MIRA INFORM REPORT
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Report No. : |
339451 |
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Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
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Name : |
Jinan Retek
Industries Inc. |
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Registered Office : |
1-648, Shengkai Fortune Plaza, No. 29 Luoyuan Street, Lixia District, Ji’nan, Shandong Province, 250014 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2015 |
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Date of Incorporation : |
06.08.2010 |
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Com. Reg. No.: |
370100200185843 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Wholesaling and retailing machinery equipment and accessories,
electronic products, hardware; import and export business. (with permit if needed) |
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No. of Employees : |
41 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
|
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
name & address
Jinan Retek Industries Inc.
1-648, shengkai fortune plaza, no. 29 luoyuan
street, lixia district, ji’nan, shandong province, 250014 PR CHINA
TEL: 86 (0) 531-58661435/58661433/58661430 FAX: 86 (0) 531-86964933
EXECUTIVE
SUMMARY
INCORPORATION DATE : aug. 6, 2010
REGISTRATION NO. :
370100200185843
REGISTERED LEGAL FORM :
LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. JI LIANTAO (CHAIRMAN)
STAFF STRENGTH :
41
REGISTERED CAPITAL : CNY 2,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 64,030,000 (JAN. 1 TO JUN. 30, 2015)
EQUITIES :
CNY 2,650,000 (AS OF JUN. 30, 2015)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3549 = 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
Note: SC’s complete address should be the heading one, and SC is also
known as Jinan Retekool Inc.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Aug. 6,
2010.
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 wholesaling and retailing
machinery equipment and accessories, electronic products, hardware; import and
export business. (with permit if needed)
SC is mainly engaged in trading of refrigeration equipment.
Mr. Ji Liantao is the legal representative, chairman and general manager
of SC at present.
SC is known to have approx. 41 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Ji’nan. Our checks reveal
that SC rents the total premise, but the gross area is unspecified.
http://www.retekool.com/
This website belongs to SC and its related company “Jinan Bestar Inc.”. The design is professional and the
content is well organized. At present it is in English and other versions.
Email: tommyji5918@163.com
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2015-2-9 |
Shareholdings & shareholders |
Ji Liantao 30% Wang Chunjuan 20% Gu Hongling 11% Other 27 individual shareholders 39% |
Ji Liantao31.9% Wang Chunjuan20% Gu Hongling 11% Xu Yunyun 4.35% Hao Li’na 4.35% Yue Guodong 3.15% Li Ying 2.6% Yuan Shouxiu 2.45% Zhang Lianxiang 2.2% Zou Zhaoyan 2.2% Other 18 individuals
15.8% |
|
2015-7-7 |
Shareholdings & shareholders |
Ji Liantao 31.9% Wang Chunjuan 20% Gu Hongling 11% Xu Yunyun 4.35% Hao Li’na 4.35% Yue Guodong 3.15% Li Ying 2.6% Yuan Shouxiu 2.45% Zhang Lianxiang 2.2% Zou Zhaoyan 2.2% Other 18 individuals 15.8% |
Present ones |
Subject passed the annual inspection of 2012 with Administration for
Industry & Commerce.
Organization Code: 560751240
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
Ji Liantao
33.05
Wang Chunjuan
20
Gu Hongling
11
Xu Yunyun
4.35
Hao Li’na
4.35
Yue Guodong 3.15
Li Ying
2.6
Other 20 individuals
21.5
Legal Representative, Chairman and General
Manager:
Mr. Ji Liantao, born in 1974, he is currently responsible for the
overall and daily management of SC.
Working Experience(s):
At present Working in SC as legal representative,
chairman and general manager.
Also working
in Jinan Bestar Inc. as supervisor.
*Officials:
=======
Name Title
Wang Chunjuan Director
Xu Yunyun Director
Hao Li’na 郝 Director
Gu Hongling Director
Yuan Wenzhong Supervisor
Fan Changhong Supervisor
Wang Aimei Supervisor
SC is mainly engaged in trading of refrigeration equipment.
SC’s products mainly include:
Wire Tube Condenser
Tube Plate Condenser:
Wire Tube Evaporator
Copper Air-Cooled Condenser:
Air Unit Cooler
Copper Heat Exchanger
Copper Evaporator
Roll Bond Evaporator
Condensing Unit
Drier& Accumulator & Check Valve
Insulation Materials
Refrigeration Holly Snow Compressor:
Auto AC Compressor
Auto AC Condenser
Auto AC Evaporator
Other Auto AC Parts
Car Refrigerator
Air Conditioner Parts
Refrigeration Tools:
Other Refrigeration Parts
Capacitor
Refrigeration Shelf:
Digital temperature controller
Fan Motor:
Refrigerant (Gas)
SC sources its materials and products 100% from domestic market. SC
sells 5% of its products in domestic market, 95% to overseas market, mainly to
Sri Lanka and Korea.
