MIRA INFORM REPORT
|
Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
JOC GREAT WALL CORPORATION |
|
|
|
|
Registered Office : |
No.8, Liyuan South Road, Jiangning Development Zone, Nanjing, Jiangsu Province, 211100 Pr China |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
13.03.2003 |
|
|
|
|
Com. Reg. No.: |
320000000018674 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
International Trade |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 250,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
JOC GREAT WALL
CORPORATION
NO.8,
TEL: 86 (0) 25-52782952 FAX: 86 (0) 25-52782958
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 13, 2003
REGISTRATION NO. :
320000000018674
REGISTERED LEGAL FORM : SHARES
LIMITED COMPANY
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,547,010,000 (AS OF DEC. 31, 2008)
EQUITIES :
CNY 27,160,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.83= USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: The given phone and fax number belong to Qingdao Jinyu
Logistic Co., Ltd.
SC was registered as a shares limited company at
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 selling coal; wholesaling hazardous chemicals (in
accordance with the permit); selling chemical raw materials and products,
plastic products, rubber products, animal and plant oils, minerals, timber and
products, paper pulp, papers, textiles raw materials, textiles, conventional
machinery, instruments, electronics, agricultural and sideline products;
importing and exporting commodities and technologies.
SC is
mainly engaged in international trade.
Mr. Wang Yuanjian
is the legal representative, chairman and general manager of SC at present.
SC is known to
have approx. 200 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the development zone of Nanjing. Our checks reveal that SC
owns the total premise about 2,000 square meters.
http://www.jocgreatwall.com/
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered no. |
3200001105750 |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Guohua 3.0
Gao Hongli 13.0
Lin Xiaodong 4.0
Wang Jianxin 16.0
Wang Yuanjian 14.5
Yang Xifan 9.5
========================
Web: http://www.joc.cn
Tel: 025-84795805
Fax: 025-84795800
Add:
l
Legal representative, Chairman and general manager:
Mr.
Working Experience(s):
At present
Working in SC as legal representative, chairman and general manager.
l
Directors:
---------------------
Wang Jianxin ID# 320103640709201
Yang Xifan ID# 320302197506192819
Chen Guohua ID# 320103570222053
Gao Hongli ID# 320106560908081
Lin Xiaodong ID# 320503196911050534
SC is
mainly engaged in international trade.
SC’s products
mainly include: clothing, chemical products, hardware tools, and pet products.
SC sources its materials 50% from domestic
market and 50% from overseas market. SC sells 50% of its products in domestic
market, and 50% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30 days.
The payment terms of SC include T/T, L/C and Credit of 30-45 days.
*Major Customers:
==============
Nanjing Lidao Technology Co., Ltd.
SC is
known to have the following subsidiaries: (according to http://www.jocgreatwall.com/)
Jiangsu
Haiwai Group Machinery Co., Ltd.
Suqian
Yinhe Hat Industry Co., Ltd. (in Chinese Pinyin)
Xuzhou
Lianyi Bio-Technology Development Co., Ltd. (in Chinese Pinyin)
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 communications
AC#320006607010141125936
Relationship:
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2008 |
|
Cash & bank |
54,040 |
|
Inventory |
24,940 |
|
Bills receivable |
11,070 |
|
Accounts
receivable |
48,230 |
|
Advances to
suppliers |
32,800 |
|
Other
receivables |
74,990 |
|
Other current
assets |
200 |
|
|
------------------ |
|
Current assets |
246,270 |
|
Fixed assets net
value |
10,140 |
|
Projects under
construction |
0 |
|
Long term
investment |
11,330 |
|
Other assets |
750 |
|
|
------------------ |
|
Total assets |
268,490 |
|
|
============= |
|
Short loans |
92,450 |
|
Accounts payable |
105,440 |
|
Bills payable |
0 |
|
Advances from
clients |
16,150 |
|
Taxes payable |
3,650 |
|
Salaries payable |
1,600 |
|
Other payable |
21,670 |
|
Other current
liabilities |
370 |
|
|
------------------ |
|
Current
liabilities |
241,330 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
241,330 |
|
Equities |
27,160 |
|
|
------------------ |
|
Total
liabilities & equities |
268,490 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2008 |
|
Turnover |
1,547,010 |
|
Cost of goods sold |
1,458,010 |
|
Tax and associate charge |
970 |
|
Sales expense |
56,100 |
|
Management expense |
17,040 |
|
Finance expense |
3,750 |
|
Asset impairment loss |
1,790 |
|
Investment
income |
-4,220 |
|
Non-operating
income |
1,660 |
|
Non-operating expense |
200 |
|
Profit before
tax |
6,590 |
|
Less: profit tax |
2,950 |
|
Profits |
3,640 |
Important Ratios
=============
|
|
As of Dec. 31,
2008 |
|
*Current ratio |
1.02 |
|
*Quick ratio |
0.92 |
|
*Liabilities
to assets |
0.90 |
|
*Net profit
margin (%) |
0.24 |
|
*Return on
total assets (%) |
1.36 |
|
*Inventory
/Turnover ×365 |
6 days |
|
*Accounts
receivable/Turnover ×365 |
11 days |
|
*Turnover/Total
assets |
5.76 |
|
* Cost of
goods sold/Turnover |
0.94 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good.
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 normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears fairly large.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
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 short-term loan could be a threat to SC’s financial
condition. A credit line up to USD 250,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
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 |
|
---- |
NB |
New Business |
---- |
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.