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MIRA INFORM REPORT
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Report No. : |
512363 |
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Report Date : |
30.05.2018 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU S&S INTELLIGENT SCIENCE AND TECHNOLOGY CO.,LTD |
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Registered Office : |
South Taoyuan Road East Taibei Road, Economic Development Zones, Shuyang
City, Jiangsu Province |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
15.11.2011 |
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Credibility Code: |
913213225855785284 |
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Legal Form : |
One-person Limited Liability Company |
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Line of Business : |
Subject’s registered business scope includes researching,
developing, manufacturing and selling automation equipment; designing, manufacturing
and selling textiles; software development, sales and maintenance; importing
and exporting goods and technologies (excluding goods and technologies
prohibited by the state). |
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No. of Employees : |
105 |
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% throgh 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: JIANGSU S&S INTELLIGENT SCIENCE AND TECHNOLOGY CO.,LTD.
Address : NO. 20 TAIBEI ROAD, ECONOMIC DEVELOPMENT ZONE,
SHUYANG CITY, JIANGSU PROVINCE, PR CHINA
Telephone : 0086-527-80818388
Facsimile : --
Website : http://www.songrs.com/
Email : jeff.yang318@gmail.com
REGISTRATION
INFORMATION
Established Date : 2011-11-15
Credibility
Code : 913213225855785284
Legal Form : One-person Limited Liability Company
Registration Authority:Market
Supervision Bureau – Shuyang County
Status : Active
Registered Capital : RMB 20,000,000
Paid Up Capital : RMB
20,000,000
Turnover : RMB 107,984,000 (as of Dec. 31, 2016)
Equities : RMB 16,343,000 (as of Dec. 31, 2016)
Chief Executive : Song Risheng
Business Line : Manufacturer
Manpower : 105
Tax Registration
Certificate No. : 913213225855785284
Organization Code : 58557852-8
HS
code : 3217961079
Import
& Export code: 3200585578528
Financial Condition : Fairly
Stable
Business Size : Medium
Enterprise
Payment : No Complaints
Registered Address
south
taoyuan road EAST TAIBEI ROAD, ECONOMIC
DEVELOPMENT ZONES, SHUYANG CITY, JIANGSU PROVINCE, PR CHINA
Company Status: One-person Limited Liability
Company
Single person LLC refers to a limited liability company set
up by only one natural person or legal person as the single shareholder of it.
The minimum registered capital of Single person LLC is
RMB100,000. The shareholder’s capital contributes, as set out by the articles
of associations should be a lump-sum payment in full.
One natural person can only invest in and set up one limited
liability company, which is not permitted to invest in and set up a new Single
person LLC.
As to any one-person limited liability company, the
sole-investor nature of the natural person or legal person shall be indicated
in the registration documents of the company and shall be indicated in the
business license thereof as well.
The regulation of Single person LLC should be set up by the
shareholder
The regulation of Single person LLC has no shareholder
meeting.
Premise
The subject operates from
premises located at the heading address, and this address houses its operating
office and factory in Shuyang. Our checks reveal that the subject rents the
total premise, but the square meters are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Legal representative, General
Manager Executive Director |
Song Risheng |
Chinese |
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Supervisors |
Qi
Dawen |
Chinese |
MAJOR SHAREHOLDERS
Name %
Shareholding
Yantai S&S
Science And Technology Co.,Ltd 100
------------------------------------------
Credibility Code: 91370600863131751E
Legal representative: Song Risheng
Registered Capital: RMB 37,500,000
Established Date: 1999-11-19
KEY EVENTS
Changes of its registered information
are as follows:
|
Date of
change |
Item |
Before the
change |
After the
change |
|
2017-09-01 |
Legal representative |
Zhao Yushui |
Present one |
BUSINESS
OPERATIONS
The subject’s registered business scope includes
researching, developing, manufacturing and selling automation equipment;
designing, manufacturing and selling textiles; software development, sales and
maintenance; importing and exporting goods and technologies (excluding goods
and technologies prohibited by the state) (with permit if needed)
The subject is mainly engaged in
manufacturing and selling textile equipment.
Products:
Electronic jacquard equipment
Accessories
Etc.
The subject sources its materials 80% from domestic market, and 20% from
overseas market. the subject sells 30% of its products in domestic market, and
70% to overseas market, mainly 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:
Lifebond Machines Pvt Ltd.
(India)
Sumangal
Silk Mills Pvt Ltd. (India)
Etc.
RELATED
COMPANIES
Branches
Jiangsu S&S Intelligent Science
And Technology Co.,Ltd. Yantai Branch
========================
Credibility Code:
91370600MA3MHJFG34
Principal: Song Risheng
Established Date: 2017-12-22
Telephone No.: 86-535-2165968
Fax No.: 86-535-2165955
NEGATIVE INFORMATION
Lawsuit
Record: No
record.
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:
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Case No. |
Penalty date |
Nature of the case |
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42310322014000250 |
2014-10-28 |
Illegal |
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage
information at present.
TRADEMARK
No record.
PATENT
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Patent name |
Published Application Number |
Application number |
Date of publication |
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An independent servo heald
frame |
CN206376050U |
CN201621474224.7 |
2017-08-04 |
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A kind of electronic fully
mechanized jacquard device for spinning machine |
CN206359701U |
CN201621348260.9 |
2017-07-28 |
Etc.
BANKING
The subject declined to release its banking details.
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 |
172,862 |
149,077 |
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========= |
========= |
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Total liabilities |
158,689 |
132,734 |
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Equities |
14,173 |
16,343 |
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-------------- |
-------------- |
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Total liabilities & equities |
172,862 |
149,077 |
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========= |
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Turnover |
93,364 |
107,984 |
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Profits before
tax |
-7,043 |
2,118 |
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Less: tax |
52 |
0 |
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Profits |
-7,095 |
2,118 |
Important
Ratios
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As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
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*Liabilities to assets |
0.92
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0.89
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*Net profit margin (%) |
-7.60
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1.96
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*Return on total assets (%) |
-4.10
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1.42
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*Turnover/Total assets |
0.54
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0.72
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PROFITABILITY:
AVERAGE
l The
turnover of the subject appears fairly good in its line.
l the
subject’s net profit margin is fair in 2015
and average in 2016.
l the
subject’s return on total assets is fair
in 2015 and average in 2016.
l the
subject’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE:
FAIR
l The
debt ratio of the subject is high.
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 |
-- |
-- |
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 One-person Limited Liability
Company 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 67.82 |
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|
1 |
INR 90.17 |
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Euro |
1 |
INR 78.70 |
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CNY |
1 |
INR 10.55 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.