MIRA INFORM REPORT
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Report No. : |
341535 |
|
Report Date : |
19.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
JIANGSU YAWEI MACHINE TOOL CO.,
LTD. |
|
|
|
|
Registered Office : |
Xiancheng Industrial Park,
Huanghai South Road, Jiangdu District, Yangzhou, Jiangsu Province 225200 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
12.04.2000 |
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Com. Reg. No.: |
321088000037129 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in manufacturing
and selling machine tools and components. |
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No. of Employee : |
1,198 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
JIANGSU YAWEI MACHINE TOOL CO., LTD.
XIANCHENG INDUSTRIAL PARK,
HUANGHAI SOUTH ROAD, JIANGDU DISTRICT
YANGZHOU, JIANGSU PROVINCE 225200
PR CHINA
TEL: 86 (0) 514-86880517/86880508
FAX: 86 (0) 514-86880521
***Note:
The given address (Yawei Ind Zone Longchuan Rd , Jiangdu China) was the former
one.
EXECUTIVE
SUMMARY
Date of Registration : FEBRUARY 12, 2000
REGISTRATION NO. : 321088000037129
LEGAL FORM :
SHARES LIMITED COMPANY
REGISTERED CAPITAL :
CNY 176,000,000
staff : 1,198
BUSINESS CATEGORY :
manufacturing & trading
REVENUE :
CNY 893,567,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
EQUITIES :
CNY 1,303,362,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
WEBSITE : www.yawei.cc
E-MAIL : ir@yawei.cc
PAYMENT : REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.21 = USD 130
Adopted
abbreviations (as follows)
SC -
Subject Company (the company inquired by you)
N/A – Not
available
CNY –
China Yuan Ren Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC
in respect of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established as a limited liabilities company of PRC
on February 12, 2000. However, SC changed to present legal form, and was
registered as shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 321088000037129 on
February 22, 2008.
SC’s Organization Code Certificate
No.: 72419389-9
SC’s Tax No.: 321088724193899
SC’s registered capital: CNY
176,000,000
SC’s paid-in capital: CNY
176,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
-- |
Registration No. |
3210882301195 |
321088000037129 |
|
|
|
Registered Capital |
CNY 37,728,000 |
CNY 46,423,000 |
|
|
|
|
|||
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
||
|
Registered Capital |
CNY 46,423,000 |
CNY 66,000,000 |
||
|
2011-4 |
Registered Capital |
CNY 66,000,000 |
CNY 88,000,000 |
|
|
2012 |
Registered Capital |
CNY 88,000,000 |
CNY 176,000,000 |
|
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) (As of Dec. 31, 2014) |
% of Shareholding |
|
Jiangsu Yawei Technology Investment Co., Ltd. |
13.09 |
|
Jiangsu Gaoding Technology Venture Investment Co., Ltd. |
4.67 |
|
Ji Suqin |
4.62 |
|
Leng Zhibin |
3.67 |
|
Wen Qingyun |
3.18 |
|
Wang Hongxiang |
2.38 |
|
Zhou Jiazhi |
2.18 |
|
Shi Jinxia |
2.16 |
|
Haitong Securities Co., Ltd. |
1.7 |
|
Yang Lin |
1.45 |
|
Other Shareholders |
60.9 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Ji
Suqin |
|
General Manager |
Leng
Zhibin |
|
Deputy General Manager |
Wang Hongxiang |
|
Shi Jinxia |
|
|
Wang Jun |
|
|
Zhu Pengcheng |
|
|
Wang Yan |
RECENT
DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with
the code of 002559.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
(As of Dec. 31, 2014)
----------------------------------
Jiangsu Yawei Technology
Investment Co., Ltd. 13.09
Jiangsu Gaoding Technology
Venture Investment Co., Ltd. 4.67
Ji Suqin 4.62
Leng Zhibin 3.67
Wen Qingyun 3.18
Wang Hongxiang 2.38
Zhou Jiazhi 2.18
Shi Jinxia 2.16
Haitong Securities Co., Ltd. 1.7
Yang Lin 1.45
Other Shareholders 60.9
Jiangsu
Yawei Technology Investment Co., Ltd.
======================================
Date of Registration: November 30, 2007
Registration No.: 321088000051272
Registered Capital: CNY 13,180,000
Jiangsu
Gaoding Technology Venture Investment Co., Ltd.
==============================================
Date of Registration: August 31, 2007
Registration No.: 321091000002489
Registered Capital: CNY 80,000,000
MANAGEMENT
Ji
Suqin Legal Representative and Chairman
----------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 63
Ø Qualification:
University
Ø Working
experience (s):
At present, working in SC as
legal representative and chairman
Also working in Jiangsu Yawei-EPT Metal-Forming Machine Tool
Co., Ltd., Jiangsu Yawei Technology Investment Co., Ltd. as legal
representative; working in Jiangsu Yawei-Selema Coil Line Processing Co., Ltd.
as director; working in Nisshinbo-Yawei Precision Instruments & Machinery
(Jiangsu) Co., Ltd. as vice chairman; working in SMD Europe B.V as chairman
Leng
Zhibin General Manager
----------------------------------------------------
Ø
Gender: M
Ø
Age: 46
Ø Qualification:
Master Degree
Ø Working
experience (s):
Before, worked in SC as vice
chairman
At present, working in SC as
general manager
Deputy General Manager
---------------------------------
Wang Hongxiang
Shi Jinxia
Wang Jun
Zhu Pengcheng
Wang Yan
BUSINESS
OPERATION
SC’s
registered business scope includes general freight; manufacturing, processing, and selling machine tools, machinery, and
machine components; exporting its self-made products and technologies;
importing raw materials, accessories, instruments & apparatus, machinery,
components, and technologies needed by manufacture and scientific research; processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement.
