MIRA
INFORM REPORT
|
Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
xiamen c&d inc. |
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Registered Office : |
7/f Seaside
Building, No.52 Lujiang Road, Xiamen, Fujian Province, 361001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
10.06.1998 |
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Com. Reg. No.: |
3502001003244 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
International Trade and Investment in its Subsidiaries. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
usd 5,000,000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
xiamen c&d inc.
7/f SEASIDE
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 :
4,022
REGISTERED CAPITAL : CNY 690,663,809
BUSINESS LINE :
TRADE & INVESTMENT
TURNOVER :
CNY 29,588,446,000 (AS OF DEC.
31, 2007)
EQUITIES :
CNY 5,157,104,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 5,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
CNY 6.83 = USD 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 importing and exporting all kinds of commodities and
technology, processing trade, counter trade and transit trade,
wholesale and retail of fuel oil, coal, chemicals and materials, beverages,
textiles, garments, shoes & caps, hardware, general merchandise, machinery
electronic equipment, artworks, building materials, paper products, metal
materials, timber, automobiles and parts, shipping and equipment, packaging
foods, frozen foods, aquatic products, vegetables, cereals & oils, and
medical equipment, foreign trade consultation services, real estate development
and management.
SC is mainly
engaged in international trade and investment in its subsidiaries.
Ms. Wang Xianrong
has been chairman of SC since 2004.
SC is known
to have approx. 4,022 employees 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 50,000 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 |
|
2007 |
Registered capital |
CNY 617,600,000 |
CNY 690,663,809 |
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, 2007)
Name %
of Shareholding
Xiamen C&D Group Co., Ltd.
46.1006
Shanghai Yangyin Investment Management Co., Ltd.
2.8958
Shanghai Pudong Development Bank – Changxin Jinli Trend Stock Security
Investment Fund
1.4493
New China Life Insurance Co., Ltd. – Almighty– Deyi Financing
1.4479
Xiamen Xiaxin Investment Group Co., Ltd.
1.4479
Soochow Asset Management Co., Ltd.
1.4479
Sanxia Finance Co., Ltd.
1.4479
Gaoxin Investment Development Co., Ltd.
1.4479
China Everbright Co., Ltd. – Everbright Baodexin Core Security
Investment Fund
1.2829
China Construction Bank – Huabao Xingye Profit Growth Mixed Security
Investment Fund
1.2568
Other shareholders 39.7751
Xiamen C&D Group Co., Ltd.
After more than two decades of continuous innovation and reform, C&D
has now developed into a large-scaled state-owned investment enterprise group
with a registered capital of CNY 2.7 billion, a total asset of over CNY 16
billion, and an annual business income of over CNY 23 billion. Its main
business scope covers trade and logistics, real estate development, tourism and
hotels, conference, exhibition and other fields. In 2007, it was ranked as the
172nd of the Top 500 Chinese enterprises, the 59th of the
Top 500 Chinese service enterprises, the 3rd of business service
industry, and has been ranking as the first of the Top 100 enterprises in
Fujian Province consecutively for several years.
Xiamen Xiaxin Investment Group Co., Ltd.
The group is doing business through capital
operation and investment management and sets the status of import & export
business as the head of group, and real estate, chemical materials and chemical
wharf as the support. From now on, the group will expand investment in present
core industry, reinforce capital operation and investment management of present
investing enterprises, and adopt a strategy, i.e. traditional industry projects
combined with emerging high technology projects, industrial investment combined
with strategical investment, independent investment combined with joint
venture, to achieve a group scale management and increase of investment profit,
and to promote the steady development of the group.
l
Chairman:
Ms. Wang Xianrong, 56 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, 53 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, 43 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.
*Officials:
=======
Name Title
Guo Jindi Director
Ye Zhiliang Director
Lin Fang Supervisor
Jiang Guizhi Supervisor
SC is mainly
engaged in international trade and investment in its subsidiaries.
