MIRA
INFORM REPORT
|
Report Date : |
06.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
jiangsu guotai international group huatai
import & export co., ltd. |
|
|
|
|
Registered Office : |
15-16/F, Huachang
Oriental Plaza, No. 11 Renmin (E) Road,
Zhangjiagang, Jiangsu Province, 215600 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.03.1992 |
|
|
|
|
Com. Reg. No.: |
320582000001511 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject is
engaged in selling hardware, chemicals & garments |
|
|
|
|
No. of Employees : |
111 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 guotai international group huatai import & export co.,
ltd.
15-16/f, HUACHANG ORIENTAL PLAZA, NO. 11 renmin
(E) road, zhangjiagang, jIANGSU
PROVINCE, 215600 PR CHINA
TEL:
86 (0) 512-58696067/58696078 FAX:
86 (0) 512-58696990/58696929
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 3, 1992
REGISTRATION NO. : 320582000001511
REGISTERED LEGAL
FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : MR. YANG GE (CHAIRMAN)
STAFF STRENGTH : 111
REGISTERED CAPITAL :
CNY 50,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY
1,744,990,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY
149,230,000 (AS OF DEC. 31, 2012)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION
: FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6. 0715 = 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 company at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on March 3,
1992.
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 general business scope: wholesale and retail trade
(excluding State regulations), importing and exporting commodities and
technologies (excluding the goods forbidden to exported by the government);
processing with the imported materials and compensation trade agreement, barter
trade and transit trade.
SC is mainly
engaged in selling hardware, chemicals & garments.
Mr. Yang Ge has
been legal representative, chairman and general manager of SC since 1998.
SC is known to
have approx. 111 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. Our checks reveal that SC owns the total
premise, but the gross area of the premise is unspecific.
http://www.toolsalon.com/ The design is
professional and the content is well organized. At present it is in English
version.
E-mail: xbin@toolsalon.com
Changes of its registered information are as
follows:
|
Date of change |
Item |
Before the
change |
After the
change |
|
|
Registered
capital |
CNY 12,000,000 |
CNY 20,000,000 |
|
Shareholders |
Jiangsu Guotai International
Group Co., Ltd. 25% Zhangjiagang Free
Trade Zone Shengtai Investment Co., Ltd. 15% Chen Yuxiang
11.25% He Xiaoping 9.04% Qiu Bo 6.965 % Xu Guoxin 7.5% Yang Ge 11.09% Other 21
individuals14.155% |
Jiangsu Guotai
International Group Co., Ltd. 25% Zhangjiagang Free
Trade Zone Shengtai Investment Co., Ltd. 15% Chen Yuxiang
11.5% He Xiaoping 9.37% Qiu Bo 10% Xu Guoxin6% Yang Ge 11.75% Other 21
individuals 11.38% |
|
|
|
Registered
capital |
CNY 20,000,000 |
CNY 30,000,000 |
|
Shareholders |
Jiangsu Guotai
International Group Co., Ltd. 25%, Zhangjiagang Free
Trade Zone Shengtai Investment Co., Ltd. 15% Chen Yuxiang
11.5% He Xiaoping 9.37% Qiu Bo 10% Xu Guoxin 6% Yang Ge 11.75% Other 21
individuals 11.38% |
Jiangsu Guotai
International Group Co., Ltd. 25% Zhangjiagang Free
Trade Zone Shengtai Investment Co., Ltd. 15% Yang Ge 12% Chen Yuxiang 11% Qiu Bo 10% He Xiaoping 9.53
% Xu Guoxin 6% Other 20
individuals 11.47% |
|
|
Unspecified |
Registration No. |
3205821100892 |
320582000001511 |
|
Registered
capital |
CNY 30,000,000 |
Present amount |
|
|
Shareholders and
shareholding |
Jiangsu Guotai
International Group Co., Ltd. 25% Zhangjiagang Free
Trade Zone Shengtai Investment Co., Ltd. 15% Yang Ge 12% Chen Yuxiang 11% Qiu Bo 10% He Xiaoping 9.53
% Xu Guoxin 6% Other 20
individuals 11.47% |
Jiangsu Guotai
International Group Co., Ltd. 25% Zhangjiagang Free
Trade Zone Shengtai Investment Co., Ltd. 15% Yang Ge 12% Chen Yuxiang 11% Qiu Bo 10% He Xiaoping 9 % Xu Guoxin 6% Other 20 individuals12% |
|
|
Shareholders and
shareholding |
Jiangsu Guotai
International Group Co., Ltd. 25% Zhangjiagang Free
Trade Zone Shengtai Investment Co., Ltd. 15% Yang Ge 12% Chen Yuxiang 11% Qiu Bo 10% He Xiaoping 9 % Xu Guoxin 6% Other 20 individuals
12% |
Present ones |
See below for SC as
executive party (defendant).
