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MIRA
INFORM REPORT
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Report No. : |
495000 |
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Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN YANJAN NEW
MATERIAL Co., Ltd. |
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Registered Office : |
No. 87-88, Huli Park, Tongan Industry Concentration Zone, Huli District, Xiamen City, Fujian
Province, 361100 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2017 |
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Date of Incorporation : |
03.04.2000 |
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Credibility Code : |
913502007054371227 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject registered business scope includes new materials technology
promotion services; manufacturing plastic film and non-woven fabric; exporting
its products; importing mechanical equipment, components and raw materials
(not attached to the import and export directory), but excluding the goods
forbidden by the government; other not specified professional and technical
services (with permit if needed); import and export of various goods and
technologies (not attached to the import and export directory), but excluding
the goods forbidden by the government; other unspecified machinery and
equipment rental (with permit if needed). |
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No. of Employees : |
855 (Including Subsidiaries) |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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.
|
Source
: CIA |
Company name & address
XIAMEN YANJAN NEW MATERIAL Co., Ltd.
NO. 87-88, HULI PARK, TONGAN INDUSTRY CONCENTRATION ZONE,
HULI DISTRICT, XIAMEN CITY, FUJIAN PROVINCE, 361100 PR CHINA
TEL: 86 (0) 592-5223286 FAX: 86 (0) 592-5229833
EXECUTIVE SUMMARY
INCORPORATION DATE :
APR. 3, 2000
CREDIBILITY CODE :
913502007054371227
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. XIE JIHUA (legal representative)
STAFF STRENGTH :
855
(INCLUDING SUBSIDIARIES)
REGISTERED CAPITAL : CNY 100,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 550,011,000 (CONSOLIDATED,
JAN. 1- SEP. 30, 2017)
EQUITIES :
CNY 724,058,000 (CONSOLIDATED, AS OF SEP. 30, 2017)
PAYMENT :
regular
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Yuan Renminbi
Note: SC’s complete address should be the heading one.
SC was registered as a limited liabilities co. at local Administration
for industry & commerce (AIC - the official body of issuing and renewing
business license) on Apr. 3, 2000 and has been under present ownership since
2015.
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 The minimum registered capital
of a co. is CNY 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 new materials technology promotion
services; manufacturing plastic film and non-woven fabric; exporting its
products; importing mechanical equipment, components and raw materials (not
attached to the import and export directory), but excluding the goods forbidden
by the government; other not specified professional and technical services
(with permit if needed); import and export of various goods and technologies
(not attached to the import and export directory), but excluding the goods
forbidden by the government; other unspecified machinery and equipment rental
(with permit if needed).
SC is mainly engaged in manufacturing and selling disposable hygiene
surface materials.
Mr. Xie Jihua is legal representative, chairman and general manager of
SC at present.
SC is known to have approx. 855 employees at present,
including the ones in its subsidiaries.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Xiamen. The
detailed information of the premise is unspecified.
http://www.yanjan.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: wyn@yanjan.com carrie@yanjan.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2015-07-17 |
Company name |
Xiamen Yanjiang Industry and Trade Co., Ltd. |
Present one |
|
Legal form |
Limited liabilities co. |
Present one |
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 300658.
Import/ Export License No: 3502705437122
HS Code: 350216099U, 3502968345, 35021690G8
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
(As of Sep. 30, 2017)
Name % of Shareholding
Xie Jihua 27.3
Xie Jiquan 13.65
Lin Binbin 6.83
Xie Daoping 6.83
Xie Shudong 6.83
Xie Yingqiu 6.83
Zhuhai Qianheng Investment Management Co., Ltd. 3
Xiamen Yanxing Investment Management Partnership (Limited Partnership)） 2.25
China Construction Bank Co., Ltd. – Huashang Shengshi Growth Mixed
Security Investment Fund 2.19
Xiamen Xingyan Investment Management Partnership (Limited Partnership) 1.5
Other shareholder 22.79
Legal
representative, Chairman and General manager:
Mr. Xie Jihua, ID# 35020319651217****, born in 1965 with Master’s
Degree. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
Also working in Nanjing Yanjan Nonwoven Products Co., Ltd. and Xiamen
Shengjie Nonwoven Products Co., Ltd. as legal representative
Vice
Chairman and Vice general manager:
Mr. Xie Jiquan, ID# 35210119680817****, born in 1968. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice chairman and vice general manager
Also working in Xiamen Hejie Nonwoven Products Co., Ltd. as legal
representative
Vice
general managers:
Tuo Denghuai
Yu Xin
Directors:
Fang Heping
Huang Teng
Xie Shudong ID#
35042019720125****
Supervisors:
Lin Xiangchun
Chen Yinghui
Lin Jianyue
SC is mainly engaged in manufacturing and selling disposable hygiene
surface materials.
SC’s products mainly include: perforated film and perforated non-woven,
etc.
Trademarks &
patents
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Registration No. |
5710426 |
5710425 |
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Registration Date |
2009-12-14 |
2010-06-28 |
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Trademark Design |
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SC sources its materials from both domestic
market and overseas market. SC sells its products in both domestic market and
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 Suppliers:
=============
ES FiberVisions Shanghai Co., Ltd.
Xiamen Sunfly Imp. & Exp. Co., Ltd.
*Major Customers:
==============
Kimberly-Clark Co., Ltd. (U.S.A.)
Procter & Gamble Co., Ltd. (U.S.A.)
Kimberly (Nanjing) Care Products Co., Ltd.
