MIRA
INFORM REPORT
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Report No. : |
356957 |
|
Report Date : |
29.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
Fujian SBS Zipper Science & Technology Co., Ltd. |
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Registered Office : |
Xunxing Industrial Garden, Shenhu Town, Jinjiang, Fujian Province, 362246 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2015 |
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Date of Incorporation : |
17.04.2003 |
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Com. Reg. No.: |
350000400000421 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject
registered business scope includes manufacturing of zippers, mold, metal and
plastic stamping, casting, zipper accessories. |
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No. of Employees : |
4,720 (Including Subsidiaries) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 and address
Fujian SBS Zipper Science & Technology Co., Ltd.
XUNXING INDUSTRIAL
GARDEN, SHENHU town, JINJIANG,
FUJIAN PROVINCE,
362246 PR CHINA
TEL: 86 (0) 595-
88287055/88290099 FAX: 86 (0)
595-88282502
EXECUTIVE SUMMARY
INCORPORATION DATE : Apr. 17, 2003
REGISTRATION NO. : 350000400000421
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH : 4,720 (INCLUDING
SUBSIDIARIES)
REGISTERED CAPITAL : CNY 310,000,000
BUSINESS LINE :
MANUFACTURING & selling
TURNOVER : CNY 784,965,000 (Consolidated, Jan. 1 to Sep. 30, 2015)
EQUITIES : CNY 730,722,000 (Consolidated, as of Sep. 30,
2015)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY 6.4779 = 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 fax no. should be the
heading one.
SC was registered as a shares limited co. at Fujian Provincial
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on Apr. 17, 2003.
Company Status:
Shares limited co. This form of business in PR China is defined as a legal person. Its
registered capital is divided into shares of equal par value and the co.
raises capital by issuing share certificates by promotion or by public
offer. Shareholders bear limited liability to the extent of shareholding,
and the co. is liable for its debts only to the extent of its total assets.
The co has independent property of legal person and enjoys property rights
of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co. requires at least two promoters and no
more than 200, half of whom shall be domiciled in China.. Natural person
are allowed to serve as promoters. The minimum registered capital of a co. is CNY The board of directors must consist of five to nineteen directors. If the co. raises capital by public
offer, the promoters must not subscribe less than 35% of the total shares.
the promoters’ shares are restricted to transfer- within one year of the
offer. A state-owned enterprise that is restructured into a shares limited
co. must comply with the conditions & requirements specified under the
law & administrative rule.
SC’s registered
business scope includes manufacturing zippers, mold, metal and plastic
stamping, casting, zipper accessories.
SC is mainly engaged
in manufacturing and selling zippers.
Mr. Shi Nengkeng
is the legal representative and chairman of SC at present.
SC is known
to have approx. 4,720 employees at present (including the ones in its
subsidiaries), including 2,389 production staff, 1,671 technical staff, 334
marketing staff, 81 financial staff and 245 administrative staff.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Jinjiang. The detailed information
of the premise is unspecified.
Note: the address (Wulougou East
Industrial Zone, Shenhu, Jinjiang and the heading address refers to the same
place.
http://www.sbszipper.com.cn
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
E-mail: stock@sbszipper.com
; service@sbszipper.com
Qualifications and Honors
=====================
SC has passed ISO9001 Quality System Certification and Product
Certification and ISO14001 Environmental Management System Certification
qualification.
April 2007, SC won the title of the 100 key industrial enterprises title
issued by the Quanzhou City People's Government.
November 2007, SC won "Affection between Police and People,
Carrying forward Culture" by Fujian Police Security Bureau.
January 2008, SC won the title of "The Best Working Relationship
and Harmonious Enterprise" issued by Quanzhou Labor Union.
January 2008, SC won the title of Fujian Good Health Cup Advanced
Enterprise issued jointly by Fujian Labor Union and Fujian Producing Safety
Inspection Management Bureau.
April 2008, SC won the advanced enterprise of "2007 Appraising
Successor by Capital" issued by Jinjiang People's Government.
Etc.
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002098.
Tax Registration Certificate No.: 350582611534757
Organization Code: 61153475-7
Credibility Code: 91350000611534757C
SC’s former registration no. was 003958.
SC’s predecessor was Jinjiang SBS Precision Mould Co., Ltd.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2015-12-7 |
Registered
capital |
CNY 155,000,000 |
Present
Amount |
For the past two years there is no record of
litigation.
