MIRA
INFORM REPORT
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Report Date : |
15.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
JIANGSU TEXTILE INDUSTRY (GROUP) IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
10-12th Textile Mansion, No. 482, Zhongshandong Road, Nanjing,
Jiangsu Province, 210002 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
Jun. 10, 1992 |
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Com. Reg. No.: |
3200001101761 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international trade, investing and managing the
subsidiaries. |
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 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
JIANGSU TEXTILE INDUSTRY (GROUP) IMPORT AND EXPORT CO., LTD.
10-12th textile mansion, no. 482,
zhongshandong road,
nanjing, jiangsu province, 210002 PR CHINA
TEL: 86 (0) 25-84400656/84409473
FAX: 86 (0) 25-84413215
EXECUTIVE SUMMARY
INCORPORATION DATE : Jun. 10, 1992
REGISTRATION NO. : 3200001101761
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
80
REGISTERED CAPITAL : cny 16,800,000
BUSINESS LINE : INTERNATIONAL
TRADE
TURNOVER :
CNY 671,535,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 591,430,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY
7.75 =US$1 AS OF 2007-3-15
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 Jun. 10, 1992.
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 with imported materials and
compensation trade; barter trade and
carrying trade. Domestic trade (with permit
if needed). Manufacturing cloth, garment, textile machinery and apparatus, arts
and crafts (excluding the gold and
silver products).
SC is mainly
engaged in international trade, investing and
managing the subsidiaries.
Mr. Qian Yiping
has been chairman of SC since 2005.
SC owns
approximately 80 staff members at present.
SC is
currently operating at the above stated address, and this address houses its operating
office in the commercial zone of Suzhou. Our checks reveal that SC rents the
total premise about 6,000 square meters.
http://www.sutex.net.cn The design is professional
and the content is well organized. At present it is in both Chinese and English
versions.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2001-2-29 |
Shareholders and shareholding |
Jiangsu Textile (Group) Co., Ltd. 57% Jiangsu Textile Industry (Group) Foreign Trade Company Labor Union 43% |
Jiangsu Textile (Group) Co., Ltd.
57% Jiangsu Textile Industry (Group) Imp. & Exp. Co., Ltd. Labor
Union 43% |
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2002-7-17 |
Registered Capital |
CNY 14,000,000 |
CNY 16,800,000 |
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Shareholders and shareholding |
Jiangsu Textile (Group) Co., Ltd.
57% Jiangsu Textile Industry (Group) Imp. & Exp. Co., Ltd. Labor
Union 43% |
Jiangsu Textile (Group) Co., Ltd.
48% Jiangsu Textile Industry (Group) Imp. & Exp. Co., Ltd. Labor Union
43% Jiangsu Hongtai Investment Co., Ltd. 9% |
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2005-4-14 |
Legal representative |
Mr. Han Ping韩平 |
Mr. Qian Yiping钱一平 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiangsu Textile (Group) General Corp.
48
Labor Union of Jiangsu Textile Industry (Group) Imp. & Exp. Co.,
Ltd. 43
Jiangsu Hongtai Investment Co., Ltd. 9
l
Chairman:
Mr. Qian Yiping, born in 1964, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman.
l
General Manager:
Mr. Zhou Xiaoyan, born in 1959, with
university education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2005 to present Working in SC as general manager.
SC is mainly
engaged in international trade, investing and
managing the subsidiaries.
SC’s products mainly include: garments, textile machinery, toys and
gifts, lining, beddings, and household textiles.
*Brand
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Sutex
SC sources its materials 100% from domestic
market. SC sells 50% of its products in domestic market and 50% in the overseas
market, mainly to Hong Kong, Canada and Pakistan.
The buying terms of SC include Check, T/T and Credit of
15-30 days. The payment terms of SC include Check, L/C, T/T, and Credit of
15-30 days.
*Major Customers:
==============
Auchan (Nanjing) Supermarket
Ourlotus (Nanjing) Supermarket
SC is known to have the following subsidiaries:
Nanjing Sakura Arts & Crafts Co., Ltd.
Nanjing Tongjin Garments Co., Ltd.
Nanjing Tongjia Apparel Co., Ltd.
Tongtex Apparel (Jiangsu) Co., Ltd.
Tanasia Industries (Nanjing) Co., Ltd.
Zhangjiagang Tochu Industry Co., Ltd.
Sutex Wuxi International Trading Co., Ltd.
Sutex Garments Imp. & Exp. Co., Ltd.
Sutxe Knitting Imp. & Exp. Co., Ltd.
Tanasia Industries Ltd.
Senasia Industries Ltd.
Orient Inter National Industries Nig Ltd.
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#：044138090010000350
Relationship:
Normal.
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 |
65,310 |
22,591 |
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Accounts payable
advance |
15,998 |
25,732 |
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Short-term
Investment |
5,138 |
5,138 |
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Accounts
receivable |
39,836 |
34,064 |
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Inventory |
14,677 |
24,502 |
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Other
receivables |
56,631 |
73,023 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
197,590 |
185,050 |
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Fixed assets |
12,247 |
13,589 |
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Fixed assets net
value |
7,213 |
7,597 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
10,831 |
20,491 |
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Other assets |
3,236 |
2,756 |
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------------------ |
------------------ |
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Total assets |
218,870 |
215,894 |
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============= |
============= |
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Short loans |
58,240 |
50,353 |
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Accounts payable |
51,969 |
53,294 |
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Accounts
receivable advance |
16,667 |
19,640 |
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Bills payable |
0 |
15,000 |
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Welfare payable |
3,556 |
4,608 |
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Tax payable |
-4,622 |
-7,537 |
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Dividends
payable |
33 |
71 |
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Other payable |
863 |
2 |
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Other current
liabilities |
49,027 |
34,434 |
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------------------ |
------------------ |
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Current
liabilities |
175,733 |
169,865 |
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Long term
liabilities |
3,629 |
3,297 |
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------------------ |
------------------ |
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Total
liabilities |
179,362 |
173,162 |
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Equities |
39,508 |
42,732 |
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------------------ |
------------------ |
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Total
liabilities & equities |
218,870 |
215,894 |
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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 |
671,535 |
591,430 |
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Cost of goods
sold |
609,326 |
546,066 |
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Sales expense |
22,399 |
13,091 |
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Management expense |
21,154 |
19,343 |
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Finance expense |
146 |
671 |
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Profit before tax |
21,546 |
19,510 |
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Less: profit tax |
6,025 |
4,401 |
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Profits |
15,521 |
15,109 |
Important Ratios
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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*Current ratio |
1.12 |
1.09 |
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*Quick ratio |
1.04 |
0.95 |
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*Liabilities to
assets |
0.82 |
0.80 |
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*Net profit
margin (%) |
2.31 |
2.55 |
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*Return on
total assets (%) |
7.09 |
7.00 |
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*Fixed
assets/Total assets |
0.06 |
0.06 |
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*Inventory
/Turnover ×365 |
8days |
15days |
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*Accounts
receivable/Turnover ×365 |
22days |
21days |
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*Turnover/Total
assets |
3.07 |
2.74 |
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* Cost of
goods sold/Turnover |
0.91 |
0.92 |
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 average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is HIGH, comparing with its turnover.
LIQUIDITY: AVERAGE
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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 normal level.
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The inventory of SC is maintained in an acceptable level.
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The accounts receivable of SC is maintained in an acceptable level.
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SC’s short-term loan appears fairly large.
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SC’s turnover is in an average 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 low.
Overall financial
condition of the SC: Stable.
Over the past 15 years, SC has made a stable growth with satisfactory profit.
It is considered a credit line up to USD 500,000 appears 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%)