MIRA
INFORM REPORT
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Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU SANHUAN INDUSTRY AND COMMERCE CO., LIMITED |
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Registered Office : |
Industrial Zone, Xushe, Yixing City Jiangsu Province 214242
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.11.1982 |
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Com. Reg. No.: |
320200000124577 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling special equipment for battery, environmental pollution control equipment, etc. |
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No. of Employees : |
559 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2,500,000 |
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Status : |
Good |
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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 30, 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 and address
JIANGSU SANHUAN INDUSTRY AND COMMERCE CO., LIMITED
INDUSTRIAL ZONE, XUSHE, YIXING CITY
JIANGSU PROVINCE 214242 PR CHINA
TEL: 86 (0) 510-87697508-8801
FAX: 86 (0) 510-87692020
EXECUTIVE SUMMARY
Date of Registration : NOVEMBER 15, 1982
REGISTRATION NO. : 320200000124577
LEGAL FORM : SHARES LIMITED
COMPANY
REGISTERED CAPITAL : CNY 100,000,000
staff :
559
BUSINESS CATEGORY : MANUFACTURING
& TRADING
Revenue :
CNY 325,800,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 314,650,000 (AS OF DEC. 31, 2011)
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 2,500,000
(periodical review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY 6.32 = 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.: 320200000124577.
SC’s Organization Code Certificate No.:
25024104-2
SC’s registered capital: CNY 100,000,000
SC’s paid-in capital: CNY 100,000,000
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 |
|
Suzhou Datai Venture Capital Center
(Limited Partnership) |
2.857 |
|
Suzhou Longyue Investment Center (Limited
Partnership) |
5.714 |
|
Cmhj Holdings Company Limited (Hong Kong) |
4.286 |
|
Wu Caixin |
50.000 |
|
Wu Xia |
2.400 |
|
Yin Jufang |
16.000 |
|
Wu Zhenyu |
1.600 |
|
Zhu Jundong |
0.014 |
|
Chen Hua |
0.286 |
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Other Shareholders |
16.843 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Wu Caixin |
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Director |
Wu Zhenyu |
|
Yin Jufang |
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|
Yin Xiaoliang |
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|
Zhou Yongjun |
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|
Wu Xia |
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|
Li Quansheng |
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|
James Chen Jin |
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|
Supervisor |
Yin Jia |
|
Shen Xierong |
|
|
Alexandre Xing |
|
|
Yang Xiaowen |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Suzhou Datai Venture Capital Center (Limited
Partnership) 2.857
Suzhou Longyue Investment Center (Limited
Partnership) 5.714
CMHJ Holdings Company Limited (Hong Kong) 4.286
Wu Caixin 50.000
Wu Xia 2.400
Yin Jufang 16.000
Zhen Yu 1.600
Zhu Jundong 0.014
Chen Hua 0.286
Other Shareholders 16.843
n
CMHJ Holdings Company Limited (Hong Kong)
----------------------------------------------------------------
Company File No.: 1154333
Legal Form: Private
Status: Live
MANAGEMENT
Wu Caixin , Legal
Representative, Chairman, and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 32022319530614473X
Ø
Age: 59
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative,
chairman and general manager
Director
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Wu Zhenyu ID#
320282198904170210
Yin Jufang ID#
320223195308174721
Yin Xiaoliang ID#
320223195905114719
Zhou Yongjun ID#
320223197008044713
Wu Xia 吴霞 ID#
320223197907020221
Li Quansheng ID#
320211196301154110
James Chen Jin ID#
432427549
Supervisor
--------------
Yin Jia ID#
320282198301024716
Shen Xierong ID#
320223196906307816
Alexandre Xing ID#
08AA37256
Yang Xiaowen ID#
K531626（A）
BUSINESS OPERATION
SC’s registered
business scope includes researching, developing, manufacturing, installing
special equipment for battery, environmental pollution control equipment,
electrical automation control equipment, pharmaceutical equipment, FRP
products, ventilation and coating equipment, and the technology consulting
services; manufacturing plastic products, and metal cold working.
SC is mainly
engaged in manufacturing and selling special equipment for battery, environmental
pollution control equipment, etc.
SC’s products
mainly include: special equipment for battery, environmental pollution control
equipment, etc.
SC sources its
materials 100% from domestic market. SC sells 60% in domestic market and 40% to
overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 559 staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
Branch:
----------
Jiangsu
Sanhuan Industry and Commerce Co., Limited Yixing Branch
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
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
73,890 |
|
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Accounts
receivable |
154,330 |
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Advances to
suppliers |
0 |
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Other receivable |
28,050 |
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Inventory |
102,280 |
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Non-current
assets within one year |
0 |
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Other current
assets |
75,890 |
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|
------------------ |
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Current assets |
434,440 |
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Fixed assets |
25,360 |
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Construction in
progress |
98,000 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
5,720 |
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------------------ |
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Total assets |
563,520 |
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============= |
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Short-term loans |
43,000 |
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Notes payable |
0 |
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Accounts payable |
29,660 |
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Wages payable |
0 |
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Advances from
clients |
140,690 |
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Other payable |
17,420 |
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Other current
liabilities |
18,100 |
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------------------ |
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Current
liabilities |
248,870 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
248,870 |
|
Equities |
314,650 |
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------------------ |
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Total
liabilities & equities |
563,520 |
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============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31, 2011 |
|
Revenue |
325,800 |
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Cost of sales |
223,770 |
|
Sales expense |
12,860 |
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Management expense |
29,850 |
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Finance expense |
4,370 |
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Profit before
tax |
52,390 |
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Less: profit tax |
7,860 |
|
44,530 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
1.75 |
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*Quick ratio |
1.33 |
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*Liabilities
to assets |
0.44 |
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*Net profit
margin (%) |
13.67 |
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*Return on
total assets (%) |
7.90 |
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*Inventory /
Revenue ×365 |
115 days |
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*Accounts receivable/
Revenue ×365 |
173 days |
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*
Revenue/Total assets |
0.58 |
|
* Cost of
sales / Revenue |
0.69 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears fairly large.
l
The short-term loan of SC is maintained in an
average level.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIRLY
GOOD
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.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. The fairly large amount of inventory and accounts receivable may be
a threat to SC’s financial condition. A credit line up to USD 2,500,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.12 |
|
|
1 |
Rs.79.37 |
|
Euro |
1 |
Rs.66.00 |
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 |
|
-- |
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.