MAIN
SHAREHOLDERS: (as of Sep. 30, 2015)
Name %
of Shareholding
Fujian SBS Group Co., Ltd. (literal
translation) 35.82
BTC International Limited (Hong Kong 15.58
Industrial and Commercial Bank of China
Limited- Wells Fargo Sports
Health Equity Securities Investment Fund 2.22
Zhang Yu 1.86
China Merchants Bank Co., Ltd.- The New
Baoying Value of Flexible
Configuration Hybrid Securities Investment
Fund 1.72
Agricultural Bank of China Ltd.- Baoying Technology
30 Flexible
Configuration Hybrid Securities Investment
Fund 1.29
Agricultural Bank of China Ltd.- Baoying
Strategic Growth Mixed Securities
Investment Fund 1.23
China Construction Bank - Baoying Resource
Selected Stock Securities
Investment Fund 1.2
Bank of China Limited- Yinhua Competitive
Enterprises (Balanced) Securities
Investment Fund 1.09
PICC
Life Insurance Company Limited - Dividend - Individual Insurance
Dividend 1.07
Other Shareholders 36.92
Fujian SBS Group Co., Ltd. (literal
translation)
==================================
Registration No.:
350582100021677
Chairman: Shi
Nengjian
Incorporation
Date:
Registered
Capital: CNY 100,000,000
BTC International Limited (Hong Kong)
=============================
CR No.: 0762363
Date of Incorporation:
Legal
representative: Wang Zhenzhuan
Company Status: Private Company Limited by Shares
Active Status: Live
l Legal
Representative and Chairman:
Mr. Shi Nengkeng, born in 1953, having Hong
Kong passport, Intermediate economist, with high school education. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC
as legal representative and chairman
Also working in Fujian SBS Group Co., Ltd.
as director, and in Jinjiang Chamber of Commerce Investment and Development
Co., Ltd. (literal translation), Fujian Yinji Investment Co., Ltd. (in Chinese
pinyin) and Jinjiang Xiecheng Meifeng Industrial Development Co., Ltd. (in
Chinese pinyin) as legal representative.
l Vice Chairman:
Mr. Wang Zhenzhuan, born in 1950, having
Hong Kong passport, with high school education.
He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice
chairman.
Also working in BTC International
Limited (Hong Kong) as legal representative.
l President:
Mr. Shi Mingqu, born in 1962 with junior
college education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as president.
Also working in Fujian SBS Group Co.,
Ltd. as director.
l Vice presidents:
Zhang Tian
Xie Jingbo
Shi Xiongmeng
l Directors:
Liao Yixin
Ye Shaoqin
Shi Nengjian
Etc.
l Supervisors:
Ye Linxin
Shi Jiamou
Wu Guoliang
SC is mainly
engaged in manufacturing and selling zippers.
SC’s products
mainly include:
Nylon zippers
series
Plastic zippers
series
Metal zippers
series
Zipper Accessories
Bags & tents
zippers series
SC sources its materials 85% from domestic
market, and 15% from overseas market. SC sells 79% of its products in domestic
market, and 21% to overseas 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.
Note: SC’s management refused to release its main clients and suppliers.
|
Registration No. |
7512895 |
1580863 |
6615204 |
|
Registration Date |
2014-6-7 |
2001-6-7 |
2010-12-21 |
|
Trademark Design |
|
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|
Jinjiang Chamber of Commerce Investment and Development Co., Ltd.
(literal translation)
====================================
Registration No.: 350582100117125
Legal representative: Shi Nengkeng
Incorporation Date: 2010-5-11
Fujian Yinji Investment Co., Ltd. (in Chinese
pinyin)
Registration No.: 350582100021749
Legal representative: Shi Nengkeng
Incorporation Date: 2007-5-24
Jinjiang Xiecheng Meifeng Industrial Development Co., Ltd. (in Chinese
pinyin)
====================================
Registration No.: 350582100028553
Legal representative: Shi Nengkeng
Incorporation Date: 2003-12-26
Subsidiaries:
Shanghai
SBS Zipper Manufacturing Corporation
===================================
Registration No.: 310000400211430
Incorporation Date:
Legal representative: Shi Xiongmeng
Registered Capital: CNY 175,000,000
Tel.: 021-59868888
Fax: 021-59868188
Tianjin SBS Zipper Science & Technology
Co., Ltd.
======================================
Registration No.: 120222000000577
Incorporation Date:
Legal representative: Shi Gaoxiong
Registered Capital: CNY 100,000,000
Tel.: 022-59670666
Fax: 022-59670559 022-59670669
E-mail: office301@sbszipper.com
Dongguan SBS Zipper Science & Technology
Co., Ltd.
========================================
Registration No.: 441900000052955
Incorporation Date:
Legal representative: Shi Qingbo
Registered Capital: CNY 50,000,000
Tel.: 0769-82220222
E-mail: exp282@sbszipper.com
Chengdu SBS Zipper Science & Technology
Co., Ltd.