Brand: C&D.
SC’s products
mainly include: machinery electronics, textiles, dress, light industrial
products, artwork, minerals, chemical products, medical equipment, cereals
& oils foods.
SC sources its
materials 70% from domestic market, mainly Fujian, and 30% from overseas
market, mainly Southeast, USA, and European countries. SC sells 40% of its
products in domestic market, and 60% to overseas market, mainly 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 ( ) 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 Xiamen Branch
AC#840060515008096014
Relationship:
Normal.
Consolidated Balance
Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
|
Cash & bank |
780,783 |
2,356,866 |
|
Inventory |
3,170,235 |
4,645,376 |
|
Accounts
receivable |
419,060 |
604,691 |
|
Notes receivable |
188,739 |
524,488 |
|
Advances to suppliers |
1,399,980 |
2,297,725 |
|
Other Accounts
receivable |
174,122 |
351,960 |
|
Other current
assets |
49 |
120,340 |
|
|
------------------ |
------------------ |
|
Current assets |
6,132,968 |
10,901,446 |
|
Fixed assets |
1,122,275 |
1,123,830 |
|
Construction in
progress |
178,631 |
641,191 |
|
Long term
investment |
1,466,672 |
957,891 |
|
Other assets |
183966 |
1706472 |
|
|
----------------- |
------------------ |
|
Total assets |
9,084,512 |
15,330,830 |
|
|
============= |
============= |
|
Short loans |
1,478,441 |
1,341,622 |
|
Accounts payable |
1,032,715 |
1,354,927 |
|
Salaries payable |
72,670 |
150,611 |
|
Notes payable |
1,047,060 |
841,531 |
|
Taxes payable |
107,162 |
202,333 |
|
Advances from
clients |
1,471,301 |
2,657,457 |
|
Other Accounts
payable |
170,357 |
416,559 |
|
Dividends
payable |
3,153 |
606 |
|
Long-term
liabilities due with in one year |
218,741 |
407,531 |
|
Other current
liabilities |
14,584 |
1,057,476 |
|
|
------------------ |
------------------ |
|
Current liabilities |
5,616,184 |
8,430,653 |
|
Long term
liabilities |
506,853 |
1,743,073 |
|
Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
6,123,037 |
10,173,726 |
|
Equities |
2,961,475 |
5,157,104 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
9,084,512 |
15,330,830 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
|
Turnover |
21,011,084 |
29,588,446 |
|
Cost of goods
sold |
19,942,694 |
27,729,030 |
|
Sales expense |
428,212 |
724,301 |
|
Management expense |
77,970 |
106,411 |
|
Finance expense |
6,910 |
32,881 |
|
Profit before
tax |
572,796 |
933,747 |
|
Less: profit tax |
90,035 |
162,747 |
|
Profits |
482,761 |
771,000 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
|
*Current ratio |
1.09 |
1.29 |
|
*Quick ratio |
0.53 |
0.74 |
|
*Liabilities
to assets |
0.67 |
0.66 |
|
*Net profit
margin (%) |
2.30 |
2.61 |
|
*Return on
total assets (%) |
5.31 |
5.03 |
|
*Inventory
/Turnover ×365 |
55 days |
57 days |
|
*Accounts
receivable/Turnover ×365 |
7 days |
7 days |
|
*Turnover/Total
assets |
2.31 |
1.93 |
|
* Cost of
goods sold/Turnover |
0.95 |
0.94 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line, and it was increased in
2007.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
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 appears fairly large.
l
The accounts receivable of SC is maintained in a fairly good level.
l
SC’s short-term loan appears average.
l
SC’s turnover 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.
SC is well-known in its industry with fairly good financial conditions. Credit
dealings with SC in favorable terms can be considered.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.54 |
|
UK Pound |
1 |
Rs.84.86 |
|
Euro |
1 |
Rs.66.95 |
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. |
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%)