MIRA INFORM REPORT
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Report Date : |
05.01.2012 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU TONGXIANG IMP AND EXP CO., LTD. |
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Registered Office : |
A1805, Tianba Business Building, Shazhou West Road,
Zhangjiagang, Jiangsu Province 215600 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.02.2010 |
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Com. Reg. No.: |
320582000198168 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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No. of Employees
: |
11 |
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 30,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 tongxiang imp and exp co., ltd.
a1805, tianba
business building, shazhou west road, zhangjiagang
jiangsu province
215600 PR CHINA
TEL: 86 (0)
512-58268318
FAX: 86 (0)
512-58728186
EXECUTIVE SUMMARY
Date of Registration : february 23, 2010
REGISTRATION NO. : 320582000198168
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 5,000,000
staff : 11
BUSINESS CATEGORY :
trading
Revenue : CNY 25,330,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 4,930,000 (AS OF
DEC. 31, 2010)
WEBSITE : www.jstxtex.com
E-MAIL :
jstxtex01@jstxtex.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
30,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.29 = 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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 320582000198168 on February
23, 2010.
SC’s registered capital: cny 5,000,000
SC’s paid-in capital: cny 5,000,000
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 |
|
Wang Minghua |
50 |
|
Zhou Wenya |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Wang
Minghua |
|
Supervisor |
Zhou
Wenya |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Wang Minghua 50
Zhou Wenya 50
MANAGEMENT
Wang
Minghua, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
From 2010 present, working in SC as legal representative, chairman and general manager
Also working in Zhangjiagang Free Trade Zone Shengli International Trade Co., Ltd. as legal representative and chairman
Zhou
Wenya, Supervisor
--------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes operating and
acting as an agent of importing and exporting various kinds of commodities and
technology, excluding the goods forbidden by the government.
SC is
mainly engaged in international trade.
SC’s
products mainly include:
l
Acrylic yarn
l
Fancy yarn
l
Fancy yarn
l
Cotton yarn
l
Wool yarn Wool yarn
l
Metallized yarn
l
Semi-worsted yarn
l
Blended yarn
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 100% of its products to overseas market, mainly
USA, Europe, Southeast Asia, and Middle East.
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include L/C and Credit of 30-60 days.
*Major Supplier:
=============
Zhangjiagang
Jiyuanxiang Textile Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 11
staff at present.
SC owns an area as
its operating office of approx. 100 sq. meters at the heading address.
RELATED COMPANY
n
Zhangjiagang
Jiyuanxiang Textile Co., Ltd.
n
Zhangjiagang
Free Trade Zone Shengli International Trade 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
Basic Bank:
Agricultural Bank of China Zhangjiagang Branch
AC#: 526901040014536
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
2,930 |
|
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Accounts
receivable |
2,540 |
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Advances to
suppliers |
0 |
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Other receivable |
0 |
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Inventory |
3,770 |
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Non-current
assets within one year |
0 |
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Other current
assets |
840 |
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------------------ |
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Current assets |
10,080 |
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Fixed assets |
780 |
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Construction in
progress |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
110 |
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------------------ |
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Total assets |
10,970 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
5,280 |
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Wages payable |
1,140 |
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Advances from clients |
0 |
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Other payable |
0 |
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Other current
liabilities |
-380 |
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------------------ |
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Current
liabilities |
6,040 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
6,040 |
|
Equities |
4,930 |
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------------------ |
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Total
liabilities & equities |
10,970 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
25,330 |
|
Cost of sales |
24,490 |
|
Sales expense |
490 |
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Management expense |
370 |
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Finance expense |
0 |
|
Profit before
tax |
-60 |
|
Less: profit tax |
0 |
|
-60 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
1.67 |
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*Quick ratio |
1.04 |
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*Liabilities
to assets |
0.55 |
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*Net profit
margin (%) |
-0.24 |
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*Return on
total assets (%) |
-0.55 |
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*Inventory /
Revenue ×365 |
55 days |
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*Accounts
receivable/ Revenue ×365 |
37 days |
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*
Revenue/Total assets |
2.31 |
|
* Cost of
sales / Revenue |
0.97 |
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 goods sold is fairly high, comparing
with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loan in 2010.
l
SC’s revenue is in an
average 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 small-sized in its line with
fair financial conditions. A credit line at
the above amount appears beyond SC’s capacities, while a credit line up to USD
30,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.14 |
|
UK Pound |
1 |
Rs.83.08 |
|
Euro |
1 |
Rs.69.25 |
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 |
|
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 |
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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.