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 declined to release its major suppliers and
clients.
Jinan Bestar
Inc.
====================
Registration No.: 370100200003874
Incorporation Date:
Legal representative: Wang Chunjuan
Web: http://www.bestarinc.com/
Tel: 86-531-58661443/58661439/58661438
Fax: 86-531-86964933
It is jointly occupying the heading premise with SC.
According to http://www.retekool.com/,
SC has the following related companies and offices:
Carlo International Limited (Hong Kong)
======================
CR No.: 1277923
Date of Incorporation:
Active Status: Live
Add: Unit A&B 15/F, Niech Tower, 128 Gloucester Road, Wanchai, Hong
Kong
Suzhou Retek Industries Inc.
======================
It is also known as Suzhou Retek Mechanical-Electrical Co., Ltd.
Registration No.: 320507000029330
Incorporation Date:
Chairman: Yue Guodong
Add.: No. 368 Kangyang Road,
Xiangcheng District, Suzhou, China
Tel: 0086-512-65716583
Fax: 0086-512-65715583
Hangzhou Worth Refrigeration Inc.
==========================
Registration No.: 330108000074989
Legal representative: Wang Guopei
Incorporation Date: 2001-05-18
Tel: 0086-571-86606135
Fax: 0086-571-86606687
Branch Offices:
Ningbo Office: 0086-15968470495
Qingdao Office: 0086-18663952323
Linyi Office: 0086-13280128382
Yantai Office: 0086-13906387593
Zhaoyuan Office: 15106458319
Heze Office: 15253047809
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
Unit: CNY’000
|
|
as of Dec. 31, 2014 |
as of Jun. 30, 2015 |
|
Cash & bank |
4,810 |
4,330 |
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Inventory |
0 |
0 |
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Accounts receivable |
0 |
0 |
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Advances to suppliers |
-2,440 |
350 |
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Other receivables |
120 |
180 |
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Other current assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
2,490 |
4,860 |
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Fixed assets net value |
1,190 |
1,160 |
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Long term investment |
0 |
0 |
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Intangible and other assets |
0 |
0 |
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|
------------------ |
------------------ |
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Total assets |
3,680 |
6,020 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
730 |
860 |
|
Other accounts payable |
1,080 |
130 |
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Notes payable |
0 |
0 |
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Taxes payable |
-3,130 |
-4,790 |
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Advances from clients |
2,570 |
7,170 |
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Other current liabilities |
0 |
0 |
|
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------------------ |
------------------ |
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Current liabilities |
1,250 |
3,370 |
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Long term liabilities |
0 |
0 |
|
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------------------ |
------------------ |
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Total liabilities |
1,250 |
3,370 |
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Equities |
2,430 |
2,650 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
3,680 |
6,020 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2014 |
Jan. 1 to Jun. 30, 2015 |
|
Turnover |
117,740 |
64,030 |
|
Cost of goods sold |
101,370 |
54,950 |
|
Sales expense |
9,050 |
5,010 |
|
Management expense |
6,840 |
3,840 |
|
Finance expense |
370 |
-10 |
|
Investment income |
/ |
20 |
|
Non-operating income |
160 |
30 |
|
Non-operating expense |
0 |
0 |
|
Profit before tax |
280 |
290 |
|
Less: profit tax |
90 |
70 |
|
Profits |
190 |
220 |
Important Ratios
=============
|
|
as of Dec. 31, 2014 |
as of Jun. 30, 2015 |
|
*Current ratio |
1.99 |
1.44 |
|
*Quick ratio |
1.99 |
1.44 |
|
*Liabilities to assets |
0.34 |
0.56 |
|
*Net profit margin (%) |
0.16 |
0.34 |
|
*Return on total assets (%) |
5.16 |
3.65 |
|
*Inventory /Turnover ×365 |
/ |
/ |
|
*Accounts receivable/Turnover ×365 |
/ |
/ |
|
*Turnover/Total assets |
31.99 |
10.64 |
|
* Cost of goods sold/Turnover |
0.86 |
0.86 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is fairly good in 2014 but average in the
first half of 2015.
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.
SC has no inventory.
SC has no accounts receivable.
SC has no short-term loan.
SC’s turnover is in a good level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.74 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
-- |
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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.