MIRA
INFORM REPORT
|
Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JIANGSU SAINTY COrp., LTD. |
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Formerly Known as : |
JIANGSU GARMENT IMPORT & EXPORT (GROUP) CORP. |
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Registered Office : |
Sainty Mansion, No. 98, Jianye Road, Nanjing City Jiangsu Province
210004 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
28.12.1993 |
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Com. Reg. No.: |
3200001101893 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Importing and Exporting Garment and Textiles. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 3,000,000 |
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Status : |
Very Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
JIANGSU SAINTY COrp., LTD.
sainty mansion, NO.
98, jianye ROAD, nanjing city
jiangsu province 210004 PR CHINA
TEL: 86 (0)
25-84208688 FAX: 86 (0) 25-84201927
EXECUTIVE SUMMARY
INCORPORATION DATE : december 28, 1993
REGISTRATION NO. : 3200001101893
REGISTERED LEGAL FORM : shares limited company
STAFF STRENGTH :
282
REGISTERED CAPITAL : cny 436,796,074
BUSINESS LINE :
trading
TURNOVER :
CNY 2,245,835,000 (jan. 1, 2007
to June 30, 2007)
EQUITIES :
CNY 1,073,548,000 (AS OF June 30, 2007)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 3,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY 7.00 = US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Ren Min Bi Yuan
SC was registered as a shares limited company at
Jiangsu provincial Administration for Industry & Commerce (The official
body of issuing and renewing business license) on December 28, 1993.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited liability
to the extent of shareholding, and the co. is liable for its debts only to
the extent of its total assets. The co has independent property of legal
person and enjoys property rights of legal person. The characteristics of
the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in China.. Natural person are allowed to serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes importing and exporting commodities and technologies,
excluding the ones controlled by the government; compensation trade, processing
with the imported materials, counter trade and transit trade, domestic trade,
manufacturing and processing garments and textiles, storage, house leasing,
interior and exterior decoration, and consulting services.
SC is
mainly engaged in importing and exporting garment and textiles.
Mr. Cheng Jun has been chairman of SC since 2007.
SC is known to
have approx. 282 employees 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 5,000 square meters.
http://www.saintycorp.com The
design is professional and the content is well organized. At present, the web
is in both Chinese and English versions.
E-mail: yang@saintycorp.com
SC is a listed company in Shanghai Stock Exchange Market with the code
of 600287.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
1997 |
Company name |
Jiangsu Garment Import & Export
(Group) Corp. |
Jiangsu Sainty International Group Garment
Import & Export Co., Ltd. |
|
2001 |
Company name |
Jiangsu Sainty International Group Garment
Import & Export Co., Ltd. |
JIANGSU SAINTY
CORP., LTD. |
|
2002 |
Registered capital |
CNY 167,998,490 |
CNY 218,398,037 |
|
2003 |
Registered capital |
CNY 218,398,037 |
CNY 436,796,074 |
|
2007 |
Chairman |
Dong Qibin |
Cheng Junz |
SC was awarded such titles as “National Foreign Trade Outstanding
Enterprise in the Modernization” and “National Foreign Trade Outstanding
Enterprise in Quality and Efficiency”, also was awarded “The 2001’s Special
Prize of National Foreign Trade Outstanding Enterprise in Quality and
Efficiency” by MOFTEC. In 2002, SC has been assessed and registered as meeting
the requirements of ISO 9001 by SGS United Kingdom Ltd.
