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MIRA INFORM REPORT
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Report No. : |
484804 |
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Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
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Name : |
GENOX RECYCLING TECH (CHINA) CO., LTD |
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Registered Office : |
Workshop No. 2 No. 3-11 Guangzhu Road Dongchong Town Nansha Dist.
Guangzhou Guangdong Province, Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2017 [Consolidated] |
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Date of Incorporation : |
25.11.2010 |
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Credibility Code : |
91440115565954709E |
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Legal Form : |
Shares limited company |
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Line of Business : |
The subject’s
registered business scope includes manufacturing special equipment for environmental
protection; engineering and technical research and experimental development;
manufacturing special equipment for rubber processing and special equipment
for plastic processing; metal waste and detrital processing; nonmetallic
waste and detrital processing; mechanical technology extension service;
importing and exporting goods and technologies (with permit if needed) |
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No. of Employees : |
180 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
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 allowed resumption of a gradual liberalization. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi (RMB) after the currency was accepted as part of the IMF’s special drawing rights basket. After engaging in one-way, large-scale intervention to resist appreciation of the RMB for a decade, China’s 2016 intervention in foreign exchange markets has sought to prevent a rapid RMB depreciation that would have negative consequences for the United States, China, and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) servicing its high corporate debt burdens to maintain financial stability; (c) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (d) dampening speculative investment in the real estate sector; (e) reducing industrial overcapacity; and (f) raising productivity growth rates through the more efficient allocation of capital. 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 only marginal progress toward these rebalancing goals. Under President XI Jinping, Beijing has signaled its understanding that China's long-term economic health depends on giving the market a more decisive role in allocating resources, but has moved slowly on market-oriented reforms because of potential negative consequences for stability and short-term economic growth. He has also increased state-control over key sectors and Party control over state-owned enterprises. 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.
|
Source : CIA |
Company
name and address
Company Name : GENOX
RECYCLING TECH (CHINA) CO., LTD
Address : NO. 2 Xiqiao Dongchong
TOWN, NANSHA DIST.
Guangzhou GUANGDONG PROVINCE, PR CHINA
Telephone : 0086-20-66851345/18898468118
Facsimile : 0086-20-66851347
Website : http://www.genoxtech.com.cn
Email : info@genoxtech.com
Note: The complete name should be the heading one.
We dialed the contact number 0086-18898468118 and interviewed the sales
manager of the subject Mr. Jason Zhang on Jan. 9, 2018.
REGISTRATION INFORMATION
Established Date : 2010-11-25
Credibility Code : 91440115565954709E
Legal Form : Shares
limited co.
Issuing Authority : Administration for
Industry & Commerce (AIC) - Guangzhou
Status : Active
Registered Capital : RMB 51,611,111
Turnover : RMB 40,047,000 (Consolidated as of Jun. 30, 2017)
Equities : RMB 82,016,000 (Consolidated
as of Jun. 30, 2017)
Chief Executive : Jiang Jingfa
Business Line : Manufacturer
Manpower : 180
Tax Registration
Certificate No. : 91440115565954709E
Organization Code : 56595470-9
HS code :
44309650SE
Import &
Export code : 4401565954709
Financial Condition : Fairly Stable
Business Size : Medium Enterprise
Payment : No complaints
Registered
Address
Workshop No. 2 No. 3-11 Guangzhu Road Dongchong Town Nansha Dist.
Guangzhou Guangdong 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 Guangzhou. Our checks
reveal that the subject rents the total premise, but the square meters are
unknown.
MANAGEMENT
|
Position |
Name |
Nationality |
|
Legal representative, General Manager Chairman |
Jiang Jingfa |
Chinese |
|
Directors |
Wen Yongfu Jiang Wei Yao Qiong Cen Wangqing |
Chinese |
|
Supervisors |
Yang Chunxi Deng Weizhen Jiang Mingqi |
Chinese |
MAJOR SHAREHOLDERS
Name (As of
2017-08-17) % Shareholding
Guangzhou
Yifa Enterprise Management Partnership Enterprise (Limited Partnership) 50.38
Jiang
Jingfa 13.06
Guangzhou Junhehui
Investment Management Center (Limited Partnership) 10.25
Cen
Wangqing 10.13
Small And
Medium Enterprise Development Fund (Shenzhen Limited Partnership) 9.9
Yao Qiong 4.42
Cui Yi 0.89
Wen Liang 0.48
Wen Yongfu 0.48
Other
Shareholders 0.01
Guangzhou
Yifa Enterprise Management Partnership Enterprise (Limited Partnership)
========================
Credibility Code:
914401017910460987
Legal representative:
Jiang Jingfa
Established Date:
2006-08-18
KEY EVENTS
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2017-08-14 |
Registered capital |
RMB 46,000,000 |
Present one |
|
2016-07-01 |
Registered capital |
RMB 20,000,000 |
RMB 46,000,000 |
BUSINESS OPERATIONS
The subject’s
registered business scope includes manufacturing special equipment for
environmental protection; engineering and technical research and experimental development;
manufacturing special equipment for rubber processing and special equipment for
plastic processing; metal waste and detrital processing; nonmetallic waste and
detrital processing; mechanical technology extension service; importing and
exporting goods and technologies (with permit if needed)
The subject is mainly engaged in manufacturing and selling special equipment for environmental
protection.
