MIRA
INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
XIAMEN JINHUASUI COMMERCE AND TRADE CO., LTD. |
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Registered Office : |
Room 15b, Zhenhaoge, No. 99 Lujiang Road, Siming District Xiamen,
Fujian Province 361001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.03.2006 |
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Com. Reg. No.: |
350203200022259 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Agent of importing and exporting various kinds of commodities and technology, excluding the goods forbidden by the government |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 300,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 and address
XIAMEN JINHUASUI COMMERCE AND TRADE CO., LTD.
ROOM 15B, ZHENHAOGE, NO. 99 LUJIANG ROAD, SIMING DISTRICT
XIAMEN, FUJIAN PROVINCE 361001 PR CHINA
TEL: 86 (0) 592-2280718
FAX: 86 (0) 592-2280718
EXECUTIVE SUMMARY
Date of Registration : march 23, 2006
REGISTRATION NO. : 350203200022259
LEGAL FORM : one-person limited liabilities company
REGISTERED CAPITAL : cny 30,000,000
staff :
30
BUSINESS CATEGORY : trading
Revenue :
CNY 481,582,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 21,863,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 300,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.38 = 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
***Note: SC’s correct
name should be the above stated one, instead of the given name – Xiamen
Jinhuasui Co., Ltd.
SC was established as a limited liabilities company
of PRC on March 23, 2006.
However, SC changed to present legal form, and was registered as one-person
limited liabilities company of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 350203200022259 on October 18, 2007.
SC’s Organization Code Certificate No.:
78416653-4
SC’s registered capital: cny 30,000,000
SC’s paid-in capital: cny 30,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal Form |
Limited liabilities company |
One-Person Limited Liabilities Company |
|
Registered Capital |
CNY 1,000,000 |
CNY 10,000,000 |
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|
Shareholder (s) (% of Shareholding) |
Cai Dana 51% Lin Shuming 49% |
Cai Dana 100% |
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|
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Registered Capital |
CNY 10,000,000 |
CNY 20,000,000 |
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|
Registered Capital |
CNY 20,000,000 |
CNY 30,000,000 |
|
-- |
Registration No |
3502032066631 |
350203200022259 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Cai Dana |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Cai Dana |
|
Supervisor |
Lin Shuming |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Cai Dana 100
MANAGEMENT
Cai Dana , Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Age: 35
Ø
ID# 350582197606073049
Ø
Qualification:
University
Ø
Working
experience (s):
From 2006
to present, working in SC as legal representative, chairman and general manager
Lin Shuming ,
Supervisor
--------------------------------------------
Ø
Gender: M
Ø
Age: 36
Ø
ID# 350583197511014317
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 of grain, feed, stereotypes packaged food, agricultural and livestock
products, clothing, stone, auto parts, office equipment, electronic equipment,
communications equipment, metal materials, hardware, building materials,
plastic products, paper products, chemical raw materials; economic information
consultation, planning design.
SC is mainly
engaged in selling grain and oil.
Brand: SANSHENG
SC’s products
mainly include: edible oil, agricultural machinery, etc.
SC sources its materials 60% from domestic
market, mainly Fujian, and 40% from overseas market. SC sells 45% of its
products in domestic market, and 55% 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.
*Major Customer:
=============
Huachang Holding (Group) Limited
*Major Supplier:
=============
Fujian Huaren Oils
& Fats Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 30 staff at present.
SC rents an area
as its operating office of approx. 500 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’s suppliers
declined to make any comments.
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 |
|
25,294 |
148,914 |
|
|
Accounts
receivable |
468 |
3,980 |
|
Advances to
suppliers |
3,696 |
29,880 |
|
Other receivable |
11,963 |
38,298 |
|
Inventory |
9,881 |
88,013 |
|
Prepaid expenses |
1,409 |
10,906 |
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Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
52,711 |
319,991 |
|
Fixed assets |
1,062 |
993 |
|
Construction in
progress |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
53,773 |
320,984 |
|
|
============= |
============= |
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Short-term loans |
0 |
71,513 |
|
Notes payable |
43,048 |
202,082 |
|
Accounts payable |
0 |
0 |
|
Wages payable |
0 |
35 |
|
Tax payable |
271 |
904 |
|
Advances from
clients |
704 |
22,227 |
|
Other payable |
64 |
65 |
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Other
non-payment |
8 |
13 |
|
Accrued expenses |
0 |
2,282 |
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Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
44,095 |
299,121 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
44,095 |
299,121 |
|
Equities |
9,678 |
21,863 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
53,773 |
320,984 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
43,379 |
481,582 |
|
Cost of sales |
42,287 |
465,963 |
|
Taxes and surcharges |
24 |
227 |
|
Sales expense |
590 |
11,161 |
|
Management expense |
211 |
736 |
|
Finance expense |
135 |
968 |
|
Non-business
income |
95 |
283 |
|
Non-business expense |
2 |
10 |
|
Profit before
tax |
225 |
2,800 |
|
Less: profit tax |
0 |
616 |
|
225 |
2,184 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.20 |
1.07 |
|
*Quick ratio |
0.97 |
0.78 |
|
*Liabilities
to assets |
0.82 |
0.93 |
|
*Net profit
margin (%) |
0.52 |
0.45 |
|
*Return on
total assets (%) |
0.42 |
0.68 |
|
*Inventory /
Revenue ×365 |
84 days |
67 days |
|
*Accounts
receivable/ Revenue ×365 |
4 days |
4 days |
|
*
Revenue/Total assets |
0.81 |
1.50 |
|
* Cost of
sales / Revenue |
0.97 |
0.97 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in 2009, and it
was rising greatly in 2010.
l
SC’s net profit margin is average in 2009 and 2010
l
SC’s return on total assets is average in 2009 and
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
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan is in an average level in
2010.
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 fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 300,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.02 |
|
|
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.55 |
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 |
|
-- |
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.