MIRA INFORM REPORT
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Report No. : |
345199 |
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Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU JINGWEI ELECTRONIC MECHANICAL MANUFACTURE CO., LTD. |
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Registered Office : |
Wulian Village, Xintang Street, Xiaoshan District, Hangzhou, Zhejiang Province, 311201 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.07.2001 |
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Com. Reg. No.: |
330100400009541 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in manufacturing and selling electronic machinery
equipment and hardware machinery equipment |
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No. of Employee : |
328 |
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.
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 for the
first time in modern history. Still, China's per capita income is below the
world average.
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
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 also 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
nmae and address
Hangzhou Jingwei Electronic Mechanical
Manufacture Co., Ltd.
wulian village, xintang street, xiaoshan
district, hangzhou,
zhejiang PROVINCE, 311201 PR CHINA
TEL: 86 (0)
571-82789551/82786616/82786188/82780956
FAX: 86 (0) 571-82789616/82788336
EXECUTIVE
SUMMARY
INCORPORATION DATE :
JULY 23, 2001
REGISTRATION NO. : 330100400009541
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE : MR. TANG
XIAOMING (CHAIRMAN)
STAFF STRENGTH : 328
REGISTERED CAPITAL :
CNY 30,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER : CNY 164,195,000
(AS OF DEC. 31, 2014)
EQUITIES : CNY 64,204,000
(AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.36 = USD 1
AS OF
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: SC’s correct address should be the heading one, and the was the
former one.
SC was registered as a Chinese-foreign equity joint venture enterprise
at Zhejiang Provincial Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on July 23, 2001, and
has been under present legal form since 2009.
Company Status: Shares
limited co. This
form of business in PR China is defined as a legal person. Its registered
capital is divided into shares of equal par value and the co. raises
capital by issuing share certificates by promotion or by public offer.
Shareholders bear limited liability to the extent of shareholding, and the
co. is liable for its debts only to the extent of its total assets. The co
has independent property of legal person and enjoys property rights of
legal person. The characteristics of the shares limited co. are as follows: The
establishment of the co. requires at least two promoters and no more than
200, half of whom shall be domiciled in The
minimum registered capital of a co. is CNY The
board of directors must consist of five to nineteen directors. If the co. raises capital by public offer, the promoters must not
subscribe less than 35% of the total shares. the promoters’ shares are
restricted to transfer- within one year of the offer. A
state-owned enterprise that is restructured into a shares limited co. must
comply with the conditions & requirements specified under the law &
administrative rule.
SC’s registered business scope includes manufacturing various electronic
machinery equipment and hardware machinery equipment, selling its products.
SC is mainly engaged in manufacturing and selling electronic machinery
equipment and hardware machinery equipment
Mr. Tang Xiaoming has been legal representative and chairman of SC since
2003.
SC is known to have approx. 328 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 Hangzhou. Our
checks reveal that SC owns the total premise about 50,000 square meters.
http://www.emb-machine.com/ The design is
professional and the content is well organized. At present the website is both
in Chinese and English versions.
E-mail: mark@emb-machine.com
sales@emb-machine.com
SC has got the certificate ISO9001.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
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Chairman |
Tang Xiufang |
Tang Xiaoming |
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Registered capital |
USD 250,000 |
USD 1,200,000 |
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Shareholders |
Xu Hui 40% Tang Xiaoming 60% |
Xu Hui 25% Tang Xiaoming 75% |
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Registered capital |
USD 1,200,000 |
USD 3,300,000 |
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Registration No. |
003842 |
330100400009541 |
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Shareholders |
Xu Hui 25% Tang Xiaoming 75% |
Hangzhou Yuanwang Investment Co., Ltd. 20% Hangzhou Jingheng Investment Co., Ltd. 55% Xu Hui 25% |
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Company’s name |
Hangzhou Jingwei Electronic Machinery Manufacturing
Co., Ltd. |
Present one |
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Legal form |
Chinese-foreign equity joint venture enterprise |
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Registered capital |
USD 3,300,000 |
Present amount |
Organization Code: 730304233
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hangzhou Yuanwang Investment Co., Ltd. 20
Hangzhou Jingheng Investment Co., Ltd. 55
Xu Hui (Taiwanese) 25
Hangzhou Yuanwang Investment Co., Ltd.
============================
Registration no.: 330181000022323
Registered capital: CNY 5,000,000
Legal representative: Tang Guoming
Hangzhou Jingheng Investment Co., Ltd.
=============================
Registration no.: 330181000022331
Registered capital: CNY 13,750,000
Legal representative: Tang Guoming
Legal
representative and Chairman:
Mr. Tang Xiaoming, born in 1967 with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 1998 to 2001 Worked
in Hangzhou Computer Embroidery Machine Factory;
From 2001 to 2003 Worked
in SC;
From 2003 to present Working
in SC as legal representative and chairman.
