MIRA INFORM REPORT
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Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
XIAMEN XINDECO LTD. |
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Registered Office : |
7/F, Xindeco Bldg., No. 27 Xinglong Road, Huli District,
Xiamen City, Fujian Province, 361006 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.11.1996 |
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Com. Reg. No.: |
350200100011224 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Producing and operating information technology
products; importing and exporting
commodities and technologies; developing, operating and leasing real
estate |
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|
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No. of Employees
: |
2,188 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8,000,000 |
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|
|
|
Status : |
Satisfactory |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
XINDECO LTD.
7/F, XINDECO BLDG., NO. 27 XINGLONG ROAD,
HULI DISTRICT, XIAMEN CITY,
FUJIAN PROVINCE, 361006 PR CHINA
TEL: 86 (0) 592-6021666/6021759/5608098 FAX:
86 (0) 592-6021391/6021752
EXECUTIVE SUMMARY
INCORPORATION DATE :
NOV. 28, 1996
REGISTRATION NO. :
350200100011224
REGISTERED LEGAL FORM :
SHARES LIMITED CO.
CHIEF EXECUTIVE :
MR. ZHOU KUNSHAN (CHAIRMAN)
STAFF STRENGTH :
2,188
REGISTERED CAPITAL :
CNY 240,250,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 14,773,102,000 (CONSOLIDATED, AS OF DEC. 31, 2011)
EQUITIES :
CNY 1,129,619,000 (CONSOLIDATED, AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 8,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.31 = 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: SC’s correct address should be the heading
one, instead of the given one.
SC was registered as a Shares limited co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Nov. 28, 1996.
Company Status:
Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent property
of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by public
offer, the promoters must not subscribe less than 35% of the total shares.
the promoters’ shares are restricted to transfer- within one year of the
offer. A
state-owned enterprise that is restructured into a shares limited co. must
comply with the conditions & requirements specified under the law &
administrative rule.
SC’s registered business scope includes 1.producing and operating
information technology products; 2.information consulting services; 3.storage; 4.developing, operating and leasing real estate; 5.wholesaling domestic products; 6.export and export of various goods and
technology, excluding goods and technology prohibited or limited by the country (not
enclosing commodity catalogue); 7.purchasing
subsidiary agricultural products (excluding grain and seed); 8.wholesaling coal and coal products (valid until June
26, 2010);
9.wholesaling and retailing petrochemical products (excluding
refined oil, hazardous chemicals and controlled chemicals). (with permit if
needed)
SC is
mainly engaged in producing
and operating information technology products; importing
and exporting commodities and technology; developing, operating and leasing real
estate .
Mr.
Zhou Kunshan has been the legal representative and chairman of SC since 1999.
SC is
known to have approx. 2,188 employees at present, including 519
technicians, 357 management staff, 487 production staff, 160 financial staff
and 665 sales representatives.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Xiamen. The detailed information of
the area is unspecified.
SC declined to release the detailed information of its factory.
http://www.xindeco.com
The
design is professional and the content is well organized. At present it is in
Chinese version.
E-Mail: xmxd@xindeco.com.cn
SC is a listed company in Shenzhen Stock Exchange with the
code of 000701.
SC was awarded
as Xiamen Import and Export Hundred Enterprise, Fujian Hundred Enterprise,
Fujian Hundred Outstanding Foreign Trade Enterprise, The Best Image of Chinese
Enterprise AAA Class Enterprise, Fujian Well-known Trademarks, etc.
Changes of its registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
Unknown |
Registration No. |
3502001003171 |
350200100011224 |
MAIN SHAREHOLDERS: (As of
Name %
of Shareholding
Xiamen
Information-Xindeco Company 28.2
Xiamen ITG Holding Co., Ltd. 1.8
Guotai Junan Securities Co.,
Ltd. Customer Credit Guarantee Securities Account 0.7
Zhongrong International Trust
Co., Ltd.- Zhongrong Enhance No. 40 0.3
Li Dexin 0.28
Maike Futures Brokers Co., Ltd. 0.28
Bai Zhijun 0.27
Chen Jianhui 0.23
Li Xiguang 0.2
Cheng Peng 0.18
Other shareholders 67.56
Xiamen Information-Xindeco Company
=============================
Address: 2/F, Xinhong Building, Huli,
Xiamen, Fujian
Tel: 0592-6021666
Legal representative: He Fulong
Date of incorporation: Apr. 13,
1990
Registered no.: 350200000004038
Xiamen ITG Holding Co., Ltd.
=======================
Website: http://www.itgholding.com.cn
Address: 38/F & 43/F, Guomao Building, No.388 Hubin South
Road, Xiamen, Fujian
Tel: 0592-5830999
Fax: 0592-5830990
Legal representative: He Fulong
Date of incorporation: Aug. 31,
1995
Registered no.: 350200100002043
Legal
representative and chairman:
Mr. Zhou Kunshan born in 1953, with university education,
senior economist. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working in SC as chairman and legal representative
Also working in Xiamen Xindeco Electronics Co., Ltd, Zhangzhou Sindanol Real Estate Development Co., Ltd, Sindanol (Shanghai) Ltd., etc. as chairman
General Manager:
Mr. Du Shaohua born in 1961, with university education,
senior economist. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2006 to present Working in SC as general manager;
Also working in Xiamen Xindeco Tongbao Automobile Selling and Service Co., Ltd and Xiamen Xindeco Real Estate Development Co., Ltd. etc., as chairman.
Directors:
· Wang Yanhui
· Huang Lihong
· Zhang Jiemin
Supervisors:
· Gao Chengyong
· Shi Lin
· Wang Peian
SC is
mainly engaged in producing
and operating information technology products; importing
and exporting commodities and technologies; developing, operating and leasing real
estate .
