MIRA
INFORM REPORT
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Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN JIALIN FOREIGN TRADE CO., LTD. |
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Registered Office : |
18/F, Building 8, Guanyinshan Business Operation Center, Siming
District, Xiamen City, 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 : |
25.07.2005 |
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Com. Reg. No.: |
350203200057163 |
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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 |
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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 100,000 |
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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 |
|
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
JIALIN FOREIGN TRADE CO., LTD.
18/F, BUILDING 8, GUANYINSHAN BUSINESS OPERATION
CENTER,
SIMING DISTRICT, XIAMEN CITY, FUJIAN
PROVINCE, 361009 PR CHINA
TEL: 86 (0) 592-3757851 FAX: 86 (0) 592-3757849
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL.
25, 2005
REGISTRATION NO. : 350203200057163
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
12
REGISTERED CAPITAL : CNY 7,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 58,960,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 16,580,000 (AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 100,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.37= 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 Renminbi
Note: The given address Unit 1801, No. 165, Tapu East Road, Xiamen
is SC’s registered address and the operating address should be the heading one.
SC was registered as a Limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jul. 25, 2005.
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 importing and exporting commodities and
technologies, excluding commodities and technologies prohibited by the state.
SC is mainly engaged
in international trade.
Ms. Li
Lingmin is legal representative and
chairman of SC at present.
SC is known to
have approx. 12 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 owns the total premise about 385 square meters.
SC
is not known to host web site of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Wu Yaqiang 3
Xiamen Jiasheng Foreign Trade Co., Ltd. 97
Xiamen Jiasheng Foreign Trade Co., Ltd.
==============================
Incorporation date: Jul. 16, 2002
Registration no.: 350203200018426
Registered legal form: Limited Liabilities
Company
Chief executive: Mr. Wu Yaqiang
Registered capita: CNY 15,000,000
Add: 18/F, Building 8, Guanyinshan Business
Operation Center, Siming District, Xiamen City, Fujian Province
Tel: 86 (0) 592-3757851
Fax: 86 (0) 592-3757866
l
Legal representative and Chairman:
Ms. Li Lingmin , born in 1976, with university education. She 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 international trade.
SC’s products mainly include mobile phones, garments, shoes, etc.
SC sources its materials
50% from domestic market and 50% from overseas market. SC sells 70% in domestic
market and 30% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note:
SC declined to release its major suppliers and clients.
The information of SC’s subsidiaries is unknown.
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.
Agricultural
Bank of China
AC#: N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
3,320 |
11,450 |
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Inventory |
1,980 |
12,190 |
|
Accounts
receivable |
53,190 |
58,670 |
|
Advances to
suppliers |
260 |
14,150 |
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Other
receivables |
270 |
240 |
|
Export drawback
receivable |
3,500 |
5,330 |
|
Other current
assets |
2,130 |
510 |
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|
------------------ |
------------------ |
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Current assets |
64,650 |
102,540 |
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Fixed assets net
value |
14,420 |
13,880 |
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Long term
investment |
3,930 |
4,260 |
|
Projects under
construction |
0 |
0 |
|
Intangible and
other assets |
0 |
20 |
|
|
------------------ |
------------------ |
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Total assets |
83,000 |
120,700 |
|
|
=========== |
=========== |
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Short loan |
0 |
0 |
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Accounts payable |
18,330 |
25,690 |
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Bills payable |
0 |
0 |
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Advances from
clients |
0 |
38,360 |
|
Taxes payable |
-200 |
-2,090 |
|
Other Accounts
payable |
41,190 |
37,230 |
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Other current
liabilities |
0 |
0 |
|
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------------------ |
------------------ |
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Current
liabilities |
59,320 |
99,190 |
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Long term
liabilities |
7,160 |
4,930 |
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------------------ |
------------------ |
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Total
liabilities |
66,480 |
104,120 |
|
Equities |
16,520 |
16,580 |
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|
------------------ |
------------------ |
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Total liabilities
& equities |
83,000 |
120,700 |
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=========== |
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Turnover |
58,960 |
|
Cost of goods sold |
55,690 |
|
Sales expense |
1,430 |
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Management expense |
1,150 |
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Finance expense |
720 |
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Investment income |
-320 |
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Profit before tax |
70 |
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Less: profit tax |
10 |
|
Profits |
60 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.09 |
1.03 |
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*Quick ratio |
1.06 |
0.91 |
|
*Liabilities
to assets |
0.80 |
0.86 |
|
*Net profit
margin (%) |
/ |
0.10 |
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*Return on
total assets (%) |
/ |
0.05 |
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*Inventory
/Turnover ×365 |
/ |
75 days |
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*Accounts receivable/Turnover
×365 |
/ |
363 days |
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*Turnover/Total
assets |
/ |
0.49 |
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* Cost of
goods sold/Turnover |
/ |
0.94 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average 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 fairly high, comparing
with its turnover in 2010.
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 appears average.
l
The accounts receivable of SC appears large.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets in 2010.
LEVERAGE: FAIR
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.
SC is considered small-sized in its line with fairly stable financial conditions.
The large amount of accounts receivable could be a threat to SC’s financial
condition. A credit line up to USD 100,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
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.