MIRA INFORM REPORT
|
Report No. : |
354042 |
|
Report Date : |
14.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
JIANGSU SAINTY HANDSOME CO., LTD. |
|
|
|
|
Registered Office : |
Room 207, Building B, Sainty R& D Center, No. 21 Software Avenue,
Nanjing, Jiangsu Province, 210012 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
28.12.2004 |
|
|
|
|
Com. Reg. No.: |
320000000020046 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject is engaged in trading different kinds of products mainly
include: Vitamins, Nutrition supplements, Plants extracts, Sweeteners, Amino acids,
Feed additive/veterinary products, API/Intermediates, Finished products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 2014 more than 274 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 also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
company name and address
JIANGSU SAINTY HANDSOME CO., LTD.
ROOM 207, BUILDING B, Sainty R& D Center, NO. 21 SOFTWARE
AVENUE, NANJING, JIANGSU province, 210012 PR CHINA
TEL: 86 (0) 25-52875273/52875209 FAX: 86 (0) 25-52875682/52875482
EXECUTIVE
SUMMARY
INCORPORATION DATE : DEC. 28, 2004
REGISTRATION NO. : 320000000020046
REGISTERED LEGAL FORM : Limited liabilities
company
chief executive :
ms. chen jing (CHAIRMAN)
STAFF STRENGTH :
40
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 177,780,000 (unaudited, AS OF DEC. 31, 2014)
EQUITIES :
CNY -4,750,000 (unaudited, AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : Fairly stable
OPERATIONAL TREND : Fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.40 = 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
Note: SC’s detailed address should be the heading one.
SC was registered as a limited liabilities co. at Jiangsu Provincial
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Dec. 28, 2004.
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 domestic trade; computer
application technology development, indoor & outdoor decoration
engineering; importing & exporting commodities and technology.
SC is mainly engaged in trading different kinds of products.
Ms. Chen Jing has been legal representative and chairman of SC since
2012.
SC is known to have approx. 40 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Nanjing. Our checks
reveal that SC rents the total premise, but SC’s accountant refused to release
the gross area.
http://www.saintynutrition.com/ The design is professional and the content is
well organized. At present it is in English version.
Email: providencelixin@gmail.com, cinlee@saintycorp.com,
liukx@saintycorp.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2012-7 |
Legal Representative |
Du Yan 杜燕 |
Present One |
Subject passed the annual inspection of 2012 with Administration for
Industry & Commerce.
Organization Code: 768299847
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiangsu Sainty Corp., Ltd. 51
Liu Guohong 12
Liu Ping 2
Nanjing Weina Trade Co., Ltd. (in Chinese pinyin) 8
Wu Weimin 3.5
Yan Libo 3.5
Zhou Binghong 20
Jiangsu Sainty Corp., Ltd.
-------------------------------
Jiangsu Sainty Corp., Ltd. listed in Shanghai Stock Exchange Market with
the stock code 600287.
Jiangsu Sainty Corp. Ltd. (shortened for "Jiangsu Sainty") is
mainly engaging in import and export business of textiles and garments. In
December 1993 and September 2000, Jiangsu Sainty respectively made shareholding
reform and public listing for shares on Shanghai Stock Exchange.
Registration no.: 320000000006614
Legal representative: Yang Qingfeng
Registered capital: CNY 436,796,074
Tel: 025-52875628
Fax: 025-84201927
Email: info@saintycorp.com
Nanjing Weina Trade Co., Ltd. (in Chinese pinyin)
=======================
Registration no.: 320114000022465
Registered capital: CNY 7,500,000
Legal representative: Fu Junguo
Legal
representative and chairman:
Ms. Chen Jing, born in 1977, with master’s degree, she is currently responsible
for the overall management of SC.
Working
Experience(s):
From 2012 to present Working in SC as
legal representative and chairman.
Also working in Jiangsu Sainty Corp., Ltd. as vice general manager.
General manager
and director:
Mr. Zhou Binghong, born in 1954, he is currently responsible for the
daily management of SC.
Working
Experience(s):
At present
Working in SC as general manager and director.
Directors:
Liu Guohong
Guan Xiang
Gui Shengchun
Supervisor:
Jin Guojun
SC is mainly engaged in trading different kinds of products.