SC’s products main include capacitor and electronic components. SC’s products cover a whole
range of 6.3V-450V and
SC sources its materials 80% from domestic market and 20%
from the overseas market. SC sells 15% of its products to overseas market, mainly Hong Kong, and
85% in domestic market.
The buying terms of SC include Check, L/C, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C, and Credit of
30-60 days.
*Major Customers*
==============
Shanghai Yangdi Metal Materials Co., Ltd. (in Chinese
Pinyin)
SCHAEFER (HONG KONG) TRADE CO LIMITED
Note: SC’s management declined to release its supplier details.
SC is known to invest in the following companies:
· Sindanol (Shanghai) Ltd.
· Jiangxi Xindeco Electronics Co., Ltd.
· Xiamen Xindeco Electronics Co., Ltd.
·
Xiamen Xindeco Tax-Exempt Market Co., Ltd.
· Xiamen Xindeco Real Estate Development Co., Ltd.
· Shanghai Sindanol International Trade Co., Ltd.
· Zhangzhou Sindanol Real Estate Development Co., Ltd.
·
Fuzhou Sindanol Auto
Sales Service Co., Ltd.
·
Xiamen Xindeco Auto
Sales Service Co., Ltd.
·
Xiamen Sindanol Auto
Sales Service Co., Ltd.
·
Xiamen Xindeco Meike
Auto Co., Ltd.
·
Fujian Xintian Auto
Co., Ltd.
·
Hengyang Xinxinghe
Real Estate Development Co., Ltd.
·
Xiamen Xindaan Trade
Co., Ltd.
·
Guangxi Zhongshan Town
Jinda Nonferrous Metal Co., Ltd.
·
Xiamen Xindeco
Optoelectronic Technology Co., Ltd.
·
Xiamen Xindeco Tongbao
Automobile Sales Service Co., Ltd.
·
Ji’nan Shanhe Tongda
Automobile Co., Ltd.
Etc.
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 declined to
release its banking details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
|
Cash
& bank |
396,005 |
654,408 |
|
Inventory |
912,084 |
1,629,287 |
|
Accounts
receivable |
435,399 |
458,250 |
|
Transaction
financial assets |
1,316 |
0 |
|
Bills
receivable |
40,094 |
112,083 |
|
Other
receivables |
283,694 |
316,023 |
|
Advances to
suppliers |
494,158 |
518,907 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
2,562,750 |
3,688,958 |
|
Fixed
assets net value |
311,850 |
380,942 |
|
Projects
under construction |
11,775 |
5,213 |
|
Long
term investment |
330,177 |
383,308 |
|
Investment
Real Estate |
64,096 |
86,238 |
|
Intangible
assets |
45,659 |
57,626 |
|
Long-term
deferred expenses |
2,368 |
19,160 |
|
Deferred tax
assets |
19,382 |
23,728 |
|
Goodwill |
17,353 |
17,354 |
|
Other
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
assets |
3,365,410 |
4,662,527 |
|
|
============= |
============= |
|
Short
loans |
231,606 |
509,276 |
|
Bills
payable |
317,104 |
410,071 |
|
Accounts
payable |
367,770 |
922,153 |
|
Advances from
clients |
875,617 |
787,160 |
|
Accrued
payroll |
33,391 |
45,524 |
|
Tax
payable |
39,783 |
118,833 |
|
Interest payable |
958 |
15,855 |
|
Dividends
payable |
0 |
3,949 |
|
Other
payable |
183,516 |
239,550 |
|
Other
current liabilities |
125,035 |
465,237 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
2,174,780 |
3,517,608 |
|
Long-term loans |
180,018 |
15,300 |
|
Deferred tax
credit |
92 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
2,354,890 |
3,532,908 |
|
Equities |
1,010,520 |
1,129,619 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
3,365,410 |
4,662,527 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
Turnover |
10,958,900 |
14,773,102 |
|
Cost of goods
sold |
10,533,200 |
14,072,051 |
|
Taxes
and additional of main operation |
26,813 |
81,265 |
|
Sales expense |
97,504 |
142,471 |
|
Management expense |
130,837 |
160,484 |
|
Finance expense |
62,434 |
100,321 |
|
Asset impairment loss |
33,682 |
57,507 |
|
Investment income |
35,615 |
19,993 |
|
Non-operating
income |
18,012 |
15,578 |
|
Non-operating
expense |
2,071 |
4,579 |
|
Profit before
tax |
125,960 |
189,307 |
|
Less: profit tax |
32,011 |
57,571 |
|
Profits |
93,949 |
131,736 |
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
*Current ratio |
1.18 |
1.05 |
|
*Quick ratio |
0.76 |
0.59 |
|
*Liabilities
to assets |
0.70 |
0.76 |
|
*Net profit
margin (%) |
0.86 |
0.89 |
|
*Return on
total assets (%) |
2.79 |
2.83 |
|
*Inventory
/Turnover ×365 |
30 days |
40 days |
|
*Accounts
receivable/Turnover ×365 |
15 days |
11 days |
|
*Turnover/Total
assets |
3.26 |
3.17 |
|
* Cost of
goods sold/Turnover |
0.96 |
0.95 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in both
years.
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
in both years, comparing with its turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a normal level.
l
SC’s quick ratio is maintained in a
fair level.
l
The inventory
of SC appears fairly large in 2011.
l
The accounts receivable of SC appears
average in both years.
l
SC’s short-term loan appears average in
both years.
l
SC’s turnover is in a fairly good level
in both years, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average in both
years.
l
The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Fairly Stable.
SC is well-known in its industry with fairly stable
financial conditions. A credit line at the above amount appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.79 |
|
UK Pound |
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.69.53 |
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.