MIRA
INFORM REPORT
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Report No. : |
308027 |
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Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
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Name : |
Jushi Group Jiujiang Co., Ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.09.2014 |
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Date of Incorporation : |
10.12.2002 |
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Com. Reg. No.: |
360400110001003 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Manufacturing and Selling of glass fiber, composite materials,
engineering plastics and products, chemical raw materials, glass fiber, glass
fiber equipment and accessories. |
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No. of Employees : |
1,584 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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.
|
Source
: CIA |
Company Name and address
Jushi Group Jiujiang Co., Ltd.
No. 6 Jinxiu Road, Export Processing Zone, Jiujiang, Jiangxi Province
332100 PR China
TEL: 86 (0) 792-8267621
FAX: 86 (0) 792-8252011
EXECUTIVE SUMMARY
Date of
Registration :
DECEMBER 10, 2002
REGISTRATION NO. : 360400110001003
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : CNY 706,000,000
staff : 1,584
BUSINESS CATEGORY : MANUFACTURING & TRADING
REVENUE : CNY
809,000,000 (FROM JAN. 1, 2014 TO SEP. 30, 2014)
EQUITIES :
CNY 936,000,000 (AS OF SEP. 30, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION
: stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.24 = 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 one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 360400110001003.
SC’s Organization
Code Certificate No.: 74429392-6
SC’s registered
capital: CNY 706,000,000
SC’s paid-in
capital: CNY 706,000,000
Registration
Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the change |
|
2004-11-18 |
Registered Capital |
CNY 38,220,000 |
CNY 80,000,000 |
|
2006-8-10 |
Legal Representative |
Jiang Kunyuan |
Yu Zhenghua |
|
-- |
Registration No. |
3604001012263 |
360400110001003 |
|
Legal Form |
Limited
Liabilities Company |
One-Person Limited Liabilities Company |
|
|
Legal Representative |
Yu Zhenghua |
Yang Guoming |
|
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Registered Capital |
CNY 80,000,000 |
CNY 706,000,000 |
|
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Shareholder (s)
(% of Shareholding) |
Jushi Group Co.,
Ltd. 99% Tongxiang
Juzheng Mining Co., Ltd. 1% |
Jushi Group Co.,
Ltd. 100% |
|
|
2014-8-11 |
Legal Representative |
Yang Guoming |
Zhang Wenchao |
Current Co search
indicates SC’s shareholders & chief executives are as follows:-
|
Name of
Shareholder (s) |
% of
Shareholding |
|
Jushi Group Co.,
Ltd. |
100 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal
Representative and Chairman |
Zhang Wenchao |
|
General Manager |
Yang Weizhong |
|
Director |
Zhou Senlin |
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Supervisor |
Zhao Jun |
RECENT DEVELOPMENT
No recent development was found during our
checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Jushi Group Co.,
Ltd. 100
==============
Date of Registration: June 28, 2001
Registration No.: 330400400005589
Legal Form: One-Person Limited Liability Company
Registered Capital: CNY 3,921,763,048
Web: www.jushi.com
MANAGEMENT
Zhang
Wenchao, Legal Representative and
Chairman
--------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Yang
Weizhong, General Manager
---------------------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC
as general manager
Director
-----------
Zhou Senlin
Supervisor
--------------
Zhao Jun
BUSINESS OPERATION
SC’s
registered business scope includes manufacturing and selling glass fiber, composite
materials, engineering plastics and products, chemical raw materials, glass
fiber, glass fiber equipment and accessories.
SC is mainly engaged in manufacturing and selling glass fiber.
SC’s products mainly include: dry chopped strands, woven roving, stitch
chopped strand, mat, powder chopped, etc.
SC sources its materials
80% from domestic market, and 20% from overseas market, mainly U.S.A. and
Europe. SC sells 30% of its products in domestic market, and 70% to overseas
market, mainly Southeast Asian 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.
*Major Customers*
-----------------------
Jushi USA Fiberglass Co., Ltd.
Gibson Enterprises Inc.
Staff &
Office:
--------------------------
SC is known to have approx. 1,584 staff at present.
SC owns 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
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Sep. 30, 2014 |
|
Total assets |
2,764,000 |
2,723,537 |
2,724,000 |
|
|
------------- |
------------- |
------------- |
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Total liabilities |
1,915,000 |
1,859,274 |
1,788,000 |
|
Equities |
849,000 |
864,263 |
936,000 |
|
|
------------- |
------------- |
------------- |
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
From Jan. 1, 2014 to Sep. 30, 2014 |
|
Revenue |
733,000 |
774,911 |
809,000 |
|
Profit before tax |
-- |
16,571 |
-- |
|
Less: profit tax |
-- |
2,486 |
-- |
|
Profits |
2,000 |
14,085 |
75,000 |
Important
Ratios
=============
|
|
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Sep. 30, 2014 |
|
*Liabilities to assets |
0.69 |
0.68 |
0.66 |
|
*Net profit margin (%) |
0.27 |
1.82 |
9.27 |
|
*Return on total assets (%) |
0.07 |
0.52 |
2.75 |
|
* Revenue/Total assets |
0.27 |
0.28 |
0.30 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
LIQUIDITY:
FAIR
l
SC’s revenue 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 low.
Overall
financial condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line
with stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.