MIRA INFORM REPORT
|
Report No. : |
330763 |
|
Report Date : |
09.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
Wuxi Jinmao Foreign
Trade Co., Ltd. |
|
|
|
|
Registered Office : |
11/F, No. 97 Renmin Middle Road, Wuxi, Jiangsu Province 214002 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
28.07.1993 |
|
|
|
|
Com. Reg. No.: |
320200000103404 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject is
mainly engaged in selling textiles, clothing and pet supplies, products
mainly include: fabric, garment, and pet products. |
|
|
|
|
No. of Employees : |
123 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 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 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
Wuxi Jinmao Foreign Trade Co., Ltd.
(TRADE NAME: Wuxi
Jinmao CO., LTD.)
11/F, No. 97 Renmin
Middle Road, Wuxi
Jiangsu Province
214002 PR China
TEL: 86 (0)
510-82731257/82797711/82797801
FAX: 86 (0)
510-82797772/82797810
***Note: According
to the, we locate SC.
SC’s name should
be the heading one, while SC also uses the given name-Wuxi Jinmao Co., Ltd. as
its trade name.
EXECUTIVE
SUMMARY
Date of Registration : july 28, 1993
REGISTRATION NO. : 320200000103404
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 20,000,000
staff : 123
BUSINESS CATEGORY :
trading
Revenue : CNY 919,046,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 39,610,000 (AS OF DEC. 31, 2014)
WEBSITE : www.wuxijinmao.com
E-MAIL : lirx@wuxijinmao.com
& mirror.wang@wuxijinmao.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = 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.: 320200000103404 on july
28, 1993.
SC’s Organization Code Certificate No.:
13592774-3
SC’s registered capital: cny 20,000,000
SC’s paid-in capital: cny 20,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2000-04-21 |
Registered Capital |
CNY 1,000,000 |
CNY 5,000,000 |
|
2001-02-21 |
Registered Capital |
CNY 5,000,000 |
CNY 5,555,000 |
|
2001-06-13 |
Registered Capital |
CNY 5,555,000 |
CNY 5,555,500 |
|
2003-03-20 |
Legal Representative |
Peng Qiwei |
Li Guodong |
|
2005-07-01 |
Legal Representative |
Li Guodong |
Gu Qingping |
|
2006-05-30 |
Registered Capital |
CNY 5,555,500 |
cny 10,000,000 |
|
2010-05-28 |
Registered Capital |
cny 10,000,000 |
cny 15,000,000 |
|
2014-05-23 |
Registered
Capital |
cny 15,000,000 |
cny 20,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hua Yixuan |
4 |
|
Zhao Qing |
28 |
|
Mao
Zhongjian |
19 |
|
Wang Yaqin |
4 |
|
Yang Nan |
35 |
|
Zhou
Junling |
6 |
|
Li Fang |
4 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman, and General Manager |
Yang Nan |
|
Director |
Mao Zhongjian |
|
Gu Qingping |
|
|
Zhou Junling |
|
|
Li Guodong |
|
|
Supervisor |
Zhao Qing |
|
Wang Yaqin |
|
|
Han Jinping |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Hua Yixuan 4
Zhao Qing 28
Mao Zhongjian 19
Wang Yaqin 4
Yang Nan 35
Zhou Junling 6
Li Fang 4
MANAGEMENT
Yang Nan, Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 56
Ø
ID# 320202195902141517
Ø Qualification:
University
Ø Working experience
(s):
From 1993 to present, working in SC as legal
representative, chairman and general manager
Director
-----------
Mao Zhongjian ID# 320106196805312032
Gu Qingping ID# 320202194812100012
Zhou Junling ID# 321021197301085044
Li Guodong ID# 320211194810040032
Supervisor
--------------
Zhao Qing
Wang Yaqin
Han Jinping ID# 320202195406091522
BUSINESS
OPERATION
SC’s registered
business scope includes general business items: importing and exporting goods
and technology (excluding the items limited or prohibited by the state); trade
advisory services.
SC is mainly engaged
in selling textiles, clothing and pet supplies.
