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MIRA INFORM REPORT
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Report No. : |
500564 |
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Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU GTIG HUATAI CO., LTD. |
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Registered Office : |
15-16/F, Huachang Oriental Plaza, Renmin Road,
Yangshe Town, Zhangjiagang, Jiangsu Province 215600 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.03.1992 |
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Com. Reg. No.: |
913205821421553317 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Wholesale and retail trade, 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 |
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No. of Employees : |
179 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state-support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, 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 liberalization. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi (RMB) after the currency was accepted as part of the IMF’s special drawing rights basket. After engaging in one-way, large-scale intervention to resist appreciation of the RMB for a decade, China’s 2016 intervention in foreign exchange markets has sought to prevent a rapid RMB depreciation that would have negative consequences for the United States, China, and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) servicing its high corporate debt burdens to maintain financial stability; (c) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (d) dampening speculative investment in the real estate sector; (e) reducing industrial overcapacity; and (f) raising productivity growth rates through the more efficient allocation of capital. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. Under President XI Jinping, Beijing has signaled its understanding that China's long-term economic health depends on giving the market a more decisive role in allocating resources, but has moved slowly on market-oriented reforms because of potential negative consequences for stability and short-term economic growth. He has also increased state-control over key sectors and Party control over state-owned enterprises. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time.
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Source
: CIA |
company
name and address
|
COMPANY NAME |
Jiangsu Gtig Huatai Co., Ltd. |
|
CURRENT ADDRESS/ REGISTERED ADDRESS |
15-16/F,
Huachang Oriental Plaza, Renmin Road, Yangshe Town, Zhangjiagang, Jiangsu
Province 215600 PR China |
|
TEL. NO. |
86 (0) 512-58683725/58696319 |
|
FAX NO. |
86 (0)
512-58696990 |
EXECUTIVE
SUMMARY
Date of Registration : MARCH 3, 1992
Unified social credit code : 913205821421553317
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 50,000,000
staff : 179
BUSINESS CATEGORY : TRADING
Revenue : CNY 1,345,197,000 (AS OF DEC. 31, 2016)
EQUITIES : CNY 234,898,000 (AS OF DEC. 31, 2016)
WEBSITE : www.toolchina.com
E-MAIL : info@toolchina.com
PAYMENT : REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
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 unified social credit code: 913205821421553317.
SC’s Tax No.: 320582142155331
SC’s registered capital: CNY
50,000,000
SC’s paid-in capital: CNY
50,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered Capital |
CNY 12,000,000 |
CNY 20,000,000 |
|
|
Registered Capital |
CNY 20,000,000 |
CNY 30,000,000 |
|
-- |
Registration No. |
3205821100892 |
320582000001511 |
|
-- |
Registered Capital |
CNY 30,000,000 |
CNY 50,000,000 |
|
|
Company Name |
Jiangsu Guotai International Group
Huatai Import & Export Co., Ltd. |
Jiangsu GTIG Huatai Co., Ltd. |
|
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Registration No./ Unified Social Credit Code |
320582000001511 |
913205821421553317 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Jiangsu
Guotai International Group Co., Ltd. |
25.00 |
|
Zhangjiagang
Free Trade Zone Shengtai Investment Co., Ltd. |
15.00 |
|
Chen
Yuxiang |
11.00 |
|
He
Xiaoping |
9.45 |
|
Qiu
Bo |
10.00 |
|
Xu
Guoxin |
6.00 |
|
Yang
Ge |
12.00 |
|
Other
individuals |
11.55 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative and Chairman |
Yang Ge |
|
General
Manager |
Chen Yuxiang |
|
Director |
Chen Xiaodong |
|
He Xiaoping |
|
|
Qiu Bo |
|
|
Chang Renfeng |
|
|
Xu Bin |
|
|
Supervisor |
Zhang Hui |
|
Gu Yin |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Jiangsu Guotai International
Group Co., Ltd. 25.00
Zhangjiagang Free Trade Zone
Shengtai Investment Co., Ltd. 15.00
Chen Yuxiang 11.00
He Xiaoping 9.45
Qiu Bo 10.00
Xu Guoxin 6.00
Yang Ge 12.00
Other individuals 11.55
Jiangsu Guotai
International Group Co., Ltd.
-----------------------------------------------------------
Jiangsu Guotai International
Group is one of the key enterprise groups in Jiangsu province of China. It is
mainly involved in the imp. & exp. business of such goods as textiles,
garments, handcrafts, hardware, chemicals, pharmaceutical, steel, ships and so
on. It also engages in like hotels, traveling, real estate, software
development, finance and security. It has gradually formed a diversified
operation structure with foreign trade as main operation.
Website: www.gtig.com
E-mail: allenxu@vip.163.com
Tel: 86 (0) 512-58696206
Fax: 86 (0) 512-58696170
Registration No.: 320000000010627
Legal Form: One-person Limited Liabilities
Company
Registered Capital: CNY 800,000,000
Legal Representative: Zhang Ziyan
Zhangjiagang
Free Trade Zone Shengtai Investment Co., Ltd.
