MIRA
INFORM REPORT
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Report Date : |
29.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
JIANGSU EASTHIGH GROUP
IMPORT & EXPORT CO., LTD. |
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Registered Office : |
3/F, Inl’s Business Mansion, No. 50, Zhonghua Road, Nanjing City Jiangsu Province 210001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
dec. 18, 1998 |
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Com. Reg. No.: |
3200001104300 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in
exporting textile,
garment, and furniture, and importing chemical and agricultural products. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To usd 150,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
jiangsu easthigh
group import & export co., ltd.
3/F, INL’S BUSINESS MANSION, NO. 50, ZHONGHUA ROAD, NANJING CITY
JIANGSU PROVINCE 210001 PR
CHINA
TEL :
86 (0) 25-52327299
FAX :
86 (0) 25-52305005
EXECUTIVE SUMMARY
INCORPORATION DATE : dec. 18, 1998
REGISTRATION NO. : 3200001104300
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
65
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
trading
TURNOVER :
cny 854,900,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 23,980,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 150,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.74 = US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
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 Dec. 18, 1998.
Company Status: Limited liabilities co. 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 & technologies; processing with imported
material; and operating compensation trade, barter trade, transiting trade, and domestic trade.
SC is
mainly engaged in exporting textile,
garment, and furniture, and importing chemical and agricultural products.
Mr. Yu Hai has
been chairman of SC since 1998.
SC owns about 65
staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Nanjing. Our checks reveal that SC
rents the total premise about 2,000 square meters.
http://www.jseasthigh.com The design is
professional and the content is well organized. At present, the web is both in
English and Chinese versions.
E-mail: easthigh@jseasthigh.com
SC is a subsidiary company of Jiangsu Easthigh International
group, and is one of the top 10 International Trade Groups in jiangsu province.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Jiangsu EastHigh International Group Co.,
Ltd. 30.0
Chen Shiqi 3.20
Dai Shuwen 5.90
Huang Wei 2.00
Jiang Bo 5.00
Jiang Gang 10.95
Li Linlin 8.95
Lin Jing 2.30
Lv Zhengguang 16.50
Wang Dengyuan 2.20
Zhang Yaliang 6.50
Zhong Yong 3.50
Zhu Jianming 3.00
Jiangsu EastHigh International Group Co.,
Ltd.
Address: 36/F, INL’S BUSINESS MANSION,
ZHONGHUA ROAD, NANJING
Tel: 025-52327636
Fax: 025-52327628
Website: http://www.east-high.com
E-mail: easthigh@east-high.com
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Chairman:
Mr. Yu Hai, ID#320103501022151, 57 years old
with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 1998 to present Working in SC as chairman;
At present Working in Jiangsu EastHigh International Group Co., Ltd. as legal
representative and chairman.
l
General
Manager:
Mr. Lv Zhengguang, ID# 320113196810024813, 39 years old with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 1998 to present Working in SC as general manager.
SC is mainly
engaged in exporting textile,
garment, and furniture, and importing chemical and agricultural products.
SC’s products
mainly include: textile,
garment, and furniture, chemical and agricultural products.
SC sources its
materials 30% from domestic market, mainly Jiangsu province, and 70% from
overseas market; SC sells its products 10% in domestic market, mainly Jiangsu
province and Shanghai, and 90% to overseas market.
The buying terms
of SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 15-30 days.
*Major Supplier:
==============
Nanjing Weite International Trade Co., Ltd.
Tel: 025-86083393
*Major Customer:
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Nanjing Rui’an Economic Trade & Industry Co., Ltd.
Address: 11/F, Deji Mansion, No. 188, Changjiang Road, Nanjing
Tel: 025-86816033
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.
Bank of China
Jiangsu Branch
AC#:
044138090019900028
Relation: Normal
Balance Sheet (as
of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
25,860 |
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Inventory |
9,830 |
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Accounts
receivable |
-9,600 |
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Other Accounts
receivable |
12,520 |
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Accounts payable
in advance |
11,780 |
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To be
apportioned expense |
0 |
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Other current
assets |
13,460 |
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Current assets |
63,850 |
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Fixed assets |
1,920 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
65,770 |
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Short loans |
0 |
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Bills payable |
0 |
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Accounts payable |
26,570 |
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Accounts
receivable in advance |
6,140 |
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Other Accounts
payable |
8,020 |
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Salaries payable |
550 |
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Welfares payable |
160 |
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Taxes payable |
250 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
100 |
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Current
liabilities |
41,790 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
41,790 |
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Equities |
23,980 |
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Total
liabilities & equities |
65,770 |
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Income Statement (as
of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
854,900 |
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Cost of goods
sold |
833,030 |
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Sales expense |
12,010 |
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Management expense |
7,500 |
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Finance expense |
-2,840 |
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Non-operating
expense |
390 |
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Profit before
tax |
4,810 |
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Less: profit tax |
1,340 |
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Profits |
3,470 |
Important Ratios (as of Dec. 31, 2005)
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*Current ratio 1.53
*Quick ratio 1.29
*Liabilities to
assets 0.64
*Net profit margin
(%) 0.41
*Return on total
assets (%) 5.28
*Inventory
/Turnover ×365 4 days
*Accounts
receivable/Turnover ×365 /
*Turnover/Total
assets 13.00
* Cost of goods
sold/Turnover 0.97
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is acceptable.
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SC’s return on total assets is acceptable.
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SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY:
FAIRLY GOOD
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The current ratio of SC is maintained in a fairly good
level.
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SC’s quick ratio is maintained in a fairly good level.
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The inventory of SC is maintained in an acceptable level.
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SC has no short-term loan in 2005.
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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 average.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Stable.
SC is considered small-sized in its line with stable financial conditions. A credit line up to USD 150,000 would appear to be
within SC’s capacities.
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%)