MIRA
INFORM REPORT
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Report Date : |
25.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
xiamen jiasheng foreign trade co., ltd. |
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Registered Office : |
Room A1802, Jialian Building, No.166-176
Jiahe Road, Xiamen, Fujian
Province, 361009 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16.07.2002 |
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Com. Reg. No.: |
350203200018426 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International Trader |
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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Maximum Credit Limit : |
usd 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
xiamen jiasheng foreign trade co., ltd.
room A1802, jialian
building, no.166-176 jiahe road, xiamen,
fujian PROVINCE,
361009 PR CHINA
TEL: 86 (0)
592-5563165/2621325 FAX: 86 (0)
592-5563169
EXECUTIVE SUMMARY
INCORPORATION DATE : july
16, 2002
REGISTRATION NO. : 350203200018426
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
40
REGISTERED CAPITAL : CNY 15,000,000
BUSINESS LINE : trading
TURNOVER :
CNY 1,108,093,000 (AS OF DEC.
31, 2006)
EQUITIES :
CNY 19,045,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 200,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY6.82 = USD1
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 is currently operating at the above stated address, instead of the given address – Room No.02-01 Arco and Rongqiao No.
66.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on July 16, 2002.
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 importing and exporting various kinds of commodities
and technology; barter trade and transit trade, wholesale and retail of
building materials, automobiles and motorcycle parts, machinery and electronic
equipment, textiles, hardware, chemicals, metal materials, and stone products,
purchasing agricultural and sideline products.
SC is mainly
engaged in international trade.
Mr. Wu Yaqiang has
been chairman of SC since 2002.
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 Xiamen. Our checks reveal that SC
rents the total premise about 500 square meters.
http://www.xmjsjt.com
The design is professional and the content is well organized. At present the
web site is only in Chinese version.
E-mail: xmjs964@xmjsft.com
Changes of its registered information are as follows:
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Date
of change |
Item |
Before the
change |
After the change |
|
2003-9-29 |
Registered capital |
CNY 5,000,000 |
CNY 10,000,000 |
|
2006-11-23 |
Registered capital |
CNY 10,000,000 |
CNY 15,000,000 |
|
2007-9-19 |
Registration No. |
3502042060732 |
350203200018426 |
|
2008-1-22 |
Shareholders |
Li Dongmin 28% Wu Yaqiang 20% Xiamen Leedarson Clothing Co., Ltd. 52% |
Li Dongmin 60% Wu Yaqiang 40% |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Li Dongmin 60
Wu Yaqiang 40
l
Chairman and General Manager:
Mr. Wu Yaqiang, ID#350521710730153, 37 years
old with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2002 to present Working
in SC as chairman and general manager.
l
Vice General Manager:
Mr. Chen Yonghuo, about 35 years old with
university education. He is currently responsible for the daily management of
SC.
Working Experience(s):
From 2002 to present
Working in SC as vice general
manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: stone products.
SC sources its materials 100% from domestic
market, mainly Fujian. SC sells 100% of its products to overseas market, mainly
USA, Europe and Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
SC is
not known to have any subsidiary at present.
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 bank details.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
|
Cash & bank |
4,248 |
44,265 |
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Inventory |
4,224 |
5,649 |
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Accounts
receivable |
0 |
0 |
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Other Accounts
receivable |
4,827 |
2,550 |
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Export rebate
receivable |
13,000 |
6,432 |
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Advances to
suppliers |
41 |
458 |
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To be
apportioned expense |
0 |
7 |
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Other current
assets |
15 |
2 |
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------------------ |
------------------ |
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Current assets |
26,355 |
59,363 |
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Fixed assets net
value |
1,218 |
1,431 |
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Long term
investment |
1,800 |
2,100 |
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Other assets |
63 |
63 |
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------------------ |
------------------ |
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Total assets |
29,436 |
62,957 |
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============= |
============= |
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Short loans |
0 |
2,312 |
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Accounts payable |
19,934 |
40,845 |
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Other Accounts
payable |
-5,142 |
256 |
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Advances from
clients |
901 |
146 |
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Withdraw the
expenses in advance |
2,760 |
0 |
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Other current
liabilities |
-531 |
353 |
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------------------ |
------------------ |
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Current
liabilities |
17,922 |
43,912 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
17,922 |
43,912 |
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Equities |
11,514 |
19,045 |
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------------------ |
------------------ |
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Total
liabilities & equities |
29,436 |
62,957 |
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============= |
============= |
Income Statement
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Unit: CNY’000 |
as of Dec. 31, 2006 |
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Turnover |
1,108,093 |
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Cost of goods
sold |
1,062,627 |
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Sales expense |
40,537 |
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Management expense |
3,184 |
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Finance expense |
413 |
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Profit before
tax |
2,978 |
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Less: profit tax |
447 |
|
Profits |
2,531 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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*Current ratio |
1.47 |
1.35 |
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*Quick ratio |
1.23 |
1.22 |
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*Liabilities
to assets |
0.61 |
0.70 |
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*Net profit
margin (%) |
/ |
0.23 |
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*Return on
total assets (%) |
/ |
4.02 |
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*Inventory
/Turnover ×365 |
/ |
2 days |
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*Accounts
receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total
assets |
/ |
17.60 |
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* Cost of
goods sold/Turnover |
/ |
0.96 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is fairly good.
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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.
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SC’s quick ratio is maintained in a fairly good level.
l
The inventory of SC is maintained in an average level.
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SC has no accounts receivable in 2005 and 2006.
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SC’s short-term loan is in an average level in 2006.
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SC’s turnover is in a fairly good 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 average.
Overall financial
condition of the SC: Stable.
Over the past 6 years, SC has made a stable growth with stable financial
conditions. A credit line up to USD
200,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.25 |
|
UK Pound |
1 |
Rs.85.92 |
|
Euro |
1 |
Rs.68.11 |
RATING
EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)