SC’s products mainly include:
Vitamins
Nutrition supplements
Plants extracts
Sweeteners
Amino acids
Feed additive/veterinary products
API/Intermediates
Finished products
SC sources its materials 99% from domestic market, and 1% from overseas
market. SC sells 40% of its products in domestic market, and 60% 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.
Note: SC’s management refused to release its supplier and client
details.
TRADEMARKS
& PATENTS
|
Registration No. |
11591215 |
11591204 |
|
Registration Date |
March 14, 2014 |
March 14, 2014 |
|
Trademark Design |
|
|
Jiangsu Sainty Fortune Co., Ltd.
Jiangsu Sainty Lijia Garments Co., Ltd.
Jiangsu Sainty Lijia Longshan Garments Co., Ltd.
Jiangsu Sainty Techowear Co., Ltd.
Jiangsu Shuntian Xin Xing Industry and Trade Co., Ltd.
STIG Jiangsu Light & Textile Imp. & Exp. Co., Ltd.
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.
SC declined to release its banking details.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2014 |
As of Dec. 31,
2013 |
|
Cash & bank |
7,380 |
9,860 |
|
Inventory |
8,200 |
9,100 |
|
Accounts receivable |
26,010 |
11,730 |
|
Other Accounts receivable |
4,150 |
7,030 |
|
Advances to suppliers |
11,920 |
10,250 |
|
Other current assets |
20 |
10 |
|
|
------------------ |
------------------ |
|
Current assets |
57,680 |
47,980 |
|
Fixed assets net value |
250 |
60 |
|
Long-term investment |
0 |
0 |
|
Intangible and other assets |
190 |
190 |
|
|
------------------ |
------------------ |
|
Total assets |
58,120 |
48,230 |
|
|
============= |
============= |
|
Short loans |
2,670 |
6,650 |
|
Accounts payable |
5,810 |
7,820 |
|
Advance from customers |
23,640 |
13,150 |
|
Other Accounts payable |
32,620 |
12,120 |
|
Notes payable |
0 |
3,460 |
|
Accrued payroll |
120 |
90 |
|
Taxes payable |
-2,000 |
-1,560 |
|
Other current liabilities |
10 |
20 |
|
|
------------------ |
------------------ |
|
62,870 |
41,750 |
|
|
Long term liabilities |
0 |
0 |
|
Other liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
62,870 |
41,750 |
|
Equities |
-4,750 |
6,480 |
|
|
------------------ |
------------------ |
|
58,120 |
48,230 |
|
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2014 |
As of Dec. 31, 2013 |
|
Turnover |
177,780 |
127,790 |
|
Cost of goods sold |
169,070 |
120,600 |
|
Sales expense |
7,090 |
5,540 |
|
Management expense |
1,000 |
980 |
|
Finance expense |
-580 |
580 |
|
Profit before tax |
1,390 |
280 |
|
Less: profit tax |
-220 |
340 |
|
Profits |
1,610 |
-60 |
Note: The Financial Report for year 2014 hasn’t been audited.
Important Ratios
=============
|
|
As of Dec. 31,
2014 |
As of Dec. 31,
2013 |
|
*Current ratio |
0.92 |
1.15 |
|
*Quick ratio |
0.79 |
0.93 |
|
*Liabilities to assets |
1.08 |
0.87 |
|
*Net profit margin (%) |
0.91 |
-0.05 |
|
*Return on total assets (%) |
2.77 |
-0.12 |
|
*Inventory /Turnover ×365 |
17 days |
26 days |
|
*Accounts receivable/Turnover ×365 |
54 days |
34 days |
|
*Turnover/Total assets |
3.06 |
2.65 |
|
* Cost of goods sold/Turnover |
0.95 |
0.94 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in its line.
SC’s net profit margin is fair in 2013 and average in 2014.
SC’s return on total assets is fair in 2013 and average in 2014.
SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a normal level in 2013 but fair
in 2014.
SC’s quick ratio is maintained in a normal level in 2013 but fair in
2014.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in a fairly large level in
2014.
SC’s short-term loan appears fairly large in 2013, and average in 2014.
SC’s turnover is in a fairly good level, 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.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
CNY |
1 |
Rs.10.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SDA |
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.