MIRA INFORM REPORT
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Report Date : |
30.09.2011 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN ASAU IMP & EXP CO., LTD. |
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Registered Office : |
19a, Tongbao Building, No. 1 Changqing Road,
Siming District Xiamen, Fujian Province
316000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.06.2009 |
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Com. Reg. No.: |
350203200176804 |
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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 |
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Maximum Credit Limit : |
USD 1,000 |
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Status : |
Small Company |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
---- |
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 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
xiamen asau imp & exp co., ltd.
19A, tongbao building,
no. 1 changqing road, siming district
xiamen, fujian
province 316000 PR CHINA
TEL: 86 (0)
592-5339020/5339027
FAX: 86 (0)
592-5368962
EXECUTIVE SUMMARY
Date of Registration : june 11, 2009
REGISTRATION NO. : 350203200176804
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 3,000,000
staff : 5
BUSINESS CATEGORY :
trading
Revenue : CNY 45,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 124,000 (AS OF
DEC. 31, 2010)
WEBSITE : http://leatherchemicals.cn
E-MAIL :
info@oilchemical.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 1,000
(PERIODICAL REVIEW)
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.40 = 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.: 350203200176804 on June 11,
2009.
SC’s Organization Code Certificate
No.: 68528234-5
SC’s registered capital: cny 3,000,000
SC’s paid-in capital: cny 3,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011 |
Registered capital |
CNY 300,000 |
CNY 3,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shan Lisheng |
95 |
|
Li Yonghong |
5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Shan Lisheng |
|
General Manager |
Li
Yonghong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shan Lisheng 95
Li Yonghong 5
MANAGEMENT
Shan Lisheng, Legal Representative and Chairman
-----------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2009 to present, working in SC as legal representative
and chairman
Li
Yonghong, General Manager
-----------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Mobile:
86 (0) 18659250007
Ø
Working
experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes importing and
exporting various kinds of commodities and technology, excluding the goods
forbidden by the government, investment consulting.
SC is
mainly engaged in international trade.
SC’s
products mainly include: office supplies, chemical products.
SC sources its materials 60% from domestic
market, and 40% from overseas market. SC sells 40% of its products in domestic
market, and 60% 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. 5 staff at present.
SC rents an area
as its operating office of approx. 80 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:
Xiamen
Bank
AC#：87720120510000338
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
4 |
41 |
|
|
Accounts
receivable |
0 |
0 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
299 |
89 |
|
Inventory |
0 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
5 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
308 |
130 |
|
Fixed assets |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
308 |
130 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
0 |
0 |
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Wages payable |
0 |
0 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
30 |
0 |
|
Other current
liabilities |
0 |
6 |
|
|
------------------ |
------------------ |
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Current
liabilities |
30 |
6 |
|
Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
30 |
6 |
|
Equities |
278 |
124 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
308 |
130 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
45 |
|
Cost of sales |
0 |
|
Sales expense |
14 |
|
Management expense |
185 |
|
Finance expense |
0 |
|
Profit before
tax |
-154 |
|
Less: profit tax |
0 |
|
-154 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
10.27 |
21.67 |
|
*Quick ratio |
10.27 |
21.67 |
|
*Liabilities
to assets |
0.10 |
0.05 |
|
*Net profit
margin (%) |
-- |
-342.22 |
|
*Return on
total assets (%) |
-- |
-118.46 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
-- |
0.35 |
|
* Cost of
sales / Revenue |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
POOR
l
The revenue of SC appears
poor in its line.
l
SC’s net profit margin is poor.
l
SC’s return on total assets is poor.
l
SC has no cost of goods sold 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
SC has no inventory in both years.
l
SC has no accounts receivable in both years.
l
SC has no short-term loans in both years.
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
A credit line up to USD 1,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.93 |
|
UK Pound |
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
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 |
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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.