MIRA
INFORM REPORT
|
Report Date : |
02.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHINA JIANGSU INTERNATIONAL ECONOMIC TECHNICAL CORPORATION CORP |
|
|
|
|
Registered Office : |
11/F, Chunfeng Bldg., No. 37, Huaqiao Road, Nanjing City, Jiangsu Province 210029 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
07.11.1981 |
|
|
|
|
Com. Reg. No.: |
3200001104501 |
|
|
|
|
Legal Form : |
State-Owned Enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in contracting international and domestic projects,
labor cooperation, import and export trade, and development of real estate. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 3,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Name & address
CHINA JIANGSU international ECONOMIC
TECHNICAL COOPERATION corp.
11/f, chunfeng bldg., no. 37, huaqiao road,
nanjing city
jiangsu province 210029 PR CHINA
37 11
TEL: 86 (0) 25-83310555
FAX: 86 (0) 25-83304526
EXECUTIVE SUMMARY
INCORPORATION DATE : nov. 7, 1981
REGISTRATION NO. : 3200001104501
REGISTERED LEGAL FORM : state-owned enterprise
STAFF STRENGTH : 500
REGISTERED CAPITAL : cny 300,000,000
BUSINESS LINE :
constructing
TURNOVER : CNY 3,661,449,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 409,120,000 (AS OF DEC. 31, 2006)
PAYMENT : average
RECOMM. CREDIT RANGE : UP TO USD 3,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY 7.01= 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 RenMinBi
SC was registered as a state-owned
enterprise at local Administration for Industry & Commerce (AIC-The
official body of issuing and renewing business license) on Nov. 7, 1981.
Company Status: State-owned enterprise This form of business in PR
China is defined as a commodity production or operational units of a
socialist character which in accordance with the law, has autonomy in
management, takes full responsibility for its profits and losses and
practices independent business accounting. It is a legal person established
directly by central / local government or enterprise owned by central or
local government. In theory, the liabilities of this form of enterprise are
ultimately borne by the government, since the adoption of company law in mid-1994,
the Chinese government has planned to separate the ownership from
management and liabilities bearing.
SC’s registered
business scope includes contracting various internal and overseas projects; undertaking
external economic assistance projects; consultation, exploration, design and
supervision of various industrial and civilian projects; development and
management of real estate; exporting equipment and materials need by contracted
projects; dispatching labor of engineering, manufacturing and service business;
incorporating non-trading enterprises abroad; domestic trade; restaurant
services; import and export trade; designing, constructing and consulting
services of environmental engineering; designing, manufacturing, and installing
steel structure and wire table projects, and supplying relative technical
services; manufacturing and selling electronic products and telecommunication
equipment, and supplying relative services of technology and consultation;
designing and installing computer network engineering; selling and providing
technological services of computer and peripheral equipment; and selling
automobiles (including cars); designing, installing and repairing
air-conditioning and refrigerating equipment.
SC is mainly engaged in contracting international and domestic projects,
labor cooperation, import and export trade, and development of real estate.
Mr. Kong Xinning
has been general manager of SC since 1981.
SC is known to
have approx. 500 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 Nanjing. Our checks reveal that SC
owns the total premise about 8,000 square
meters.
http://www.zjgj.com The design is
professional and the content is well organized. At present, the web is only in
Chinese version.
E-mail: cjietcc@jinteco.com
SC is one of the Top 500 important enterprises in China, and
it has got the ISO9001 Quality Management System Certification and the ISO14001
Environmental Management System Certification.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Jiangsu Province People’s Government 100
l
General Manager:
Mr. Kong Xinning, 53 years old with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1981to
present
Working in SC as general manager.
l
Assistant
Manager:
Mr. Bu Zhenyang, in his 50’s with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 1981 to present Working in SC as assistant
manager.
SC is mainly engaged in contracting international and domestic projects,
labor cooperation, import and export trade, and development of real estate.
SC’s contracted projects including: Shanghai Yangming Hill
City, Nanjing Hilton International Hotel, Singapore Red Hill City, etc.
SC is known to have the following subsidiaries at present:
International Engineering Construction Co.
Highway & Bridge Engineering Co.
Decoration Engineering Co.
Continental Engineering Co.
Asia-Pacific Regional Engineering Co.
Tianjia Engineering Construction Co.
Construction Co.
Nanjing Construction Co.
Nantong Co.
Nanjing No.1 Co.
Zhongjiang (S) Shanghai Co.
International Human Resources Co.
Overseas Economic & Technical Co.
Foreign Trade Co.
Hengtai International Trade Co.
