MIRA
INFORM REPORT
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Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
HIGH HOPE ZHONGDING
CORPORATION |
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Registered Office : |
No. 100 Jianye Road, Nanjing City, Jiangsu Province, 210004
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.10.1981 |
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Com. Reg. No.: |
320000000000640 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
International trade, investment and management of its subsidiaries. |
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 8,000,000 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Name and address
HIGH
HOPE ZHONGDING CORPORATION
NO. 100 JIANYE ROAD, NANJING CITY,
JIANGSU
PROVINCE, 210004 PR CHINA
TEL: 86 (0) 25-58006166 FAX: 86 (0) 25-84209861
EXECUTIVE SUMMARY
INCORPORATION DATE : OCTOBER 15, 1981
REGISTRATION NO. :
320000000000640
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH : 500
REGISTERED CAPITAL : CNY
278,592,600
BUSINESS LINE : TRADE
& INVESTMEnT
TURNOVER :
CNY 2,285,390,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 1,177,370,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 8,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.3745=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
Note: Repeated calls made to the given tel. no.
86-25-86907888 went unanswered during office hours, and we can not confirm
whether the tel. no “86-25
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
October 15, 1981.
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 dangerous chemicals
(with permit if needed), wholesaling coal, security investment and industry
investment, self-management and agent all kinds of goods and technology import
and export business, domestic trading, HR training, storage service, selling
fuel oil, fertilizer and steel products, selling non-ferrous metal.
SC is mainly
engaged in international trade, investment and management of its subsidiaries.
Mr. Xie Shao has been chairman & legal representative
of SC since 2005.
SC is known
to have approx. 500 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. The detail information of
the total premise is unspecified.
http://www.jslgroup.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: jsl@jslgroup.com
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
2002-2 |
Legal representative |
Yang Yuanfu |
Gu Tianming |
|
2005-11 |
Gu Tianming |
Present one |
|
|
2008-9 |
Registered capital |
CNY 129,880,000 |
CNY 194,820,000 |
|
2009-7 |
CNY 194,820,000 |
CNY 253,266,000 |
|
|
2010-10 |
CNY 253,266,000 |
Present amount |
|
|
Chinese
name (English
name remains the same) |
江苏省轻工业品进出口集团股份有限公司 |
江苏开元国际集团轻工业品进出口股份有限公司 |
|
|
Registration No. |
3200001101045 |
Present one |
|
|
Company
Name |
Jiangsu Light Industrial Products Import and
Export (Group) Corp. |
Present one |
MAIN SHAREHOLDERS: (as of July, 2009)
Name
% of
shareholdings
Jiangsu Skyrun International Group Co., Ltd. 74.18
Changzhou Hongfu Shoes Co., Ltd. 1.73
Jiangsu Overseas Group Corporation 1.39
Jiangsu Hongchang Yinwu Co., Ltd. (in
Chinese pinyin) 1.18
Jiangsu Hongyu Shoes Co., Ltd. 0.77
Jiangsu Dongheng International Group Co.,
Ltd. 0.48
Jiangsu Sainty Corp., Ltd. 0.45
Jiangsu Holly Corporation 0.43
Jurong Hongbao Toy Gift Co. Ltd. (in Chinese
pinyin) 0.24
Nanjing Leduo Toys Co., Ltd. 0.19
Jiangsu Jianglong Industrial Investment Co.
(in Chinese pinyin) 0.18
Sinotrans Jiangsu Corporation 0.19
Yangzhou Jiangsheng Shoes Co., Ltd. 0.09
Suqian Shoes Factory 0.09
Jiangsu Skyrun Corporation 0.09
Jiangsu Baohua Storage & Transport Co.,
Ltd. 0.09
Staff Shares 18.23
Note: The above shareholding information was
SC’s former one, and the corresponding registered capital was CNY 194,820,000.
The changes in the amount of shares of each shareholders were not yet filed in
the local registry, hence no up-to-date shareholder's information could be
provided.
Jiangsu Skyrun International Group Co., Ltd.
================================
SKYRUN International Group is in the lead in
the import and export of garments, textiles, light industrial products,
machinery and electronic products, animal by-products, etc., in China, it has
won a good reputation for its quality products and professional services in the
world market. For many successive years, SKYRUN has been listed among China’s
500 biggest companies. SKYRUN owns 14 trading companies, one of which is a
listed company, and 50 industrial enterprises, of which, shoes industry,
textiles, animal by-products, toys, etc., have grown into fairly large scales.
l
Chairman & Legal Representative:
Mr. Xie Shao , ID#: 320103660615051, born in 1966, with
university education. He is currently responsible for the overall management of
SC
Working Experience(s):
Before 2005 Worked in Jiangsu Skyrun International
Group Co., Ltd. as vice CEO;
From 2005 to present Working in SC as chairman &
legal representative;
Also working in Jiangsu Skyrun International Group
Real Estate Co., Ltd., Jiangsu Skyrun Arser Co. Ltd., Jiangsu Skyrun
Construction Co., Ltd. as legal representative.
l
General Manager:
Mr. Wan Huizhong , ID#: 320114196408070914, born in
1964, he is currently responsible for the daily management of SC
Working Experience(s):
At present
Working in SC as general manager
l
Supervisor:
Yu Hui , ID#:
320106196211211621
l
Directors:
Wang Yi , ID#: 320103196011270513
Teng Xiao , ID#: 320103196011010017
Fan Zhongfeng , ID#: 320114197303310912
Bi Jinbiao
ID#: 340302197207021618
SC is mainly engaged
in international trade, investment and management of its subsidiaries.
