MIRA INFORM REPORT
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Report Date : |
06.01.2012 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU GUOTAI HUASHENG INDUSTRIAL CO., LTD |
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Registered Office : |
2, 24-26f, Guotai
Building, Yangshe Town, 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 : |
03.01.1998 |
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Com. Reg. No.: |
320582000001819 |
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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
: |
200 |
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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Maximum Credit Limit : |
usd 1,500,000 |
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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
|
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 GUOTAI
HUASHENG INDUSTRIAL CO., LTD.
2, 24
jiangsu province,
215600 PR CHINA
TEL: 86 (0)
512-58687630/58913780 FAX: 86 (0)
512-58172289/58915282
EXECUTIVE SUMMARY
INCORPORATION DATE : jan.
3, 1998
REGISTRATION NO. : 320582000001819
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 100,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 2,192,580,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 127,460,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 1,500,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRLY
stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.3091 = 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 Renminbi
SC was registered as a limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jan. 3, 1998.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes manufacturing textiles and garments; wholesale &
retail, importing and exporting commodities and technology; processing with
imported materials, processing with imported samples, assembling with imported parts,
and compensation trade in agreement, operating counter trade & transit trade; industrial investment, management
and income.
SC is mainly
engaged in international trade.
Mr. Chang
Renfeng is legal representative and
chairman of SC at present.
SC is known to
have approx. 200 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Zhangjiagang. SC’s employee refused
to release the detailed information of the premise.
http://www.gths.cn/ The design is
professional and the content is well organized. At present it is in Chinese,
English and Japanese versions.
Email: gtig@gths.cn ; lutf@gths.cn
Qualifications:
SC has Passed ISO9001 quality system
certification; SC was also awarded as “AAA-level Credit Rating Company” by China’s
Textile Foreign Trading Association, “Trustworthy Enterprise That Honors
Contract” in Suzhou, “Outstanding Company” and “A Company with a Harmonious
Labor Relation” in Zhangjiagang and other honors. SC ranks No. 5 among the Top
100 Textile Exporting Enterprises and No. 75 among the Top 100 Garments
Exporting Enterprises.
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Company’s name |
Jiangsu Guotai Huasheng Import &
Export Co., Ltd. |
Present one |
|
2011 |
Registered capital |
CNY 36,800,000 |
Present amount |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiangsu Guotai International Group Co., Ltd. 25
Zhangjiagang Free Trade Zone Shengtai Investment
Co., Ltd.
(literal translation) 15
Wu Jing 10.8
Chang Renfeng 10.8
Jin Zhijiang 5.6981
Shao Xueyan 4.0932
Liu Jiong 2.9932
Tang Lihua 2.8779
Zhu Ronghua 2.4538
Wang Fei 2.0277
Other 22 individual shareholders 18.2561
Jiangsu Guotai International Group Co., Ltd.
----------------------------------------------
Jiangsu Guotai International Group is one of
the leading groups in Jiangsu province, China. It mainly involves in the
importing & exporting business, such as textiles, garments, handicrafts,
hardware, chemicals, pharmaceutical, steel, ships and so on. It also engages in
hotel, tourism, real estate, software R&D, finance and securities. Based on
foreign trading as the main business, it has also gradually formed diversified
business operations.
Add: Guotai Building, Renmin Road,
Zhangjiagang
Tel: 0512-58696206
Fax: 0512-58696170
Email: office@gtig.com
Website: http://www.gtig.com/
l
Legal
representative and chairman:
Mr. Chang Renfeng, born in 1956, he is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
l
General
manager:
Mr. Jin Zhijiang, born in 1976, he is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general
manager.
l
Directors:
Wen Zhenying
Wu Jing
Shao Xueyan
Guo Lizhong
Zhuang Xiaobing
l
Supervisors:
Wang Fei
Zhu Ronghua
Note: The given contact person (Lulan Fen) is confirmed to be working in SC at present.
SC is mainly engaged
in international trade.
SC’s products mainly include: textiles, garments, etc.
Brands: “Meijielun” and “Hawadi”
SC sources its materials 95% from domestic
market, and 5% from overseas market. SC sells 30% of its products in domestic market,
and 70% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Major
clients: (according to SC’s website)
==================================
Major
suppliers: (according to SC’s website)
===================================
SC is known to invest in the following companies:
· Zhangjiagang Jinxing Garment Co., Ltd.
· Zhangjiagang Guotai Huafeng Textiles Co., Ltd.
· Zhangjiagang Free Trade Zone Concord Woolen Industrial Co., Ltd.
· Beipiao Jinlu Mineral Industry Co., Ltd.
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.
SC declined to
release its banking details.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2010 |
|
Cash & bank |
35,700 |
|
Inventory |
53,190 |
|
Bills receivable |
5,170 |
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Accounts
receivable |
50,510 |
|
Other Accounts
receivable |
570 |
|
Advances to
suppliers |
166,950 |
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To be
apportioned expense |
0 |
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Other current
assets |
19,800 |
|
|
------------------ |
|
Current assets |
331,890 |
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Fixed assets net
value |
15,840 |
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Long-term
investment |
55,370 |
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Intangible and
other assets |
10 |
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------------------ |
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Total assets |
403,110 |
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|
============= |
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Short loans |
171,030 |
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Accounts payable |
41,590 |
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Advance from
customers |
1,210 |
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Other Accounts
payable |
22,180 |
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Notes payable |
30,000 |
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Taxes payable |
5,320 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
20 |
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------------------ |
|
271,350 |
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Long term
liabilities |
0 |
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Long-term
payables |
4,300 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
275,650 |
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Equities |
127,460 |
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|
------------------ |
|
403,110 |
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|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2010 |
|
Turnover |
2,192,580 |
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Cost of goods sold |
2,014,400 |
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Taxes and additional of main
operation |
50 |
|
Sales expense |
73,620 |
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Management expense |
17,740 |
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Finance expense |
25,110 |
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Investment
income |
4,580 |
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Non-operating
income |
2,350 |
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Non-operating expense |
1,010 |
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Profit before
tax |
67,550 |
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Less: profit tax |
16,300 |
|
Profits |
51,250 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
1.22 |
|
*Quick ratio |
1.03 |
|
*Liabilities
to assets |
0.68 |
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*Net profit
margin (%) |
2.34 |
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*Return on
total assets (%) |
12.71 |
|
*Inventory
/Turnover ×365 |
9 days |
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*Accounts
receivable/Turnover ×365 |
8 days |
|
*Turnover/Total
assets |
5.44 |
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* Cost of
goods sold/Turnover |
0.92 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal 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’s short-term loan appears large in 2010.
l
SC’s turnover is in a fairly good 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: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short-term
loan could be a threat to SC’s financial condition. We
consider a credit line at the above amount appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
UK Pound |
1 |
Rs.82.33 |
|
Euro |
1 |
Rs.68.19 |
RATING EXPLANATIONS
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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 |
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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.