MIRA INFORM REPORT
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Report No. : |
354664 |
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Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU PROVINCIAL FOREIGN TRADE CORPORATION |
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Registered Office : |
24-26/F, Xinhua Mansion, No. 55 Zhongshan Road, Gulou District, Nanjing, Jiangsu Province, 210005 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
17.07.1992 |
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Com. Reg. No.: |
320000000006044 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Wholesaling hazardous chemicals (within permitted scope); wholesaling
and retailing pre-packaged foods and dairy products (including infant formula
milk powder); importing and exporting various goods and technology; selling
automobiles, fuel oil and cosmetics; domestic trade; technology services;
consulting services and leasing commodities (if needed with permit). |
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No. of Employees : |
115 |
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 : |
-- |
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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company
name & address
JIANGSU PROVINCIAL FOREIGN TRADE CORPORATION
24-26/F, XINHUA MANSION, NO. 55 ZHONGSHAN ROAD, GULOU DISTRICT,
NANJING, JIANGSU PROVINCE, 210005 PR CHINA
TEL: 86 (0) 25-84795777/84795640/84795627
FAX:
86 (0) 25-84795644
EXECUTIVE
SUMMARY
INCORPORATION DATE : JUL. 17, 1992
REGISTRATION NO. : 320000000006044
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. XIA QIANG (CHAIRMAN)
STAFF STRENGTH :
115
REGISTERED CAPITAL : CNY 102,760,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 6,338,520,000 (AS OF DEC. 31, 2014)
EQUITIES :
cny 230,300,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
steady
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
CNY 6.4608 = 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 Ren Min Bi
SC was registered as a shares limited company at Jiangsu Provincial
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jul. 17, 1992.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited liability
to the extent of shareholding, and the co. is liable for its debts only to
the extent of its total assets. The co has independent property of legal
person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in China.. Natural person are allowed to
serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes wholesaling hazardous chemicals
(within permitted scope); wholesaling and retailing pre-packaged foods and
dairy products (including infant formula milk powder); importing and exporting
various goods and technology; selling automobiles, fuel oil and cosmetics;
domestic trade; technology services; consulting services and leasing
commodities (if needed with permit).
SC is mainly engaged in trading of various kinds of products.
Mr. Xia Qiang has been legal representative, chairman and general
manager of SC since 2001.
SC is known to have approx. 115 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 owns the total premise about 8,000 square meters.
http://www.jsft.com/waimao/
The design is professional and the content is well organized. At present it is
in Chinese version (The English version belongs to SC’s parent company JOC).
E-Mail: office@jsft.com
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Shareholders (% of shareholding) |
Jiangsu Overseas Group Co., Ltd. (JOC) 40% Individuals个人股55% Labor Union Committee
5% |
Jiangsu Overseas Group Co., Ltd. (JOC) 80% Staff Individual Shares 20% |
|
Registered capital |
CNY 36,700,000 |
CNY 51,380,000 |
|
|
Shareholders (% of shareholding) |
Jiangsu Overseas Group Co., Ltd. (JOC) 80% Staff Individual 20% |
Present ones |
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|
2012 |
Registered capital |
CNY 51,380,000 |
Present amount |
In the end of 2000, SC obtained ISO9002 certificate.
Organization Code: 134772292
See below for SC as executive party (defendant).
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Executed Party |
SC |
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Court |
Nanjing City Jiangning District People's Court |
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Date of Case |
2013-02-19 |
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Case Number |
(2013) 00561 |
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Claim Amount |
RMB 70,400.08 |
Remark: Due to the lack of information, we are unable
to provide the cause of action, judgment or other information.
MAIN SHAREHOLDERS:
Name Amount
(CNY) % of Shareholding
Jiangsu Overseas Group Co., Ltd. (JOC) 41,126,400 40.02
Nanjing Huijin Enterprise Management Consulting Co., Ltd. (literal
translation) 5,138,000 5
Staff Individual Shares 20,529,600 19.98
Other individuals 35,966,000 35
Jiangsu Overseas Group Co., Ltd. (JOC)
=============================
JOC is a leading state-owned trading group authorized by the government
of Jiangsu province in 1995. It is developing into a general trading company
that owns international trade, manufacturing, modern service and other
businesses.
Legal representative: Huang Hongliang
Registration No.: 320000000008120
Address: Xinhua Mansion, #55 Zhongshan Road Nanjing Jiangsu
TEL: +86-25-84795805
FAX: +86-25-84795800
Website: http://www.joc.cn
E-mail: joc@joc.cn
Nanjing Huijin Enterprise Management Consulting Co., Ltd.
===============================================
Legal representative: Li Ying
Registration No.: 320106000081826
Legal
representative, Chairman and General Manager:
Mr. Xia Qiang, born in 1957 with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as legal representative, chairman and general manager;
Also working in Jiangsu Litian P & C Terminal Co., Ltd., Jiangsu
Litian Real Estate Development Co., Ltd., Suzhou Huaide Trading Co., ltd. and
Ningbo Haifu Trade Co., Ltd. as legal representative, etc.
