MIRA INFORM REPORT
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Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI JIANGLONG IMPORT AND EXPORT CORP. |
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Registered Office : |
10/F Jinling International Mansion, No. 85
Ouyang Road, shanghai 200081 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.11.1993 |
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Com. Reg. No.: |
310115000153695 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importing and exporting of various kinds of commodities and
technology. |
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No. of Employees : |
80 |
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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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed,
centrally planned system to a more market-oriented one that plays a major
global role - in 2010 China became the world's largest exporter. Reforms began
with the phasing out of collectivized agriculture, and expanded to include the
gradual liberalization of prices, fiscal decentralization, increased autonomy
for state enterprises, creation of a diversified banking system, development of
stock markets, rapid growth of the private sector, and opening to foreign trade
and investment. China has implemented reforms in a gradualist fashion. In
recent years, China has renewed its support for state-owned enterprises in
sectors it considers important to "economic security," explicitly
looking to foster globally competitive national champions. After keeping its
currency tightly linked to the US dollar for years, in July 2005 China revalued
its currency by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. From mid 2005 to late 2008 cumulative
appreciation of the renminbi against the US dollar was more than 20%, but the
exchange rate remained virtually pegged to the dollar from the onset of the
global financial crisis until June 2010, when Beijing allowed resumption of a
gradual appreciation. The restructuring of the economy and resulting efficiency
gains have contributed to a more than tenfold increase in GDP since 1978.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2012 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. Debt overhang
from the stimulus program, particularly among local governments, and a property
price bubble challenge policy makers currently. The government's 12th Five-Year
Plan, adopted in March 2011, emphasizes continued economic reforms and the need
to increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
Source
: CIA
Company Name and Address
SHANGHAI JIANGLONG IMPORT AND EXPORT CORP.
10/f jinling international mansion, no. 85 ouyang road
shanghai 200081 PR CHINA
TEL: 86 (0) 21-65212148/65758049
FAX: 86 (0) 21-65221676
EXECUTIVE SUMMARY
Date of Registration : november 19, 1993
REGISTRATION NO. : 310115000153695
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY
16,000,000
staff :
80
BUSINESS CATEGORY : TRADING
Revenue :
CNY 779,450,000 (AS OF DEC. 31,
2012)
EQUITIES :
CNY 27,120,000 (AS OF DEC. 31, 2012)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.17 = 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.: 310115000153695
on November 19, 1993.
SC’s Organization Code Certificate No.:
13374665-8
SC’s Tax No.: 310115133746658
SC’s registered capital: CNY 16,000,000
SC’s paid-in capital: CNY 16,000,000
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 |
|
High Hope Zhongding Corporation |
35 |
|
Jing Liming |
5.28 |
|
Other 45 individuals |
59.72 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Jing Liming经黎明 |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
High Hope Zhongding Corporation 35
Jing Liming 5.28
Other 45 individuals 59.72
High Hope
Zhongding Corporation
------------------------------------------------
Registration No.: 320000000000640
Legal Form: Shares Limited
Company
Registered Capital: CNY 253,266,000
Address: No.100, Jian Ye Road, Nanjing,
China
Tel: 86-25-58006166
Fax: 86-25-84208398 86-25-84209520
Web: www.jslgroup.com
Email: jsl@jslgroup.com
MANAGEMENT
Jing Liming, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also as principal of SC’s branch
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, undertaking Chinese foreign equity joint venture
enterprise and Chinese foreign contractual joint venture enterprise, processing with
imported materials, processing with imported samples, assembling with imported
parts, and compensation trade in agreement, selling textiles, toys, department
stores, chemical products and raw materials, hardware tools, general machinery,
building materials, travel goods, providing related business advisory, in
accordance with the license.
SC is mainly
engaged in international trade.
SC’s products
mainly include: textile fabrics and garments.
SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 100% of its products to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia, etc.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include L/C and Credit of 30-60 days.
*Major Customer:
---------------------
New York Accessory
Group Inc.
Staff & Office:
--------------------------
SC is known
to have approx. 80 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is known to have a
branch at present,
n
Shanghai Jianglong Import and Export Corp. Branch
------------------------------------------
Date of Registration: December 28, 2001
Registration No.: 310109000293928
Legal Form: Branch
Principal: Jing Liming
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, 2012 |
|
76,140 |
|
|
Notes receivable |
0 |
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Accounts
receivable |
90,850 |
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Advances to
suppliers |
0 |
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Other receivable |
29,610 |
|
Inventory |
32,890 |
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Non-current
assets within one year |
0 |
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Other current
assets |
0 |
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|
------------------ |
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Current assets |
229,490 |
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Fixed assets |
2,210 |
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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 |
0 |
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|
------------------ |
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Total assets |
231,700 |
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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 |
30,530 |
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Advances from
clients |
176,290 |
|
Other payable |
420 |
|
Other current
liabilities |
-2,660 |
|
|
------------------ |
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Current
liabilities |
204,580 |
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Non-current
liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
204,580 |
|
Equities |
27,120 |
|
|
------------------ |
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Total
liabilities & equities |
231,700 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
|
Revenue |
779,450 |
|
Cost of sales |
715,820 |
|
Sales expense |
47,780 |
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Management expense |
17,760 |
|
Finance expense |
-5,940 |
|
Profit before
tax |
4,230 |
|
Less: profit tax |
1,600 |
|
2,630 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
|
*Current ratio |
1.12 |
|
*Quick ratio |
0.96 |
|
*Liabilities
to assets |
0.88 |
|
*Net profit
margin (%) |
0.34 |
|
*Return on
total assets (%) |
1.14 |
|
*Inventory / Revenue
×365 |
16 days |
|
*Accounts
receivable/ Revenue ×365 |
43 days |
|
*
Revenue/Total assets |
3.36 |
|
* Cost of
sales / Revenue |
0.92 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
l
SC’s cost of sales 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 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 has no short-term loans.
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: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
|
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.