MIRA
INFORM REPORT
|
Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
xiamen c&d
inc. |
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Registered Office : |
7/F Haibin
Building, No.52 Lujiang Road, Xiamen, Fujian Province, 361001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
June 10, 1998 |
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Com. Reg. No.: |
3502001003244 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in
international trade. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
Up To usd 4,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
xiamen c&d inc.
7/f haibin building, no.52 lujiang road,
xiamen,
fujian province, 361001 PR CHINA
TEL :
86 (0) 592-2263570
FAX :
86 (0) 592-2131555
EXECUTIVE SUMMARY
INCORPORATION DATE : june 10, 1998
REGISTRATION NO. : 3502001003244
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH :
2,660
REGISTERED CAPITAL : CNY 617,600,000
BUSINESS LINE :
TRADING & INVESTMENT
TURNOVER :
CNY 20,979,498,000 (AS OF DEC.
31, 2006)
EQUITIES :
CNY 2,801,447,000 (AS OF DEC. 31,
2006)
PAYMENT :
good
RECOMM. CREDIT RANGE : UP TO usd 4,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly good
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY7.65 = US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Ren Min Bi Yuan
SC was registered as a shares limited company at local Administration for Industry & Commerce (The official body of issuing and renewing business license) on June 10, 1998.
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 characteristics of the shares limited co.
are as follows: The establishment of the co.
requires at least five promoters and at least three of them must be PR-
China controlled legal persons. Natural person can not be allowed to serve
as promoters. The minimum registered capital
of a co. is CNY 10M. while that of the co. with foreign investment is CNY
30M. The total capital of a co. which propose to apply for publicly listed
must not less than CNY 50M. The board of directors must
consist of an odd number 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 three
years of the offer. Directors can not transfer the shares they hold in the
co. during their terms of office. 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 scopes include acting as the agent of importing and exporting all
kinds of commodities and technology, processing trade, carrying trade and transiting
trade, wholesale and retail fuel oil, coal, chemicals and materials, beverage,
textiles, dress, shoes & caps, hardware, general merchandise, machinery
electronic equipment, artwork, building materials, paper products, metal
materials, timber, automotive and parts, shipping and equipment, package foods,
frozen foods, aquatic products, vegetable, cereals & oils, and medical
equipment, foreign trade consultation service, real estate development and
management.
SC is mainly
engaged in international trade.
Ms. Wang Xianrong
has been chairman of SC since 2004.
SC owns about
2,660 staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Xiamen. Our checks reveal that SC
owns the total premise about 25,000 square meters.
http://www.chinacnd.com The
design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: pub@chinacnd.com
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2000 |
Registered capital |
CNY 185,000,000 |
CNY 240,500,000 |
|
2004 |
Registered capital |
CNY 240,500,000 |
CNY 386,000,000 |
|
2005 |
Registered capital |
CNY 386,000,000 |
CNY 617,600,000 |
SC is a listed company in Shanghai Stock Exchange Market and its stock
code is: 600153.
Xiamen C&D Inc. ranked on the lists of “Top 500 enterprises on
import and export quantum in China” and “Top 200 enterprises on export quantum
in China”
Xiamen C&D Inc. entered the list of Top 300 territorial ratepaying
enterprises in Fujian province in 2006
Having been chosen through public appraisal by Fujian Enterprises
Evaluating Center and Fujian Enterprises Evaluating Association, Xiamen C&D
Inc. ranked No. 5 on the list of Top 100 enterprises in Fujian province in
2006.
Having been chosen through public appraisal by Fujian Enterprises
Evaluating Center, Xiamen C&D Corp. Ltd. ranked No. 1 on the list of Top
100 enterprise groups and Top 100 groups on capital in Fujian province once
again.
The lists of “Top 100 enterprises in Xiamen” and “Top 100 enterprises on
service industry in Xiamen” were publicized: Xiamen C&D Inc. ranked No. 2
and NO. 1 separately.
MAIN SHAREHOLDERS: (As
of Dec. 31, 2006)
Name %
of Shareholding
Xiamen C&D Group Co., Ltd. 51.55
Industrial and Commercial Bank – Anxin
Securities Investment Fund 1.62
China Merchants Bank 0.51
Construction Bank of China-Huabao Securities
Investment Fund 0.45
Tebon Securities Co., Ltd. 0.42
Industrial and Commercial Bank – Yuyuan
Securities Investment Fund 0.32
Industrial and Commercial Bank – Anrui
Securities Investment Fund 0.32
Yulong Securities Investment Fund 0.32
China Minmetals Finance Co., Ltd. 0.26
Shanxi Securities Co., Ltd. 0.20
Other circulation stocks 44.03
l
Chairman:
Ms. Wang Xianrong, 55 years old with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 1998 to present Working in Xiamen C&D Group Co., Ltd. as chairman.