Import & Export Trading Co.
Overseas Development Co.
Overseas Trading Co.
Chemicals Import & Export Co.
Shanghai Pudong Co.
Light Industrial Products & Textiles Import & Export Co.
East Africa Co.
Congo Republic Co.
Angola Co.
Zimbabwe Co.
Namibia Co.
Zambia Co.
Guinea Co.
Sudan Co.
Botswana Co.
Malawi Co.
Mauritius Co.
Singapore Co.
Middle East Co.
U.A.E Co.
Iran Co.
Russia Co.
Papua New Guinea Co.
Peru Co.
Japan Office Co.
South Korea Co.
Jiangsu International Economic Cooperation Co.
Jiangsu Mindu Construction Enterprise Development Co., Ltd.
Jiangsu Zhongjiang Overseas Economic & Technical Co., Ltd.
Jiangsu Shopping Center for Chinese Expatriates
Jiangsu Jintaco International Trading Co., Ltd.
China Jiangsu (Mauritius) International Co., Ltd.
JIC (Cal.) Inc.
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 province Branch
AC#044130517010009555
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
Cash & bank |
363,890 |
472,382 |
|
Inventory |
194,470 |
214,645 |
|
Accounts
receivable |
219,700 |
235,634 |
|
Other Accounts
receivable |
163,450 |
215,144 |
|
Advances to
suppliers |
29,040 |
56,843 |
|
To be
apportioned expense |
3,270 |
0 |
|
Other current
assets |
247,590 |
267,617 |
|
|
------------------ |
------------------ |
|
Current assets |
1,221,410 |
1,462,265 |
|
Fixed assets |
43,420 |
41,379 |
|
Long term
investment |
0 |
0 |
|
Other assets |
269,250 |
271,584 |
|
|
------------------ |
------------------ |
|
Total assets |
1,534,080 |
1,775,228 |
|
|
============= |
============= |
|
Short loans |
144,740 |
187,554 |
|
Accounts payable |
133,880 |
135,864 |
|
Advances from
clients |
259,710 |
222,907 |
|
Other Accounts
payable |
183,300 |
351,944 |
|
Salaries payable |
25,720 |
20,380 |
|
Welfares payable |
10,470 |
12,495 |
|
Taxes payable |
-15,750 |
-13,657 |
|
Withdraw the
expenses in advance |
43,670 |
0 |
|
Other current
liabilities |
242,250 |
379,188 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,027,990 |
1,296,675 |
|
Long term
liabilities |
124,080 |
69,433 |
|
Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,152,070 |
1,366,108 |
|
Equities |
382,010 |
409,120 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,534,080 |
1,775,228 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2005 |
As of Dec. 31, 2006 |
|
Turnover |
3,458,190 |
3,661,449 |
|
Cost of goods
sold |
3,292,210 |
3,467,116 |
|
Sales expense |
66,520 |
91,628 |
|
Management expense |
67,300 |
85,124 |
|
Finance expense |
15,710 |
-3,388 |
|
Profit before
tax |
16,070 |
18,112 |
|
Less: profit tax |
0 |
0 |
|
Profits |
16,070 |
18,112 |
Important Ratios
=============
|
|
As of Dec. 31, 2005 |
As of Dec. 31, 2006 |
|
*Current ratio |
1.19 |
1.13 |
|
*Quick ratio |
1.00 |
0.96 |
|
*Liabilities
to assets |
0.75 |
0.77 |
|
*Net profit
margin (%) |
0.46 |
0.49 |
|
*Return on
total assets (%) |
1.05 |
1.02 |
|
*Inventory
/Turnover ×365 |
21days |
21days |
|
*Accounts
receivable/Turnover ×365 |
23days |
23days |
|
*Turnover/Total
assets |
2.25 |
2.06 |
|
* Cost of
goods sold/Turnover |
0.95 |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line in 2005
and 2006.
l
SC’s net profit margin is average in 2005 and 2006.
l
SC’s return on total assets is average in 2005 and 2006.
l
SC’s cost of goods sold is fairly high, comparing with its
turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal level in
2005 and 2006.
l
SC’s quick ratio is maintained in a normal level in 2005,
and fair in 2006.
l
The inventory of SC is maintained in an average level in
both years.
l
The accounts receivable of SC is maintained in an
average level in both years.
l
The short-term loan of SC is maintained in an average level in both
years.
l
SC’s turnover is in an average level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Stable.
SC is well-known in its industry with stable financial conditions. A
credit line up to USD 3,000,000 would appear to be within
SC’s capacities.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)