MIRA INFORM REPORT
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Report No. : |
342148 |
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Report Date : |
23.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
JIANGSU YAWEI MACHINE TOOL CO., LTD. |
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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 (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 : AVERAGE
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.65.62 |
|
|
1 |
Rs.101.73 |
|
Euro |
1 |
Rs.73.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.