--------------------------------------------------------------------------------
Unified Social Credit Code: 913205927448156409
Legal Form: Limited Liabilities Company
Registered Capital: CNY 18,000,000
Legal Representative: Zhang Ziyan
MANAGEMENT
Yang Ge Legal Representative and Chairman
--------------------------------------------------------------------
Ø Gender: M
Ø Nationality: China
Ø Age: 55
Ø ID#
320521196208170019
Ø Qualification:
University
Ø Working experience
(s):
From 1998 to present, working in SC as
legal representative and chairman
Also working in Jiangsu Guotai
International Group Co., Ltd. as deputy general manager, and working in Jiangsu
Newline Textile Technology Co., Ltd. as legal representative
Chen Yuxiang General Manager
------------------------------------------------------
Ø Gender: M
Ø Nationality: China
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general
manager
Director
-----------
Chen Xiaodong
Qiu Bo
Chang Renfeng
He Xiaoping
Chen Yuxiang
Xu Bin
Supervisor
-------------
Xu Guoxin
Zhang Hui
Gu Yin
BUSINESS
OPERATION
SC’s registered
business scope includes wholesale and retail trade, 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 importing and exporting hardware, chemicals and garments.
SC’s
products mainly include: hand tools, power tools, textiles, etc.
SC sources its products 100%
from domestic market, mainly Jiangsu. SC sells 10% of its products in domestic
market, and 90% 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.
*Major Customers:
==============
Brady Industries Reno
Delta
Galil USA Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 179 staff at present.
SC rents
an area as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is
known to invest in the following companies:
n
Zhangjiagang Guotai Investment Co., Ltd.
n
Suzhou Sanray Pharmaceutical Co., Ltd.
n
Jiangsu Guotai International Group Industry Investment Co., Ltd.
n
Juxian Guotai Non-ferrous Metal Materials Co., Ltd.
n
Nanjing Upstream Information Technology Co., Ltd.
n
Jiangsu Newline Textile Technology Co., Ltd.
Etc.
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 records 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 China Zhangjiagang Branch
AC#:
12214808091001
Bank of China Zhangjiagang Chenghang Office
AC#:
12753418091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Cash |
1,531,680 |
1,461,720 |
|
Notes receivable |
47,209 |
39,213 |
|
Accounts receivable |
152,852 |
135,920 |
|
Advances to suppliers |
0 |
0 |
|
Other receivable |
50 |
0 |
|
Inventory |
130,113 |
204,746 |
|
Prepaid expenses |
0 |
0 |
|
Other current assets |
25,024 |
42,000 |
|
|
------------------ |
------------------ |
|
Current assets |
1,886,928 |
1,883,599 |
|
Long-term investment |
161,050 |
128,150 |
|
Fixed assets |
44,712 |
41,998 |
|
Construction in progress |
0 |
0 |
|
Intangible assets |
1,054 |
1,019 |
|
Long-term prepaid expenses |
1,883 |
728 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,095,627 |
2,055,494 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
108,566 |
40,529 |
|
Accounts payable |
1,799,952 |
1,813,456 |
|
Wages payable |
8,943 |
10,102 |
|
Taxes payable |
-11,197 |
-22,962 |
|
Advances from clients |
0 |
0 |
|
Other payable |
1,205 |
1,305 |
|
Accrued expenses |
0 |
0 |
|
Other current liabilities |
6,901 |
762 |
|
|
------------------ |
------------------ |
|
Current liabilities |
1,914,370 |
1,843,192 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
1,914,370 |
1,843,192 |
|
Equities |
181,257 |
212,302 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
2,095,627 |
2,055,494 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Revenue |
2,029,123 |
2,262,602 |
|
Cost of sales |
1,947,207 |
2,172,279 |
|
Taxes and surcharges |
7,778 |
2,315 |
|
Sales expense |
36,624 |
47,508 |
|
Management expense |
23,091 |
25,957 |
|
Finance expense |
-10,042 |
-15,667 |
|
Investment income |
17,794 |
17,094 |
|
Non-operating income |
3,340 |
2,747 |
|
Non-operating expense |
6 |
2 |
|
Profit before tax |
45,594 |
50,048 |
|
Less: profit tax |
6,337 |
9,002 |
|
Profits |
39,257 |
41,046 |
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
|
Total assets |
837,270 |
528,604 |
|
|
------------- |
------------- |
|
Total liabilities |
596,210 |
293,706 |
|
Equities |
241,060 |
234,898 |
|
|
------------- |
------------- |
|
Revenue |
1,504,920 |
1,345,197 |
|
Profit before tax |
49,590 |
-- |
|
Less: profit tax |
10,830 |
-- |
|
Profits |
38,760 |
3,837 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
|
*Current ratio |
0.99 |
1.02 |
-- |
-- |
|
*Quick ratio |
0.92 |
0.91 |
-- |
-- |
|
*Liabilities to assets |
0.91 |
0.90 |
0.71 |
0.56 |
|
*Net profit margin (%) |
1.93 |
1.81 |
2.58 |
0.29 |
|
*Return on total assets (%) |
1.87 |
2.00 |
4.63 |
0.73 |
|
*Inventory / Revenue ×365 |
24 days |
34 days |
-- |
-- |
|
*Accounts receivable / Revenue ×365 |
28 days |
22 days |
-- |
-- |
|
*Revenue / Total assets |
0.97 |
1.10 |
1.80 |
2.54 |
|
*Cost of sales / Revenue |
0.96 |
0.96 |
-- |
-- |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
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 goods sold is fairly high, comparing
with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans.
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 low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.91 |
|
|
1 |
INR 91.87 |
|
Euro |
1 |
INR 80.26 |
|
CNY |
1 |
INR 10.35 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.