MIRA INFORM REPORT
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Report No. : |
326444 |
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Report Date : |
11.06.2015 |
IDENTIFICATION DETAILS
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Name : |
Suzhou Jwell
Machinery Co., LTD. |
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Registered Office : |
No. 18 Dong’an Road, Chengxiang Industrial Zone, Taicang, Suzhou, Jiangsu Province, 215400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
25.06.2008 |
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Com. Reg. No.: |
320585000095149 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Manufacturing, processing and selling plastic machinery, chemical
fiber machinery, electrical machinery, fitness and physical conditioning
equipment, packaging machinery, chemical processing equipment and large-scale
precision molds; selling instrument and components and import and export of
various goods and technologies. |
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No. of Employees : |
180 |
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
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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. 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.
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Source
: CIA |
Company
Name & address
Suzhou Jwell Machinery Co., LTD.
no. 18 dong’an road, chengxiang industrial
zone, taicang,
suzhou, jiangsu PROVINCE, 215400 PR CHINA
TEL: 86 (0) 512-53377177/53129009 FAX: 86 (0) 512-53730322
EXECUTIVE
SUMMARY
INCORPORATION DATE : june 25, 2008
REGISTRATION NO. : 320585000095149
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. HE HAICHAO (CHAIRMAN)
STAFF STRENGTH :
180
REGISTERED CAPITAL : CNY 11,900,000
BUSINESS LINE :
manufactuRING, PROCESSING AND TRADING
TURNOVER :
CNY 356,100,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 83,960,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.21= 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 June 25, 2008.
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 manufacturing, processing and
selling plastic machinery, chemical fiber machinery, electrical machinery, fitness
and physical conditioning equipment, packaging machinery, chemical processing
equipment and large-scale precision molds; selling instrument and components
and import and export of various goods and technologies.
SC is mainly engaged in manufacturing, processing and selling plastic
machinery.
Mr. He Haichao is legal representative, chairman and general manager of
SC at present.
SC is known to have approx. 180 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 Taicang. The
detailed information of the premise is unspecified.
Note: SC is jointly occupying the heading premise with Suzhou Jwell
Precision Machinery Co., Ltd.
http://www.szjwell.cn/
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: salbn@jwell.cn
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2014-7-19 |
Registered capital |
CNY 35,000,000 |
CNY 10,000,000 |
|
2014-9-9 |
Registered capital |
CNY 10,000,000 |
Present amount |
Organization Code: 677040514
See below for SC as executive party (defendant).
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Executed Party |
SC |
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Court |
Shanghai City Jiading District People's Court |
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Date of Case |
2013-7-1 |
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Case Number |
(2013) 03461 |
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Claim Amount |
RMB 90,014 |
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Case Status |
N/A |
Remark: Due to the lack of information, we are unable to provide the cause of action,
judgment or other information.
MAIN SHAREHOLDERS:
Name Investment
amount (CNY’0000) % of Shareholding
He Haichao ID# 33090119650508XXXX 370.370371 31.12
He Qiong ID# 33090219900101XXXX 370.37037 31.12
He Haibo ID# 44011219630219XXXX 259.259259 21.79
Zhang Bing 100 8.41
Zhou Bing 90 7.56
Legal
Representative, Chairman and General Manager:
Mr. He Haichao, ID# 33090119650508XXXX, born in 1965 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager
Also working in Shanghai Jwell Machinery Co., Ltd. and Suzhou Jwell
Precision Machinery Co., Ltd. as legal representative
Supervisor:
Liang Ruizhi (ID# 32030219650428XXXX)
SC is mainly engaged in manufacturing, processing and selling plastic
machinery.
Brand: JWELL, JINHAILUO 
.
Trademarks &
patents: N/A
SC’s products mainly include:
PVC window profile, ceiling, window sill, siding plate extrusion line.
PVC, PP, PE wood plastic door panel extrusion line.
UPVC, PPR small diameter pipe extrusion line.
Large diameter PE water pipe, MDPE gas pipe, UPVC pipe extrusion line.
PE-RT Non-coupling hot water pipe, PEX Coupling underground warm pipe,
PP-R, PP, PP-B new water pipe extrusion line.
PE Collective fiber glass pipe, PVC-C high voltage cable protective
pipe, PE/PVC cross-section communication cable pipe extrusion line.
PA11, PA12 nylon engineering pipe extrusion line.
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 70% of its products in domestic market, and 30% to overseas
market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its customer and supplier
details.
According to SC’s website, it is known to have the following related
companies:
Shanghai Jwell Machinery Co., Ltd.
--------------------------------------------
Registered no.: 310000400510544
Legal representative: He Haichao
Registered capital: USD 300,000
Date of incorporation:
Shanghai Jwell Chemical Fiber Machinery Co., Ltd.
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Registered no.: 310114000672413
Legal representative: Chen Jianlong
Date of incorporation:
Shanghai Jwell Extrusion Machinery Co., Ltd.
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Registered no.: 310114000673248
Legal representative: Xu Guofu
Registered capital: CNY 1,000,000
Suzhou Jwell Precision Machinery Co., Ltd.
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Incorporation Date: December 19, 2006
Registration No.: 320585400005381
Registered Legal Form: Wholly Foreign-Owned Enterprise
Chief Executive : Mr. He Haichao
(Chairman)
Registered Capital: USD 33,000,000
Shanghai Jwell Pipe Equipment Co., Ltd.
Shanghai Jwell Plate & Sheet Equipment Co., Ltd.
Zhoushan Jwell Screw & Barrel Co., Ltd.
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.
Balance
Sheet
Unit: CNY’000
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as of Dec. 31,
2014 |
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Cash & bank |
231,520 |
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Inventory |
101,640 |
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Accounts receivable |
35,190 |
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Advances to suppliers |
12,010 |
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Other receivables |
3,000 |
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Other current assets |
3,830 |
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------------------ |
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Current assets |
387,190 |
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Fixed assets net value |
410 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Other assets |
0 |
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------------------ |
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Total assets |
387,600 |
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============= |
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Short loans |
0 |
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Accounts payable |
118,190 |
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Other payable |
40,230 |
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Taxes payable |
240 |
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Accrued payroll |
1,500 |
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Advances from clients |
129,010 |
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Other current liabilities |
14,470 |
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Current liabilities |
303,640 |
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Long term liabilities |
0 |
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Total liabilities |
303,640 |
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Equities |
83,960 |
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------------------ |
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Total liabilities & equities |
387,600 |
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Income
Statement
Unit: CNY’000
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as of Dec. 31,
2014 |
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Turnover |
356,100 |
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Cost of goods sold |
281,570 |
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Sales expense |
22,160 |
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Management expense |
16,770 |
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Finance expense |
-3,740 |
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Profit before tax |
37,180 |
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Less: profit tax |
4,800 |
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Profits |
32,380 |
Important
Ratios
=============
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as of Dec. 31,
2014 |
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*Current ratio |
1.28 |
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*Quick ratio |
0.94 |
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*Liabilities to assets |
0.78 |
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*Net profit margin (%) |
9.09 |
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*Return on total assets (%) |
8.35 |
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*Inventory /Turnover ×365 |
105 days |
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*Accounts receivable/Turnover ×365 |
37 days |
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*Turnover/Total assets |
0.92 |
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* Cost of goods sold/Turnover |
0.79 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears fairly good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC appears average in 2014.
The accounts receivable of SC is maintained in an average level.
SC has no short-term loan in 2014.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is fairly high.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.88 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.72.14 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.