SC’s products
mainly include: fabric, garment, and pet products.
SC sources its products 100% from domestic
market, mainly Jiangsu. SC sells 100% of its products to overseas market,
mainly U.S.A., Europe and Southeast Asia.
The buying terms
of SC include 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. 123 staff at
present.
SC owns an area as
its operating office of approx. 1,000 sq. meters at the heading address.
RELATED
COMPANY
Wuxi Jinmao Pet Products Co., Ltd.
Date of Registration:
Registration No.: 320205000155801
Registered Capital: CNY 1,000,000
Legal Representative: Mao Zhongjian
Legal Form: One-person Limited Liabilities Company
Wuxi Jinmao Garment Co., Ltd.
Date of Registration:
Registration No.: 320200400018401
Registered Capital: USD 10,000,000
Legal Representative: Tan Dan
Legal Form: Wholly foreign-owned enterprise
Changzhou Jinmao Yarn Dyed Co., Ltd
Date of Registration:
Registration No.: 320483000111889
Registered Capital: CNY 5,000,000
Legal Representative: Zhou Liqun
Legal Form: Limited liabilities co.
Zhenjiang Jinmao Weiye Artware Co., Ltd.
Date of Registration:
Registration No.: 321100400006875
Registered Capital: USD 1,500,000
Legal Representative: Dong Juping
Legal Form: Chinese-foreign equity joint venture enterprise
Etc.
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
Basic Bank:
China
Construction Bank Wuxi Branch
AC#: N/a
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
|
19,310 |
|
|
Notes receivable |
0 |
|
Accounts receivable |
12,320 |
|
Advances to suppliers |
105,670 |
|
Other receivable |
3,110 |
|
Inventory |
37,420 |
|
Prepaid expense |
430 |
|
Non-current assets within one year |
0 |
|
Other current assets |
4,680 |
|
|
------------------ |
|
Current assets |
182,940 |
|
Fixed assets |
24,130 |
|
Construction in progress |
0 |
|
Intangible assets |
130 |
|
Long-term investment |
9,660 |
|
Deferred income tax assets |
0 |
|
Other non-current assets |
0 |
|
|
------------------ |
|
Total assets |
216,860 |
|
|
============= |
|
Short-term loans |
0 |
|
Notes payable |
0 |
|
Accounts payable |
50,090 |
|
Welfares payable |
0 |
|
Taxes payable |
-5,360 |
|
Advances from clients |
115,540 |
|
Other payable |
23,280 |
|
Other current liabilities |
140 |
|
|
------------------ |
|
Current liabilities |
183,690 |
|
Non-current liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
183,690 |
|
Equities |
33,170 |
|
|
------------------ |
|
Total liabilities & equities |
216,860 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
|
Revenue |
749,490 |
|
Cost of sales |
691,450 |
|
Sales expense |
38,680 |
|
Management expense |
15,750 |
|
Finance expense |
-4,070 |
|
Profit before tax |
8,090 |
|
Less: profit tax |
2,350 |
|
5,740 |
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Total assets |
272,249 |
|
|
------------- |
|
Total liabilities |
232,639 |
|
Equities |
39,610 |
|
|
------------- |
|
Revenue |
919,046 |
|
Profit before tax |
11,024 |
|
Less: profit tax |
3,333 |
|
Profits |
7,691 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
1.00 |
-- |
|
*Quick ratio |
0.79 |
-- |
|
*Liabilities to assets |
0.85 |
0.85 |
|
*Net profit margin (%) |
0.77 |
0.84 |
|
*Return on total assets (%) |
2.65 |
2.82 |
|
*Inventory / Revenue ×365 |
19 days |
-- |
|
*Accounts receivable/ Revenue ×365 |
6 days |
-- |
|
* Revenue/Total assets |
3.46 |
3.38 |
|
* Cost of sales / Revenue |
0.92 |
-- |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears
fairly good in its line, and it increased in 2014.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
l
SC’s cost of sales is fairly high, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans.
l
SC’s revenue is in an average 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: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.98.22 |
|
Euro |
1 |
Rs.69.93 |
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.