MIRA
INFORM REPORT
|
Report No. : |
340944 |
|
Report Date : |
19.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
JINGJIN ENVIRONMENTAL PROTECTION INC. |
|
|
|
|
Registered Office : |
Jinghua Road, Dezhou Economic Development Zone, Dezhou, Shandong Province,
253034 Pr |
|
|
|
|
Country : |
China. |
|
|
|
|
Financials (as on) : |
31.12.2014 (Consolidated) |
|
|
|
|
Date of Incorporation : |
28.12.2010 |
|
|
|
|
Com. Reg. No.: |
371403200004058 |
|
|
|
|
Legal Form : |
Shares Limited Co. |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and selling all kinds of filter
press machine, related equipment and accessories. |
|
|
|
|
No. of Employee : |
3,300 |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 foreignTRADE 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 globalFINANCIAL crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the dailyTRADING 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 andOIL, 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
JINGJIN ENVIRONMENTAL PROTECTION INC.
JINGHUA ROAD, DEZHOU ECONomic DEVELOPment ZONE,
DEZHOU,
SHANDONG PROVINCE, 253034 PR CHINA
TEL: 86 (0) 534-2752711/ 2556198 FAX:
86 (0) 534-2752711/2759696
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 28, 2010
REGISTRATION NO. : 371403200004058
REGISTERED LEGAL FORM : SHARES LIMITED CO.
CHIEF EXECUTIVE : MR. JIANG
GUITING (CHAIRMAN)
STAFF STRENGTH : 3,300
REGISTERED CAPITAL : CNY 300,000,000
BUSINESS LINE :
MANUFACTURING
& TRADING
TURNOVER : CNY
2,034,565,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
EQUITIES : CNY 1,089,412,000
(CONSOLIDATED, AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 8,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.3679 = 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 limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing and
renewing business license) on Dec. 28, 2010 and has been under present legal
form since Dec. of 2013.
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 China.. Natural person are allowed to serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. 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, processing and
selling separation of mechanical equipment and accessories, technical advisory
services related separation machinery, the product after-sales service, goods
and technology import and export business, environmental protection engineering
contracting, electrical and mechanical equipment installation (with valid
Qualification Certificate, and excluding prohibited or limited by state). (With
permit if needed)
SC is mainly engaged in manufacturing and selling all kinds of filter
press machine, related equipment and accessories.
Mr. Jiang Guiting is legal representative, chairman and general manager
of SC at present.
SC is known to have approx. 3,300
employees, including 289 R&D staff, 124 operating staff, 169 business
staff, 2,482 production staff, 30 financial staff, 128 sales staff and 78
administration staff.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the economic development zone of
Dezhou. Detailed premise information is not available at present.
www.jingjin.org
The design is professional and the content is well organized. At present it is in
Chinese and English versions.
Email: dmxs-com@263.net
; jjylj010@163.com
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2013-8 -26 |
Registered capital |
CNY 200,000,000 |
|
|
2013-12-28 |
Registered capital |
CNY 212,765,957 |
Present amount |
|
Legal form |
Limited liabilities company |
Present one |
|
|
Company name |
Shandong Jingjin Environmental Protection
Equipment Co., Ltd. |
Present one |
Organization Code: 56770173X
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
Jingjin Filter Press Group Co., Ltd. 51.42
Jiang Guiting 9.50
Li Jiaquan 6.58
Lasa Dezheng Investment Co., Ltd. (Literal Translation) 6.58
Song Guihua 5.64
Sealand Innovation Capital Investment Management Co., Ltd. 5.00
Leading Royal King Investment Co., Ltd. 4.70
Shanghai Tongguying Investment Partnership Enterprise
(Limited Partnership) (Literal
Translation)） 3.76
Xiamen Guohai Nuts Venture Capital Partnership Enterprise
(Limited Partnership) (Literal Translation) 1.00
Sichuan Lomon Corporation 0.85
Others 4.97
Jingjin Filter Press Group Co., Ltd.
==========================
Reg. no.: 371403228004845
Legal representative: Jiang Guiting
Incorporation Date: 2004-10-14
Registered Capital: CNY 102,200,000
Lasa Dezheng Investment Co., Ltd. (Literal Translation)
==================================
Reg. no.: 540100200009559
Legal representative: Ma Lihui
Incorporation Date: 2000-12-21
Registered Capital: CNY 10,000,000
Sealand Innovation Capital Investment Management
Co., Ltd.