From 2004 to present Working in SC as chairman.
l
Vice Chairman:
Ms. Wu Xiaomin, 52 years old with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2000 to present Working in Xiamen C&D Group Co., Ltd. as general manager.
From 2004 to present Working
in SC as vice chairman.
l
General Manager:
Mr. Huang Wenzhou, 42 years old with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
Before 2004 Worked in Xiamen C&D Group Co., Ltd. as general manager;
From 2004 to present Working in SC as general manager.
And also working in Xiamen C&D Group Co., Ltd. as director.
SC is mainly
engaged in international trade.
Brand: C&D.
SC’s products
mainly include: machinery electronics, textiles, dress, light industrial
products, artwork, minerals, chemical products, medical equipment, and cereals
& oils foods.
SC sources its
materials 70% from domestic market, mainly from Fujian, and 30% from
international market, mainly from Southeast, USA, and European countries. SC
sells 40% of its products in domestic market, and 60% to international market,
mainly to Southeast Asia, Japan, USA and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-45 days.
The payment terms of SC include T/T, L/C and Credit of 30-45 days.
*Major Customers:
==============
Shanghai Youbei Trade Co., Ltd.
Sichuan Hongcheng Power Corp.
Suzhou Guwei Electronics Co., Ltd.
*Major Suppliers:
==============
Jinjiang Senfa Dress Corp.
Hnagzhou Hualong Electronics Technology Co., Ltd.
SC is
known to have 59 subsidiaries at present:
Lianfa
Group Co., Ltd.
Xianmen
International Exhibition Group
Shanghai
C&D Industry Co., Ltd.
Xiamen
C&D Industrial and Trade Co., Ltd.
Xiamen
C&D Logistics Co., Ltd.
Xiamen
C&D Chengmao Co., Ltd.
Xiamen
C&D Electronics Co., Ltd.
Xiamen
Jianyida Co., Ltd.
Shanghai
Changjin Realty Co., Ltd.
Xiamen VW
Automobile Sales Service Co., Ltd.
Xiamen
C&D Automobile Co., Ltd.
Xiamen
C&D Art Ceramics Co., Ltd.
Xiamen
C&D Storage Co., Ltd.
Xiamen
Jianyu Industry Co., Ltd.
Xiamen
C&D Paper Co., Ltd.
Xiamen
C&D Chemical Co., Ltd.
Xiamen
C&D Light Industrial Co., Ltd.
Xiamen
C&D Metal Co., Ltd.
Xiamen
Baige Industry Co., Ltd.
Xiamen
C&D Communication Co., Ltd.
Fujian
De’er Medical Industry Co., Ltd.
Xiamen
C&D Materials Co., Ltd.
Xiamen
C&D Container Storage and Transport Co., Ltd.
Zhangzhou
Longchuang Silicon Industry Co., Ltd.
Xiamen
Hyundai Dock Co., Ltd.
Changfuli
(Hong Kong) Trade Co., Ltd.
Shanghai
C&D International Transportation Co., Ltd.
Quanzhou
C&D Industry Co., Ltd.
Beijing
C&D Industry Co., Ltd.
Fuzhou
C&D Industry Co., Ltd.
Guangzhou
C&D Trade Co., Ltd.
Xiamen
International Exhibition Center Co., Ltd.
Xiamen
Exhibition Service Co., Ltd.
Xiamen
Exhibition Advertising Co., Ltd.
Xiamen
Exhibition Jinfeng Co., Ltd.
Xiamen
Exhibition Jinhongxin Co., Ltd.
Xiamen
Huihuang Fitment Engineering Co., Ltd.
Xiamen Yufa
Realty Development Co., Ltd.
Nanchang
Lianfa Realty Co., Ltd.
Xiamen
Lianfa (Group) Realty Management Co., Ltd.
Xiamen
Lixuan Hotel
Xiamen
Lianfa (Group) Realty Co., Ltd.
Xiamen
Lianxinxiang Realty Co., Ltd.
Guilin
Lianda Realty Co., Ltd.
Xiamen
Lianxincheng Co., Ltd.