MAIN SHAREHOLDERS: (As
of June 30, 2007)
Name
% of Shareholding
Jiangsu Sainty International Group Co., Ltd. 49.73
Jiangsu Skyrun Corporation 2.10
GDTEX (Holdings) Corporation 0.62
Jiangsu Holly Corp. 0.62
Jiangsu Kaiyuan International Group Light
Industrial Products
Imp. & Exp. Co., Ltd. 0.60
Sinotrans Jiangsu Company 0.37
High Hope Int’l Group Jiangsu Native Produce
Imp & Exp Corp. Ltd. 0.31
Jiangsu SOHO International Group
Co., Ltd. 0.31
Jiang Yusen 0.15
Zou Lijun 0.14
Other individuals 45.05
Jiangsu Sainty International Group Co.,
Ltd.:
================================
Jiangsu
Sainty International Group is one of the leading international trading groups
in Jiangsu Province, with a registered capital of 442.41milliom CNY, the group
is formed between the former garment import & export corp. and machinery
import & export Corp. on Dec. 18, 1996, by the approval of the People’s
Government of Jiangsu Province. Taking import & export as its main
business, the major products the group dealt with are as follows: garments,
textiles, machinery, electronics, instruments and meters, hand tools, vehicles,
vessels, iron and steel products, various ores, billets, scrap steel, metal
products, refractory materials, silicon carbide, graphite products, ferro
alloys, raw materials and products of nonferrous metals, rare earth and their
processed products and etc. In 2005, the group ranked 63rd among the top 200
export enterprises and 93rd of the top import and export enterprises in china.
Tel: 86-025-52876800
Fax: 86-025-84208839
Website:
http://www.sainty.cn
Jiangsu Skyrun Corporation:
====================
Formerly known as China Jiangsu Textiles
Import & Export Group Company Limited, the company's principal activities
are manufacturing, importing and exporting of textile products and provides
agency services. Main products include raw cotton and other textile materials;
all kinds of yarns, threads and grey fabrics; all kinds of finished fabrics,
knit wears, home textiles, garments and other ready-made products. Other activities
include freight transportation and sale of house and property.
Tel: 025-86895000
Fax: 025-84400800
Website: http://www.jstex.com
E-mail: info@jstex.com
Jiangsu Kaiyuan International Group Light
Industrial Products Imp. & Exp. Co., Ltd.:
=============================================================
Jiangsu Kaiyuan International Group Light
Industrial Products Imp. & Exp. Co., Ltd. was founded
in January 1974, mainly deals in the import and export business of various
products and techniques emphasizing on light industrial products. It also acts
as an agent for the above-mentioned business except sixteen types of export
commodities run by the state and fourteen types of import commodities run by
the state-ratified companies. It also entertains other trading activities such
as joint-venture, joint manufacturing, compensation trade, processing business,
counter trade. It has 3 sub branches: footwear branch, toys branch and stationery,
sporting and sundry goods branch, 11 import and export departments such as
electrical appliance department and leather goods department and 6
comprehensive managing departments.
Address: No. 100, Jianye Road, Nanjing City, Jiangsu province
GDTEX (Holdings) Corporation:
========================
GDTEX (Holdings) Corporation has been listed among the Top 500 Chinese Enterprises Rated
by Import & Export Volume and among the Top 200 Chinese Exporters. And it
also leads the industry in the export of many textile and apparel products as
announced by the China Chamber of Commerce for Import & Export of Textiles.
Moreover, it has won the title of National Enterprise of Good Creditworthiness
awarded by the State Administration for Industry & Commerce.
Jiangsu Holly Corp.:
=================
Jiangsu Holly Corp. was
founded in 1979. It acquired the certificate of ISO 9002 Quality Control System
in 2000 and has been listed on the Shanghai Stock Exchange since September
1997.
Address: Holly Bldg, No. 50, Zhonhua Road, Nanjing City, Jiangsu
province
Tel: 025-52278888
Fax: 025-52307117
Website: http://www.artall.com.cn
E-mail: customerservice@artall.com
Jiangsu SOHO International Group
Co., Ltd.:
=================================
Jiangsu SOHO International Group
Co., Ltd. (formerly Jiangsu Silk Import And Export Group) was established in
1979. Now it is promoting the prosperity of silk industry to a new height. And
it has passed quality tests such as the “ISO9001:2000 Quality System
Certification”, and “Oeko-tex Standard 100”, and is preparing for the pass of
“ISO14000” and “OHSAS18000” for its further elevation of its trading and
manufacturing level to international standard.
