MIRA INFORM REPORT
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Report Date : |
06.05.2011 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN VASTLAND CHEMICAL CO., LTD. |
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Registered Office : |
Room 708, No. 77 Lvling Road, Huli District, Xiamen, Fujian Province, 361009 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.06.2006 |
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Com. Reg. No.: |
350206200095616 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Exporting Chemical
Products. |
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 8,000 |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
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
XIAMEN VASTLAND
CHEMICAL CO., LTD.
ROOM 708, NO. 77 LVLING ROAD, HULI DISTRICT,
XIAMEN,
FUJIAN PROVINCE, 361009 PR CHINA
TEL: 86 (0) 592-5538768/5503769 FAX: 86 (0) 592-5538092
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 23, 2006
REGISTRATION NO. : 350206200095616
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
TRADING
TURNOVER :
cny 4,620,000 (AS OF DEC. 31, 2010)
EQUITIES :
cny 670,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 8,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.50= USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
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 June 23, 2006.
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 manufacturing, processing,
selling chemical products (excluding hazardous chemicals and monitoring chemicals);
import and export of various goods and technology (not to additionally list
catalogue for commodity imported and exported), excluding the goods and
technology prohibited or limited by the country.
SC is mainly
engaged in exporting chemical products.
Ms. Chen Xiaofeng
is the legal representative and chairman of SC at present.
SC is known
to have approx. 5 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 120 square meters.
http://www.vastland.cn/ The design
is professional and the content is well organized. At present it is in both
Chinese and English versions.
E-mail: fertilizer@vastland.cn
info@vastland.cn
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Chen Xiaofeng 60
Chen Shuilian 40
l
Legal representative and Chairman:
Ms. Chen Xiaofeng is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman
SC is mainly
engaged in exporting chemical products.
SC’s products
mainly include: sodium molybdate, ammonium molybdate tetrahydrate, sodium
humate, potassium humate 85% powder, 100% soluble NPK+TE, zeatin 98%, etc.
SC sources its
materials 100% from domestic market. SC sells 2% of its products in domestic
market, and 98% to the overseas market, mainly Europe, Southeast Asia and
Middle East.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note:
SC’s management declined to release its major suppliers and clients.
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’s management
declined to release its bank details.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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Cash & bank |
250 |
0 |
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Inventory |
200 |
260 |
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Accounts
receivable |
340 |
110 |
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Advances to
suppliers |
360 |
990 |
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Other
receivables |
0 |
0 |
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Other current
assets |
190 |
40 |
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--------------- |
------------------ |
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Current assets |
1,340 |
1,400 |
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Fixed assets net
value |
150 |
170 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
30 |
0 |
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--------------- |
------------------ |
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Total assets |
1,520 |
1,570 |
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============ |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
20 |
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Notes payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Taxes payable |
-10 |
-10 |
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Salaries payable |
0 |
0 |
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Other payable |
870 |
880 |
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Other current liabilities |
0 |
10 |
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------------------- |
------------------ |
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Current
liabilities |
860 |
900 |
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Long term
liabilities |
0 |
0 |
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------------------- |
------------------ |
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Total
liabilities |
860 |
900 |
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Equities |
660 |
670 |
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------------------- |
------------------ |
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Total
liabilities & equities |
1,520 |
1,570 |
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=========== |
============= |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2010 |
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Turnover |
4,620 |
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Cost of goods
sold |
3,920 |
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Sales expense |
350 |
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Management expense |
270 |
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Finance expense |
30 |
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Profit before
tax |
10 |
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Less: profit tax |
0 |
|
Profits |
10 |
Important Ratios
=============
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.56 |
1.56 |
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*Quick ratio |
1.33 |
1.27 |
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*Liabilities
to assets |
0.57 |
0.57 |
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*Net profit
margin (%) |
/ |
0.22 |
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*Return on
total assets (%) |
/ |
0.64 |
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*Inventory
/Turnover ×365 |
/ |
21 days |
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*Accounts receivable/Turnover
×365 |
/ |
9 days |
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*Turnover/Total
assets |
/ |
2.94 |
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* Cost of
goods sold/Turnover |
/ |
0.85 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is average in 2010,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level
in both 2 years.
l
SC’s quick ratio is maintained in a normal level in
both 2 years.
l
The accounts receivable of SC appears average in
both 2 years.
l
The inventory of SC appears average in both 2
years.
l
SC has no short-term loan in both 2 years.
l
SC’s turnover is in an average level in 2010,
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.
SC is considered small-sized in its line with stable financial
conditions. A credit line up to USD 8,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.57 |
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UK Pound |
1 |
Rs.73.58 |
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Euro |
1 |
Rs.66.23 |
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 |
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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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.