Xiamen
Lianyitong Co., Ltd.
Xialianfa
Co., Ltd.
Xiamen
Lianyitong Medical Equipment Co., Ltd.
Xiamen
Jinyuan Sponsion Investment Co., Ltd.
Xiamen
Lianfa Tong’an Realty Co., Ltd.
Guangxi
Lianfa Realty Development Co., Ltd.
Xiamen
Lianshengda Realty Agent Co., Ltd.
Xiamen
Jianyu Fashion Co., Ltd.
Xiamen
C&D International Transportation Co., Ltd.
Xiamen
C&D Customs Broker Co., Ltd.
Xiamen
C&D Xiangyu FTZ Trade Co., Ltd.
Xiamen
Xingchen Logistics Co., Ltd.
Xiamen
Zhongchi Automobile Co., Ltd.
Xiamen
Second-Hand Car Trading Market Co., Ltd.
Overall payment appraisal :
( ) Excellent (X) Good ( ) 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 Xiamen Branch
AC#：840060515008096014
Relationship:
Normal.
Consolidated Balance Sheet
Unit: CNY thousand
yuan
|
|
As of Dec. 31, 2005 |
As of Dec. 31, 2006 |
|
Cash & bank |
900,656 |
750,089 |
|
Inventory |
2,084,567 |
3,258,401 |
|
Accounts
receivable |
384,338 |
414,906 |
|
Other Accounts
receivable |
114,537 |
175,255 |
|
To be
apportioned expense |
1,610 |
4,949 |
|
Other current
assets |
1,313,850 |
1,603,310 |
|
|
------------------ |
------------------ |
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Current assets |
4,799,558 |
6,206,910 |
|
Fixed assets |
1,770,352 |
1,783,198 |
|
Long term
investment |
739,888 |
787,370 |
|
Other assets |
53,527 |
257,086 |
|
|
------------------ |
------------------ |
|
Total assets |
7,363,325 |
9,034,564 |
|
|
============= |
============= |
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Short loans |
734,667 |
1,274,258 |
|
Accounts payable |
826,776 |
1,030,910 |
|
Salaries payable |
50,611 |
59,532 |
|
Taxes payable |
17,772 |
106,243 |
|
Accounts
receivable in advance |
959,743 |
1,674,684 |
|
Other Accounts
payable |
92,312 |
174,667 |
|
Withdraw the
expenses in advance |
2,170 |
5,115 |
|
Other current
liabilities |
1,267,731 |
1,244,231 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
3,951,782 |
5,569,640 |
|
Long term
liabilities |
541,507 |
501,265 |
|
Other
liabilities |
258,998 |
162,212 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
4,752,287 |
6,233,117 |
|
Equities |
2,611,038 |
2,801,447 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
7,363,325 |
9,034,564 |
|
|
============= |
============= |
Consolidated Income Statement
Unit: CNY thousand
yuan
|
|
As of Dec. 31, 2005 |
As of Dec. 31, 2006 |
|
Turnover |
15,782,192 |
20,979,498 |
|
Cost of goods
sold |
15,140,288 |
19,938,456 |
|
Sales expense |
368,097 |
427,572 |
|
Management expense |
70,088 |
75,345 |
|
Finance expense |
-7,065 |
4,387 |
|
Profit before
tax |
288,950 |
556,055 |
|
Less: profit tax |
76,079 |
122,113 |
|
Profits |
212,871 |
433,942 |
Important Ratios
=============
|
|
As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
*Current ratio |
1.21 |
1.11 |
|
*Quick ratio |
0.69 |
0.53 |
|
*Liabilities
to assets |
0.65 |
0.69 |
|
*Net profit
margin (%) |
1.35 |
2.07 |
|
*Return on
total assets (%) |
2.89 |
4.80 |
|
*Inventory
/Turnover ×365 |
48 days |
57 days |
|
*Accounts
receivable/Turnover ×365 |
9 days |
7 days |
|
*Turnover/Total
assets |
2.14 |
2.32 |
|
* Cost of
goods sold/Turnover |
0.96 |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line, and it was greatly
increased in 2006.
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 turnover.
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 a fairly large level.
l
The accounts receivable of SC is maintained in an acceptable level.
l
SC’s short-term loan is in a slightly large level.
l
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
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 Stable.
Over the past 9 years, SC has made a stable growth with satisfactory
profit. A credit line up to USD 4,000,000
would appear to be within SC’s capacities.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)