MIRA
INFORM REPORT
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Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
JIANGSU SKYRUN CORPORATION |
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Registered Office : |
Xingye Building, No. 15, Hubu Street,
Nanjing, Jiangsu Province, 210002 |
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Country : |
China |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
30.06.1994 |
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Com. Reg. No.: |
3200001100954 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Importing and Exporting different Sorts of Textile Materials and
Textiles |
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 : |
USD 4,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address of the company
JIANGSU SKYRUN CORPORATION
xingye building,
no. 15, hubu street,
nanjing, jiangsu
PROVINCE, 210002 PR CHINA.
15
TEL: 86 (0)
25-86648112 FAX: 86 (0) 25-84400800
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 30, 1994
REGISTRATION NO. : 3200001100954
REGISTERED LEGAL FORM : Shares limited COMPANY
STAFF STRENGTH :
349
REGISTERED CAPITAL : CNY 516,106,500
BUSINESS LINE :
TRADING
TURNOVER :
CNY 2,045,031,000 (AS OF June 30,
2007)
EQUITIES :
CNY 719,034,000 (AS OF June 30, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 4,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 7.18 = 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 shares limited company at Jiangsu
provincial Administration for Industry & Commerce (AIC - The official body
of issuing and renewing business license) on June 30, 1994.
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 various commodities and
technology, including exporting cotton, cotton adobe cloth, cotton Dacron adobe
cloth, and importing cotton, wool, acrylic fibers, Dacron, excluding the goods
forbidden to exported by the government; processing with imported materials,
processing with imported samples, assemblying with imported parts, and
compensation trade in agreement; counter trade &
transit trade; domestic trade, storage, and highway freight.
SC is mainly
engaged in importing and exporting different sorts of textile materials and
textiles.
Mr. Jiang Jinhua
has been legal representative and chairman of SC since February 2005.
SC is known
to have approx. 349 staff members at present, including 57 management
staff and 193 sales representatives.
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 4,582 square meters.
http://www.jstex.com
The design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: webmaster@jstex.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2005-2 |
Legal representative |
Chen Shuyang |
Mr. Jiang Jinhua |
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Registered capital |
CNY 181,090,000 |
CNY 271,635,000 |
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|
2006-11 |
Company name |
China Jiangsu Textiles Import & Export Group Corporation |
Jiangsu Skyrun Corporation |
|
Unspecified |
Registered capital |
CNY 271,635,000 |
CNY 516,106,500 |
SC is a listed company in Shanghai Stock Exchange Market with the code
of 600981. And SC has got the certificate of ISO9001.
MAIN SHAREHOLDERS: (as of June 30, 2007)
Name %
of Shareholding
Jiangsu Skyrun International Group Co., Ltd.
53.1386
Sinotrans Jiangsu Corp.
1.5572
Jiangsu Holly Corporation
0.3682
JiangSu DanMian Group Co., Ltd.
0.2945
High Hope Int’l Group Jiangsu Knitwead &
Home-Textiles I & E Co., Ltd.
0.2779
Ningbo Zhenhai Jinfeng Chemicals Co., Ltd.
0.1494
Yuan Youer
0.1431
Ni Guifen
0.1339
Zhao Xiyi
0.1111
Zheng Fusen
0.1059
Other Shareholders
43.7202
l
Legal representative and chairman:
Mr. Jiang Jinhua 44 years old 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 and legal representative.
l
General manager:
Ms. Fang Chunling , 54 years old with university education. She is
currently responsible for the daily management of SC.
Working Experience(s):
From 2004 to present Working
in SC as general manager.
l
Vice General Manager:
Ms. Liu Yuzhang (刘玉璋), 53 years old with university
education. She is currently responsible for the daily management of SC.
Working Experience(s):
From 2004 to present
Working in SC as vice general
manager.
*Officials:
=======
Name Title
Wu Zongren Director
Chen Shu Director
Gu Xiaochong Supervisor
Gu Songtao Supervisor
Li Ning Vice-general
manager
SC is mainly
engaged in importing and exporting different sorts of textile materials and
textiles.
SC’s products
include:
Raw
cotton & other textiles materials,
All
kinds of yarns, threads & grey fabrics,
All kinds
of finished fabrics,
All
kinds of knitwear & home textiles,
All
kinds of garments & other ready-made products,
Other
commodities & agency services.
SC’s brands
include: “JSTEX”, “Blue Whale”, “Yueji”, “Holiday”, etc.
SC sources its
materials 90% from domestic market, mainly Jiangsu, and 10% from overseas
market. SC sells 20% of its products in domestic market, and 80% to overseas
market, mainly Japan, USA, Canada, Hong Kong, and etc.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
SC is known to have the following subsidiaries:
Danyang Haojiang Textile Co., Ltd.