|
Executed Party |
Jiangsu Guotai
International Group Huatai Import & Export Co., Ltd. |
|
Court |
Xianju County
People's Court |
|
Date of Case |
|
|
Case Number |
(2010)01767 |
|
Claim Amount |
RMB 550,000 |
|
Case Status |
Completed |
|
Executed Party |
Jiangsu Guotai
International Group Huatai Import & Export Co., Ltd. |
|
Court |
Zhangjiagang City
People's Court |
|
Date of Case |
|
|
Case Number |
(2010)00579 |
|
Claim Amount |
RMB 1,026.45 |
|
Case Status |
Completed |
|
Executed Party |
Jiangsu Guotai
International Group Huatai Import & Export Co., Ltd. |
|
Court |
Jiangsu Province Suzhou
City Intermediate People's Court |
|
Date of Case |
|
|
Case Number |
(2009)00413 |
|
Claim Amount |
RMB 807,872.3 |
|
Case Status |
Completed |
Remark: Due to the lack of information, we are unable
to provide the cause of action, judgment or other information.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Jiangsu Guotai
International Group Co., Ltd. 25
Zhangjiagang F.T.Z.
Shengtai Investment Co., Ltd. (in Chinese Pinyin) 15
Yang Ge 12
Chen Yuxiang 11
Qiu Bo ID# 32052119760810**** 10
He Xiaoping ID# 32058219760922**** 9.35
Xu Guoxin ID# 61010619660403**** 6
Other 18
individuals 11.65
Jiangsu Guotai
International Group Co., Ltd.
================================
Jiangsu Guotai
International Group Co., Ltd. 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. It has always
been the top of all trading companies in Jiangsu province for successive years.
Legal
representative: Zhang Ziyan
Registration no.:
320000000010627
Add.: Guotai
Mansion, No. 43 Mid. Renmin Rd. Zhangjiagang, Jiangsu, P.R. China
Tel.: 0512-58696206
Fax: 0512-58696170
Web: http://www.gtig.com/
E-mail: office@gtig.com
Zhangjiagang F.T.Z.
Shengtai Investment Co., Ltd. (in Chinese Pinyin)
……………………………………………………………………………
Legal
representative: Zhang Ziyan
Legal representative, Chairman and General
Manager:
Mr. Yang Ge, born
in 1962, with junior college education. He is currently responsible for the
overall and daily management of SC.
Working
Experience(s):
From 1998 to
present Working in SC as legal
representative, chairman and general manager.
Directors:
Chen Yuxiang
Chen Xiaodong ID# 32052119720405****
Cheng Yinghong ID# 32058268070****
He Xiaoping ID# 32058219760922****
Xu Guoxin ID# 61010619660403****
Supervisors:
Qiu Bo ID# 32052119760810****
Ding Xiezhong
SC is mainly engaged
in selling hardware, chemicals & garments.
SC’s products
mainly include: pliers & vices, wrenches & spanners, hammers &
axes, sockets & ratchet handles, screwdrivers, bits & hexagon keys,
measuring tools, cutting tools, abrasive tools, knives, scissors, saws, garden
& farm tools, building & woodworking tools, painting tools.
SC sources its
merchandise 100% from domestic market, mainly Jiangsu Province. SC sells 5% of
its products in domestic market, and 95% to overseas market, mainly India.
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.