*Officials:
=======
Name Title
Huang Tianyun Director
Chen Qi’nan Director
Bi Wu Director
Yue Liang Director
Zhang Wenxiang Director
Zheng Bin Director
Li Ying Supervisor
Wang Zhuo Supervisor
SC is mainly engaged in trading of various kinds of products.
SC’s products mainly include: metal mineral, timbers, paper pulp,
chemicals, textile materials, electrical equipments, pumps, electric motors and
related controller equipment, construction materials, equipment for the
transport and civic sectors, etc.
SC’s department mainly include: metals & minerals department, metals
finished product department, metal & construction materials department,
sourcing department, pulp & paper department, chemicals department, etc.
SC sources its merchandise 40% from domestic market, and 60% from the
overseas market, mainly Southeast Asia, European countries. SC sells 60% of its
products in domestic market, and 40% to the overseas market, mainly American
and European countries.
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 declined to release its major clients and
suppliers.
Trademark & Patents
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Registration No. |
5993625 |
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Registration Date |
2010-1-14 |
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Trademark Design |
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SC is known to invest in the following companies:
Jiangsu Litian P & C Terminal Co., Ltd.
=============================
Legal representative: Xia Qiang
Registration No.: 320281400003008
Website: http://www.jsltpct.com/
Jiangsu Litian Real Estate Development Co., Ltd.
===================================.
Legal representative: Xia Qiang
Registration No.: 320121000012666
Jiangsu Litian New Material Co. Ltd.
===========================
Legal representative: Lu Ronghua
Registration No.: 320592400002942
Website: http://www.joclt.com/site/boot/
Suzhou Huaide Trading Co., ltd.
=========================
Legal representative: Xia Qiang
Registration No.: 320512000031418
Ningbo Haifu Trade Co., Ltd.
======================
Legal representative: Xia Qiang
Registration No.: 330216000012354
Incorporation date: June 15, 2000
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 Jiangsu Branch
AC#：N/A
Bank of Communications
AC#：320006607010061004277
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
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As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Cash & bank |
241,735 |
/ |
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Short term investment |
21,714 |
/ |
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Inventory |
952,904 |
/ |
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Accounts receivable |
229,293 |
/ |
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Advances to supplies |
126,965 |
/ |
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Other receivables |
254,148 |
/ |
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Note receivable |
376,214 |
/ |
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------------------ |
------------------ |
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Current assets |
2,202,973 |
/ |
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Fixed assets net value |
63,737 |
/ |
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Long-term investments |
341,089 |
/ |
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Intangible assets |
0 |
/ |
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Deferred assets debits |
574 |
/ |
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------------------ |
------------------ |
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Total assets |
2,608,373 |
2,338,940 |
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|
============= |
============= |
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Short loans |
691,858 |
/ |
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Accounts payable |
973,331 |
/ |
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Other Accounts payable |
12,387 |
/ |
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Advances from clients |
782,033 |
/ |
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Taxes payable |
-68,917 |
/ |
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Salaries payable |
10,947 |
/ |
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Welfare payable |
2,402 |
/ |
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Dividend payable |
2,692 |
/ |
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Other current liabilities |
4,826 |
/ |
|
|
----------------- |
----------------- |
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Current liabilities |
2,411,559 |
/ |
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Long term liabilities |
4,107 |
/ |
|
|
------------------ |
------------------ |
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Total liabilities |
2,415,666 |
2,108,640 |
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Shareholders equities |
192,707 |
230,300 |
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|
------------------ |
------------------ |
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Total liabilities & equities |
2,608,373 |
2,338,940 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Turnover |
6,399,664 |
6,338,520 |
|
Cost of goods sold |
6,312,419 |
/ |
|
Taxes and additional of main operation |
863 |
/ |
|
Sales expense |
42,265 |
/ |
|
Management expense |
37,922 |
/ |
|
Finance expense |
32,552 |
/ |
|
Investment income |
20,153 |
/ |
|
Non-operating income |
25,265 |
/ |
|
Non-operating expense |
548 |
/ |
|
Profit before tax |
18,513 |
15,760 |
|
Less: profit tax |
0 |
2,210 |
|
Net profit |
18,513 |
13,550 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
0.91 |
/ |
|
*Quick ratio |
0.52 |
/ |
|
*Liabilities to assets |
0.93 |
0.90 |
|
*Net profit margin (%) |
0.29 |
0.21 |
|
*Return on total assets (%) |
0.71 |
0.58 |
|
*Inventory /Turnover ×365 |
55 days |
/ |
|
*Accounts receivable/Turnover ×365 |
14 days |
/ |
|
*Turnover/Total assets |
2.45 |
2.71 |
|
* Cost of goods sold/Turnover |
0.99 |
/ |
PROFITABILITY:
AVERAGE
The turnover of SC appears good in its line in both years.
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 high in 2013, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level in 2013.
SC’s quick ratio is maintained in a fair level in 2013.
The accounts receivable of SC appears average in 2013.
The inventory of SC appears average in 2013.
The short-term loan of SC appears large in 2013.
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 in both years.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly Stable
SC is considered medium-sized in its industry with 23 years development
history. The large amount of short-term loan could be a threat to SC’s
financial situation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
CNY |
1 |
Rs.10.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.