Directors:
Xu Hui
Zhu Zhiping
Xu Haiquan
Jin Haiyang
Supervisors:
Sun Dongliang
Yang Fan
Gao Ronghua
SC is mainly engaged in manufacturing and selling electronic machinery
equipment and hardware machinery equipment.
SC’s products mainly include:
GG Series High Efficiency Embroidery Machine
GGS Sewfine Series Embroidery Machine
Shuttle Hook Machine
RCM Series Lock Stitch Chenille Mixed Type Embroidery Machine
SC sources its materials 100% from domestic market, mainly Zhejiang. SC
sells 60% of its products in domestic market, and 40% to overseas market.
The buying terms of SC include Check, T/T 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’s management refused to release its main suppliers and clients.
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TRADEMARKS & PATENTS |
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Registration No. |
10807454 |
3466402 |
4888254 |
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Registration Date |
July 21, 2013 |
July 21, 2005 |
Sep. 7, 2008 |
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Trademark Design |
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Zhejiang Jingheng Intelligent
Network Co., Ltd. (in Chinese pinyin)
============================
Registration no.: 330181000226673
Legal representative: Tang Wei
Incorporation date:
Hangzhou Huixing Garments Co., Ltd.
========================
Registration no.: 330181000371938
Legal representative: Tang Guoming
Incorporation date:
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 declined to release its bank details.
Balance
Sheet
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Unit: CNY’000 |
as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
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Cash & bank |
13,010 |
/ |
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Inventory |
46,240 |
/ |
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Accounts receivable |
50,830 |
/ |
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Other Accounts receivable |
5,520 |
/ |
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Advances to suppliers |
1,130 |
/ |
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Other current assets |
20 |
/ |
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------------------ |
----------------- |
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Current assets |
116,750 |
/ |
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Fixed assets net value |
18,760 |
/ |
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Long-term deferred expense |
1,380 |
/ |
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Deferred tax assets |
800 |
/ |
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Intangible assets |
3,790 |
/ |
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Other assets |
10 |
/ |
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------------------ |
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Total assets |
141,490 |
153,362 |
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============= |
============= |
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Short loans |
11,170 |
/ |
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Accounts payable |
35,450 |
/ |
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Notes payable |
15,510 |
/ |
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Other Accounts payable |
11,140 |
/ |
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Advances from clients |
3,060 |
/ |
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Accrued payroll |
2,280 |
/ |
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Dividend payable |
2,820 |
/ |
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Interest payable |
20 |
/ |
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Taxed payable |
520 |
/ |
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Other current liabilities |
220 |
/ |
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------------------ |
------------------ |
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Current liabilities |
82,190 |
/ |
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Long term liabilities |
0 |
/ |
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Other liabilities |
0 |
/ |
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------------------ |
------------------ |
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Total liabilities |
82,190 |
89,158 |
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Equities |
59,300 |
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------------------ |
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Total liabilities & equities |
141,490 |
153,362 |
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Income
Statement
|
Unit: CNY’000 |
as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
|
Turnover |
146,010 |
164,195 |
|
Cost of goods sold |
116,690 |
/ |
|
Taxes and additional of
main operation |
810 |
/ |
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Sales expense |
7,650 |
/ |
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Management expense |
15,980 |
/ |
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Finance expense |
1,560 |
/ |
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Profit before tax |
4,600 |
|
|
Less: profit tax |
240 |
-756 |
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Profits |
4,360 |
4,916 |
Note: we did not find SC’s detailed financial
statements for Yr2014.
Important
Ratios
=============
|
|
as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
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*Current ratio |
1.42 |
/ |
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*Quick ratio |
0.86 |
/ |
|
*Liabilities to assets |
0.58 |
0.58 |
|
*Net profit margin (%) |
2.99 |
2.99 |
|
*Return on total assets (%) |
3.08 |
3.21 |
|
*Inventory /Turnover ×365 |
116 days |
/ |
|
*Accounts receivable/Turnover ×365 |
128 days |
/ |
|
*Turnover/Total assets |
1.03 |
1.07 |
|
* Cost of goods sold/Turnover |
0.80 |
/ |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in both years.
SC’s net profit margin is average in both years.
SC’s return on total assets is average in both years.
SC’s cost of goods sold is average in 2013, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level in 2013.
SC’s quick ratio is maintained in a normal level in 2013.
The inventory of SC is fairly large in 2013.
The accounts receivable of SC appears fairly large in 2013.
SC’s short-term loan is in an average level in 2013.
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 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.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
-- |
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.