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MIRA
INFORM REPORT
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Report No. : |
506771 |
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Report Date : |
02.05.2018 |
IDENTIFICATION DETAILS
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Name : |
JIANGMEN FOREIGN TRADE GROUP CO., LTD |
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Registered Office : |
Foreign Trade Building, No. 82-1 Jianshe
Road, Jiangmen Guangdong Province |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
22.10.1997 |
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Com. Reg. No.: |
91440703707657727H |
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Legal Form : |
Limited liabilities co. |
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Line of Business : |
The subject’s registered business scope includes importing and
exporting commodities and technologies, excluding export commodities under
state-unified operation and import commodities operated by the state-designated
companies; processing with imported materials, processing with imported
samples, assembling with imported parts, and compensation trade in agreement;
counter trade & transit trade; steel import; waste paper import trade;
invest in industry; selling needles, textiles, general merchandise, daily
groceries, hardware, chemicals (excluding dangerous chemicals), electronic
computers and accessories, building materials; researching and developing
bathroom, kitchen, household appliances; property rental and management (with
permit if needed) |
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No. of Employees : |
65 |
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 : |
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
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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
Company Name : JIANGMEN FOREIGN TRADE GROUP CO., LTD
Address : FOREIGN TRADE
BUILDING, no. 82-1 JIANSHE ROAD,
JIANGMEN GUANGDONG PROVINCE, PR CHINA
Telephone : 0086-750-3288988
Facsimile : 0086-750-3288908
Website : http://www.gdjftg.com/
Email : jftg@gdjftg.com
REGISTRATION
INFORMATION
Established Date : 1997-10-22
Credibility Code : 91440703707657727H
Legal Form : Limited liabilities co.
Registration Authority : Market Supervision Bureau – Pengjiang Dist.
Jiangmen Guangdong
Status : Active
Registered Capital : RMB 4,281,250
Paid Up Capital : RMB
4,281,250
Turnover : RMB 729,746,000 (as of Dec. 31, 2016)
Equities : RMB
16,948,000 (as of Dec. 31, 2016)
Chief Executive : Xu
Xiyan
Business Line : Trade
Manpower : 65
Tax Registration
Certificate No. : 91440703707657727H
Organization Code : 70765772-7
HS code :
4407960617
Import & Export code : 4400707657727
Financial
Condition : Fairly
Stable
Business Size : Medium Enterprise
Payment : No complaints
Registered Address
FOREIGN TRADE BUILDING, no. 82-1 JIANSHE ROAD,
JIANGMEN GUANGDONG PROVINCE, PR CHINA
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 RMB 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.
Premise
The subject operates from premises located at
the heading address, and this address houses its operating office in Jiangmen.
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 |
Xu Xiyan |
Chinese |
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Directors |
Zhong Jingbo Shi Weiwen Li Donghui |
Chinese |
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Supervisors |
Ye Zhimin |
Chinese |
MAJOR
SHAREHOLDERS
Name % Shareholding
Liao Jianxin 14.85%
Xu Xiyan 14.85%
Jiangmen Foreign Trade Group
Co., Ltd
Labour Union 14.72%
Huang Jinxiong 12.25%
Li Donghui 10.55%
Zhong Jingbo 10.55%
Shi Weiwen 10.55%
Zheng Liping 2.92%
Su Huiying 2.92%
Ye Zhimin 2.92%
Wang Fenglian 2.92%
KEY EVENTS
No Significant Changes.
BUSINESS
OPERATIONS
The subject’s registered business scope includes importing and exporting
commodities and technologies, excluding export commodities under state-unified
operation and import commodities operated by the state-designated companies;
processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; counter
trade & transit trade; steel import; waste paper import trade; invest in
industry; selling needles, textiles, general merchandise, daily groceries,
hardware, chemicals (excluding dangerous chemicals), electronic computers and
accessories, building materials; researching and developing bathroom, kitchen,
household appliances; property rental and management (with permit if needed)
The subject is mainly engaged in
international trade.
Products:
Household products,
Bathroom ware
Kitchenware
Garden necessities
Other daily products
The
subject sources its materials 90% from domestic market, and 10% from overseas
market. the subject sells 10% of its products in domestic market, and 90% to
overseas market, mainly U.S.A. and Vietnam, Argentina, 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:
Ballington Corp
(United States)
RELATED COMPANIES
Subsidiaries
Jiangmen Jierong Industrial Investment Co.,
Ltd.
========================
Credibility Code: 91440703680634209X
Legal representative: Xu Xiyan
Registered Capital: RMB 1,200,000
Established Date: 2008-10-30
Guangdong Jiangmen Foodstuffs Imp.& Exp.
Corporation
========================
Credibility Code: 91440703190339821Y
Legal representative: Wu Binghong
Registered Capital: RMB 29,140,000
Established Date: 1984-10-22
NEGATIVE
INFORMATION
Lawsuit Record:
|
Date |
Case No. |
Petitioner |
Defendant |
Executive court |
Status |
|
2017-04-14 |
2017-0703 |
The subject
company. |
Guangdong Xin
Chen mechanical and Electrical Technology Co., Ltd. |
People's Court of
Pengjiang District, Jiangmen |
Concluded |
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 Date |
Trademark Design |
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6637037 |
2010-8-7 |
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6637034 |
2008-04-03 |
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PATENT
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Patent name |
Published Application Number |
Application number |
Date of publication |
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Trash |
CN304041873S |
CN201630363251.6 |
2017-02-15 |
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Pedestal shoe frame |
CN205072420U |
CN201520789309.3 |
2016-03-09 |
BANKING
Bank of China Jiangmen Branch
Account No.: 644457735886
ABBREVIATED
FINANCIAL STATEMENT
Financial Summary
===============
Unit: RMB’000
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As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
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Total assets |
141,065 |
150,605 |
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========= |
========= |
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Total liabilities |
126,727 |
133,657 |
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Equities |
14,338 |
16,948 |
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-------------- |
-------------- |
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Total liabilities & equities |
141,065 |
150,605 |
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========= |
========= |
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Turnover |
714,513 |
729,746 |
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Profits before tax |
3,273 |
3,379 |
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Less: tax |
742 |
743 |
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Profits |
2,531 |
2,636 |
Important Ratios
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As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
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*Liabilities to assets |
0.90 |
0.89 |
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*Net profit margin (%) |
0.35 |
0.36 |
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*Return on total assets (%) |
1.79 |
1.75 |
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*Turnover/Total assets |
5.07 |
4.85 |
PROFITABILITY:
AVERAGE
The turnover of the subject appears fairly good in its line.
the subject’s net profit margin is average.
the subject’s return on total assets is average.
the subject’s turnover is fairly good, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of the subject is high.
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 |
-- |
-- |
Ç |
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Profit margin |
-- |
-- |
Ç |
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Debt to assets ratio |
-- |
-- |
È |
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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 Limited liabilities 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.78 |
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|
1 |
INR 92.89 |
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Euro |
1 |
INR 80.74 |
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CNY |
1 |
INR 10.48 |
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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DIV |
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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.