MIRA INFORM REPORT
|
Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
JIANGSU OVERSEAS GROUP CO., LTD. |
|
|
|
|
Registered Office : |
21f Xinhua Mansion, No.
55 Zhongshan Road, Nanjing Jiangsu Province 210008 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.07.1995 |
|
|
|
|
Com. Reg. No.: |
320000000008120 |
|
|
|
|
Legal Form : |
Sole State-Owned Enterprise |
|
|
|
|
Line of Business : |
Engaged in selling oils and foodstuffs; contracting abroad engineering
and domestic international bidding projects; dispatching workers abroad for
above projects; investing, administrating and managing state-owned assets;
importing and exporting textiles, light industrial products, electronic
products, native products, artificial products, mineral products, chemical
materials, machinery, instruments, machinery equipment, technologies and raw
materials; barter trader, assembly business, compensation trade, transit
trade with previous Soviet and East European countries; interior trade,
technology services, and consulting services.
Subjecvt products range includes equipments, textile machinery,
medical instruments, marine equipments, complete equipments, equipments for
municipal infrastructures |
|
|
|
|
No. of Employees : |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
JIANGSU OVERSEAS GROUP CO., LTD.
21F XINHUA MANSION, NO. 55 ZHONGSHAN ROAD, NANJING JIANGSU PROVINCE
210008 PR CHINA
TEL: 86 (0) 25-84795562/84795827
FAX: 86 (0) 25-84795850/84795883
EXECUTIVE
SUMMARY
Date of Registration : JULY 7, 1995
REGISTRATION NO. : 320000000008120
LEGAL FORM : SOLE STATE-OWNED ENTERPRISE
CHIEF EXECUTIVE :
YANG
DAWEI (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 500,000,000
staff :
80
BUSINESS CATEGORY : INVESTMENT &
MANAGEMENT & TRADE & SERVICE
Revenue :
CNY 13,580,173,000 (Consolidated,
AS OF
DEC. 31, 2012)
EQUITIES :
CNY 1,574,938,000 (Consolidated, AS OF DEC. 31, 2012)
WEBSITE : www.joc.cn
E-MAIL :
joc@joc.cn
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE :
CNY 6.08 = 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
LEGAL STATUS & HISTORY
SC was established as a sole state-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
320000000008120 on July 7, 1995.
SC’s Organization Code Certificate No.:
13478500-X
SC’s registered capital: CNY 500,000,000
SC’s paid-in capital: CNY 500,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2007-7 |
Registered Capital |
CNY 88,880,000 |
CNY 500,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Jiangsu Provincial Government |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Yang Dawei |
|
Deputy General Manager |
Hu Keping |
RECENT DEVELOPMENT
SC has got the certificate of ISO 9002.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Jiangsu Provincial Government 100
MANAGEMENT
Yang Dawei, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------
Gender: M
Age:
Qualification: University
Working experience (s):
From 1995 to present, working in SC as legal representative, chairman
and general manager
Hu Keping, Deputy
General Manager
------------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as deputy general manager
BUSINESS OPERATION
SC’s registered business scope includes selling oils and foodstuffs;
contracting abroad engineering and domestic international bidding projects;
dispatching workers abroad for above projects; investing, administrating and
managing state-owned assets; importing and exporting textiles, light industrial
products, electronic products, native products, artificial products, mineral
products, chemical materials, machinery, instruments, machinery equipment,
technologies and raw materials; barter trader, assembly business, compensation
trade, transit trade with previous Soviet and East European countries; interior
trade, technology services, and consulting services.
SC is mainly engaged in the businesses of state-owned assets investment,
administration and management, international trade, tender and international
labor exchanges.
SC’s products mainly include: equipments, textile machinery, medical
instruments, marine equipments, complete equipments, equipments for municipal
infrastructures
SC sources its merchandises 40% from the overseas market, mainly from Japan, USA and European countries, etc, and 60% from domestic market. SC sells 50% of its merchandises in domestic market, 50% 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 Customers:
----------------------
Shanghai Huijun Trade Co., Ltd.
Shanghai Sangang Group
Jiangsu Litian New Materials Co., Ltd.
Infinity Trading Co.
Staff &
Office:
--------------------------
SC is known to have approx. 80
staff at present.
SC onws an area as its operating office of approx. 1,000 sq. meters at
the heading address.
RELATED COMPANY
SC is known to
have 37 subsidiaries at present, and the following are the major ones.
Jiangsu Provincial Foreign Trade Corporation
Address: No.55 Zhongshan Road, Nanjing
Tel: 025-84795777
Fax: 025-84795700
E-mail: webmaster@jsft.com
JOC International Ltd.
