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MIRA
INFORM REPORT
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Report No. : |
491451 |
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Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG LAIWU JINLEI WIND-POWER TECHNOLOGY CO. LTD |
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Registered Office : |
Zhangjialing Village Lixin Town Gangcheng Dist. Laiwu Shandong Province, Pr China |
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Country : |
China |
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Financials (as on) : |
30.09.2017 (Consolidated) |
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Date of Incorporation : |
24.03.2006 |
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Credibility
Code.: |
91371200787153413N |
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Legal Form : |
Shares limited co |
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Line of Business : |
Subject is engaged in processing and selling metal forgings and mechanical parts; wholesaling and retailing steel, ingot, billet, castings, and metal materials; recycling of scrap metal products (with permit if needed) |
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No. of Employees : |
611 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
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Source
: CIA |
Company name and address
Company Name : SHANDONG LAIWU JINLEI WIND-POWER TECHNOLOGY CO. LTD.
Address : Shuangquan Road, lixin town Gangcheng District Laiwu shandong
PROVINCE, PR CHINA
Telephone : 0086-634-6872222
Facsimile : 0086-634-6492139
Website : http://www.jinleiwind.com/
Email : marketing@jinleiwind.com
REGISTRATION INFORMATION
Established Date : 2006-03-24
Credibility Code : 91371200787153413N
Legal Form : Shares limited co.
Issuing Authority : Administration for
Industry & Commerce (AIC) – Laiwu
Status : Active
Registered Capital : RMB
238,056,802
Paid Up Capital : RMB 238,056,802
Turnover : RMB 489,005,000 (Consolidated as of
Sep. 30, 2017)
Equities : RMB 1,597,777,000
(Consolidated as of Sep. 30, 2017)
Chief Executive : Yi Tinglei
Business Line : Manufacturer
Manpower : 611
Tax Registration
Certificate No. : 91371200787153413N
Organization Code : 78715341-3
HS code : 3720963134
Import &
Export code: 3700787153413
Financial Condition : Fairly good
Business Size : Medium Enterprise
Payment : REGULAR
Registered Address
zhangjialing village lixin town gangcheng dist. laiwu shandong PROVINCE, PR CHINA
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 RMB 5M. while that of the co.
with foreign investment is RMB 5M. The total capital of a co. which propose to
apply for publicly listed must be no less than RMB 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.
Premise
The subject operates from premises located at
the heading address, and this address houses its operating office and factory
in Laiwu. Our checks reveal that the subject owns the total premise, but the
square meters are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Legal representative, Chairman |
Yi Tinglei |
Chinese |
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General Manager |
Yi Tingxue |
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Vice General Manager |
Li Xinsheng Wang Ruiguang Zhang Zhen |
Chinese |
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Directors |
Yi Tingxue Li Xinsheng Xu Hui Yi Tingrui Zhou Li Yang Xiaosheng Zheng Yuanwu Guo Tingyou |
Chinese |
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Supervisors |
Lin Liyuan Zhang Shuya Yan Xiuling |
Chinese |
MAJOR SHAREHOLDERS
Name (As of 2017-09-30) % Shareholding
Yi Tinglei 43.13
Tianjin Da Chen Chuangshi Equity Investment Fund
Partnership (Limited Partnership) 4.69
Su Dongqiao 4.43
Tianjin Da Chen Shengshi Equity Investment Fund
Partnership (Limited
Partnership) 4.11
Liu Yinping 2.36
Central Huijin Asset Management Co., Ltd. 0.71
Yi Tingxue 0.63
The First Venture Securities, Guoxin Securities -Gongying
Dayan Quantitative Increase The Aggregate Asset
Management Plan 0.55
Caitong Fund - ICBC - Fuchun Dingzeng Baoli
Asset Management Plan
No. 15 0.39
Caitong Fund - ICBC - Fuchun Dingzeng Baoli
Asset Management Plan No. 5 0.39
Caitong Fund - ICBC - Fuchun Dingzeng Baoli
Asset Management Plan No. 1 0.39
Other Shareholders 38.22
KEY EVENTS
Changes of its registered information are as
follows:
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Date of change |
Item |
Before the change |
After the change |
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2017-05-11 |
Registered capital |
RMB 119,028,401 |
Present one |
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2016-09-07 |
Registered capital |
RMB 112,520,000 |
RMB 119,028,401 |
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2016-04-28 |
Registered capital |
RMB 56,260,000 |
RMB 112,520,000 |
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2015-07-13 |
Registered capital |
RMB 45,000,000 |
RMB 56,260,000 |
BUSINESS OPERATIONS
The subject’s registered business scope includes R & D, forging of
wind power spindle; processing and selling metal forgings and mechanical parts;
wholesaling and retailing steel, ingot, billet, castings, and metal materials;
recycling of scrap metal products (with permit if needed)
The subject is mainly engaged in
manufacturing and selling wind power spindle.
Products:
Wind power spindle
Cold roll
Hot rolling roll
Other forgings
The
subject sources its materials 70% from domestic market, and 30% from overseas
market. the subject sells 30% of its products in domestic market, and 70% to
overseas market, mainly U.S.A. and England, India, etc.
The
buying terms of the subject include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of the subject include Check, T/T, L/C and Credit of 30-60
days.
SUPPLIER & CUSTOMER
*Major customer:
Siemens Wind Power Ltd. (England)
Etc.
RELATED COMPANIES
Subsidiaries
Shandong Jinlei New Energy Co., Ltd.
