MIRA INFORM REPORT
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Report No. : |
356972 |
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Report Date : |
29.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG JIELI ELECTRICAL CO., LTD. |
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Registered Office : |
Xiangyang Industrial Zone, Liushi Town, Yueqing City, Zhejiang Province, 325604 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.03.2001 |
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Com. Reg. No.: |
330382000022258 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject includes general management project: manufacturing, processing
and selling: power distribution switch control equipment, circuit breaker, wall
switch, home electronic energy-saving switch, high and low voltage electrical
appliances and complete sets of equipment, lighting equipment, plastic parts,
electrical accessories, mold; processing and selling copper pieces, iron
pieces of machinery; import and export of goods and technology. |
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No. of Employees : |
200 |
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.
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Source
: CIA |
Company
Name and Address
ZHEJIANG JIELI ELECTRICAL CO., LTD.
XIANGYANG INDUSTRIAL ZONE, LIUSHI TOWN, YUEQING CITY,
ZHEJIANG PROVINCE, 325604 PR CHINA
TEL: 86 (0) 13968793088 FAX:
N/A
EXECUTIVE SUMMARY
INCORPORATION DATE :
MARCH 1, 2001
REGISTRATION NO. :
330382000022258
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
200
REGISTERED CAPITAL :
CNY 10,000,000
BUSINESS LINE :
MANUFACTURING, PROCESSING AND TRADING
TURNOVER :
CNY 25,856,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 3,151,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.4612 = 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: the correct name of SC is the heading
one.
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 March 1, 2001.
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 general management project: manufacturing, processing and
selling: power distribution switch control equipment, circuit breaker, wall
switch, home electronic energy-saving switch, high and low voltage electrical
appliances and complete sets of equipment, lighting equipment, plastic parts,
electrical accessories, mold; processing and selling copper pieces, iron pieces
of machinery; import and export of goods and technology
SC is mainly
engaged in manufacturing, processing and selling low voltage circuit breakers.
Mr. He Xianhua has been the legal representative and
executive director of SC since 2005.
SC is known to
have approx. 200 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 Yueqing. Detailed
premise information is not available at present.
www.newjieli.com
The design is professional and the content is well organized. At present it is
in English version.
Email: jieli@newjieli.com
Changes of its
registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2003-05-07 |
Shareholder and shareholdings |
Zhou Jianqing 40%; Shang Zhengcun 30%; Yang
Jianfei 30% |
Zhou Jianqing 35%; Shang Zhengcun 32.5%; Yang Jianfei 32.5% |
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Registered capital |
CNY 500,000 |
CNY 2,000,000 |
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2005-09-30 |
Shareholder and shareholdings |
Zhou Jianqing 35%; Shang Zhengcun 32.5%; Yang Jianfei 32.5% |
He Xianhua 51%; Zheng Shanxia 30%; Ye Jinguo19% |
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Legal rep. |
Zhou Jianqing |
Present one |
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|
2007-12-19 |
Registration no. |
3303821014892 |
Present one |
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2014-11-28 |
Shareholder and shareholdings |
He Xianhua 51%; Zheng Shanxia 30%; Ye Jinguo 19% |
Peng Zhenxiang 20%; Ye Jinguo 20% ; He Xianhua 60% |
|
2014-12-08 |
Registered capital |
CNY 2,000,000 |
Present amount |
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2015-03-18 |
Company name |
Yueqing Jieli Electrical Co., Ltd. |
Present one |
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2015-11-27 |
Shareholder and shareholdings |
Peng Zhenxiang 20%; Ye Jinguo 20% ; He Xianhua 60% |
Present ones |
Organization Code: 727199399
Credibility Code: 91330382727199399T
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Peng Zhenxiang 30
He Xianhua 70
l
Legal representative and Executive
director:
Mr. He Xianhua is currently responsible for
the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as legal
representative and executive director.
Also working in Wenzhou Tianjie Electrical
Science and Technology Co., Ltd., Jiangxi Jieli Electrical Co., Ltd. And
Yueqing Jieli Import and Export Co., Ltd. as legal representative.
l
Supervisor:
Ye Jinguo
SC is mainly engaged in manufacturing, processing and selling low voltage
circuit breakers.
SC’s products mainly include: mini circuit breaker (self-owned
proprietary) series, mini circuit breaker (dc), mini circuit breaker (global
hot selling) series, mini circuit breaker (black) series, residual current
circuit breaker series, electrical distribution box series, electrical meter
box series, ac magnetic contactor series, thermal overload relay series,
industrial plug and socket connector series, waterproof cable joint series,
industrial change-over switch series, wall switch and socket series, home plug
and socket series, energy saving lamp series, led lamp series, terminals
series, etc.
SC sources its materials 100% from domestic market. SC sells 100% of its
products 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 major suppliers and customers.
TRADEMARKS &
PATENTS
Registration Date 2013-7-14
Trademark Design 
Registration
No. 14571427
Registration
Date 2015-8-14
Trademark
Design 
Registration
No. 14571438
Registration
Date 2015-7-21
Trademark
Design 
Etc.
Wenzhou Tianjie Electrical Science and Technology Co., Ltd.
==============================
Incorporation Date: 2013-12-06
Registered No.: 330382000304950
Legal Representative: He Xianhua
Jiangxi Jieli Electrical Co., Ltd.
==============================
Incorporation Date: 2009-12-10
Registered No.: 361128210007941
Legal Representative: He Xianhua
Yueqing Jieli Import and Export Co., Ltd.
===============================
Incorporation Date: 2011-05-16
Registered No.: 330382000176393
Legal Representative: He Xianhua
Credibility Code: 913303825753270476
Branches:
Zhejiang Jieli Electrical Co., Ltd. Yueqing Puqi Branch
==============================
Incorporation date: 2012-08-09
Registration no.: 330382000241910
Principal: Qian Hefen
Zhejiang Jieli Electrical Co., Ltd. Yueqing Liushi Branch
==============================
Incorporation date: 2012-04-18
Registration no.: 330382000222874
Principal: Duan Zhongmin
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.
Financial Summary
Unit: CNY’000
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as of Dec. 31,
2014 |
as of Dec. 31,
2013 |
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Total assets |
3,784 |
3,625 |
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============= |
============= |
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Total liabilities |
633 |
910 |
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Equities |
3,151 |
2,715 |
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------------------ |
------------------ |
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Total liabilities & equities |
3,784 |
3,625 |
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Unit: CNY’000
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as of Dec. 31, 2014 |
as of Dec. 31, 2013 |
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Turnover |
25,856 |
21,108 |
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Profit before tax |
676 |
335 |
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Profits |
514 |
177 |
Note: SC’s accountant refused to release the financial details.
Important Ratios
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as of Dec. 31, 2014 |
as of Dec. 31, 2013 |
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*Liabilities to assets |
0.17 |
0.25 |
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*Net profit margin (%) |
1.99 |
0.84 |
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*Return on total assets (%) |
13.58 |
4.88 |
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*Turnover/Total assets |
6.83 |
5.82 |
PROFITABILITY: AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average in 2013, and
good in 2014.
l
SC’s turnover is in a good level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Fairly stable.
SC
is considered medium-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
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|
1 |
Rs.98.69 |
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Euro |
1 |
Rs.72.55 |
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CNY |
1 |
Rs.10.23 |
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 : |
NIT |
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.