABILITY:
AVERAGE
The turnover of SC appears good in its line in both years and it
increased in 2014.
SC’s net profit margin is average in both years.
SC’s return on total assets is fairly good in 2013 but average in 2014.
SC’s turnover is in an average level in both years, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average in both years.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Stable.
SC is considered an old-established business in large size with stable
financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
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|
1 |
Rs.98.30 |
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Euro |
1 |
Rs.72.41 |
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CNY |
1 |
Rs.10.19 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
HNA |
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Report Prepared
by : |
ANK |
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.