========================
Credibility Code: 91371203MA3F9DYM7C
Legal representative: Li Xinsheng
Registered Capital: RMB 50,000,000
Established Date: 2017-07-21
Shenzhen Dachen Chuanglian Equity Investment
Fund Partnership (Limited Partnership)
========================
Credibility Code: 91440300MA5DP8YB2R
Registered Capital: RMB 3,000,000,000
Established Date: 2016-11-17
NEGATIVE
INFORMATION
Lawsuit Record:
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Date |
Case No. |
Petitioner |
Defendant |
Executive court |
Status |
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2016-05-03 |
2016-342 |
The subject company. |
Beizhong Anzhong Machinery Manufacturing Co. Ltd. |
Laiwu Gangcheng
District People's court |
Concluded |
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2016-04-13 |
2015-313 |
The subject company. |
Hangzhou Ouli Industrial Co., Ltd. |
Laiwu Gangcheng
District People's court |
Concluded |
Etc.
Trade payment experience: The subject 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 the subject was placed to us for collection
within the last 6 years.
Customs administrative penalty: No record.
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at
present.
TRADEMARK
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Registration No. |
Registration Date |
Trademark Design |
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9677654 |
2011-07-04 |
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6046612 |
2007-05-14 |
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PATENT
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Patent name |
Published Application Number |
Application number |
Date of publication |
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Moving worktable for forging hydraulic
press |
CN205967245U |
CN201620994364.0 |
2017-02-22 |
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High pressure non welding joint collection
pipe |
CN105402535A |
CN201510743616.2 |
2016-03-16 |
Etc.
BANKING
The subject declined to release its banking details.
ABBREVIATED FINANCIAL STATEMENT
Consolidated
Balance Sheet
Unit: RMB’000
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as of Dec. 31, 2016 |
as of Sep. 30, 2017 |
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Cash & bank |
342,672 |
274,006 |
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Notes receivable |
75,887 |
21,445 |
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Inventory |
152,346 |
182,402 |
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Accounts
receivable |
270,412 |
228,700 |
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Advances to suppliers |
4,404 |
3,113 |
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Other
receivables |
10,824 |
2,645 |
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Other current
assets |
321,326 |
430,616 |
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------------------ |
------------------ |
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Current assets |
1,177,871 |
1,142,927 |
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Available-for-sale
financial assets |
32,000 |
56,000 |
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Fixed assets net
value |
369,022 |
436,713 |
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Projects under construction |
88,774 |
25,935 |
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Project materials |
528 |
80 |
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Liquidation of fixed assets |
699 |
405 |
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Intangible
assets |
56,667 |
56,450 |
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Deferred tax assets |
4,414 |
4,328 |
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Other assets |
2 |
4 |
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------------------ |
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Total assets |
1,729,977 |
1,722,842 |
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Short loans |
16,024 |
12,590 |
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Notes payable |
92,321 |
50,838 |
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Accounts payable |
95,076 |
50,951 |
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Advances from
customers |
603 |
2,421 |
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Accrued
payroll |
3,705 |
803 |
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Taxes payable |
7,577 |
3,031 |
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Other accounts
payable |
0 |
21 |
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Other
current liabilities |
3 |
3 |
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----------------- |
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Current
liabilities |
215,309 |
120,658 |
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Non- current liabilities |
990 |
4,407 |
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------------------ |
------------------ |
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Total
liabilities |
216,299 |
125,065 |
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Shareholders
equities |
1,513,678 |
1,597,777 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
1,729,977 |
1,722,842 |
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Consolidated
Income Statement
Unit: RMB’000
|
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as of Dec. 31, 2016 |
as of Sep. 30, 2017 |
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Turnover |
636,297 |
489,005 |
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Cost of goods
sold |
354,119 |
286,803 |
|
Sales expense |
8,420 |
6,729 |
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Management expense |
37,708 |
28,168 |
|
Finance expense |
-10,949 |
19,152 |
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Profit before
tax |
224,044 |
149,505 |
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Less: profit tax |
14,160 |
22,557 |
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Net profit |
209,884 |
126,948 |
Important Ratios
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as of Dec. 31, 2016 |
as
of Sep. 30, 2017 |
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*Current ratio |
5.47 |
9.47 |
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*Quick ratio |
4.76 |
7.96 |
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*Liabilities to assets |
0.13 |
0.07 |
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*Net profit margin (%) |
32.99 |
25.96 |
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*Return on total assets (%) |
12.13 |
7.37 |
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*Inventory /Turnover ×365 |
88 days |
-- |
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*Accounts receivable/Turnover ×365 |
156 days |
-- |
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*Turnover/Total assets |
0.37 |
0.28 |
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* Cost of goods sold/Turnover |
0.56 |
0.59 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of
the subject is fairly good.
l The subject’s net
profit margin is good.
l The subject’s
return on total assets is fairly good.
l
The subject’s cost of goods sold is average,
comparing with its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of the subject is maintained in a
fairly good level.
l
The subject’s quick ratio is maintained in a fairly
good level.
l
The inventory of the subject is average.
l
The accounts receivable of the subject is fairly
large.
l
The short-term loan of the subject is average.
l
The subject’s turnover is in a fair level,
comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
l
The debt ratio of the subject is low.
l
The risk for the subject to go bankrupt is average.
TREND ANALYSIS
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2014 |
2015 |
2016 |
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Sales Trend |
-- |
-- |
-- |
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Profit margin |
-- |
-- |
-- |
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Debt to assets ratio |
-- |
-- |
-- |
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Overall Financial Condition |
□Good ■Fairly Good □Stable □Fairly Stable □Fair □Poor |
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COMMENT
The subject was registered as a Shares limited co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license).
The subject is considered
medium-sized in its line with fairly good financial conditions
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.28 |
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|
1 |
INR 89.02 |
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Euro |
1 |
INR 78.93 |
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CNY |
1 |
INR 10.16 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.