MIRA INFORM REPORT
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Report Date : |
18.10.2011 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU PROVINCIAL FOREIGN TRADE CORPORATION |
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Registered Office : |
24-26/F Xinhua Mansion, No. 55 Zhongshan Road,
Nanjing, Jiangsu Province, 210005 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.07.1992 |
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Com. Reg. No.: |
320000000006044 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
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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Status : |
Satisfactory |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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China |
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
JIANGSU PROVINCIAL
FOREIGN TRADE CORPORATION
24-26/F XINHUA MANSION, NO. 55 ZHONGSHAN
ROAD, NANJING,
JIANGSU PROVINCE, 210005 PR CHINA
TEL: 86 (0)
25-84795777 /84795640 FAX: 86 (0) 25-84795644
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 17, 1992
REGISTRATION NO. : 320000000006044
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
120
REGISTERED CAPITAL : CNY 51,380,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 5,270,010,000 (AS OF DEC. 31, 2010)
EQUITIES :
cny 203,820,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
CNY 6.3694 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
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 Jul. 17, 1992.
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 wholesaling hazardous chemicals,
importing and exporting various goods and technology; selling automobiles, domestic
trade, technology services, consulting services and leasing commodities.
SC is mainly
engaged in international trade.
Mr. Xia Qiang has
been chairman and general manager of SC since 2001.
SC is known
to have approx. 120 employees at present.
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 8,000 square meters.
http://www.jsft.com The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
E-Mail: office@jsft.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Shareholders (% of
shareholding) |
Jiangsu Overseas
Group Co., Ltd. (JOC)40% Individuals55% Labor Union
Committee5% |
Jiangsu Overseas Group Co., Ltd. (JOC)80% Staff Individual Shares20% |
|
Registered capital |
CNY 36,700,000 |
Present amount |
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|
Shareholders (% of
shareholding) |
Jiangsu Overseas Group Co., Ltd. (JOC) 80% Staff Individual Shares20% |
Present ones |
In the end of 2000, SC obtained ISO9002 certificate.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Jiangsu Overseas Group Co., Ltd. (JOC) 40
Nanjing Huijin Enterprise Management Consulting
Co., Ltd. (literal translation) 5
Staff Individual Shares 55
Jiangsu Overseas Group Co., Ltd.
========================
JOC is a leading state-owned trading
group authorized by the government of Jiangsu province in 1995. It is developing
into a general trading company that owns international trade, manufacturing,
modern service and other businesses. The company is the biggest importer
in Jiangsu province, with registered capital of 500 million RMB Yuan and
average annual income over RMB Yuan in recent years.
Address: Xinhua mansion, #55 Zhongshan Road
Nanjing Jiangsu
TEL: +86-25-84795805
FAX: +86-25-84795800
Website: http://www.joc.cn
l
Chairman and General Manager:
Mr. Xia Qiang, ID#: 320106571005041, born in 1957 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as chairman and general manager.
Also working in Jiangsu Litian P & C Terminal Co., Ltd., Jiangsu Litian Real Estate Development Co., Ltd., Jiangsu Litian New Material Co. Ltd., Suzhou Huaide Trading Co., ltd. and Ningbo Haifu Trading Co., Ltd. (in Chinese pinyin) as legal representative.
l
Directors:
Yang Zhong
Chen Qinan
Bi Wu
Yuan Ming
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Supervisors:
Zhu Darong
Yue Liang
Zou Li
Gan Lu
SC is mainly
engaged in international trade.
SC’s products
mainly include: Metal Mineral, Timbers, Energy, Paper Pulp, Chemical, Textile materials,
Mechanical Equipment, Machinery & Electrical, etc.
SC’s department
mainly include: metals & minerals department, metals finished product
department, metal & construction materials department, sourcing department,
pulp & paper department, chemicals department, etc.
SC sources its
materials 40% from domestic market, and 60% from the overseas market, mainly
Southeast Asia, European countries. SC sells 60% of its products in domestic
market, and 40% to the overseas market, mainly American and European countries.
The buying terms of SC include Check, 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 Shagang Group Co., Ltd.
*Major Supplier:
=============
Shanghai Shunye Iron & Steel Group Co.,
Ltd.
Office:
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Jiangsu Provincial Foreign Trade Corporation
Yangzhougang Office
SC is known to invest in the following companies: (According to
SC’s website)
=========================================================
· Jiangsu Litian P & C Terminal Co., Ltd.
· Jiangsu Litian Real Estate Development Co., Ltd.
· Jiangsu Litian New Material Co. Ltd.
· Suzhou Huaide Trading Co., ltd.
· Ningbo Haifu Trading 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’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# N/A
Bank of Communications
AC#320006607010061004277
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2010 |
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Cash & bank |
429,070 |
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Inventory |
503,880 |
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Bills receivable |
152,390 |
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Accounts
receivable |
78,480 |
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Other Accounts
receivable |
295,130 |
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Advances to
suppliers |
232,190 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
1,691,140 |
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Fixed assets net
value |
55,040 |
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Long-term
investment |
169,170 |
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Financial assets
available for sale |
61,060 |
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Investment real
estate |
97,220 |
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Deferred tax
assets |
1,360 |
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Intangible and
other assets |
20 |
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------------------ |
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Total assets |
2,075,010 |
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============= |
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Short loans |
563,550 |
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Accounts payable |
339,420 |
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Advance from
customers |
625,530 |
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Other Accounts
payable |
77,880 |
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Notes payable |
232,890 |
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Accrued payroll |
16,970 |
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Taxes payable |
8,080 |
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Interest payable |
1,150 |
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Dividend payable |
1,790 |
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Other current
liabilities |
0 |
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------------------ |
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1,867,260 |
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Long term
liabilities |
3,930 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
1,871,190 |
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Equities |
203,820 |
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------------------ |
|
2,075,010 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2010 |
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Turnover |
5,270,010 |
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Cost of goods sold |
5,108,920 |
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Taxes and additional of main
operation |
4,040 |
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Sales expense |
72,860 |
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Management expense |
29,440 |
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Finance expense |
9,160 |
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Assets impairment loss |
7,410 |
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Investment
income |
390 |
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Non-operating
income |
10,850 |
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Non-operating expense |
210 |
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Profit before
tax |
49,210 |
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Less: profit tax |
12,230 |
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Profits |
36,980 |
Important Ratios
=============
|
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As
of Dec. 31, 2010 |
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*Current ratio |
0.91 |
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*Quick ratio |
0.64 |
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*Liabilities
to assets |
0.90 |
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*Net profit
margin (%) |
0.70 |
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*Return on
total assets (%) |
1.78 |
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*Inventory
/Turnover ×365 |
35 days |
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*Accounts
receivable/Turnover ×365 |
5 days |
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*Turnover/Total
assets |
2.54 |
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* Cost of goods
sold/Turnover |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears 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 high, comparing with its
turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a fair
level.
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SC’s quick ratio is maintained in a fair level.
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The accounts receivable of SC is average.
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The inventory of SC appears average.
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The short loans appear fairly large.
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SC’s turnover is in a fairly good 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 industry with fairly stable
financial conditions. The large amount of short loan could be a threat to SC’s financial
condition. A credit line up to USD 1,000,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.89 |
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UK Pound |
1 |
Rs.77.31 |
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Euro |
1 |
Rs.67.79 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.