MIRA INFORM REPORT
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Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU JINGKE SMART ELECTRIC CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.05.1995 |
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Com. Reg. No.: |
320000000042704 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling electrical machinery and equipment, high-voltage switchgear and
intelligent control system |
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No. of Employees
: |
800 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 300,000 |
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Status : |
Moderate |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 JINGKE SMART ELECTRIC CO., LTD.
NO. 9 GUCHENG ROAD,
SUSU INDUSTRIAL PARK, SUQIAN
JIANGSU PROVINCE
223800 PR CHINA
TEL: 86 (0)
527-84502049/84506088/84506077/84506866
FAX: 86 (0)
527-84506890
EXECUTIVE SUMMARY
Date of Registration : MAY 4, 1995
REGISTRATION NO. : 320000000042704
LEGAL FORM : Shares limited coMPANY
REGISTERED CAPITAL : CNY 50,000,000
staff : 800
BUSINESS CATEGORY : manufacturing
Revenue : CNY 134,950,000 (AS OF
DEC. 31, 2011)
EQUITIES : CNY 71,190,000 (AS OF DEC. 31, 2011)
WEBSITE : www.jsjk.com
E-MAIL :
jsjk@jsjk.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 300,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = 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 Administration of Industry & Commerce (SAIC) under
registration No.: 320000000042704 on May 4, 1995.
SC’s Organization Code Certificate
No.: 13478397-9
SC’s registered capital: CNY 50,000,000
SC’s paid-in capital: CNY 50,000,000
Registration Change Record:
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Jiangsu Holly Corporation |
8.46 |
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Jiangsu Venture Capital Co.,
Ltd. |
12.30 |
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Li Shuang |
11.42 |
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Li Yangzhu |
11.42 |
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Lu Chengbin |
21.32 |
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Wang Jinliang |
31.98 |
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Zuo Songlin |
3.10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Wang Jinliang |
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General Manager |
Lu
Chengbin |
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Director |
Li
Yangzhu |
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Wu Tingchang |
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Li Shuang |
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|
Chen Bijun |
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Supervisor |
Cai Weiping |
|
Huang Dongyan |
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|
Xu Gang |
RECENT DEVELOPMENT
SC has got the certificate ISO9001.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Jiangsu Holly Corporation 8.46
Jiangsu Venture Capital Co.,
Ltd. 12.30
Li Shuang 11.42
Li Yangzhu 11.42
Lu Chengbin 21.32
Wang Jinliang 31.98
Zuo Songlin 3.10
Jiangsu Holly Corporation
=======================
Date of Registration: June 30, 1994
Registration No.: 320000000004557
Legal Form: Shares Limited
Company
Registered Capital: CNY 246,768,000
Jiangsu Venture Capital Co., Ltd.
============================
Date of Registration: April 8, 1997
Registration No.: 320000000010081
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 60,000,000
MANAGEMENT
Wang Jinliang, Legal Representative and Chairman
-------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 56
Ø
ID# 320819195603190810
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Lu
Chengbin, General Manager
-----------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 320881196307130410
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Director
-----------
Li Yangzhu ID# 320819195702070451
Wu Tingchang ID# 320103196007060513
Li Shuang李双 ID# 320819196504140812
Chen Bijun ID# 51021619771230201X
Supervisor
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Cai Weiping ID# 320819195906170817
Huang Dongyan ID# 320107197105193459
Xu Gang ID# 510504198204020636
BUSINESS OPERATION
SC’s registered business scope includes
R&D, manufacturing, installing and selling electrical machinery and
equipment, high-voltage switchgear and intelligent control system, processing
general machinery, technical services, information services; operating and
acting as an agent of importing and exporting various kinds of commodities and
technology.
SC is
mainly engaged in manufacturing and selling electrical machinery
and equipment, high-voltage switchgear and intelligent control system.
Brand : JING KE
SC’s
products mainly include: CT&PT, Switchgear, Bushing, Mobile Substation,
etc.
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 80% of its products in domestic market, and
20% to overseas market, mainly Russia, India, Southeast Asia.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 800
staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to have 3 subsidiaries
at present:
===================================
Jiangyin
Shengyuan Huadian H.V. Electrical Appliance Co., Ltd.
Indian
Vishal-Jingke Electric Co., Ltd.
Jingke
Jingyi Real Estate CO., Ltd.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
15,650 |
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Accounts receivable |
83,350 |
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Advances to
suppliers |
0 |
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Other receivable |
27,630 |
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Inventory |
45,380 |
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Non-current
assets within one year |
0 |
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Other current
assets |
980 |
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------------------ |
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Current assets |
172,990 |
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Fixed assets |
36,430 |
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Construction in
progress |
0 |
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Long-term investment |
89,950 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
3,460 |
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------------------ |
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Total assets |
302,830 |
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============= |
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Short-term loans |
152,500 |
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Notes payable |
0 |
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Accounts payable |
52,950 |
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Wages payable |
0 |
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Advances from
clients |
0 |
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Other payable |
5,550 |
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Other current
liabilities |
15,650 |
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------------------ |
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Current
liabilities |
226,650 |
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Non-current
liabilities |
4,990 |
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------------------ |
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Total
liabilities |
231,640 |
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Equities |
71,190 |
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------------------ |
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Total
liabilities & equities |
302,830 |
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============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2011 |
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Revenue |
134,950 |
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Cost of sales |
99,820 |
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Sales expense |
13,750 |
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Management expense |
22,490 |
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Finance expense |
8,330 |
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Profit before
tax |
-5,960 |
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Less: profit tax |
-80 |
|
-5,880 |
Important Ratios
=============
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As
of Dec. 31, 2011 |
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*Current ratio |
0.76 |
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*Quick ratio |
0.56 |
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*Liabilities
to assets |
0.76 |
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*Net profit
margin (%) |
-4.36 |
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*Return on
total assets (%) |
-1.94 |
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*Inventory /
Revenue ×365 |
123 days |
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*Accounts
receivable/ Revenue ×365 |
226 days |
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*
Revenue/Total assets |
0.45 |
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* Cost of
sales / Revenue |
0.74 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
POOR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears large.
l
The short-term loans of SC appear large.
l
SC’s revenue is in a
fair level, 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: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with
fair financial conditions. The large amount of accounts receivable and
short-term loans may be a threat to SC’s financial condition. A credit line up
to USD 300,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.05 |
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UK Pound |
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
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.