MIRA
INFORM REPORT
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Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN FUYING INDUSTRIAL AND TRADE CO., LTD. |
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Registered Office : |
19/F, Zhongmin Building, No. 72 North Hubin Road, Xiamen, Fujian
Province 361012 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.03.2004 |
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Com. Reg. No.: |
350200200017495 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and processing stone and wood products, wholesale and retail of interior decoration materials, textile raw materials, chemical materials, building materials, textiles, general merchandise, minerals, soil and livestock, feed, purchase farm produce etc. |
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 50,000 |
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Status : |
Moderate |
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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 |
Name and address
XIAMEN FUYING INDUSTRIAL AND TRADE CO., LTD.
19/F, ZHONGMIN BUILDING, NO. 72 NORTH HUBIN ROAD, XIAMEN, FUJIAN PROVINCE 361012 PR CHINA
TEL: 86 (0) 592-5315656/5373863
FAX: 86 (0) 592-5311729
EXECUTIVE SUMMARY
Date of Registration : march 11, 2004
REGISTRATION NO. : 350200200017495
LEGAL FORM : Limited
liabilities coMPANY
CHIEF EXECUTIVE :
HUANG HUAIMING (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 20,000,000
staff :
18
BUSINESS CATEGORY : TRADING
Revenue :
CNY 193,030,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 10,670,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 50,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.48 = 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.: 350200200017495 on March 11,
2004.
SC’s Organization Code Certificate No.:
75163256X.
SC’s registered capital: CNY 20,000,000
As of December 31, 2010, SC’s paid-in capital
was CNY 20,000,000.
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 |
|
Xiamen Xiaxin Investment Group Co., Ltd. |
88.75 |
|
Huang Huaiming |
11.25 |
SC’s Chief Executives:-
Legal Representative, Chairman and General Manager: Huang Huaiming
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Xiamen Xiaxin Investment Group Co., Ltd. 88.75
Huang Huaiming 11.25
Xiamen Xiaxin Investment Group Co., Ltd.:
===============================
Date of Registration :
February 12, 1999
Registration No. :
350200100000283
Registered Capital : CNY
200,000,000
Address: 19/F, Zhongmin Building, No. 72
North Hubin Road, Xiamen, Fujian Province
Tel: 0086-592-5373800
Fax: 0086-592-5311729
Web: http://www.xiaxininvest.com
E-mail: xiaxininvest@126.com
MANAGEMENT
Huang Huaiming ,
Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager.
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
processing stone and wood products, wholesale and retail of interior decoration
materials, textile raw materials, chemical materials, building materials,
textiles, general merchandise, minerals, soil and livestock, feed, purchase
farm produce and sideline products, operating and acting as an agent of
importing and exporting various kinds of commodities and technology, excluding
the goods forbidden by the government.
SC is mainly
engaged in international trade.
SC’s products
mainly include: chemical raw materials, textiles, construction materials,
minerals.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 20% of its products in domestic
market, and 80% to overseas market, mainly Southeast Asian market.
The buying terms of
SC include T/T, L/C 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. 18 staff at present.
SC rents an area
as its operating office of approx. 200 sq. meters at the heading address.
RELATED COMPANY
Xiamen
Tongrun Industrial and Trade Co., Ltd.
Fujian
Fuyuan Petro-Chemical Storage Development Co., Ltd.
Hubei
Yicheng Fuyi Weaving Co., Ltd.
Fujian
Shishi Furong Light Industrial 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 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:
China
CITIC Bank Xiamen Branch
AC#7342010182200041661
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
5,380 |
29,700 |
|
|
Accounts
receivable |
3,040 |
11,840 |
|
Notes receivable |
111,000 |
0 |
|
Other receivable |
29,990 |
26,350 |
|
Inventory |
9,200 |
5,800 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
90,910 |
34,890 |
|
|
------------------ |
------------------ |
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Current assets |
249,520 |
108,580 |
|
Fixed assets |
30 |
20 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
10 |
10 |
|
|
------------------ |
------------------ |
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Total assets |
249,560 |
108,610 |
|
|
============= |
============= |
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Short-term loans |
116,960 |
7,480 |
|
Notes payable |
96,100 |
85,070 |
|
Accounts payable |
1,600 |
20 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
16,120 |
13,750 |
|
Other current
liabilities |
5,340 |
-8,390 |
|
|
------------------ |
------------------ |
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Current
liabilities |
236,120 |
97,930 |
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Non-current
liabilities |
10 |
10 |
|
|
------------------ |
------------------ |
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Total
liabilities |
236,130 |
97,940 |
|
Equities |
13,430 |
10,670 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
249,560 |
108,610 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
193,030 |
|
Cost of sales |
191,530 |
|
Sales expense |
660 |
|
Management expense |
700 |
|
Finance expense |
2,880 |
|
Profit before
tax |
-2,760 |
|
Less: profit tax |
0 |
|
-2,760 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.06 |
1.11 |
|
*Quick ratio |
1.02 |
1.05 |
|
*Liabilities
to assets |
0.95 |
0.90 |
|
*Net profit
margin (%) |
-- |
-1.43 |
|
*Return on
total assets (%) |
-- |
-2.54 |
|
*Inventory /
Revenue ×365 |
-- |
11 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
23 days |
|
*
Revenue/Total assets |
-- |
1.78 |
|
* Total
business cost / Revenue |
-- |
0.99 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears fairly good 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 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 fairly good
level in both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear large in 2009 and
average in 2010.
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 high in both years.
l
The risk for SC to go bankrupt is low.
Overall financial condition
of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
A credit line at the above amount appears beyond SC’s capacities, while a
credit line up to USD 50,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.61 |
|
|
1 |
Rs.73.28 |
|
Euro |
1 |
Rs.65.47 |
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 |
|
-- |
NB |
New Business |
-- |
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.