Hengtai Insurance Brokers Co., Ltd.
Jiangsu Holly Corporation
Jiangsu Sainty Co., Ltd.
Jiangsu Skyrun International Group Light-Industrial Products I&E
Co., Ltd.
Pan-Star International Cargo Service Co., Ltd.
Nanjing Jinju Real Estate Development Co., Ltd.
Shanghai E.D. Intl Co., Ltd.
Wuxi Haisi Road Textile New Material Co., Ltd.
Etc.
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# 044130000881809501
0441300008818241014
Relationship:
Normal.
CONSOLIDATED
BALANCE SHEET
Unit: CNY’000
|
|
as of Dec. 31, 2006 |
as of June 30,
2007 |
|
Cash & bank |
283,775 |
290,608 |
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Inventory |
597,579 |
851,038 |
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Accounts
receivable |
332,258 |
219,733 |
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Short-term
investment |
21 |
0 |
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Notes receivable |
11,890 |
6,603 |
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Advances to
supplies |
179,770 |
162,602 |
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Other
receivables |
15,188 |
14,946 |
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A receivable tax
rebate of export |
76,196 |
0 |
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Other current
assets |
32 |
76,422 |
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------------------ |
------------------ |
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Current assets |
1,496,709 |
1,621,952 |
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Fixed assets |
295,684 |
------ |
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Fixed assets net
value |
225,712 |
257,584 |
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Projects under
construction |
62,371 |
29,087 |
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Long-term
investments |
150,033 |
147,662 |
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Intangible and
other assets |
21,835 |
30161 |
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------------------ |
------------------ |
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Total assets |
1,956,660 |
2,086,446 |
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============= |
============= |
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Short loans |
260,278 |
329,596 |
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Accounts payable |
487,249 |
715,600 |
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Other Accounts
payable |
34,560 |
28,342 |
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Notes payable |
58,193 |
85,841 |
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Accrued payroll |
15,751 |
35,988 |
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Taxes payable |
-27,791 |
-59,333 |
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Welfares payable |
10,669 |
0 |
|
Accrued expenses |
451 |
0 |
|
Advances from
customers |
370,014 |
158,465 |
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Other current
liabilities |
80 |
1,489 |
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----------------- |
----------------- |
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Current liabilities |
1,209,454 |
1,295,987 |
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Long term
liabilities |
851 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
1,210,305 |
1,295,987 |
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Minority
Shareholders’ equity |
61,789 |
71,425 |
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Shareholders
equities |
684,566 |
719,034 |
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------------------ |
------------------ |
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Total
liabilities & equities |
1,956,660 |
2,086,446 |
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============= |
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CONSOLIDATED
INCOME STATEMENT
Unit: CNY’000
|
|
as of Dec. 31, 2006 |
as of June 30,
2007 |
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Turnover |
3,681,971 |
2,045,031 |
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Cost of goods
sold |
3,415,376 |
1,900,324 |
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Taxes and
additional of main operation |
15,328 |
29,103 |
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Add: Income from
other operations |
15,830 |
0 |
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Sales expense |
104,293 |
46,562 |
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Management expense |
66,470 |
34,394 |
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Finance expense |
-2,434 |
9,408 |
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Investment
income |
3,992 |
17,809 |
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Operation Profit |
103,305 |
50,638 |
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Less: profit tax |
31,977 |
17,060 |
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Minority
interest income |
17,445 |
0 |
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Net profit |
53,883 |
33,578 |
Important Ratios
=============
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as of Dec. 31, 2006 |
as of June 30,
2007 |
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*Current ratio |
1.24 |
1.25 |
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*Quick ratio |
0.74 |
0.59 |
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*Liabilities
to assets |
0.62 |
0.62 |
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*Net profit
margin (%) |
1.46 |
1.64 |
|
*Return on
total assets (%) |
2.75 |
1.61 |
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*Inventory
/Turnover ×365 |
59 days |
152 days |
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*Accounts
receivable/Turnover ×365 |
33 days |
39 days |
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*Turnover/Total
assets |
1.88 |
0.98 |
|
* Cost of
goods sold/Turnover |
0.93 |
0.93 |
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, 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 fair level.
l
The inventory of SC appears LARGE.
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The accounts receivable of SC is maintained in an average level.
l
SC’s short-term loan is in an average level.
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.
SC is considered a large-sized company in its line with favorable market
conditions. A credit line up to USD 4,000,000 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 |
|
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 |
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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%)