MIRA
INFORM REPORT
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Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
JIANGXI PROVINCIAL
investment import & export CO., lTD. |
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Registered Office : |
14F, Construction Building,
No. 121 North Road Of Shengfu Dayuan, Nanchang, Jiangxi Province 330006 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
JUL. 8, 1997 |
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Com. Reg. No.: |
3600001131069 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international trade. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Up To USD 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
JIANGXI PROVINCIAL
investment import & export CO., lTD.
14f, construction building, no. 121 north road
of shengfu dayuan,
nanchang, jiangxi province 330006 PR CHINA
TEL :
86 (0) 791-6289652
FAX : 86 (0) 791-6214491
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 8, 1997
REGISTRATION NO. : 3600001131069
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
35
REGISTERED CAPITAL : cny 10,000,000
BUSINESS LINE : INTERNATIONAL TRADING
TURNOVER :
CNY 283,386,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 13,591,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 50,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
7.73 =US1$ AS OF 2007-4-17
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 (AIC - The official body of issuing and renewing business license) on Jul. 8, 1997.
Company Status: Limited liabilities company This form of business in PR
China is defined as a legal person. 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 listed as follows: -manufacturing co. : CNY 500,000.00 -trading &wholesaling
co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy & service
co. : CNY 100,000.00 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 50% of the registered capital while
contribution by intangible assets must not exceed 20% 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 importing and exporting
commodities and technologies, excluding the 16 goods controlled to export by
the government and the 14 goods controlled to import by the companies with
authorization from the government; processing and compensation trades; management of
barter trade, carrying trade, consulting services, wholesaling and retailing of
electronic equipments, automobile spare parts, metal materials, mineral
products, hardware and chemical products, building materials, agricultural and
sideline products, commodities, textile products and its materials, groceries
and art & crafts; retailing of cereals and oils.(excluding the special
permit)
SC is mainly
engaged in international trade.
Ms. Xie Bing has been
chairman of SC since 2002.
SC owns
approximately 35 staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Nanchang. Our checks reveal that SC
rents the total premise about 600 square meters.
SC is not known to host website of its own at present.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2000-9-4 |
Registered capital |
CNY 5,000,000 |
CNY 10,000,000 |
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Legal representative |
Wang Ping |
Xie Bin |
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2002-10-31 |
Legal representative |
Xie Bin |
Xie Bing |
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2006-4-30 |
Shareholder and shareholding |
Jiangxi Provincial Investment Company84% Jiangxi Zhongyi Equipment Co., Ltd. 16% |
Jiangxi Provincial Investment Group 90% Jiangxi Provincial Investment Realty Development Co., Ltd. 10% |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiangxi Provincial Investment
Group Co., Ltd. 90
Jiangxi Provincial Investment Realty
Development Co., Ltd 10
l
Chairman:
Ms. Xie Bing, born in 1950, with university education.
She is currently responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working
in SC as chairman.
l
General manager:
Mr. Wang Jiuqing, born in 1945, with
university education. He is currently responsible for the daily management of
SC.
Working Experience(s):
From 2002 to present Working
in SC as general manager.
SC is mainly
engaged in international trade.
SC’s products mainly include: electronic products, textile and garments,
case, shoes and hats, papers, light industry crafts, bamboo and wood furniture.
SC sources its materials 100% from domestic
market. SC sells 100% of its products to overseas market, mainly Southeast
Asian market and Europe.
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, L/C, T/T, and Credit of
30-60 days.
SC is not
known to have any subsidiary at present.
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 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.
SC’s management
declined to release its bank details.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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Cash & bank |
20,716 |
19,469 |
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Accounts
receivable |
37,394 |
32,061 |
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Other
receivables |
169 |
263 |
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Accounts payable
advance |
579 |
1,469 |
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A receivable tax
rebate of export |
3,477 |
3,216 |
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Inventory |
19,808 |
51,930 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
82,143 |
108,408 |
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Fixed assets |
3,348 |
3,324 |
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Fixed assets net
value |
2,555 |
2,352 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
3,000 |
3,000 |
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Other assets |
1,108 |
1,045 |
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Total assets |
88,806 |
114,805 |
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============= |
============= |
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Short loans |
10,000 |
20,000 |
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Accounts payable |
2,820 |
6,157 |
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Accounts
receivable advance |
61,799 |
71,668 |
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Salaries payable |
32 |
0 |
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Welfare payable |
-423 |
-505 |
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Tax payable |
-2,386 |
-5,990 |
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Other payable |
3,738 |
9,850 |
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Other current
liabilities |
100 |
34 |
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Current
liabilities |
75,680 |
101,214 |
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Long term
liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
75,680 |
101,214 |
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Equities |
13,126 |
13,591 |
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Total
liabilities & equities |
88,806 |
114,805 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2004 |
as of Dec. 31, 2005 |
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Turnover |
251,130 |
283,386 |
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Cost of goods
sold |
246,556 |
277,498 |
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Sales expense |
2,988 |
4,121 |
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Management expense |
1,762 |
530 |
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Finance expense |
-361 |
799 |
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Profit before
tax |
-346 |
1,037 |
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Less: profit tax |
0 |
572 |
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Profits |
-346 |
467 |
Important Ratios
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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*Current ratio |
1.09 |
1.07 |
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*Quick ratio |
0.82 |
0.56 |
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*Liabilities
to assets |
0.85 |
0.88 |
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*Net profit
margin (%) |
-0.14 |
0.16 |
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*Return on
total assets (%) |
-0.39 |
0.41 |
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*Fixed
assets/Total assets |
0.04 |
0.03 |
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*Inventory
/Turnover ×365 |
29days |
67days |
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*Accounts
receivable/Turnover ×365 |
54days |
41days |
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*Turnover/Total
assets |
2.83 |
2.47 |
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* Cost of
goods sold/Turnover |
0.98 |
0.98 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
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SC’s net profit margin was increased and remains at an average level in
2005.
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SC’s return on total assets was increased and remains at an average
level in 2005.
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SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC appears fairly large.
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The accounts receivable of SC appears fairly large.
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SC’s short-term loan appears
LARGE.
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SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is maintained in an acceptable level.
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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. The large amount of account receivable could be a threat of SC’s financial
health. A credit line up to USD 50,000 would appear to be within SC’s
capacities upon a periodical review basis.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)