====================================
Incorporation Date: 2012-1-8
Registered No.: 450111000007007
Registered Capital: CNY 600,000,000
Legal Representative: Peng Siqi
Leading Royal King Investment Co., Ltd.
===================================
Incorporation Date: 2009-12-18
Registered No.: 120194000000287
Registered Capital: CNY 100,000,000
Legal Representative: Zhang Xiang
Shanghai Tongguying Investment Partnership Enterprise
(Limited Partnership) (Literal
Translation)
===================================
Incorporation Date: 2011-11-11
Registered No.: 310114002334565
Executive partner: Jiang Pingwu
Xiamen Guohai Nuts Venture Capital Partnership Enterprise
(Limited Partnership) (Literal Translation)
===================================
Incorporation Date: 2013-5-6
Registered No.: 350298320000518
Sichuan Lomon Corporation
======================
Incorporation Date: 1998-7-3
Registered No.: 510683000004622
Registered Capital: CNY 62,065,000
Legal Representative: Li Jiaquan
Legal representative, chairman and general manager:
Mr. Jiang Guiting, born in 1958, with college degree, senior engineer.
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 Jingjin Filter Press Group Co., Ltd., Dezhou Damei
Separation Machinery Co., Ltd., Dezhou Jingjin Properties Co., Ltd. (Literal
Translation) and Dezhou Jingjin Mechanism Installation Co., Ltd. as legal
representative and executive director; and in Dezhou Meining Commerce and Trade Co., Ltd. (Literal Translation) as legal
representative, executive director and general manager.
Vice-general
managers and directors:
Mr. Yang Mingjie, born in 1954, with college degree, senior engineer.
Mr. Sun Jinlai, born in 1969, with college degree, senior engineer.
Mr. Zhang Dawei, born in 1984, with master’s degree.
They are currently responsible for the daily management of SC.
Working
Experience(s):
At present Working
in SC as vice-general managers and directors.
Mr. Yang Mingjie also working in Dezhou Damei Separation Machinery Co.,
Ltd. as supervisor.
Directors:
Li Dongqiang
Zhang Xiang
Xu Shiming
Lian Xing
Lv Jueren
Yue Heng
Zhao Yang
Supervisors:
Gao Junrong
Li Ming
Duan Huiling
SC is mainly engaged in manufacturing and selling all kinds of filter
press machine, related equipment and accessories
SC’s products
mainly include:
Open filtration nozzles with different filtration processes
Titanium membrane
filter press
Type 2000 high
efficiency cloth washing plate
Tooth disc filter
cake crusher
SC sources its materials mainly from domestic market. SC sells 90% of
its products in domestic market, and 10% 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.
Major Customers
Wuhan Design & Research Institute Co., Ltd. of China Coal Technology
&. Engineering Group
Dezhou Deda Urban Construction Investment Operation Co., Ltd.
Xiajin County Bureau of Housing and Urban-Rural Development
Guizhou Huajin Aluminum Co., Ltd. (Literal Translation)
Taizhou City Qianjin Chemical Industry Co., Ltd.
Major suppliers
Sinopec Chemical Commercial Holding Co., Ltd. Tianjin Operation Office
PetroChina Company Limited North China Chemical
Industry Sales Branch
Ningbo Youneng Plastic Technology Co., Ltd.
Haiwei Petrochemical Co., Ltd.
Hebei Wenfeng Iron and Steel Co., Ltd.
Trademarks & Patents
Registration date: 2009-10-21
Trademark design: 
Registration no.: 5872485
Registration date: 2010-02-14
Trademark design: 
Registration no.: 5872480
Registration date: 2009-10-21
Trademark design: 
Registration no.: 6708022
Registration date: 2010-04-14
Trademark design: 
Dezhou Damei Separation Machinery Co., Ltd.
=============================
Incorporation Date: 2002-04-18
Registered No.: 371400018024430
Registered Capital: CNY 20,000,000
Legal Representative: Jiang Guiting
Dezhou Jingjin Properties Co., Ltd. (Literal Translation)
==============================
Incorporation Date: 2014-12-16
Registered No.: 371403200011705
Registered Capital: CNY 10,000,000
Legal Representative: Jiang Guiting
Dezhou Jingjin Mechanism Installation Co., Ltd.
