MIRA INFORM REPORT
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Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Building B, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.12.1993 |
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Com. Reg. No.: |
320000000006614 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Importing and Exporting Garment
and textiles. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
BUILDING B, NO.
TEL: 86 (0) 25-52875628/84208688
FAX: 86 (0) 25-84201927
EXECUTIVE SUMMARY
INCORPORATION
DATE : december 28, 1993
REGISTRATION NO. : 320000000006614
REGISTERED LEGAL
FORM : SHARES LIMITED CO.
STAFF STRENGTH : 240
REGISTERED CAPITAL : CNY 436,796,074
BUSINESS LINE : TRADING
TURNOVER : CNY 5,568,453,000 (CONSOLIDATED, AS OF DEC. 31, 2010)
EQUITIES : CNY
1,212,851,000 (CONSOLIDATED, AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE : CNY 6.53455=USD 1
Adopted abbreviations
ANS - amount not
stated
NS - not stated
SC - subject company
(the company inquired by you)
NA - not available
CNY –
Note: SC is mainly operating in the heading premise at
present; SC’s employee released that there’re few employees in the “
SC was registered as a shares limited co. at local Administration for Industry & Commerce (AIC-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 The minimum registered capital
of a co. is CNY 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. Xu Zhiyuan has been legal representative
and chairman of SC since 2010.
SC is known to have approx. 240 employees at present, including 150
trading person, 34 managers, 29 financial person and 27 administrating person.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Nanjing. Detailed information of the
premise is unknown.
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: info@saintycorp.com / heroch@saintycorp.com / 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 |
|
|
|
2001 |
Company name |
|
Present one |
|
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 Jun |
|
Unknown |
Registered No. |
3200001101893 |
Present one |
|
2010-8 |
Legal Representative |
Cheng
Jun |
Present one |
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
Tax Registration
Certificate No.: 320105134775688
Organization Code:
134775688
MAIN SHAREHOLDERS: (As of Dec. 31, 2010)
Name % of Shareholding
Chen Zihui 0.61
Citic Securities Co., Ltd. 0.53
GDTEX (Holdings) Corporation 0.51
Jiangsu Skyrun Corporation 0.46
Ping An Property and Casualty Insurance
Traditional-General Insurance Products
Hwabao Trust Co., Ltd.- Assembling Capital Trust R2009JH006 0.39
Sinotrans
China Steel Investment Shanghai Co., Ltd. 0.34
Mei Yahui 0.33
Other shareholders 45.64
================================
Jiangsu Sainty
International Group is one of the leading international trading groups in
Add:
Tel: 86-25-52876800
Fax: 86-25-84208839
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.
Add:
Tel: 86-25-86895000
Fax: 86-25-84400800
Website: http://www.jstex.com
E-mail: info@jstex.com
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.
l Legal Representative and Chairman:
Mr. Xu Zhiyuan, born
in 1966, with master’s degree. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2010 to present Working in SC as legal representative and chairman.
Also working in Jiangsu Sainty International Group Real Estate Co., Ltd. as legal representative and general manager.
l
General
Manager and
Vice Chairman:
Mr. Yang Qingfeng ,
born in 1974, with master’s degree. He is currently responsible for the daily
management of SC.
Working Experience(s):
At present Working in SC as general manager and vice chairman.
l Supervisors:
Cao Huai’Zhang
Xiaolin
Wei Qingwen
Zheng Zhenyu
l Directors:
Jin Guojun
Zhong Yongyi
Zhou Youmei
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
The buying terms of
SC include Check, L/C, T/T and Credit of 30-60 days. The payment terms of SC
include Check, L/C, T/T, and Credit of 30-60 days.
*Major Suppliers:
=============
Jiangsu Huihong Investment Industry Co., Ltd.
Beijing Xiaotong Networking Technology Co., Ltd.
China Potevio Co., Ltd.
*Major Customers:
=============
Jiangsu Anhuai
Investment Development Co., Ltd.
Jiangsu Kaitong
Engineering & Construction Co., Ltd.
SC is known to have 62
subsidiaries at present and the following are the major ones:
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
Sainty (
·
·
·
·
·
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’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.
Note: SC’s suppliers declined
to make any comments on SC, so the trade reference is infeasible.
