MIRA INFORM REPORT
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Report No. : |
340818 |
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Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
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Name : |
JINGLASS TECHNOLOGY CO., LTD. |
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Registered Office : |
No.1 Fengyun Road, Renhe Street, Yuhang District, Hangzhou, Zhejiang Province, 311107 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
9.01.2003 |
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Com. Reg. No.: |
330184000005605 |
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Legal Form : |
Limited liabilities co. |
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Line of Business : |
Manufacturing of machinery equipment Main products: ·
Energy-efficient Forced Convection glass tempering furnace, ·
Horizontal glass tempering furnace ·
Double chamber convection furnace and Continuous flat glass
tempering furnace |
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No. of Employees : |
158 |
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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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
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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
name and address
JINGLASS TECHNOLOGY CO., LTD.
NO.
1 FENGYUN ROAD, RENHE STREET, YUHANG DISTRICT, HANGZHOU, ZHEJIANG PROVINCE,
311107 PR CHINA (REGISTERED ADDRESS)
TEL:
86 (0) 571-88777128/88777108 FAX:
N/A
EXECUTIVE
SUMMARY
INCORPORATION
DATE : JAN. 9, 2003
REGISTRATION NO. : 330184000005605
REGISTERED
LEGAL FORM : LIMITED
LIABILITIES CO.
CHIEF
EXECUTIVE :
YAO MIN (LEGAL REPRESENTATIVE)
STAFF
STRENGTH :
158
REGISTERED
CAPITAL : CNY 22,100,000
REGISTERED
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY
78,830,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 23,030,000 (AS OF DEC. 31, 2014)
PAYMENT
:
SLOW BUT CORRECT
MARKET
CONDITION :
AVERAGE (AS OF DEC. 31, 2014)
FINANCIAL
CONDITION : FAIRLY
STABLE (AS OF DEC. 31, 2014)
OPERATIONAL
TREND : FAIRLY STEADY (AS OF
DEC. 31, 2014)
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
6.3685
Adopted abbreviations:
ANS
- amount not stated
NS
- not stated
SC
- subject company (the company inquired by you)
NA
- not available
CNY
– China Yuan Ren Min Bi
Note:
According to SC’s website, SC is also known as Hangzhou Jinggong Machinery Co.,
Ltd.
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 Jan. 9, 2003.
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 manufacture of glass processing equipment.
Sales of heat treatment furnace, glass processing equipment, steel structure
frame, transmission box; import and export of goods (excluding those prohibited
by the law); if needed with permit.
Yao
Min is registered as legal representative, general manager and executive
director of SC at present.
We
could not contact SC. So the nature and extent of the company's operations
could not be determined and it could not be confirmed whether the company operates
from the Registered Office address or in another location.
We
contacted SC through the given telephone numbers 571-88777128/88777108, but no
one answered the phone. And through the telephone recording, we confirmed that
the given numbers 571-88777128/88777108 belong to SC. We dialed the numbers
(571-88777712/13957121558), but no one answered the phone.
Then
we sent an email to SC, but we did not receive any reply.
Exhausting
our efforts, we are unable to find SC’s telephone number in various information
sources, including the internet, yellow pages and telecom companies.
http://www.jinglass.com/
The design is professional and the content is well organized. At present it is
in English and Chinese versions.
Email:
info@jinglass.com
For
the past two years there is no record of litigation.
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2007-8-1 |
Registered capital |
CNY 500,000 |
CNY 1,600,000 |
|
Registration no. |
3301842008116 |
Present one |
|
|
Shareholders |
Zhang Yaqing张亚青20% Yao Min姚敏80% |
Zhang Yaqing张亚青10% Yao Min姚敏90% |
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|
2012-7-12 |
Registered capital |
CNY 1,600,000 |
Present one |
Organization
Code: 746329443
MAIN SHAREHOLDERS:
Name % of shareholdings
Zhang
Yaqing 10
Yao
Min 90
Legal Representative, General Manager and Executive Director:
Yao
Min
Supervisor:
Zhang
Yaqing
Exhausting
our efforts, we are unable to find SC’s telephone number in various information
sources, including the internet, yellow pages and telecom companies.
It
is not possible to contact the company directly to obtain further information.
The nature and extent of the company's operations could not be determined.
According
to the information on the internet, SC’s business is manufacturing of machinery
equipment.
Main
products: Energy-efficient Forced Convection glass tempering furnace,
Horizontal glass tempering furnace, Double chamber convection furnace and
Continuous flat glass tempering furnace.
Trademark & Patents
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Registration No. |
7145198 |
5331899 |
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Registration Date |
2010-07-21 |
2009-04-28 |
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Trademark Design |
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SC
is not known to have the subsidiary at present.
Overall payment appraisal:
( ) Excellent (
) Good ( ) Average
( ) Fair (
) Poor (X) 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: N/A
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
bank details are not available at present.
Financial Summary
Unit:
CNY’000
|
|
As of Dec. 31, 2014 |
|
Total assets |
82,830 |
|
Total liabilities |
59,800 |
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Equities |
23,030 |
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=========== |
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Turnover |
78,830 |
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Profit |
-2,840 |
Note: We did not find SC’s detailed financial statements.
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
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*Liabilities to assets |
0.72 |
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*Net profit margin (%) |
-3.60 |
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*Return on total assets (%) |
-3.43 |
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*Turnover/Total assets |
0.95 |
PROFITABILITY: FAIR
The turnover of SC appears average in its line.
SC’s
net profit margin is fair.
SC’s
return on total assets is fair.
SC’s
turnover is in an average 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: Fairly stable (As of Dec. 31, 2014).
Despite
having exhausted all our effort, we are unable to contact SC. If further
contact details of SC can be provided, we will definitely continue this
research.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.44 |
|
UK Pound |
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TRU |
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.