===============================
Incorporation Date: 2004-10-21
Registered No.: 371403228004888
Registered Capital: CNY 500,000
Legal Representative: Jiang Guiting
Subsidiary:
Dezhou Meining Commerce and Trade Co., Ltd.
(Literal Translation)
========================================
Incorporation Date: 2013-06-26
Registered No.: 371422200008404
Registered Capital: CNY 3,000,000
Legal Representative: Jiang Guiting
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’s suppliers declined to make any
comments.
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 disclosed at present.
Consolidated Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2014 |
as of Dec. 31,
2013 |
|
Cash & bank |
187,638 |
152,504 |
|
Notes receivable |
94,285 |
60,387 |
|
Accounts receivable |
686,407 |
555,647 |
|
Advances to supplies |
26,366 |
22,736 |
|
Interest receivable |
0 |
0 |
|
Other receivables |
11,054 |
42,568 |
|
Inventory |
428,415 |
453,376 |
|
Other current assets |
44 |
1,056 |
|
|
------------------ |
------------------ |
|
Current assets |
1,434,209 |
1,288,274 |
|
Long-term investments |
0 |
0 |
|
Fixed assets |
656,196 |
619,428 |
|
Projects under construction |
11,064 |
26,723 |
|
Project materials |
0 |
29 |
|
Intangible assets |
197,961 |
203,209 |
|
Development expenditure |
3,192 |
568 |
|
Deferred tax assets |
23,478 |
15,480 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,326,100 |
2,153,711 |
|
|
============= |
============= |
|
345,000 |
||
|
Notes payable |
0 |
10,000 |
|
Accounts payable |
176,208 |
196,711 |
|
Advances from
customers |
268,437 |
339,142 |
|
Payroll payable |
100,381 |
62,113 |
|
Taxes payable |
43,920 |
39,078 |
|
Interest payable |
802 |
595 |
|
Other accounts
payable |
1,371 |
6,043 |
|
Non-current liabilities due within one year |
80,000 |
13,153 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
921,119 |
1,011,835 |
|
Non-current liabilities |
315,569 |
218,750 |
|
|
------------------ |
------------------ |
|
Total liabilities |
1,236,688 |
1,230,585 |
|
Shareholders equities |
1,089,412 |
923,126 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
2,326,100 |
2,153,711 |
|
|
============= |
============= |
Consolidated Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2014 |
as of Dec. 31,
2013 |
|
Turnover |
2,034,565 |
2,067,149 |
|
1,311,043 |
||
|
Taxes and additional of main operation |
19,975 |
17,598 |
|
Sales expense |
310,582 |
273,886 |
|
Management expense |
95,983 |
95,996 |
|
Finance expense |
43,245 |
45,393 |
|
Asset impairment losses |
31,286 |
18,122 |
|
Investment income |
0 |
0 |
|
Non-operating income |
3,287 |
1,808 |
|
Non-operating expense |
6,835 |
288 |
|
Profit before tax |
218,903 |
160,681 |
|
Less: profit tax |
56,540 |
47,433 |
|
Profits |
162,363 |
113,248 |
Important
Ratios
=============
|
|
as of Dec. 31,
2014 |
as of Dec. 31,
2013 |
|
*Current ratio |
1.56 |
1.27 |
|
*Quick ratio |
1.09 |
0.83 |
|
*Liabilities to assets |
0.53 |
0.57 |
|
*Net profit margin (%) |
7.98 |
5.48 |
|
*Return on total assets (%) |
6.98 |
5.26 |
|
*Inventory /Turnover ×365 |
77 days |
81 days |
|
*Accounts receivable/Turnover ×365 |
124 days |
99 days |
|
*Turnover/Total assets |
0.87 |
0.96 |
|
* Cost of goods sold/Turnover |
0.64 |
0.70 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears good in its line.
SC’s net profit margin is fairly good in both years.
SC’s return on total assets is fairly good in both years.
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 in both years.
SC’s quick ratio is maintained in a normal level in both years.
The inventory of SC is maintained in an average level in both years.
The accounts receivable of SC appears fairly large in both years.
SC’s short-term loan appears average in both years.
SC’s turnover is in a fair level, 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 large-sized in its line with fairly stable financial
conditions. The fairly large amount of accounts receivable could be a threat to
SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.92 |
|
|
1 |
Rs.102.75 |
|
Euro |
1 |
Rs.75.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.