Bank of
AC#: 044138090010000316
Relationship:
Consolidated Balance Sheet
Unit: CNY’000
|
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
1,086,037 |
975,089 |
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Trading financial assets |
48,632 |
64,772 |
|
Notes receivable |
20,173 |
19,870 |
|
Inventory |
1,022,125 |
1,120,810 |
|
Accounts receivable |
210,325 |
364,904 |
|
Advances to suppliers |
561,177 |
750,331 |
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Dividends receivable |
2,394 |
2,804 |
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Other accounts receivable |
301,214 |
255,122 |
|
|
------------------ |
------------------ |
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Current assets |
3,252,077 |
3,553,702 |
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Financial assets available for sale |
2,805 |
1,891 |
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Fixed assets net value |
773,198 |
664,903 |
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Project under construction |
23,304 |
25,758 |
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Long term investment |
418,670 |
454,373 |
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Investment Real Estate |
44,229 |
66,870 |
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Intangible and other assets |
163,397 |
155,395 |
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Long-term deferred expenses |
8,558 |
9,710 |
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Deferred income tax assets |
5,151 |
8,064 |
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|
------------------ |
------------------ |
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Total assets |
4,691,389 |
4,940,666 |
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============= |
============= |
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Short loans |
1,143,178 |
1,124,980 |
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Notes payable |
634,453 |
935,654 |
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Accounts payable |
302,622 |
419,235 |
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Advances from clients |
399,242 |
309,429 |
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Accrued payroll |
66,141 |
46,395 |
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Taxes payable |
28,727 |
37,759 |
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Dividends
payable |
4,746 |
852 |
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Interest payable |
1,460 |
4,292 |
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Other accounts payable |
392,640 |
310,624 |
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Non-current liabilities due with in one
year |
0 |
163,550 |
|
|
------------------ |
------------------ |
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Current liabilities |
2,973,209 |
3,352,770 |
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Long-term loans |
447,286 |
350,099 |
|
Deferred tax credit |
15,893 |
14,164 |
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Other long-term liabilities |
14,792 |
10,782 |
|
|
------------------ |
------------------ |
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Total liabilities |
3,451,180 |
3,727,815 |
|
Equities |
1,240,209 |
1,212,851 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
4,691,389 |
4,940,666 |
|
|
============= |
============= |
Consolidated Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
Turnover |
4,149,143 |
5,568,453 |
|
Cost of goods sold |
3,802,444 |
5,128,929 |
|
Sales expense |
190,207 |
212,875 |
|
Management expense |
147,315 |
153,949 |
|
Finance expense |
52,400 |
76,264 |
|
Profit before tax |
56,422 |
33,441 |
|
42,372 |
31,521 |
|
|
Profits |
14,050 |
1,920 |
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current ratio |
1.09 |
1.06 |
|
*Quick ratio |
0.75 |
0.73 |
|
*Liabilities to assets |
0.74 |
0.75 |
|
*Net profit margin (%) |
0.34 |
0.03 |
|
*Return on total assets (%) |
0.30 |
0.04 |
|
*Inventory /Turnover ×365 |
90 days |
74 days |
|
*Accounts receivable/Turnover ×365 |
19 days |
24 days |
|
*Turnover/Total assets |
0.88 |
1.13 |
|
* Cost of goods sold/Turnover |
0.92 |
0.92 |
PROFITABILITY: AVERAGE
l The turnover of SC appears fairly good in its
line in 2009, and it increased in 2010.
l SC’s net profit margin appears average in
both 2 years.
l SC’s return on total assets appears average
in both 2 years.
l
SC’s
cost of goods sold is fairly high in both 2 years, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a normal level in both 2 years.
l
SC’s
quick ratio is maintained in a fair level in both 2 years.
l
The
inventory of SC appears fairly large in both 2 years.
l
The
accounts receivable of SC appears average in both 2 years.
l
The
short-term loan of SC appears large in both 2 years.
l
SC’s
turnover is in a fair level in 2009 and in an average level in 2010, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt
ratio of SC is average in both 2 years.
l
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 inventory and short loans could be a threat to SC’s financial
condition. The given credit amount would appear to be within SC’s capacities,
and a credit line up to USD 6,000,000 is recommended upon a periodical review
basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.48 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.42 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.