MIRA INFORM REPORT
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Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
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Name : |
DALIAN XINYI INDUSTRY COMMERCIAL CO., LTD |
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Registered Office : |
B-2606 No. 20, Gangwan Street, Zhongshan District,
Dalian City, Liaoning Province 116001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.09.2008 |
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Com. Reg. No.: |
210200000271133 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and Exporting Commodities and Technology |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1,000 |
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Status : |
Small Company |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 |
Company name & address
DALIAN XINYI INDUSTRY COMMERCIAL CO., LTD.
B-2606 NO. 20,
GANGWAN STREET, ZHONGSHAN DISTRICT
dalian city, liaoning
province 116001 PR CHINA
TEL: 86 (0)
411-82580626/82562117
FAX: 86 (0)
411-82595311
EXECUTIVE SUMMARY
Date of Registration : SEPTEMBER 11, 2008
REGISTRATION NO. : 210200000271133
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 500,000
staff : 3
BUSINESS CATEGORY :
TRADING
Revenue : CNY 20,160,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 220,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
1,000 (PERIODICAL REVIEW)
MARKET CONDITION : FAIR
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.44 = USD 1
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 registration No.: 210200000271133 on September
11, 2008.
SC’s Organization Code Certificate No.:
679958847
SC’s registered capital: CNY 500,000
SC’s paid-in capital: CNY 500,000
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Tang Xiuxin |
90 |
|
Tang Xiuyuan |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Tang Xiuxin |
|
Supervisor |
Tang Xiuyuan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Tang Xiuxin 90
Tang Xiuyuan 10
MANAGEMENT
Tang
Xiuxin, Legal
Representative, Chairman, and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Working
experience (s):
From 2008 to present, working in SC as legal representative, chairman, and general manager
Also working in Dalian Supershipping International Transportation Co., Ltd. as legal representative
Tang
Xiuyuan, Supervisor
---------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
Also working in Dalian Supershipping International Transportation Co.,
Ltd. Shanghai Branch as principal
BUSINESS OPERATION
SC’s registered business scope includes importing and
exporting commodities and technology.
SC is
mainly engaged in exporting business.
SC’s products mainly include:
glass, ceramics, cast iron crafts, etc.
SC sources its materials 100% from domestic
market, mainly Liaoning province. SC sells 70% of its products in domestic
market, and 30% to overseas market, mainly Japan, North America, and West
Europe.
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 3 staff at present.
SC
rents an area as its operating office of approx. 100 sq. meters at the heading
address.
RELATED COMPANY
u Dalian Supershipping International
Transportation Co., Ltd.
Registration
No.: 210200000012761
Date of
Registration: September 8, 2008
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 7,000,000
Legal
Representative: Tang Xiuxin
u Dalian Supershipping International
Transportation Co., Ltd. Shanghai Branch
Registration
No.: 310109000542128
Date of
Registration: October 27, 2010
Legal
Form: Branch
Principal:
Tang Xiuyuan
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 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
The
bank information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
580 |
2,290 |
|
|
Accounts
receivable |
-80 |
900 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
0 |
0 |
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Inventory |
0 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
100 |
1,140 |
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|
------------------ |
------------------ |
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Current assets |
600 |
4,330 |
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Fixed assets |
0 |
0 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
600 |
4,330 |
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|
============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
120 |
0 |
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Wages payable |
0 |
0 |
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Advances from
clients |
0 |
8,110 |
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Other payable |
0 |
-4,000 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
120 |
4,110 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
120 |
4,110 |
|
Equities |
480 |
220 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
600 |
4,330 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
20,160 |
|
Cost of sales |
19,920 |
|
Sales expense |
270 |
|
Management expense |
60 |
|
Finance expense |
150 |
|
Profit before
tax |
-250 |
|
Less: profit tax |
0 |
|
-250 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
5.00 |
1.05 |
|
*Quick ratio |
5.00 |
1.05 |
|
*Liabilities
to assets |
0.20 |
0.95 |
|
*Net profit
margin (%) |
-- |
-1.24 |
|
*Return on
total assets (%) |
-- |
-5.77 |
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*Inventory /
Revenue ×365 |
-- |
-- |
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*Accounts
receivable/ Revenue ×365 |
-- |
17 days |
|
*
Revenue/Total assets |
-- |
4.66 |
|
* Cost of
sales / Revenue |
-- |
0.99 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
average in its line in 2010.
l
SC’s net profit margin is fair in 2010.
l
SC’s return on total assets is fair in 2010.
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 normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
SC has no inventory in both years.
l
The accounts receivable of SC is maintained in an
average level in 2010.
l
SC has no short-term loan in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial
conditions. A credit line up to USD 1,000 is recommended upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.80 |
|
UK Pound |
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
RATING EXPLANATIONS
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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 |
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 |
|
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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.