MIRA
INFORM REPORT
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Report Date : |
20.06.2012 |
IDENTIFICATION DETAILS
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Name : |
J & C INDUSTRY CORPORATION LIMITED |
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Registered Office : |
Room 1410 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.01.2007 |
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Com. Reg. No.: |
320103000103315 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
International
Trade |
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No. of Employees : |
09 |
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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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
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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
J & C INDUSTRY
CORPORATION LIMITED
ROOM 1410 RUIHUA BUILDING, NO. 315 ZHONGSHAN
SOUTH ROAD,
BAIXIA DISTRICT, NANJING, JIANGSU PROVINCE,
210001 PR CHINA
TEL: 86 (0) 25-58075375 FAX: 86 (0) 25-58074709
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 10, 2007
REGISTRATION NO. : 320103000103315
REGISTERED LEGAL
FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
9
REGISTERED CAPITAL : CNY 510,000
BUSINESS LINE :
international tradE
TURNOVER : CNY 30,150,000 (UNAUDITED, AS OF DEC. 31, 2011)
EQUITIES : CNY 800,000 (UNAUDITED, AS OF DEC. 31, 2011)
PAYMENT : average
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37= 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 one-person limited liability company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jan. 10, 2007.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes selling chemical products;
selling machinery, hardware, instrument, plastic products, rubber products,
metal materials, communication products, daily used goods, labor insurance products,
culture and sport products, building materials, decoration materials, computer
software and hardware, automotive parts, electronic system engineering, office
equipment, garments, shoes and hats, stationery and chemical products; nursery
stock and garden engineering; importing and exporting various goods and
technology.
SC is mainly
engaged in international trade.
Mr. Jia Qijun has been chairman and general manager of SC
since 2007.
SC is known
to have approx. 9 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
rents the total premise about 75 square meters.
http://www.jcindustry.com/ The
design is professional and the content is well organized. At present it is in
English version.
E-mail: ssa@jcindustry.com
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jia Qijun ID#: 320622197504060195 100
Chairman and
General Manager:
Mr. Jia Qijun, born in 1975, with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2007 to present Working
in SC as chairman and general manager
Supervisor:
Dai Hongxia ID#: 320123198110283429
SC is mainly
engaged in selling chemicals.
SC’s products
mainly include: soda ash, anhydrous sodium sulfate and sodium sulphate.
SC
sources its materials 100% from domestic market. SC sells 10% of its products
in domestic market, and 90% to overseas market, mainly Bengal.
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.
Note: SC’s management declined to release
its main clients and suppliers.
SC
is not known to have any subsidiary at present.
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.
Shenzhen Development Bank Nanjing Gulou Sub-branch
AC# 11007532525301
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
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Cash & bank |
1,820 |
1,470 |
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Inventory |
750 |
280 |
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Accounts
receivable |
200 |
30 |
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Advances to
suppliers |
1,180 |
280 |
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Other receivables |
460 |
980 |
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Other current
assets |
30 |
30 |
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--------------- |
--------------- |
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Current assets |
4,440 |
3,070 |
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Fixed assets net
value |
0 |
10 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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--------------- |
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Total assets |
4,440 |
3,080 |
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============ |
============ |
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Short loans |
0 |
0 |
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Accounts payable |
220 |
690 |
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Advances from
clients |
2,130 |
1,460 |
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Taxes payable |
90 |
120 |
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Other payable |
0 |
0 |
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Other current
liabilities |
1,250 |
10 |
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------------------- |
--------------- |
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Current
liabilities |
3,690 |
2,280 |
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Long term
liabilities |
0 |
0 |
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------------------- |
--------------- |
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Total
liabilities |
3,690 |
2,280 |
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Equities |
750 |
800 |
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Total
liabilities & equities |
4,440 |
3,080 |
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Income Statement
Unit: CNY’000
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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Turnover |
30,050 |
30,150 |
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Cost of goods
sold |
25,670 |
25,380 |
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Taxes
and additional of main operation |
/ |
1,210 |
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Sales expense |
2,370 |
2,600 |
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Management expense |
540 |
780 |
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Finance expense |
-60 |
-10 |
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Profit before
tax |
190 |
210 |
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Less: profit tax |
40 |
40 |
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Profits |
150 |
170 |
Note: SC’s financial statements for Year 2011 have not been audited.
Important Ratios
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2010 |
2011 |
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*Current ratio |
1.20 |
1.35 |
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*Quick ratio |
1.00 |
1.22 |
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*Liabilities
to assets |
0.83 |
0.74 |
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*Net profit
margin (%) |
0.50 |
0.56 |
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*Return on
total assets (%) |
3.38 |
5.52 |
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*Inventory
/Turnover ×365 |
9 days |
3 days |
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*Accounts
receivable/Turnover ×365 |
2 days |
1 day |
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*Turnover/Total
assets |
6.77 |
9.79 |
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* Cost of
goods sold/Turnover |
0.85 |
0.84 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in both years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in 2010, and
fairly good in 2011.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is average in both years.
l
The accounts receivable of SC is average in both
years.
l
SC has no short loans in both years.
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 in 2011.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.56.01 |
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UK Pound |
1 |
Rs.87.85 |
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Euro |
1 |
Rs.70.54 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.