MIRA INFORM REPORT
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Report No. : |
307153 |
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Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI JIAHAO MACHINERY CO., LTD. |
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Registered Office : |
No. 333 Ancheng Road, Anting Town, Jiading District Shanghai 201805 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
11.05.2007 |
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Com. Reg. No.: |
310114001798162 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject includes manufacturing
and selling machinery and equipment and parts, molds; selling chemical raw
materials and products, hardware, instrumentation, building materials,
decoration materials; importing and exporting goods and technology. |
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No. of Employees : |
46 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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.
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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and
industrial output each exceed those of the US; China is second to the US in the
value of services it produces. Still, per capita income is below the world
average. 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 2011 more than 250 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.
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Source
: CIA |
Company
Name and address
SHANGHAI JIAHAO MACHINERY CO., LTD.
no. 333 ancheng road, anting town, jiading district
shanghai 201805 PR CHINA
TEL: 86 (0) 21-61439277/61439355
FAX: 86 (0) 21-61439379
EXECUTIVE
SUMMARY
Date of
Registration : may 11,
2007
REGISTRATION NO. : 310114001798162
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 1,000,000
staff : 46
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue : CNY 36,880,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 800,000 (AS OF DEC. 31, 2014)
WEBSITE : www.jiahaochina.cn
E-MAIL : sales@jiahaochina.cn
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION
: fair
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.25 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative
positions of SC in respect of its operational trend & general reputation
Operational Trend:- General Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 310114001798162
on May 11, 2007.
SC’s Organization Code Certificate No.:
66078812-0
SC’s Tax No.:
310114660788120
SC’s registered
capital: CNY 1,000,000
SC’s paid-in
capital: CNY 1,000,000
Registration
Change Record:-
No significant
changes of SC have been noted in SAIC since its incorporation.
Current Co search
indicates SC’s shareholders & chief executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yang Weizhu |
15 |
|
Wang Yun |
85 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Wang Yun |
|
Supervisor |
Yang Weizhu |
RECENT
DEVELOPMENT
No recent development was found during our
checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Yang Weizhu 15
Wang Yun 85
MANAGEMENT
Wang Yun, Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------
Ø Gender: M
Ø Qualification:
University
Ø Working experience
(s):
From 2007 to present, working in SC as
legal representative, chairman and general manager
Supervisor
--------------
Yang Weizhu
BUSINESS
OPERATION
SC’s
registered business scope includes manufacturing and selling machinery and equipment
and parts, molds; selling chemical raw materials and products, hardware,
instrumentation, building materials, decoration materials; importing and
exporting goods and technology.
SC is mainly
engaged in manufacturing and selling machinery and equipment.
SC’s products mainly include:
Plastic
Extruder
Panel
& sheet Extrusion Line
Plastic
Pipe Production line
Profile
production line
Etc.
SC sources its materials 100% from domestic market, mainly Shanghai. 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 T/T, L/C and Credit of 30-60 days.
Staff &
Office:
--------------------------
SC is known to have approx. 46
staff at present.
SC rents an area as its operating office and factory, but the detailed
information is unknown.
RELATED
COMPANY
SC is not known to have any
subsidiary at present.
PAYMENT
Overall payment
appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank information of SC is not filed in
SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
70 |
|
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Notes receivable |
0 |
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Accounts receivable |
1,340 |
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Advances to suppliers |
0 |
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Other receivable |
940 |
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Inventory |
15,840 |
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Non-current assets within one year |
0 |
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Other current assets |
1,630 |
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|
------------------ |
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Current assets |
19,820 |
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Fixed assets |
860 |
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Long-term prepaid expenses |
0 |
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Deferred income tax assets |
0 |
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Other non-current assets |
-190 |
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------------------ |
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Total assets |
20,490 |
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============= |
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Short-term loans |
3,150 |
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Notes payable |
0 |
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Accounts payable |
1,460 |
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Advances from clients |
14,060 |
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Other payable |
950 |
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Other current liabilities |
70 |
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------------------ |
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Current liabilities |
19,690 |
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Non-current liabilities |
0 |
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------------------ |
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Total liabilities |
19,690 |
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Equities |
800 |
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------------------ |
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Total liabilities & equities |
20,490 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Revenue |
36,880 |
|
Cost of sales |
25,900 |
|
Sales expense |
2,610 |
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Management expense |
2,160 |
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Finance expense |
130 |
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Profit before tax |
97 |
|
Less: profit tax |
30 |
|
67 |
Important
Ratios
=============
|
|
As of Dec. 31, 2014 |
|
*Current
ratio |
1.01 |
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*Quick
ratio |
0.20 |
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*Liabilities
to assets |
0.96 |
|
*Net profit
margin (%) |
0.18 |
|
*Return on
total assets (%) |
0.33 |
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*Inventory
/ Revenue ×365 |
157 days |
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*Accounts
receivable/ Revenue ×365 |
14 days |
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*Revenue/Total
assets |
1.80 |
|
*Cost of
sales / Revenue |
0.70 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears
average in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
l SC’s cost of sales
is average, comparing with its revenue.
LIQUIDITY:
FAIR
l The current ratio
of SC is maintained in a normal level.
l SC’s quick ratio
is maintained in a poor level.
l The inventory of
SC appears large.
l The accounts
receivable of SC is maintained in an average level.
l SC’s short-term
loans are in an average level.
l SC’s revenue is in
an average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l The debt ratio of
SC is fairly high.
l The risk for SC to
go bankrupt is above average.
Overall
financial condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line
with fair financial conditions. The large amount of inventory may be a threat
to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
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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 |
|
|
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.