MIRA INFORM REPORT
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Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU FORTUNE
LAND GROUP CO., LTD. |
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Registered Office : |
20 |
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Country : |
China |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
14.12.1990 |
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Com. Reg. No.: |
320723000011615 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Purchasing and Sales of Cotton, Agricultural by
products; port management and wharf leasing; fertilizer sales. |
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No. of Employees : |
50 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. However, China has made only
marginal progress toward these rebalancing goals. The new government of
President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources.
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Source
: CIA |
Company name and address
JIANGSU FORTUNE LAND GROUP CO., LTD.
20
LIANYUNGANG, JIANGSU
PROVINCE 222000 PR CHINA
TEL: 86 (0)
518-85571631/85525719/85520066
FAX: 86 (0)
518-85520055
***Note: According
to the, we locate SC. The given phone/fax numbers (0086 13012528033/0086 532
85812256) belong to Qingdao Fortune Land International Trade Co., Ltd.
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 14, 1990
REGISTRATION NO. : 320723000011615
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 100,000,000
staff : 50
BUSINESS CATEGORY : TRADING &
SERVICE
REVENUE : CNY 381,826,000
(JAN. 1, 2013 TO JUN. 30, 2013)
EQUITIES : CNY 115,326,000
(AS OF JUN. 30, 2013)
WEBSITE : www.jsfortuneland.com
E-MAIL : fortuneland@jsfortuneland.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.24 = 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.: 320723000011615 on December 14,
1990.
SC’s Organization Code Certificate No.:
60846955-2
SC’s Tax No.: 320723608469552
SC’s registered capital: CNY 100,000,000
SC’s paid-in capital: CNY 100,000,000
Registration Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the change |
|
2003-09-05 |
Shareholder (s) (% of Shareholding) |
Guanyun Town
Cotton Development Corporation 5.72% Guanyun Town
Bureau of Agriculture 94.74% |
Suyun Technology
(Nanjing) Co., Ltd. 5.72% Jiangsu Runxiang
Automobile Trading Co., Ltd. 94.74% |
|
Legal
Representative |
Zhong Donglin |
|
|
|
2003-10-12 |
Shareholder (s) (% of Shareholding) |
Suyun Technology
(Nanjing) Co., Ltd. 5.72% Jiangsu Runxiang Automobile Trading Co.,
Ltd. 94.74% |
Suyun Technology
(Nanjing) Co., Ltd.1.7% Jiangsu Runxiang
Automobile Trading Co., Ltd. 30.56% Yin Bocen 67.74% |
|
2004-03-23 |
Shareholder (s) (% of Shareholding) |
Suyun Technology
(Nanjing) Co., Ltd. 1.7% Jiangsu Runxiang
Automobile Trading Co., Ltd. 30.56% Yin Bocen 67.74% |
Xine Environmental Consultancy Service Co., Ltd. 70% Yin Bocen 30% |
|
Legal
Representative |
Cao Yun |
Huang Shibi |
|
|
2004-4-9 |
Shareholder (s) (% of Shareholding) |
Xine Environmental Consultancy Service Co., Ltd.70% Yin Bocen 30% |
Xine Environmental
Consultancy Service Co., Ltd. 70% Suyun Technology
(Nanjing) Co., Ltd. 30% |
|
2004-7-9 |
Shareholder (s) (% of Shareholding) |
Xine
Environmental Consultancy Service Co., Ltd.70% Suyun Technology
(Nanjing) Co., Ltd. 30% |
Xine Environmental
Consultancy Service Co., Ltd. 70% Yao Runan 30% |
|
-- |
Shareholder (s) (% of Shareholding) |
Xine
Environmental Consultancy Service Co., Ltd. 70% Yao Runan 30% |
Lian Yungang Le
Ye Real Estate Development Co., Ltd. 60% Cao Yun 30% Qiao Yan 10% |
|
2007-11-08 |
Shareholder (s) (% of Shareholding) |
Lian Yungang Le
Ye Real Estate Development Co., Ltd. 60% Cao Yun 30% Qiao Yan 10% |
Lian Yungang Le
Ye Real Estate Development Co., Ltd. 60% Qiao Yan 40% |
|
2010-12-10 |
Shareholder (s) (% of Shareholding) |
Lian Yungang Le
Ye Real Estate Development Co., Ltd. 60% Qiao Yan 40% |
Lian Yungang Le
