MIRA INFORM REPORT
|
Report No. : |
319297 |
|
Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHINA SDIC INTERNATIONAL TRADE ZHANGJIAGANG CO., LTD. |
|
|
|
|
Registered Office : |
Room 310, Textile Material Market, Free Trade Zone, Zhangjiagang,
Jiangsu Province 215634 Pr |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
09.10.2012 |
|
|
|
|
Com. Reg. No.: |
320592000064361 |
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in wholesale of hazardous chemicals and
pre-packaged food; selling textile raw materials and products, clothing and
accessories, hardware, electronics, building materials, metal materials,
electronic products, daily necessities, machinery products and accessories,
chemical products, mineral products, rubber products, plastic products, wood
and products; providing warehousing services; technology transfer, technology
exchanges, technology advice and technology services |
|
|
|
|
No. of Employee : |
50 |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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, 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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year� 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; � 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name and address
CHINA SDIC INTERNATIONAL TRADE ZHANGJIAGANG CO., LTD.
ROOM 310, TEXTILE MATERIAL MARKET, FREE TRADE ZONE
ZHANGJIAGANG, JIANGSU PROVINCE 215634 PR CHINA
TEL: 86 (0) 13806228560
FAX: 86 (0) 512-56319590
EXECUTIVE
SUMMARY
Date of Registration : october 9, 2012
REGISTRATION NO. : 320592000064361
LEGAL FORM : one-person Limited Liability Company
REGISTERED CAPITAL : CNY 50,000,000
staff :
50
BUSINESS CATEGORY : TRADING
REVENUE :
CNY 2,595,783,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 34,835,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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
EGLAL
STATUS & HISTORY
SC was established
as one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 320592000064361 on October
9, 2012.
SC’s Organization Code Certificate No.:
05517315-2
SC’s Tax No.: 321600055173152
SC’s registered capital: CNY 50,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2015-3-3 |
Registered Capital |
CNY 8,000,000 |
CNY 50,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China SDIC International Trade Nanjing
Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Li Yuping |
|
General Manager |
Zhao Chunxiang |
|
Supervisor |
Yuan Dong |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
China SDIC International Trade Nanjing Co.,
Ltd. 100
Date of Registration: April 10, 1990
Registration No.: 320000000000002
Registered Capital: CNY 200,000,000
Tel: 0086 25-83165990
Fax: 0086 25-83163970
Web: www.sdictradenj.com
MANAGEMENT
Li Yuping , Legal
Representative and Chairman
------------------------------------------------------------------------
Ø
Gender: F
Ø
Age: 46
Ø
ID# 32011319690706204X
Ø Qualification:
University
Ø Working experience
(s):
From 2012 to present, working in SC as
legal representative and chairman
Zhao
Chunxiang , General Manager
----------------------------------------------------------
Ø Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general
manager
Supervisor
--------------
Yuan Dong
BUSINESS
OPERATION
SC’s registered business scope includes wholesale of
hazardous chemicals and pre-packaged food; selling textile raw materials and
products, clothing and accessories, hardware, electronics, building materials,
metal materials, electronic products, daily necessities, machinery products and
accessories, chemical products, mineral products, rubber products, plastic
products, wood and products; providing warehousing services; technology
transfer, technology exchanges, technology advice and technology services; investment
and asset management; organize cultural exchanges; auto sales, brokerage
services; operating and acting as an agent of importing and exporting various
kinds of commodities and technology, excluding the goods forbidden by the
government.
SC is mainly
engaged in international trade.
SC’s products
mainly include: wool, cotton, chemical fiber, wood, etc.
SC sources its products 100% from domestic market, mainly Jiangsu. SC sells 100% of its products to overseas market.
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.
Staff & Office:
--------------------------
SC is known
to have approx. 50 staff at
present.
SC rents an area as
its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC
is not known to have any subsidiary at present.
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, 2013 |
As
of Dec. 31, 2014 |
|
2,926 |
19,434 |
|
|
Notes receivable |
124,872 |
62,608 |
|
Accounts
receivable |
1,770 |
0 |
|
Advances to
suppliers |
215,055 |
229,940 |
|
Other receivable |
67,649 |
207,722 |
|
Inventory |
526,737 |
285,261 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
7,912 |
|
|
------------------ |
------------------ |
|
Current assets |
939,009 |
812,877 |
|
Fixed assets |
0 |
0 |
|
Construction in
progress |
0 |
101 |
|
Intangible
assets |
0 |
16,913 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
939,009 |
829,891 |
|
|
============= |
============= |
|
Short-term loans |
77,810 |
8,550 |
|
Notes payable |
0 |
32,650 |
|
Accounts payable |
353,446 |
52,235 |
|
Wages payable |
862 |
690 |
|
Taxes payable |
-60,083 |
-9,033 |
|
Advances from
clients |
541,947 |
708,814 |
|
Other payable |
0 |
1,150 |
|
Other current
liabilities |
13,708 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
927,690 |
795,056 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
927,690 |
795,056 |
|
Equities |
11,319 |
34,835 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
939,009 |
829,891 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
Revenue |
124,091 |
2,595,783 |
|
Cost of sales |
112,490 |
2,567,674 |
|
Sales expense |
2,743 |
5,868 |
|
Management expense |
253 |
2,368 |
|
Finance expense |
2,595 |
-8,415 |
|
Non-business
income |
0 |
3,215 |
|
Profit before
tax |
6,010 |
31,393 |
|
Less: profit tax |
2,998 |
7,877 |
|
3,012 |
23,516 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Current ratio |
1.01 |
1.02 |
|
*Quick ratio |
0.44 |
0.66 |
|
*Liabilities
to assets |
0.99 |
0.96 |
|
*Net profit
margin (%) |
2.43 |
0.91 |
|
*Return on total
assets (%) |
0.32 |
2.83 |
|
*Inventory /
Revenue ×365 |
1,550 days |
41 days |
|
*Accounts
receivable/ Revenue ×365 |
6 days |
-- |
|
*
Revenue/Total assets |
0.13 |
3.13 |
|
* Cost of
sales / Revenue |
0.91 |
0.99 |
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 fair level.
l
The inventory of SC is maintained in an average
level in 2014.
l
SC has no accounts receivable in 2014.
l
SC’s short-term loans of SC appear average.
l
SC’s revenue is in an average level in 2014,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
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.63.61 |
|
|
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.69.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ASH |
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.