MIRA INFORM REPORT
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Report No. : |
333059 |
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Report Date : |
23.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG JIAFU GLASS CO., LTD. |
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Registered Office : |
No. 999 Hongfu Road, Honghe Town, Xiuzhou District, Jiaxing City, Zhejiang Province, 314001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
15.08.2007 |
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Com. Reg. No.: |
330400000004559 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing, processing and selling of special glass. |
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No. of Employee : |
290 |
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 – 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.
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.
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Source
: CIA |
Company name and address
ZHEJIANG JIAFU GLASS CO., LTD.
No. 999 Hongfu Road, Honghe Town, XIUZHOU
DISTRICT,
Jiaxing CITY, Zhejiang PROVINCE, 314001PR CHINA
TEL: 86
(0) 573-83365111/83365666
FAX: 86 (0)
573-83365699
EXECUTIVE
SUMMARY
INCORPORATION DATE : AUG. 15, 2007
REGISTRATION NO. :
330400000004559
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. RUAN HONGLIANG (LEGAL
REPRESENTATIVE)
STAFF STRENGTH :
290
REGISTERED CAPITAL : CNY 150,000,000
BUSINESS LINE :
MANUFACTURING, PROCESSING AND TRADING
TURNOVER :
CNY 969,105,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 451,654,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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
SC was registered as a Limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Aug. 15, 2007 and has been under present legal form since
2014.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes manufacturing, processing and selling
of special glass; selling gold and silver products; port cargo handling
services; import and export of goods and
technology (excluding commodities and
technology restricted and prohibited by the state, excluding dangerous goods)
SC is mainly engaged in manufacturing, processing and selling of special
glass.
Mr. Ruan Hongliang is legal representative, executive director and
manager of SC at present.
SC is known to have approx. 290 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 Jiaxing.
Detailed premise information is not available at present.
http://www.flatgroup.com.cn/ (It belongs to Flat Group.) The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: zhaoping@flatgroup.com.cn
For the past two years there is no record of litigation.
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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2008-10-15 |
Registered capital |
CNY 100,000,000 |
CNY 123,714,977 |
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2009-9-9 |
Registered capital |
CNY 123,714,977 |
Present amount |
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2011-8-2 |
Shareholder’s name |
Zhejiang Flat Mirror Glass Co., Ltd. |
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2014-3-11 |
Legal form |
Limited liabilities co. |
Present one |
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Shareholders |
Shanghai Flat Glass Co., Ltd. 45% Flat Solar Glass Group Co., Ltd. 55% |
Flat Solar Glass Group Co., Ltd. 100% |
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2014-12-11 |
Shareholder’s name |
Flat Solar Glass Group Co., Ltd. |
Present one |
Organization Code: 666152705
MAIN SHAREHOLDERS:
Name % of
Shareholding
Flat Glass Group Co., Ltd. 100
Registration no.: 330000000030744
Incorporated date: 1998-6-24
Legal representative: Ruan Hongliang
Tel: 0573-82793999
Fax: 0573-82792312 / 82792266
E-mail: flat@flatgroup.com.cn
Legal
Representative, Executive Director and Manager :
Mr. Ruan Hongliang, ID#33040219611110xxxx, born in 1961, he is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, executive director and manager.
Also working in Shanghai Flat Glass Co., Ltd., Flat Glass Group Co.,
Ltd., Anhui Flat Solar Glass Co., Ltd. and Anhui Flat Solar Material Co., Ltd.
as legal representative.
Supervisor:
Wei Yezhong
SC is mainly engaged in manufacturing, processing and selling of special
glass.
SC’s products mainly include: Low-iron Patterned Glass, Low-iron Pattern
Glass with AR Coating, Low-E Glass, TCO Glass and Tempered Glass
SC sources its materials 90% from domestic market and 10% from overseas
market. SC sells 30% of its products to overseas market and 70% of its products
in domestic 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 declined to release its major suppliers and clients.
Trademark & Patents
N/A
Anhui Flat Solar Glass Co., Ltd.
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Registration no.: 341126000022102
Incorporated date: 2011-1-18
Legal representative: Ruan Hongliang
Anhui Flat Solar Material Co., Ltd.
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Registration no.: 341126000022127
Incorporated date: 2011-1-19
Legal representative: Ruan Hongliang
Shanghai Flat Glass Co., Ltd.
======================
Registration no.: 310114001749283
Incorporated date: 2006-6-6
Legal representative: Ruan Hongliang
Tel: +86-(0)21-69576756 / 69576625
Fax: +86-(0)21-69576623
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 accountant refused to release the bank details.
Financial
Summary
===============
Unit: CNY’000
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As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
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Total liabilities |
487,345 |
475,241 |
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Equities |
282,875 |
451,654 |
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Total assets |
770,220 |
926,895 |
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Turnover |
782,750 |
969,105 |
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Profit before tax |
53,574 |
196,671 |
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Profits |
46,054 |
168,779 |
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Note:
SC’s management refused to release its detailed financial reports.
Important
Ratios
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As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
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*Liabilities to assets |
0.63 |
0.51 |
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*Net profit margin (%) |
5.88 |
17.42 |
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*Return on total assets (%) |
5.98 |
18.21 |
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*Turnover/Total assets |
1.02 |
1.05 |
PROFITABILITY:
GOOD
The turnover of SC appears fairly good in its line in both years.
SC’s net profit margin is fairly
good in 2013 and good in 2014.
SC’s return on total assets is fairly
good in 2013 and good in 2014.
SC’s turnover is in an average level in both years, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average in both
years.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly good.
SC is considered medium-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.53 |
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1 |
Rs.99.19 |
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Euro |
1 |
Rs.69.60 |
INFORMATION DETAILS
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Analysis Done by
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KAS |
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Report Prepared
by : |
ANK |
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.