MIRA INFORM REPORT
|
Report Date : |
28.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
JIANGSU SKYRUN CORPORATION |
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Registered Office : |
No. 15, Hubu Street, Nanjing City, Jiangsu Province 210002 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.06.1994 |
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Com. Reg. No.: |
320000000004119 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
International Trade |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 6,000,000 |
|
Status : |
Good |
|
Payment
Behaviour : |
Regular |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
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
JIANGSU SKYRUN
CORPORATION
NO. 15, HUBU STREET, NANJING CITY, JIANGSU PROVINCE 210002 PR CHINA
TEL: 86 (0) 25-86828057/86895000
FAX: 86 (0) 25-84400800
EXECUTIVE SUMMARY
Date of Registration : june 30, 1994
REGISTRATION NO. : 320000000004119
LEGAL FORM : Shares limited company
REGISTERED CAPITAL : cny 516,106,500
staff :
352
BUSINESS CATEGORY : TRADING
Revenue :
CNY 5,522,169,000 (consolidated,
AS OF
DEC. 31, 2010)
EQUITIES :
CNY 996,789,000 (consolidated, AS OF DEC. 31, 2010)
WEBSITE : www.jstex.com
E-MAIL : info@jstex.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 6,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE :
CNY 6.48 = USD 1
Adopted abbreviations (as
follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a shares limited company of PRC with State Administrative Bureau of Industry
& Commerce under registration No.: 320000000004119 on June 30, 1994.
SC’s Organization Code Certificate No.:
134762481
SC’s registered capital: cny 516,106,500
SC’s paid-in capital: cny 516,106,500
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2005 |
Legal Representative |
Chen Shuyang |
Jiang Jinhua |
|
Registered Capital |
CNY 181,090,000 |
CNY 271,635,000 |
|
|
2006 |
Company Name |
China Jiangsu Textiles Import & Export Group Corp. |
Jiangsu Skyrun Corporation |
|
2007 |
Registered Capital |
CNY 271,635,000 |
cny 516,106,500 |
|
-- |
Registration No. |
3200001100954 |
320000000004119 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (As of April 13, 2011) |
% of Shareholding |
|
Jiangsu High Hope International Group Co.,
Ltd. |
53.14 |
|
Sinotrans Jiangsu Corporation |
1.56 |
|
Nanjing Danhu Labour Services Co., Ltd. |
0.99 |
|
Huatai Security-China Merchants
Bank-Huatai Zijin No. 3 Collection Asset Management Plan |
0.52 |
|
Ma Yunya |
0.29 |
|
Zhang Xiaofei |
0.20 |
|
Jiangsu Holly Corporation |
0.19 |
|
High Hope Int'l Group Jiangsu Woollen Knit
& Garmtex Imp. & Exp. Corp., Ltd. |
0.17 |
|
Zhao Bin |
0.15 |
|
Zhang Shanlou |
0.13 |
|
Other Shareholders |
42.66 |
SC’s Chief Executives:-
Legal Representative and Chairman: Jiang Jinhua
Directors: Xie Shao
Fan Yuntao
Zhou Chunshan
Li Ning
Chen Shu
RECENT DEVELOPMENT
SC is a listed company in Shanghai Stock Exchange Market with the code
of 600981.
SHAREHOLDER CHART &
BACKGROUND
Name (As of April 13,
2011) % of
Shareholding
Jiangsu High Hope International Group Co.,
Ltd. 53.14
Sinotrans Jiangsu Corporation 1.56
Nanjing Danhu Labour Services Co., Ltd. 0.99
Huatai Security-China Merchants Bank-
Huatai Zijin No. 3 Collection Asset
Management Plan 0.52
Ma Yunya 0.29
Zhang Xiaofei 0.20
Jiangsu Holly Corporation 0.19
High Hope Int'l Group Jiangsu Woollen
Knit & Garmtex Imp. & Exp. Corp.,
Ltd. 0.17
Zhao Bin 0.15
Zhang Shanlou 0.13
Other Shareholders 42.66
Jiangsu High Hope International Group Co., Ltd.
======================================
Add: No. 91, Baixia Road, Nanjing, Jiangsu
Province, China
Tel: +86 25 84691000/84691010
Fax: +86 25 84572097
Website: www.high-hope.com
E-mail: myy@high-hope.com
Sinotrans Jiangsu Corporation
=========================
Add: 6/F, Sinotrans Building, No. 129, Zhonghua
Road, Nanjing, Jiangsu Province, China
Tel: +86 25 52306999/
Jiangsu Holly Corporation
=======================
Add: Holly Bldg., No. 50 Zhonghua Rd.,
Nanjing, Jiangsu Province, China
Tel: +86 25 52278888
Fax: +86 25 52307117
Website: www.artall.com.cn
E-mail: customerservice@artall.com
MANAGEMENT
u
Jiang Jinhua,
Legal Representative and Chairman
----------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 47
Ø
Qualification:
University
Ø
Working
experience (s):
Worked in
SC as deputy general manager and general manager, and in Jiangsu Skyrun
International Group Co., Ltd. as vice president
At present, working in SC as legal
representative and chairman, in Jiangsu High Hope International Group Co., Ltd.
as vice president, in Jiangsu Skyrun International Group Co., Ltd. as deputy
general manager
u
Xie Shao, Director
--------------------------------------
Ø
Gender: M
Ø
Age: 45
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, as director of SC, also in Jiangsu High Hope International Group Co.,
Ltd. as vice president, and in Jiangsu Skyrun International Group Co., Ltd. as
legal representative
u
Fan Yuntao,
Director
---------------------------------------------
Ø
Gender: M
Ø
Age: 39
Ø
Qualification:
MBA
u
Zhou Chunshan,
Director
--------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
Qualification:
University
u
Li Ning, Director
-------------------------------------
Ø
Gender: M
Ø
Age: 39
Ø
Qualification:
Doctor’s Degree
u
Chen Shu, Director
---------------------------------------
Ø
Gender: M
Ø
Age: 46
Ø
Qualification:
Master’s Degree
BUSINESS OPERATION
SC’s registered business scope includes wholesaling dangerous
chemicals; highway freight (only limited to its branches); importing and
exporting commodities & technology; domestic trade; R & D, and storage
of textile materials and finished products; R & D, installation, and
renting of equipment; design, installation, consultation, and technology
services of computer software & hardware, electronic product, and network
engineering; renting houses; real estate management services, and industry
investment.