Ye Real Estate Development Co., Ltd. 40% Qiao Yan 60% |
|
-- |
Legal
Representative |
Huang Shibi |
Qiao Yan |
|
Registration No. |
3207232100596 |
320723000011615 |
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|
Shareholder (s) (% of Shareholding) |
Lianyungang Le
Ye Real Estate Development Co., Ltd. 40% Qiao Yan 60% |
Chen Wen 20% Qiao Yan 80% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chen Wen |
20 |
|
Qiao Yan |
80 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Qiao Yan |
|
Vice Chairman |
Wang Xia |
|
Director |
Jin Lijun |
|
Supervisor |
Wu Zhao |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Chen Wen 20
Qiao Yan 80
MANAGEMENT
Qiao Yan, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 320705196508041519
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative,
chairman and general manager
Also working in Lianyungang Ever-success Investment
and Guarantee Co., Ltd., and Jiangsu Fortune Land Yueyang Fertilizer Industry
Co., Ltd. as legal representative
Wang Xia, Vice
Chairman
-------------------------------------------
Ø
Gender: F
Ø
Age: 46
Ø
ID# 321102196812153848
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as vice chairman
Director
-----------
Jin Lijun ID#
320706196408230538
Supervisor
--------------
Wu Zhao ID#
110108196802266046
BUSINESS OPERATION
SC’s registered business scope includes real estate development and operation; purchasing and selling cotton and agricultural
by products; wood purchasing; selling yarn, garment, furniture and hardware;
port management and wharf leasing; fertilizer sales; importing and
exporting commodities and technology (excluding the items prohibited or limited
by the country).
SC is mainly
engaged in purchasing and sales of cotton, agricultural by
products; port management and wharf leasing; fertilizer sales.
Brand: FORTUNELAND
SC’s products
mainly include: chemical, coal, plywood, etc.
SC sources its products 100% from domestic market, mainly Jiangsu. SC sells 20% of its products in domestic market, and 80% 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
T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Bluelinx
Corporation
Elberta Crate and
Box Co.
Arauco Colombia
S.A.
Staff & Office:
--------------------------
SC is known
to have approx. 50 staff at
present.
SC owns an area as
its operating office of approx. 600 sq. meters at the heading address.
RELATED COMPANY
SC is known to
have 3 subsidiaries and a branch at present.
n
Lianyungang Wanxing Investment Guarantee Co., Ltd.
n
Lianyungang Meiri Food Co., Ltd.
n
Jiangsu Jintian Yueyang Fertilizer Industry Co., Ltd.
n
Jiangsu Fortune Land Group Co., Ltd. Lianyungang
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
Basic Bank:
Bank of Communications
AC#: 3270006031018010012406
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Jun. 30, 2013 |
|
Total assets |
314,253 |
|
|
------------- |
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Total
liabilities |
198,927 |
|
Equities |
115,326 |
|
|
------------- |
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Unit: CNY’000 |
Jan. 1, 2013 to Jun. 30, 2013 |
|
Revenue |
381,826 |
|
Profits |
1,302 |
Important Ratios
=============
|
|
As
of Jun. 30, 2013 |
|
*Liabilities
to assets |
0.63 |
|
*Net profit
margin (%) |
0.34 |
|
*Return on
total assets (%) |
0.41 |
|
*Revenue /
Total assets |
1.22 |
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.
LIQUIDITY: AVERAGE
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: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.59 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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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 |
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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 |
|
|
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 |
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|
-- |
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.