Address: No. 8, South Zhongshan Road, Nanjing City, Jiangsu
province
Tel: 025-84785141
Fax: 025-84785106
Website: http://www.meetsoho.com
E-mail: soho@meetsoho.com
l
Chairman:
Mr. Cheng Jun, 52 years old with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1999 to 2007 Worked in SC as vice-chairman and general
manager, and worked in Jiangsu Sainty International Group Co., Ltd. as
director.
From 2007 to present Working in SC as chairman.
l
General Manager:
Mr. Xu Zhiyuan , 42 years old with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
Before 2007 Worked in Jiangsu
Sainty International Travel Agency Co., Ltd as general manager;
From 2007 to present Working
in SC as general manager.
l
Vice General Manager:
Mr. Yang Qingfeng , 34 years old with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2005 to present Working
in SC as vice general manager.
SC is
mainly engaged in importing and exporting garment and textiles.
SC’s brand is “SAINTY” , which
is on the list of “Second Lot Famous Brand Export Products To Be Supported and
Developed With Special Attention” approved by MOFTEC. “SAINTY” was selected as
one of the best fashion brands in “Approaching Fashion” show week for Chinese
classical brands in February 2002.
SC’s products mainly include:
garments (such as cover suits and trousers, shirts, windcheaters, jackets, and
all kinds of casual clothes, full-cotton wrinkle-free clothes, and washed
garments etc ), and textiles.
SC sources its materials 40%
from domestic market, mainly Jiangsu province, and 60% from overseas market; SC sells its products 20% in domestic market, and
80% to overseas market, mainly America,
Canada, and Japan.
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 30-60 days.
*Major Suppliers:
=============
Jiangsu Sainty International Group Danyang
Garments Factory
Address: No. 204, West Xinmin, Danyang City
204
Tel: 0511-6526111
Jiangsu Sainty International Group Xiangshui
Garments Factory
Address: No. 238, Huanghai Road, Xiangshui
Country
238
Tel: 0515-6882156
Fax: 0515-6882558
Jiangsu Sainty International Group Ganyu
Garments Factory
Address: South Huazhong Road, Qingkou Town,
Ganyu Country,
*Major Customers:
=============
Jiangsu Sainty International Group Co., Ltd.
Address: No. 98, Jianye Road, Nanjing City, Jiangsu province
Tel: 025-84208688
Fax: 025-84208839
Website:
http://www.sainty.cn
SC is known to have 42 subsidiaries at present, and the following are
the major ones.
Jiangsu Sainty Hangjian Trade Co., Ltd.
Jiangsu Sainty Lijia Garments Co., Ltd.
Jiangsu Sainty Taike Garments Co., Ltd.
Jiangsu Sainty Xinxing Trade Co., Ltd.
Jiangsu Sainty International Group Textile Imp. & Exp. Co.,
Ltd.
Jiangsu Sainty Hanshang Trade Co., Ltd.
Jiangsu Sainty Garment Textiles Co., Ltd.
Jiangsu Sainty Langbo Trade & Industrial Co., Ltd.
Jiangsu Sainty Fude Trade Co., Ltd.
Jiangsu Sainty Lihua Trade Co., Ltd.
Jiangsu Sainty Hantang Trade Co., Ltd.
Jiangsu Sainty Donghan Trade Co., Ltd.
Jiangsu Sainty Hongtai Trade Co., Ltd.
Jiangsu Sainty Shengtai Trade Co., Ltd.
Jiangsu Sainty Shengtong Import & Export Co., Ltd.
Jiangsu Garment Imp. & Exp. Group Co., Ltd. Shanghai Company
Shanghai Sufu Industrial Co., Ltd.
