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MIRA
INFORM REPORT
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Report No. : |
499211 |
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Report Date : |
29.03.2018 |
IDENTIFICATION DETAILS
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Name : |
CHA TAIZHOU JINHU MECHANICAL&ELECTRICAL CO., LTD. |
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Registered Office : |
Tangshanchen Industrial Zone,
Shabu Town, Huangyan, Taizhou, Zhejiang Province, 318025 |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
13.01.2010 |
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Credibility
Code: |
91331003699538954W |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject registered business scope includes manufacturing
and selling motors, water pumps, aerators, agricultural machinery, air
compressors, power tools, plastic products, fan equipment, washers, welders,
food machinery equipment and accessories; selling hardware and building
materials; importing and exporting goods and technology. |
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No. of Employees : |
46 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 early 2015, 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
CHA TAIZHOU
JINHU MECHANICAL&ELECTRICAL CO., LTD.
TANGSHANCHEN INDUSTRIAL ZONE,
SHABU TOWN, HUANGYAN,
TAIZHOU, ZHEJIANG PROVINCE,
318025 PR CHINA
TEL: 86 (0)
576-84893666/15867676639 FAX: 86 (0)
576-84861180
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 13, 2010
CREDIBILITY CODE : 91331003699538954W
REGISTERED LEGAL FORM : Limited liabilities co.
CHIEF EXECUTIVE : PAN SHIFU (legal
representative)
STAFF STRENGTH : 46
REGISTERED CAPITAL : CNY 11,800,000
BUSINESS LINE : MANUFACTURING AND TRADING
TURNOVER : CNY 20,510,000 (AS OF DEC. 31, 2016)
EQUITIES : CNY 6,589,000 (AS OF DEC. 31, 2016)
PAYMENT : SLOW BUT CORRECT
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
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
(The official body of issuing and renewing business license) on Jan. 13, 2010.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes manufacturing and
selling motors, water pumps, aerators, agricultural machinery, air compressors,
power tools, plastic products, fan equipment, washers, welders, food machinery
equipment and accessories; selling hardware and building materials; importing
and exporting goods and technology.
SC is
mainly engaged in manufacturing and selling aquaculture machinery.
Pan Shifu has
been legal representative, executive director and general manager of SC since
Jan. of 2010.
SC is
known to have approx. 46 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Taizhou. The detailed information of the premise is unspecific.
http://www.jinhulong.com
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: sales@jinhulong.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2010-09-13 |
Registered capital |
CNY 2,180,000 |
CNY
5,000,000 |
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2016-01-13 |
Registration no./credibility
code |
331003000050141 |
91331003699538954W |
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2017-05-11 |
Registered capital |
CNY 5,000,000 |
Present
amount |
HS Code: 3323960567
Import/ Export License No:
3300699538954
Certificates:
Etc.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen
Chunhua 30
Pan
Shifu 70
l Legal
representative, executive director and general manager:
Pan Shifu is
currently responsible for the overall management of SC.
Working Experience(s):
From Jan. of
2010 to present Working in SC as legal
representative, executive director and general manager.
Also working in Zhejiang Sanmen Jubin Rubber Co., Ltd. (in Chinese
pinyin) as legal representative.
l
Supervisor:
Chen
Chunhua
SC is
mainly engaged in manufacturing and selling aquaculture machinery.
SC’s
products mainly include:
Paddle
wheel aerator
Paddle
wheel aerator accessories
Impeller
aerator
Super
impeller aerator
Impeller
aerator accessories
Surge
aerator
Surge
aerator
Deep-water
jet aerator
Water
plowing aerator
Etc.
According to SC’s staff, SC sells its products to overseas market and in domestic market.
The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
TRADEMARKS & PATENTS
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Registration No. |
20629470 |
18448432 |
18448283 |
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Registration Date |
2017-09-07 |
2017-01-07 |
2017-01-07 |
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Trademark Design |
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Note:
SC refused to release its major suppliers and clients.
Industry code: 3575
Industry name: Fishery machinery manufacturing
The gross domestic product of
China in 2016 which is 74412.72 billion that is increased 6.7% than previous
year.
In 2015, the main business
income of China's special equipment manufacturing industry is 3559.98 billion
yuan, increased by 2.9% year on year. From the above chart we can see from 2012
to 2015, the main business income of national special equipment manufacturing
industry has maintained a rising trend, but the main business revenue growth
rate of special equipment manufacturing industry has been in a turbulent
downturn, but still maintain positive growth.
In 2015, the total profit of
special equipment manufacturing industry was 209.69 billion yuan, down by 3.4% year
on year. From the above chart we can see from 2011 to 2013, the
total profit growth rate has maintained positive growth. From 2013 to 2015, the
profit growth rate has been declining, the profit growth into negative growth
in 2015.
Zhejiang Sanmen Jubin Rubber Co., Ltd. (in Chinese pinyin)
===================================
Credibility code: 91331022693618582H
Legal rep.: Pan Shifu
Incorporation date: 2009-08-18
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
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.
Zhejiang
Taizhou Huangyan Rural Cooperative Bank Shabu Sub-branch
AC#:
201000064858929
Relationship:
Normal.
Financial Summary
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Unit: CNY’000
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As of Dec. 31, 2016 |
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Total liabilities |
25,438 |
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Equities |
6,589 |
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Total liabilities &
equities |
32,027 |
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========= |
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Turnover |
20,510 |
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Profits |
476 |
Note: we did not find SC’s detailed financial reports for
Yr2016.
Important
Ratios
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as of Dec. 31, 2016 |
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*Liabilities to assets |
0.79 |
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*Net profit margin (%) |
2.32 |
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*Return on total assets (%) |
1.49 |
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*Turnover/Total assets |
0.64 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in
its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s turnover is in a fair level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is
average.
Overall
financial condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable
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 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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CNY |
1 |
INR 10.36 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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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 |
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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.