Products:
Plastic crusher
Uniaxial tearing machine
Steel wire separator
Plastic dehydrator
Friction cleaning machine
The subject sources its
materials 70% from domestic market, and 30% from overseas market. the subject
sells 50% of its products in domestic market, and 50% to overseas market,
mainly U.S.A. and Colombia, Russia, Australia, 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 Supplier:
Zhejiang Tongli
Heavy Gear Co.,Ltd
Foshan Shunde Hongju Trade Co., Ltd.
Guangdong Dongguan Electric Motor Co.,Ltd
*Major customer:
Bancolombia S.A.
(Colombia)
AWC ENGINEERING LTD (UK)
APPLIED MACHINERY AUSTRALIA PTY LTD
RELATED COMPANIES
Subsidiaries
Genox Resource Engineering Tech Co., Ltd.
========================
Credibility Code: 91440101MA59LNA3XB
Legal representative: Jiang Jingfa
Registered Capital: RMB 10,000,000
Established Date: 2017-04-14
Zhongzai Interconnection (Tianjin) Supply
Chain Management Co., Ltd.
========================
Credibility Code: 91120223MA05LY8J5A
Legal representative: Jiang Jingfa
Registered Capital: RMB 10,000,000
Established Date: 2016-12-12
NEGATIVE INFORMATION
Lawsuit Record: No record.
Trade payment experience: None in our database.
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
No record.
PATENT
|
Patent name |
Published
Application Number |
Application
number |
Date of
publication |
|
A double bladed knife |
CN206778621U |
CN201720406062.1 |
2017-12-22 |
|
The structure of the cutter roller of the tearing machine |
CN206425055U |
CN201720010520.X |
2017-08-22 |
BANKING
Bank of China
Guangzhou Panyu Subbranch
Account No.: 709457745901
ABBREVIATED FINANCIAL STATEMENT
Consolidated Balance Sheet
Unit: RMB’000
|
|
as of Dec. 31, 2016 |
as of Jun. 30, 2017 |
|
Cash & bank |
2,844 |
26,206 |
|
Notes receivable |
0 |
600 |
|
Inventory |
28,803 |
28,006 |
|
Accounts
receivable |
22,148 |
28,569 |
|
Advances to
suppliers |
3,276 |
5,591 |
|
Other receivables |
231 |
116 |
|
Other current
assets |
498 |
470 |
|
|
------------------ |
------------------ |
|
Current assets |
57,800 |
89,558 |
|
Fixed assets net
value |
19,491 |
28,967 |
|
Projects under construction |
3,359 |
2,115 |
|
Intangible assets |
21,870 |
21,446 |
|
Deferred tax assets |
177 |
226 |
|
Other assets |
2,967 |
824 |
|
|
------------------ |
------------------ |
|
Total assets |
105,664 |
143,136 |
|
|
============= |
============= |
|
Short loans |
25,000 |
35,000 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
8,338 |
15,412 |
|
Advances from
customers |
6,255 |
8,707 |
|
Accrued payroll |
1,030 |
1,315 |
|
Taxes payable |
3,072 |
472 |
|
Other accounts
payable |
2,694 |
211 |
|
Other current
liabilities |
533 |
3 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
46,922 |
61,120 |
|
Non- current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
46,922 |
61,120 |
|
Shareholders
equities |
58,742 |
82,016 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
105,664 |
143,136 |
|
|
============= |
============= |
Consolidated Income Statement
Unit: RMB’000
|
|
as of Dec. 31, 2016 |
as of Jun. 30, 2017 |
|
Turnover |
68,621 |
40,047 |
|
Cost of goods
sold |
47,687 |
28,007 |
|
Sales expense |
3,812 |
3,866 |
|
Management expense |
12,439 |
6,794 |
|
Finance expense |
1,444 |
915 |
|
Profit before tax |
5,762 |
1,828 |
|
Less: profit tax |
596 |
310 |
|
Net profit |
5,166 |
1,518 |
Important Ratios
=============
|
|
as of Dec. 31, 2016 |
as of Jun. 30, 2017 |
|
*Current ratio |
1.23 |
1.47 |
|
*Quick ratio |
0.62 |
1.01 |
|
*Liabilities to
assets |
0.44 |
0.43 |
|
*Net profit
margin (%) |
7.53 |
3.79 |
|
*Return on total
assets (%) |
4.89 |
1.06 |
|
*Inventory
/Turnover ×365 |
154 days |
-- |
|
*Accounts
receivable/Turnover ×365 |
118 days |
-- |
|
*Turnover/Total
assets |
0.65 |
0.28 |
|
* Cost of goods sold/Turnover |
0.69 |
0.70 |
PROFITABILITY: AVERAGE
The turnover of the
subject is average.
The subject’s net
profit margin is average.
The subject’s
return on total assets is average.
The subject’s cost of
goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio
of the subject is maintained in a normal level.
The subject’s quick
ratio is maintained in a fair level in 2016 and normal in the first half of
Y2017.
The inventory of
the subject is fairly large.
The accounts
receivable of the subject is fairly large.
The short-term loan
of the subject is fairly large.
The subject’s
turnover is in a fair level, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
The debt ratio of
the subject is low.
The risk for the
subject to go bankrupt is average.
TREND ANALYSIS
===========
|
|
2014 |
2015 |
2016 |
|
Sales Trend |
-- |
-- |
-- |
|
Profit margin |
-- |
-- |
-- |
|
Debt to assets
ratio |
-- |
-- |
-- |
|
Overall Financial Condition |
□Good □Fairly
Good □Stable ■Fairly Stable □Fair □Poor |
||
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 stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.34 |
|
|
1 |
INR 85.89 |
|
Euro |
1 |
INR 76.15 |
|
CNY |
1 |
INR 9.76 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.