SC is mainly
engaged in international trade.
SC’s products
mainly include:
Export products:-
Garments
Fabrics
Household textiles
Bags
Toys
Chemical materials
Nonferrous metals
Automobile
components
Suite of equipment
Minerals
Etc.
Import products:-
Pulp
Paper
Wood
Textile raw
materials
Chemical raw materials
Machinery and
equipment
Non-ferrous metals
Etc.
SC’s brands
include: “JSTEX”, “Blue Whale”, “Yueji”, “Holiday”, etc.
SC sources its
materials 40% from domestic market, mainly Jiangsu, and 60% from overseas
market. SC sells 70% of its products in domestic market, and 30% to overseas
market, mainly Japan, USA, Canada, Hong Kong, and etc.
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 Client:
=========
Jiangsu Shunyi
Wool Spinning Weaving Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 352 staff at
present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
Subsidiaries:
==========
Jiangsu
Fanxing International Freight Co., Ltd.
Nanjing
Jinju Real Estate Development Co., Ltd.
Shanghai
Luolan Saige Textiles Co., Ltd.
Wuxi
Haisilu Textile New Materials Co., Ltd.
Wuxi
Jiangfang Trading Co., Ltd.
China
Jiangsu Textiles Import & Export Group Jintai International Trade Co., Ltd.
China
Jiangsu Textiles Import & Export Group Baode Garment Co., Ltd.
China
Jiangsu Textiles Import & Export Group Datai International Trade Co., Ltd.
China
Jiangsu Textiles Import & Export Group Wanbo Garment Co., Ltd.
China
Jiangsu Textiles Import & Export Group Taisi Lande International Trade Co.,
Ltd.
Jiangsu
Jiasheng Dyeing and Weaving Co., Ltd.
Skyrun
(Hong Kong) Company Limited
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank
Bank of China Jiangsu Branch
AC# 044130000881809501
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
828,864 |
296,516 |
|
|
Held for trading financial assets |
425 |
13,729 |
|
Notes receivable |
10,390 |
47,321 |
|
Accounts
receivable |
402,134 |
370,419 |
|
Advances to
suppliers |
114,801 |
192,614 |
|
Other receivable |
24,029 |
38,860 |
|
Inventory |
557,865 |
858,259 |
|
Other current
assets |
14,736 |
68,356 |
|
|
------------------ |
------------------ |
|
Current assets |
1,953,244 |
1,886,074 |
|
Financial assets
available for sale |
137,158 |
181,787 |
|
Long-term
investment on stocks |
156,628 |
167,322 |
|
Fixed assets |
295,110 |
276,555 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
21,711 |
21,153 |
|
Long-term
prepaid expenses |
3 |
0 |
|
Deferred income
tax assets |
6,420 |
7,391 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,570,274 |
2,540,282 |
|
|
============= |
============= |
|
Short-term loans |
150,009 |
265,897 |
|
Notes payable |
220,076 |
232,894 |
|
Accounts payable |
602,559 |
586,199 |
|
Advances from
clients |
574,254 |
384,894 |
|
Payroll payable |
9,359 |
9,771 |
|
Tax payable |
-17,950 |
-13,573 |
|
Interest payable |
500 |
0 |
|
Other payable |
40,276 |
32,588 |
|
Other current
liabilities |
6,797 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,585,880 |
1,498,670 |
|
Non-current
liabilities |
21,154 |
44,823 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,607,034 |
1,543,493 |
|
Equities |
963,240 |
996,789 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,570,274 |
2,540,282 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As of Dec. 31,
2010 |
|
Revenue |
4,887,516 |
5,522,169 |
|
Cost of sales |
4,593,293 |
5,237,848 |
|
Sales expense |
127,902 |
133,525 |
|
Management expense |
65,918 |
73,467 |
|
Finance expense |
-24,130 |
2,152 |
|
Investment
profits |
28,273 |
58,642 |
|
Profit before
tax |
124,994 |
123,073 |
|
Less: profit tax |
33,731 |
38,621 |
|
91,263 |
84,452 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.23 |
1.26 |
|
*Quick ratio |
0.88 |
0.69 |
|
*Liabilities
to assets |
0.63 |
0.61 |
|
*Net profit
margin (%) |
1.87 |
1.53 |
|
*Return on
total assets (%) |
3.55 |
3.32 |
|
*Inventory /
Revenue ×365 |
42 days |
57 days |
|
*Accounts receivable/
Revenue ×365 |
31 days |
25 days |
|
*
Revenue/Total assets |
1.90 |
2.17 |
|
* Cost of
sales / Revenue |
0.94 |
0.95 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it
increased in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level
in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
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 loans of SC appear average.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. Taking into consideration of SC’s fairly good background, general
performance, reputation as well as market conditions, a credit line up to USD
6,000,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
|
UK Pound |
1 |
Rs.71.88 |
|
Euro |
1 |
Rs.63.75 |
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.