Jiangsu Garment Imp. & Exp. Group Co., Ltd. Nantong Company
Jiangsu Garment Imp. & Exp. Group Co., Ltd. Changzhou Company
Sainty (Hong Kong) Co., Ltd.
Jiangsu Sainty Suits Co., Ltd.
Jiangsu Sainty Garments Co., Ltd.
Jiangsu Sainty Jiangdu Garment Manufacture Co., Ltd.
Jiangsu Sainty Jintan Garment Manufacture Co., Ltd.
Jiangsu Sainty Industrial Trade Co., Ltd.
Jiangsu Garment Imp. & Exp. Group Co., Ltd. Jiangdu Youyi
Garment Factory
Jiangsu Garment Imp. & Exp. Group Co., Ltd. Jintan Garment
Factory
Jiangsu Sainty Hengxin International Shipping Co., 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’s suppliers
declined to make any comments.
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#: 044138090010000316
Relationship:
Normal.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2006 |
As of June 30, 2007 |
|
Cash & bank |
807,242 |
920,607 |
|
Inventory |
240,631 |
266,242 |
|
Accounts
receivable |
304,043 |
309,703 |
|
Other Accounts
receivable |
313,795 |
285,120 |
|
Advances to
suppliers |
494,287 |
752,454 |
|
Other current
assets |
27,063 |
47,693 |
|
|
------------------ |
------------------ |
|
Current assets |
2,187,061 |
2,581,819 |
|
Fixed assets |
619,436 |
621,295 |
|
Projects under
construction |
25,419 |
41,222 |
|
Long term
investment |
125,189 |
111,204 |
|
Intangible
assets |
76,625 |
75,851 |
|
Other assets |
18,966 |
18,526 |
|
|
------------------ |
------------------ |
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Total assets |
3,052,696 |
3,449,917 |
|
|
============= |
============= |
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Short loans |
747,693 |
1,040,494 |
|
Accounts payable |
323,311 |
282,066 |
|
Bills payable |
349,065 |
348,200 |
|
Advances from
clients |
264,058 |
363,673 |
|
Other Accounts
payable |
103,365 |
143,414 |
|
Other current
liabilities |
102,948 |
97,487 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,890,440 |
2,275,334 |
|
Long term
liabilities |
85,000 |
100,000 |
|
Other
liabilities |
1,354 |
1,035 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,976,794 |
2,376,369 |
|
Equities |
1,075,902 |
1,073,548 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
3,052,696 |
3,449,917 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2006 |
As of Jan. 1, 2007 to June 30, 2007 |
|
Turnover |
4,873,703 |
2,245,835 |
|
Cost of goods
sold |
4,495,821 |
2,147,329 |
|
Sales expense |
183,375 |
99,974 |
|
Management expense |
115,348 |
54,866 |
|
Finance expense |
22,330 |
24,634 |
|
Profit before
tax |
90,312 |
53,632 |
|
Less: profit tax |
29,299 |
18,376 |
|
Minority Interest Income |
30,526 |
4,848 |
|
Profits |
32,028 |
30,408 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2006 |
As
of June 30, 2007 |
|
*Current ratio |
1.16 |
1.13 |
|
*Quick ratio |
1.03 |
1.02 |
|
*Liabilities
to assets |
0.65 |
0.69 |
|
*Net profit
margin (%) |
0.66 |
1.35 |
|
*Return on
total assets (%) |
1.05 |
0.88 |
|
*Inventory
/Turnover ×365 |
18 days |
43 days |
|
*Accounts
receivable/Turnover ×365 |
23 days |
50 days |
|
*Turnover/Total
assets |
1.60 |
0.65 |
|
* Cost of
goods sold/Turnover |
0.92 |
0.96 |
PROFITABILITY: AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high in the 1st
half of 2007, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC is maintained in an average level.
l
The short-term loan of SC appears large in the
1st half of 2007.
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 average.
l
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 stable financial conditions. A
credit line at the above amount appears 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%)