MIRA INFORM REPORT
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Report Date : |
03.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
XIAMEN GOLDEN TEXTILE IMPORT AND EXPORT CO.,
LTD. |
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Registered Office : |
10a/F Shizheng Building, No. 2777-2779
Yundingzhong Road, Huli District,
Xiamen, Fujian Province 361000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.12.2004 |
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Com. Reg. No.: |
350206200088114 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 50,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
Usually Correct |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
xiamen golden textile import and export co.,
ltd.
10A/f shizheng
building, no. 2777-2779 yundingzhong road
huli district, xiamen, fujian province 361000 PR CHINA
TEL: 86 (0)
592-5252958/5569159
FAX: 86 (0)
592-5233721
EXECUTIVE SUMMARY
Date of
Registration : december 3, 2004
REGISTRATION NO. : 350206200088114
LEGAL FORM : Limited liabilities company
REGISTERED
CAPITAL :
cny 2,000,000
staff : 22
BUSINESS
CATEGORY :
trading
Revenue : CNY 50,762,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 3,584,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT
: AVERAGE
Recommended
Credit Limit: UP TO USD 50,000 (PERIODICAL REVIEW)
MARKET
CONDITION : average
FINANCIAL
CONDITION : FAIRly stable
OPERATIONAL
TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.36 = 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.: 350206200088114 on December 3,
2004.
SC’s Organization Code Certificate
No.: 76174959-3
SC’s registered capital: cny 2,000,000
SC’s paid-in capital: cny 2,000,000
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 |
|
Yan Yangnan |
70 |
|
Zhao Jun |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yan Yangnan |
|
Supervisor |
Zhao
Jun |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Yan Yangnan 70
Zhao Jun 30
MANAGEMENT
Yan Yangnan, 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
Zhao
Jun, Supervisor
------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes operating and
acting as an agent of importing and exporting various kinds of commodities and
technology, excluding the goods forbidden by the government; wholesale and
retail clothing and clothing accessories.
SC is
mainly engaged in international trade.
SC’s
products mainly include: children's clothing, pajamas, etc.
SC sources its materials 100% from domestic
market, mainly Fujian. SC sells 100% of its products to overseas market, mainly
Hong Kong, USA, Europe.
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 22
staff at present.
SC rents an area as
its operating office of approx. 300 sq. meters at the heading address.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
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:
Industrial
Bank Xiamen Branch
AC#: N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,440 |
1,099 |
|
|
Accounts
receivable |
16,142 |
28,563 |
|
Advances to
suppliers |
1,000 |
0 |
|
Other receivable |
32 |
34 |
|
Subsidies
receivable |
1,999 |
2,346 |
|
Inventory |
961 |
2,304 |
|
Prepaid
expenses |
5 |
207 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
21,579 |
34,553 |
|
Fixed assets |
183 |
143 |
|
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 |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
21,762 |
34,696 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
14,649 |
29,177 |
|
Wages payable |
0 |
0 |
|
Tax payable |
-150 |
-9 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
3,641 |
1,944 |
|
Other current
liabilities |
85 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
18,225 |
31,112 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
18,225 |
31,112 |
|
Equities |
3,537 |
3,584 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
21,762 |
34,696 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
34,436 |
50,762 |
|
Cost of sales |
32,402 |
48,262 |
|
Sales expense |
987 |
1,328 |
|
Management expense |
726 |
1,133 |
|
Finance expense |
371 |
20 |
|
Non-business
income |
0 |
33 |
|
Non-business expense |
0 |
0 |
|
Profit before
tax |
56 |
44 |
|
Less: profit tax |
12 |
0 |
|
44 |
44 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.18 |
1.11 |
|
*Quick ratio |
1.13 |
1.04 |
|
*Liabilities
to assets |
0.84 |
0.90 |
|
*Net profit
margin (%) |
0.13 |
0.09 |
|
*Return on
total assets (%) |
0.20 |
0.13 |
|
*Inventory /
Revenue ×365 |
11 days |
17 days |
|
*Accounts
receivable/ Revenue ×365 |
172 days |
206 days |
|
*
Revenue/Total assets |
1.58 |
1.46 |
|
* Cost of
sales / Revenue |
0.94 |
0.95 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average, and it was rising
in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
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.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
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:
AVERAGE
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions. The large amount of accounts
receivable may be a threat to SC’s financial condition. A credit line up to USD
50,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.67.64 |
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 |
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 |
---- |
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.