Industry code:
2920
Industry name:
Plastic products
The gross domestic product of China in 2016 which is 74412.72 billion
that is increased 6.7% than previous year.
According to the data from the National Statistics Bureau, the output of
China’s plastic products amounted to 75,608,200 tons in 2015, an increase of
2.30%; the cumulative main business income of plastic products production
enterprises was CNY 2,146.61 billion, an increase of 4.60%; the total profit
was CNY 130.25 billion, an increase of 8.80%. The scale of the plastic products
industry has been expanding and the output of products has increased year by
year. With the implementation of “the 13th Five-Year” Plan, it has expanded
more new areas for the development of plastic products industry. At present,
China has become one of the world's largest plastic products production and
consumption market.
SC is known to
have the following subsidiaries:
Nanjing Yanjan Nonwoven Products Co., Ltd.
----------------------------------------
Credibility Code: 913201153392890693
Legal representative: Mr. Xie Jihua
Date of incorporation: 2015-05-25
Xiamen Shengjie Nonwoven Products Co., Ltd.
---------------------------------------
Credibility Code: 91350200699936047Q
Legal representative: Mr. Xie Jihua
Date of incorporation: 2010-04-30
Xiamen Hejie Nonwoven Products Co., Ltd.
----------------------------------------
Credibility Code: 913502006999360201
Legal representative: Mr. Xie Jiquan
Date of incorporation: 2010-04-30
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 records and our debt collection record concerning SC.
Trade payment experience : SC’s supplier declined to make any
commends, so the trade reference is not available.
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.
China Construction Bank Xiamen Tongan Sub-branch
AC#: 35101540001052519296
Relationship: Normal
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2016 |
as of Sep. 30,
2017 |
|
Cash & bank |
101,681 |
153,786 |
|
Notes receivable |
1,073 |
948 |
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Inventory |
68,648 |
72,730 |
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Accounts receivable |
170,800 |
158,016 |
|
Advances to suppliers |
2,864 |
6,395 |
|
Other receivables |
4,211 |
5,571 |
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Other current assets |
9,090 |
357,367 |
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|
------------------ |
------------------ |
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Current assets |
358,367 |
754,813 |
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Fixed assets net value |
144,091 |
158,877 |
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Projects under construction |
4,787 |
12,924 |
|
Long term investment |
0 |
0 |
|
Intangible assets |
11,429 |
11,155 |
|
Long-term deferred expenses |
5,435 |
7,661 |
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Deferred tax asset |
653 |
564 |
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Other assets |
14,512 |
40,744 |
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------------------ |
------------------ |
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Total assets |
539,274 |
986,738 |
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============= |
============= |
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Short loans |
119,664 |
150,825 |
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Notes payable |
14,000 |
0 |
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Accounts payable |
41,671 |
52,090 |
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Other payable |
21,994 |
26,411 |
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Taxes payable |
15,650 |
7,265 |
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Accrued payroll |
13,521 |
6,131 |
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Advances from clients |
1,202 |
2,432 |
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Non-current liabilities due within one year |
24,721 |
8,749 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
252,423 |
253,903 |
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Long term liabilities |
36,241 |
8,777 |
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------------------ |
------------------ |
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Total liabilities |
288,664 |
262,680 |
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Equities |
250,610 |
724,058 |
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------------------ |
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Total liabilities & equities |
539,274 |
986,738 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2016 |
Jan. 1- Sep. 30,
2017 |
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Turnover |
599,260 |
550,011 |
|
Cost of goods sold |
381,208 |
366,640 |
|
Taxes and additional of main operation |
3,428 |
4,412 |
|
Sales expense |
51,359 |
54,022 |
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Management expense |
57,878 |
41,654 |
|
Finance expense |
4,221 |
14,473 |
|
Asset impairment loss |
492 |
-595 |
|
Investment income |
657 |
673 |
|
Non-operating income |
4,722 |
4,770 |
|
Non-operating expense |
189 |
574 |
|
Profit before tax |
105,864 |
74,274 |
|
Less: profit tax |
16,060 |
11,377 |
|
Profits |
89,804 |
62,897 |
Important
Ratios
=============
|
|
as of Dec. 31,
2016 |
as of Sep. 30,
2017 |
|
*Current ratio |
1.42 |
2.97 |
|
*Quick ratio |
1.15 |
2.69 |
|
*Liabilities to assets |
0.54 |
0.27 |
|
*Net profit margin (%) |
14.99 |
11.44 |
|
*Return on total assets (%) |
16.65 |
6.37 |
|
*Inventory /Turnover ×365 |
42 days |
/ |
|
*Accounts receivable/Turnover ×365 |
105 days |
/ |
|
*Turnover/Total assets |
1.11 |
0.56 |
|
* Cost of goods sold/Turnover |
0.64 |
0.67 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears fairly good in its line.
SC’s net profit margin is good.
SC’s return on total assets is good in 2016, but fairly good in the 1st
three quarters of 2017.
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 2016, and
fairly good in the 1st three quarters of 2017.
SC’s quick ratio is maintained in a normal level in 2016, and fairly
good in the 1st three quarters of 2017.
The inventory of SC is maintained in an average level.
The accounts receivable of SC appears fairly large in 2016, but average
in the 1st three quarters of 2017.
SC’s short-term loan appears large in 2016 and the 1st three
quarters of 2017.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average in 2016, and low in the 1st
three quarters of 2017.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.05 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 80.03 |
|
CNY |
1 |
INR 10.25 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
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.