MIRA INFORM REPORT
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Report No. : |
324400 |
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Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
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Name : |
SUZHOU JUFENG PLASTICS CO., LTD. |
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Registered Office : |
No. 159 Zhujiang Middle Road, New High Tech District, Suzhou, Jiangsu Province, 215101 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
21.05.2003 |
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Com. Reg. No.: |
320500400016608 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing and selling engineering plastic, plastic alloy, plank
stuff and products. |
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No. of Employees : |
22 |
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 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name & address
SUZHOU JUFENG PLASTICS CO., LTD.
NO. 159 ZHUJIANG MIDDLE ROAD, NEW HIGH TECH DISTRICT, SUZHOU, JIANGSU
PROVINCE, 215101 PR CHINA
TEL: 86 (0) 512-66518668 FAX: 86
(0) 512-66365637
EXECUTIVE
SUMMARY
INCORPORATION DATE :
MAY 21, 2003
REGISTRATION NO. :
320500400016608
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
CHIEF EXECUTIVE :
MS. ZHU YONGMEI (CHAIRMAN)
STAFF STRENGTH :
22
REGISTERED CAPITAL :
CNY 1,500,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 74,686,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 53,512,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
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 Chinese-foreign
equity joint venture enterprise at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on May 21, 2003.
Company Status:
Chinese-foreign equity joint venture enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced technology
& advanced technology products that have good competition position in
international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing and selling engineering
plastic, plastic alloy, plank stuff and products.
SC is mainly engaged in manufacturing and selling plank stuff
extensively applied in the fields of refrigerator, advertisement, sanitary
ware, automobile, construction, decoration, and so on.
Ms. Zhu Yongmei has been legal the representative and chairman of SC
since 2003.
SC is known to have approx. 22 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the New High Tech District of
Suzhou. Our checks reveal that SC rents the total premise about 2,887 square
meters.
http://www.plasticsheet-china.com/ The design is professional
and the content is well organized. At present it is both in Chinese and English
versions.
E-Mail: export@plasticsheet-china.com, jfp@plasticsheet-china.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Unknown |
Registration no. |
013344 |
320500400016608 |
Organization code: 749408112
Honors
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
Suzhou Hesheng Trade Co., Ltd. (in Chinese Pinyin)
70
Tongsheng International Development Co., Ltd. (Hong Kong) (in Chinese
Pinyin) 30
Suzhou Hesheng Trade Co., Ltd. (in Chinese Pinyin)
………………………………………………………
Legal representative: Zhu Yongmei
Reg. No.: 320506000035549
Incorporation date:
Legal representative and chairman:
Ms. Zhu Yongmei, born in 1969, with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 1992 to 1999
Worked in Changzhou Chemical Co., Ltd.
From 1999 to 2003
Worked in Changzhou Beigang Packaging Co., Ltd.
From 2003 to present Working
in SC as chairman and legal representative
Also working in Suzhou Hesheng Trade Co., Ltd. (in Chinese Pinyin) as
legal representative
Directors:
========
Mr. Wang Jianzhong, ID# 32041119631013xxxx, born in 1963
Mr. Huang Weisheng, ID# 32010319690105xxxx, born in 1969
SC is mainly engaged in manufacturing and selling plank stuff
extensively applied in the fields of refrigerator, advertisement, sanitary ware,
automobile, construction, decoration, and so on.
SC’s products mainly include: ABS sheet, HIPS sheet, PMMA/ABS sheet,
ABS/ASA sheet, TPU/ ABS sheet.
SC sources its materials 70% from domestic market, and 30% from overseas
market. SC sells 60% of its products to overseas market and 40% 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 refused to release its suppliers and clients.
SC is not known to have any subsidiary at present.
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.
Bank of China Suzhou Mudu Sub-branch
AC#：N/A
Relationship: Normal.
Financial
Summary
Unit: CNY’000
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as
of Dec. 31, 2013 |
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Total assets |
59,739 |
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Total
liabilities |
6,227 |
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Equities |
53,512 |
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Turnover |
74,686 |
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Profits |
4,264 |
Note: SC refused to release its detailed financial statements.
Important
Ratios
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as of Dec. 31, 2013 |
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*Liabilities to assets |
0.10 |
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*Net profit margin (%) |
5.71 |
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*Return on total assets (%) |
7.14 |
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*Turnover/Total assets |
1.25 |
PROFITABILITY: FAIRLY
GOOD
The turnover of SC appears average in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is fairly low.
Overall financial
condition of the SC: Fairly good.
SC is considered small-sized in its line with fairly good financial
conditions. Taking into consideration of SC’s general performance and operation
size.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.95 |
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1 |
Rs.98.64 |
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Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
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Analysis Done by
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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.