=======================================
Registration No.: 510129000001849
Incorporation Date:
Legal representative: Shi Qingbo
Registered Capital: CNY 30,000,000
SBS International Development Limited (Hong Kong)
=======================================
CR No.: 1261812
Date of Incorporation:
Company Status:
Private Company Limited by Shares
Active Status: Live
Offices: according to SC’s
website
Hubei
Office
Add.:
Room 1003, Unit 2, Building 4, Xincheng International Runyayuan, Xinhua Road,
Jianghan District, Wuhan, Hubei Province
Tel:
027-85519451-802
Fax:
027-85587309
Email:
ivan@sbszipper.com;
Jiangxi
Office
Add.:
Room 102, Unit 2, Building 2, Yuandong Shiji Park, No. 777 Hongcheng Road, Xihu
District, Nanchang, Jiangxi Province Tel: 0791-87693130
Fax:
0791-86536371
Etc.
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 declined
to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Sep. 30, 2015 |
as of Dec. 31, 2014 |
|
Cash & bank |
127,421 |
108,580 |
|
221,501 |
230,477 |
|
|
Accounts receivable |
253,341 |
233,768 |
|
Notes receivable |
11,230 |
12,587 |
|
Advances to supplies |
12,103 |
9,207 |
|
Other receivables |
4,118 |
3,877 |
|
Non-current assets due within one year |
0 |
59 |
|
Other current assets |
815 |
3,173 |
|
|
------------------ |
------------------ |
|
630,529 |
601,728 |
|
|
Financial assets available for sale |
21,190 |
21,190 |
|
Investment real estate |
18,565 |
19,320 |
|
Fixed assets net value |
535,123 |
577,232 |
|
Projects under construction |
98,067 |
41,050 |
|
Disposal of fixed assets |
13,107 |
195 |
|
Long-term investments |
0 |
0 |
|
Intangible assets |
78,487 |
80,667 |
|
Development Expenditure |
10,091 |
9,530 |
|
Long-term deferred expenses |
730 |
599 |
|
Deferred tax debit |
10,182 |
9,807 |
|
Other assets |
21,450 |
15,965 |
|
|
------------------ |
------------------ |
|
Total assets |
1,437,521 |
1,377,283 |
|
|
============= |
============= |
|
Short loans |
457,000 |
480,000 |
|
Notes payable |
15,375 |
9,366 |
|
Accounts payable |
77,370 |
69,937 |
|
Advances from clients |
15,813 |
23,335 |
|
Accrued payroll |
28,597 |
33,817 |
|
Taxes payable |
22,289 |
12,448 |
|
Interest payable |
687 |
954 |
|
Other Accounts payable |
84,806 |
54,763 |
|
Other current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
701,937 |
684,620 |
|
|
Deferred income |
4,862 |
5,652 |
|
Other liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
706,799 |
690,272 |
|
|
Shareholders equities |
687,011 |
|
|
|
------------------ |
------------------ |
|
1,437,521 |
1,377,283 |
|
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
Jan. 1 to Sep. 30, 2015 |
as of Dec. 31, 2014 |
|
1,049,512 |
||
|
Cost of goods sold |
542,488 |
734,777 |
|
Taxes and additional of main operation |
6,030 |
7,653 |
|
Sales expense |
61,265 |
79,267 |
|
Management expense |
82,260 |
106,453 |
|
Finance expense |
19,549 |
32,808 |
|
Asset
impairment loss |
4,070 |
7,650 |
|
Investment Income |
730 |
870 |
|
Non-operating income |
5,778 |
15,674 |
|
Non-operating
expense |
711 |
1,979 |
|
Operation Profit |
75,100 |
95,469 |
|
Less: profit tax |
14,398 |
17,266 |
|
60,702 |
78,203 |
Important Ratios
=============
|
|
as of Sep. 30, 2015 |
as of Dec. 31, 2014 |
|
*Current ratio |
0.90 |
0.88 |
|
*Quick ratio |
0.58 |
0.54 |
|
*Liabilities to assets |
0.49 |
0.50 |
|
*Net profit margin (%) |
7.73 |
7.45 |
|
*Return on total assets (%) |
4.22 |
5.68 |
|
*Inventory /Turnover ×365 |
/ |
81 days |
|
*Accounts receivable/Turnover ×365 |
/ |
82 days |
|
*Turnover/Total assets |
0.55 |
0.76 |
|
* Cost of goods sold/Turnover |
0.69 |
0.70 |
PROFITABILITY: FAIRLY GOOD
l
The turnover 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 in 2014 but average in the first three quarters of 2015.
l
SC’s cost of goods sold is
average, comparing with its turnover.
LIQUIDITY: FAIR
l The current ratio
of SC is maintained in a fair level.
l SC’s quick ratio is
maintained in a fair level.
l The inventory of
SC appears average.
l The accounts
receivable of SC appears average.
l
SC’s short-term loan is fairly large.
l SC’s turnover is
in a fair 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 average.
Overall financial condition of the SC:
Fairly Stable.
SC is considered large-sized in its line with
fairly stable financial conditions. The large amount of short-term loan could
be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
|
1 |
Rs.98.69 |
|
Euro |
1 |
Rs.72.55 |
|
CNY |
1 |
Rs.10.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.