SC is
mainly engaged in manufacturing and selling machine tools and components.
Brand:
YAWEI
SC’s
products mainly include: numeric control metal sheet processing machine tools,
including numeric control bending machines, numeric control rotary-turret
stamping machines, numeric control plate shears and numeric control laser
cutters.
SC sources its materials 80%
from domestic market and 20% from overseas market; SC sells its products 60% in
domestic market and 40% 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 Check, T/T, L/C and Credit of 30-60 days.
*Major Customers*
==============
Sharp
Industries Ltd.
Mashimport
LLC.
Tianjin
Xinbaolong Elevator Group Co., Ltd.
Xuzhou
Construction Machinery Group Imp. & Exp. Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 1,198 staff
at present.
SC
owns an area as its operating office & factory of approx. 200,000 sq.
meters at the heading address.
RELATED
COMPANY
SC is known to
have 4 subsidiaries at present,
n
Jiangsu Yawei-EPT Metal-Forming Machine
Tool Co., Ltd.
---------------------------------------------
Date of Registration: December 13, 2001
Registration No.: 321000400002982
Registered Capital: CNY 10,780,000
n
Jiangsu Yawei-Selema Coil Line
Processing Co., Ltd.
---------------------------------------------
Date of Registration: April 16, 2002
Registration No.: 321000400003428
Registered Capital: USD 1,470,500
n
SMD Europe B.V
----------------------------
Korenbree 30 01
Borculo, Gelderland, 7271 LH the
Netherlands
+31-545276611
n
Yawei Laisi Robot Manufacturing
(Jiangsu) Co., Ltd.
---------------------------------------------------
Date of Registration: September 22, 2014
Registration No.: 321000400025722
Registered Capital: EUR 5,000,000
PAYMENT
Overall payment appraisal:
( ) Excellent ( )
Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Industrial
and Commercial Bank of China
AC#: 1108810309300001863
FINANCIALS
Consolidated Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
671,896 |
627,846 |
|
|
Accounts
receivable |
94,217 |
117,255 |
|
Notes
receivable |
22,095 |
48,279 |
|
Advances
to suppliers |
16,446 |
12,894 |
|
Interest
receivable |
0 |
0 |
|
Other
receivable |
5,489 |
33,493 |
|
Inventory |
347,832 |
340,208 |
|
Non-current
assets within one year |
0 |
0 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
1,157,975 |
1,179,975 |
|
Long-term
investments |
0 |
0 |
|
Real
estate investment |
0 |
0 |
|
Fixed
assets |
377,235 |
360,534 |
|
Construction
in progress |
3,693 |
35,613 |
|
Project
materials |
0 |
0 |
|
Intangible
assets |
41,879 |
75,611 |
|
Goodwill |
267 |
0 |
|
Long-term
deferred expense |
0 |
0 |
|
Deferred
income tax assets |
3,069 |
4,967 |
|
Other
non-current assets |
44,116 |
99,570 |
|
|
------------------ |
------------------ |
|
Total
assets |
1,628,234 |
1,756,270 |
|
|
============= |
============= |
|
Short-term
loans |
4,900 |
26,849 |
|
Notes
payable |
24,381 |
46,705 |
|
Accounts
payable |
100,835 |
110,730 |
|
Payroll
payable |
16,768 |
20,239 |
|
Taxes
payable |
11,267 |
12,297 |
|
Advances
from clients |
113,136 |
133,465 |
|
Dividends
payable |
9,608 |
6,682 |
|
Other
payable |
1,597 |
5,904 |
|
Other
current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
282,492 |
362,871 |
|
Non-current
liabilities |
103,060 |
90,037 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
385,552 |
452,908 |
|
Equities |
1,242,682 |
1,303,362 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,628,234 |
1,756,270 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit:
CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Revenue |
851,303 |
893,567 |
|
Cost of sales |
638,941 |
646,462 |
|
Taxes and surcharges |
4,023 |
6,197 |
|
Sales expense |
49,489 |
57,412 |
|
Management expense |
77,296 |
90,886 |
|
Finance expense |
-7,673 |
-12,925 |
|
Asset impairment loss |
3,955 |
13,066 |
|
Investment
income |
1,874 |
0 |
|
Non-operating
income |
8,662 |
13,221 |
|
Non-operating expense |
1,324 |
7,745 |
|
Profit
before tax |
94,486 |
97,946 |
|
Less:
profit tax |
12,634 |
13,985 |
|
Profits |
81,852 |
83,961 |
Important
Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current
ratio |
4.10 |
3.25 |
|
*Quick
ratio |
2.87 |
2.31 |
|
*Liabilities
to assets |
0.24 |
0.26 |
|
*Net
profit margin (%) |
9.61 |
9.40 |
|
*Return
on total assets (%) |
5.03 |
4.78 |
|
*Inventory
/ Revenue ×365 |
150
days |
139
days |
|
*Accounts
receivable / Revenue ×365 |
41
days |
48
days |
|
*Revenue
/ Total assets |
0.52 |
0.51 |
|
*Cost
of sales / Revenue |
0.75 |
0.72 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue
of SC appears fairly good in its line.
l SC’s
net profit margin is fairly good.
l SC’s
return on total assets is average.
l
SC’s cost of goods sold is average,
comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in
a fairly good level.
l
SC’s quick ratio is maintained in a
fairly good level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears
average.
l
SC’s short-term loans are in an average
level
l
SC’s revenue is in a fair level,
comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.66.93 |
|
UK Pound |
1 |
Rs.102.75 |
|
Euro |
1 |
Rs.75.13 |
INFORMATION DETAILS
|
Analysis
Done by : |
KAR |
|
|
|
|
Report
Prepared by : |
TRU |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
-- |
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.