Note: SC’s management declined to release
its customer and supplier details.
SC is known to
invest in the following companies:
Zhangjiagang Guotai
Investment Co., Ltd.
=============================
Legal
representative: Zhang Ziyan
Nanjing Upstream
Information Technology Co., Ltd.
Juxian Guotai
Non-ferrous Metal Materials Co., Ltd.
……………………………………………………..
Registration No.:
371122228009936
Incorporation date:
Registered capital:
CNY 5,000,000
Etc.
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.
Bank of China
Zhangjiagang Branch
AC#：513158195624
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
as of Dec. 31, 2012 |
|
Cash & bank |
189,520 |
314,960 |
|
Notes receivable |
2,850 |
16,530 |
|
Inventory |
121,930 |
222,860 |
|
Accounts
receivable |
262,040 |
138,150 |
|
Advances to
suppliers |
0 |
0 |
|
Export tax
rebates receivable |
12,730 |
17,350 |
|
Other receivables |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
589,070 |
709,850 |
|
Long-term
investments |
69,750 |
145,350 |
|
Fixed assets net
value |
9,620 |
46,790 |
|
Projects under
construction |
2,870 |
0 |
|
Deferred income
tax assets |
0 |
3,410 |
|
Intangible assets |
1,130 |
1,090 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
672,440 |
906,490 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Notes payable |
34,670 |
81,880 |
|
Accounts payable |
494,820 |
678,820 |
|
Advances from
customers |
0 |
0 |
|
Employee pay
payable |
0 |
7,410 |
|
Taxes payable |
-1,030 |
-21,560 |
|
Accrued expenses |
10,640 |
9,650 |
|
Unpaid interest |
5,500 |
0 |
|
Other accounts
payable |
9,530 |
1,060 |
|
Other current
liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
554,130 |
757,260 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
554,130 |
757,260 |
|
Shareholders
equities |
118,310 |
149,230 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
672,440 |
906,490 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
as of Dec. 31, 2012 |
|
Turnover |
1,687,240 |
1,744,990 |
|
Cost of goods
sold |
1,634,300 |
1,685,180 |
|
Taxes and
additional of main operation |
5,280 |
3,720 |
|
Income from other
operation |
10 |
70 |
|
Sales expense |
27,010 |
33,380 |
|
Management expense |
18,790 |
20,150 |
|
Finance expense |
-29,670 |
250 |
|
Investment income |
2,610 |
21,900 |
|
Subsidy income |
1,600 |
4,710 |
|
Non-operating
income |
0 |
11,950 |
|
Non-operating
expense |
30 |
0 |
|
Profit before tax |
3,347,200 |
3,526,300 |
|
Less: profit tax |
8,500 |
5,030 |
|
Net profit |
27,220 |
35,910 |
Important Ratios
=============
|
|
as of Dec. 31, 2011 |
as of Dec. 31, 2012 |
|
*Current ratio |
1.06 |
0.94 |
|
*Quick ratio |
0.84 |
0.64 |
|
*Liabilities to
assets |
0.82 |
0.84 |
|
*Net profit
margin (%) |
1.61 |
2.06 |
|
*Return on total
assets (%) |
4.05 |
3.96 |
|
*Inventory
/Turnover ×365 |
27 days |
47 days |
|
*Accounts
receivable/Turnover ×365 |
57 days |
29 days |
|
*Turnover/Total
assets |
2.51 |
1.92 |
|
* Cost of goods
sold/Turnover |
0.97 |
0.97 |
PROFITABILITY: AVERAGE
The turnover of SC
appears good in its line in both years, and it increased in 2012.
SC’s net profit
margin is average in both years.
SC’s return on
total assets is average in both years.
SC’s cost of goods
sold is fairly high in both years, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of
SC is maintained in a fair level in both years.
SC’s quick ratio is
maintained in a normal level in 2011 but fair in 2012.
The inventory of SC
appears average in 2011 and 2012.
The accounts
receivable of SC appears average in 2011 and 2012.
SC has no short-term
loan in 2011 and 2012.
SC’s turnover is in
an average level in both years, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of
SC is high.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.