SC’s products
mainly include: crafts, T-shirt, toys, stationery and Stainless steel tableware
The brands of SC mainly include: “Friendly”,
“JslToys”, “Tiger”, “Giraffe”, “Swallow”, “Panda” and “Timon”.
SC sources its materials 60% from domestic
market, and 40% from Hong Kong, Europe and U.S.A. SC sells 40% of its products
in domestic market, and 60% to overseas market, mainly U.S.A, Europe and
Southeast Asia market.
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 Supplier:
==============
Jiangsu Skyrun International Group Co., Ltd.
Note:
SC refused to release its main customers
SC is known to have more than 20 subsidiaries, and the following are the
major ones:
Jiangsu Jianglong Industry Investment Co., Ltd.
Jiangsu Huatai Securities Co., Ltd.
Jiangsu Hengxin Real
Estate Co., Ltd.
Jiangsu Skyrun International Group Changzhou Friendship Shoes Co., Ltd.
Jilin
Guanghua Holding Group Co., Ltd.
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 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 China Jiangsu Branch
AC#N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
634,428 |
848,400 |
|
Inventory |
64,560 |
128,490 |
|
34,313 |
29,960 |
|
|
Notes receivable |
2,670 |
6,400 |
|
Accounts
receivable |
202,116 |
233,160 |
|
0 |
280 |
|
|
Advances to
suppliers |
40,096 |
435,480 |
|
Other
receivables |
616,615 |
640,690 |
|
Other current
assets |
-33,785 |
1,670 |
|
|
------------------ |
------------------ |
|
Current assets |
1,561,013 |
2,324,530 |
|
Fixed assets net
value |
100,551 |
94,340 |
|
Available sale financial assets |
235,752 |
1,361,240 |
|
Long-term
receivable |
12,120 |
0 |
|
Long-term equity
investments |
132,435 |
151,450 |
|
Intangible
assets |
14,684 |
14,260 |
|
Deferred tax
debit |
0 |
0 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
2,056,555 |
3,945,820 |
|
|
============= |
============= |
|
Short loans |
720,929 |
1,402,900 |
|
Notes payable |
223,000 |
441,810 |
|
Accounts payable |
332,424 |
504,810 |
|
Welfare payable |
0 |
12,390 |
|
Advances from
customers |
77,726 |
125,630 |
|
Accrued payroll |
11,466 |
10,100 |
|
Interest payable |
5,157 |
0 |
|
Dividends
payable |
7,543 |
7,280 |
|
Taxes payable |
25,415 |
9,660 |
|
Other payable |
70,673 |
46,760 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,474,333 |
2,561,340 |
|
Non-current
liabilities |
13,647 |
207,110 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,487,980 |
2,768,450 |
|
Equities |
568,575 |
1,177,370 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,056,555 |
3,945,820 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Turnover |
1,469,859 |
2,285,390 |
|
Cost of goods sold |
1,338,852 |
2,120,640 |
|
Taxes and additional of main operations |
0 |
1,570 |
|
Sales expense |
69,348 |
86,850 |
|
Management expense |
65,934 |
85,560 |
|
Finance expense |
-12,148 |
5,820 |
|
Investment
income |
131,334 |
138,600 |
|
Loss of asset impairment |
0 |
-10,610 |
|
Changes in fair
value |
0 |
-940 |
|
Other expense |
10,266 |
0 |
|
Non-operating
income |
0 |
17,260 |
|
Non-operating expense |
0 |
250 |
|
Profit before
tax |
128,941 |
150,230 |
|
Less: profit tax |
24,521 |
25,950 |
|
Profits |
104,420 |
124,280 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.06 |
0.91 |
|
*Quick ratio |
1.02 |
0.86 |
|
*Liabilities
to assets |
0.72 |
0.70 |
|
*Net profit
margin (%) |
7.10 |
5.44 |
|
*Return on
total assets (%) |
5.08 |
3.15 |
|
*Inventory
/Turnover ×365 |
16 days |
21 days |
|
*Accounts
receivable/Turnover ×365 |
50 days |
37 days |
|
*Turnover/Total
assets |
0.71 |
0.58 |
|
* Cost of
goods sold/Turnover |
0.91 |
0.93 |
PROFITABILITY: FAIRLY GOOD
l
The turnover of SC appears fairly good 2009, and it
increased greatly in 2010.
l
SC’s net profit margin appears fairly good in both
years.
l
SC’s return on total assets appears fairly good in
2009, but average in 2010.
l
SC’s cost of goods sold is fairly high in both
years, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2009, but fair in 2010.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
both years.
l
SC’s short-term loan appears fairly large in both
years.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly good
SC is considered
an old-established business with fairly good financial conditions. The large amount
of short-term loan could be a threat to SC’s financial condition. Taking into
consideration of SC’s development history, background and operation size, a
credit line up to USD 8,000,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.87 |
|
|
1 |
Rs.79.73 |
|
Euro |
1 |
Rs.69.53 |
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.