Address: No.8 Liyuan South Road, Jiangning District, Nanjing
Tel: 025-25-52782808
E-mail: webmaster@jocltd.com
JOC International Technical Engineering Co., Ltd.
Address: 24-26/F, No.55 Zhongshan Road, Nanjing
Tel:025-84795988
E-mail: webmaster@jocite.com
JOC Technical Development Co., Ltd.
Address: No.8 Liyuan South Road, Jiangning District, Nanjing
Tel: 025-25-84041610
JOC Great Wall Corporation
Address: No.8 Liyuan South Road, Jiangning District, Nanjing
Tel: 025-52782880/52782881
E-mail: webmaster@jocgreatwall.com
Xpand China Corporation
Address: 23/F, No.55 Zhongshan Road, Nanjing
Tel: 025-84795555
E-mail: contact@xpandchina.com
Zhong Shan Co., Ltd.
Tel: 00852-2527-3600
Etc.
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:
Bank of China Jiangsu Branch
AC#: 044138090010005186
FINANCIALS
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
1,402,910 |
1,549,370 |
|
|
Notes receivable |
705,231 |
329,546 |
|
Accounts receivable |
450,872 |
737,207 |
|
Advances to suppliers |
633,148 |
549,048 |
|
Other receivable |
296,641 |
287,216 |
|
Inventory |
1,451,007 |
1,348,879 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
375,418 |
368,403 |
|
|
------------------ |
------------------ |
|
Current assets |
5,315,227 |
5,169,669 |
|
Long-term receivables |
24,635 |
17,099 |
|
Long-term investment |
343,670 |
406,647 |
|
Investment property |
385,084 |
462,136 |
|
Fixed assets |
857,950 |
996,341 |
|
Construction in progress |
150,461 |
251,271 |
|
Intangible assets |
502,963 |
347,106 |
|
Long-term prepaid expenses |
2,584 |
819 |
|
Deferred income tax assets |
10,758 |
5,229 |
|
Other non-current assets |
106,284 |
105,974 |
|
|
------------------ |
------------------ |
|
Total assets |
7,699,616 |
7,762,291 |
|
|
============= |
============= |
|
Short-term loans |
2,368,971 |
2,302,878 |
|
Notes payable |
154,356 |
171,642 |
|
Accounts payable |
1,598,528 |
1,780,611 |
|
Wages payable |
68,759 |
73,512 |
|
Taxes payable |
-12,207 |
-47,154 |
|
Interest payable |
18,230 |
6,515 |
|
Dividends payable |
5,040 |
5,088 |
|
Advances from clients |
929,651 |
866,096 |
|
Other payable |
172,179 |
53,500 |
|
Other current liabilities |
0 |
103 |
|
|
------------------ |
------------------ |
|
Current liabilities |
5,303,507 |
5,212,791 |
|
Non-current liabilities |
946,009 |
974,562 |
|
|
------------------ |
------------------ |
|
Total liabilities |
6,249,516 |
6,187,353 |
|
Equities |
1,450,100 |
1,574,938 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
7,699,616 |
7,762,291 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
13,233,140 |
13,580,173 |
|
Cost of sales |
12,439,575 |
12,828,368 |
|
Taxes and surcharges |
20,383 |
20,749 |
|
Sales expense |
289,766 |
282,332 |
|
Management expense |
236,340 |
308,883 |
|
Finance expense |
113,605 |
162,172 |
|
Investment income |
6,676 |
90,735 |
|
Non-business income |
93,691 |
51,211 |
|
Non-business expenditure |
1,734 |
10,276 |
|
Profit before tax |
13,192 |
149,583 |
|
Less: profit tax |
12,647 |
33,244 |
|
545 |
116,339 |
Important Ratios
=============
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
*Current ratio |
1.00 |
0.99 |
|
*Quick ratio |
0.73 |
0.73 |
|
*Liabilities to assets |
0.81 |
0.80 |
|
*Net profit margin (%) |
0.004 |
0.86 |
|
*Return on total assets (%) |
0.007 |
1.50 |
|
*Inventory / Revenue ×365 |
41 days |
37 days |
|
*Accounts receivable/ Revenue ×365 |
13 days |
20 days |
|
* Revenue/Total assets |
1.72 |
1.75 |
|
* Cost of sales / Revenue |
0.94 |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears good in its line.
SC’s net profit margin is average in 2012.
SC’s return on total assets is average in 2012.
SC’s cost of sales is fairly high, comparing with its revenue.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
The short-term loans of SC appear large.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is average.
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of short-term loans may be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.