MIRA
INFORM REPORT
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Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
JMET CORPORATION JIANGSU SAINTY INTERNATIONAL GROUP |
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Registered Office : |
Building D, No. 21, Ningnan Avenue, Yuhuatai District, Nanjing
City Jiangsu Province 210012 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jul. 28, 2004 |
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Com. Reg. No.: |
3200001105920 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international trade. |
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 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
JMET CORPORATION JIANGSU SAINTY INTERNATIONAL GROUP
BUILDING D, NO. 21, NINGNAN AVENUE, YUHUATAI DISTRICT, NANJING
CITY
JIANGSU PROVINCE 210012 PR CHINA
TEL : 86 (0) 25-52876500
FAX : 86 (0) 25-52251791
EXECUTIVE SUMMARY
INCORPORATION DATE : juL. 28, 2004
REGISTRATION NO. : 3200001105920
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
120
REGISTERED CAPITAL : cny 30,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 572,670,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 29,990,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 300,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.30 =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 Renminbin
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 Jul. 28, 2004.
Company Status: Limited liabilities co. This form of business in PR China
is defined as a legal person. No more than fifty shareholders contribute its registered capital jointly.
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 CNY 30,000. 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 30% 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
scopes include manufacturing
metal products; importing and exporting commodities; and domestic trade.
SC is mainly
engaged in international trade.
Mr. Duan Zhiwei
has been chairman of SC since 2004.
SC is
known to have approx. 120 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Nanjing. Our checks reveal that SC
rents the total premise about 3,000 square meters.
http://www.jmet.com The design is
professional and the content is well organized. At present, the web is both in
Chinese and English versions.
E-mail: info@jmet.com
In 2007, SC’s registered capital was increased from CNY
10,000,000 to the present amount.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Chen Jin 2.97
Chen Lihua 0.90
Chen Yuan 0.80
Shan Xiaoping 2.97
Duan Zhiwei 2.97
Ge Dongqing 1.04
Hu Qilai 0.70
Jiangsu Sainty International Group Corp.,
Ltd. 50.98
Liu Guozhuang 0.48
Lou Peiyao 1.64
Nanjing Mingda Real Estate Co., Ltd. 20.64
Qian Aimin 1.30
Rong Zhenxiang 1.07
Sheng Heping 1.30
Song Huazhong 0.66
Tang Xuejun 1.50
Wu Jinlong 0.87
Yuan Qianjing 0.74
Zhang Changyun 1.30
Zhang Jian 0.51
Zhou An 1.50
Zhou Shudong 1.00
Zhu Ming 0.90
Zhu Yong 0.56
Zhu Beijia 0.70
Jiangsu Sainty International Group Corp., Ltd.
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Jiangsu Sainty International Group Corp.,
Ltd. is one of the leading international
trading groups in Jiangsu Province, with a registered capital of CNY
442.41milliom, 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.
Address: Building A, 21 Ningnan Avenue,
Nanjing, China
Tel: 86-025-52876800
Fax: 86-025-84208839
Website: http://www.sainty.cn
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Chairman and
General Manager:
Mr. Duan Zhiwei, 42 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as chairman and general manager.
Sales Manager:
Ms. Yu Ningjie
Tel: 86 025 52876434
Fax: 86 025 52252127
SC is mainly
engaged in international trade.
SC’s products
mainly include: metal products, hardware, garments,
etc.
SC sources its
materials 50% from domestic market, mainly Jiangsu, and 50% from overseas
market, mainly America and Japan. SC sells its products 5% in domestic market,
mainly Jiangsu and Anhui, and 95% to overseas market, mainly Africa, Southeast
Asia, European and American countries.
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.
*Major supplier:
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Qiugu (Nantong) Garments Co., Ltd.
*Major customer:
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Tianchang Feilong Metal Products Co., Ltd.
SC is
known to have a subsidiary at present:
Nantong
Mingda International Trade Co., Ltd.
Address:
Mingda Building, No. 28, Yuelong South Road, Nantong
Tel : 0513-85505601
Fax : 0513-85537601
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#：31843508097001
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
42,420 |
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Inventory |
7,650 |
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Accounts
receivable |
69,410 |
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Other Accounts
receivable |
51,600 |
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Advances to
suppliers |
3,310 |
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To be
apportioned expense |
0 |
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Other current
assets |
20,090 |
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Current assets |
194,480 |
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Fixed assets |
8,240 |
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Fixed assets net
value |
6,610 |
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Projects under
construction |
1,630 |
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Long term
investment |
4,560 |
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Other assets |
6,750 |
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Total assets |
214,030 |
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Short loans |
55,740 |
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Accounts payable |
11,660 |
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Advance from
clients |
71,750 |
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Other Accounts
payable |
23,100 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
13,690 |
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Current
liabilities |
175,940 |
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Long term
liabilities |
8,100 |
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Other
liabilities |
0 |
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Total
liabilities |
184,040 |
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Equities |
29,990 |
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Total
liabilities & equities |
214,030 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
572,670 |
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Cost of goods
sold |
532,550 |
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Sales expense |
21,350 |
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Management expense |
29,230 |
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Finance expense |
3,180 |
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Profit before
tax |
4,750 |
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Less: profit tax |
4,110 |
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Profits |
640 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.11
*Quick ratio 1.06
*Liabilities to
assets 0.86
*Net profit
margin (%) 0.11
*Return on total
assets (%) 0.30
*Inventory
/Turnover ×365 5days
*Accounts
receivable/Turnover ×365 44days
*Turnover/Total
assets 2.68
* Cost of goods
sold/Turnover 0.93
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 average, 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 average level.
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The accounts receivable of SC is maintained in an average level.
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The short-term loan of SC appears LARGE.
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SC’s turnover is in an average level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
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The debt ratio of SC is high.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition. A credit line up to USD 300,000 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. |
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%)