MIRA
INFORM REPORT
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Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN HAICANG ECONOMY & TRADE DEVELOPMENT CORP. |
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Registered Office : |
No. 99, Songyu East Road, Haicang District, Xiamen City
Fujian Province 361026 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.01.1997 |
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Com. Reg. No.: |
350205000000060 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Importing and Exporting Commodities and Technologies |
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No. of Employees : |
68 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 600,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
sc’s INFO.:
XIAMEN HAICANG ECONOMY & TRADE DEVELOPMENT CORP.
NO. 99, SONGYU EAST ROAD, HAICANG DISTRICT, XIAMEN CITY
FUJIAN PROVINCE 361026 PR CHINA
TEL: 86 (0) 592-6881028
FAX: 86 (0) 592-6892061
EXECUTIVE SUMMARY
Date of Registration :
january 23, 1997
REGISTRATION NO. :
350205000000060
LEGAL FORM :
STATE-OWNED ENTERPRISE
CHIEF EXECUTIVE :
yang xiaobo (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 30,000,000
staff :
68
BUSINESS CATEGORY : TRADING
Revenue :
CNY 2,996,270,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 73,760,000 (AS OF DEC. 31, 2011)
WEBSITE :
N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit :
UP TO USD 600,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.32 = 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 state-owned enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.:
350205000000060 on January 23, 1997.
SC’s Organization Code Certificate No.: 15500380-4
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 |
|
2008-9 |
Registered Capital |
CNY 20,000,000 |
CNY 30,000,000 |
|
Registration No. |
3502051001127 |
310115400027799 |
|
|
|
Legal Representative |
Liu Yaguo |
Qiu Deming |
|
|
Legal Representative |
Qiu Deming |
Yang Xiaobo |
Current
Co search indicates SC’s shareholders & chief executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xiamen Haicang Investment Group Co., Ltd. |
100 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative and General Manager |
Yang Xiaobo |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Xiamen Haicang Investment Group Co., Ltd. 100
====================================
Date of Registration: October 27, 1997
Registration No.: 350205000000043
Chief Executive: Qiu Jinshan
Registered Capital: CNY 1,448,762,000
Address: Investment General Building, Songyu Passenger Ferry
Port, Haicang District, Xiamen City, Fujian Province
Tel: 86 0592-6890988
Fax: 86 0592-6892052
Web: www.haitou.cn
MANAGEMENT
Yang Xiaobo, Legal Representative and General Manager
---------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
From 2010 present, working in SC as legal representative and
general manager
Also working in Xiamen Jinhaicang Advertisement &
Decoration Engineering Corp. as legal representative
BUSINESS OPERATION
SC’s registered business scope includes importing and
exporting commodities and technologies, excluding export commodities under state-unified
operation and import commodities operated by the state-designated companies; processing trade,
including counter trade & transit trade; wholesaling, purchasing and
selling timber, metal materials, building materials, electromechanical
equipment, hardware, textile
materials, textiles, garments, shoes & hats, and groceries.
SC is mainly engaged in international trade.
SC’s products mainly include: piston ring, cylinder block,
cylinder head, crankshaft & con rod, injector & nozzle, and turbo charger,
etc.
SC sources its materials 40% from domestic market, mainly
Fujian province, and 60% from overseas market. SC sells 95% in domestic market,
mainly Fujian province, and 5% to overseas market, mainly America, Europe,
Asia, and Middle East.
The buying terms of SC include T/T, L/C, Check and Credit of
30-60 days. The payment terms of SC include T/T, L/C, Check and Credit of 30-60
days.
*Major
Customer:
=============
Xiamen Terongte Import & Export Trading Co., Ltd.
*Major
Supplier:
=============
Fuzhou Development Zone Rongsheng Trade Co., Ltd.
Staff
& Office:
--------------------------
SC is known to have approx. 68 staff at present.
SC owns an area as its operating office of approx. 500 sq.
meters at the heading address.
RELATED COMPANY
SC is known to have the following subsidiaries at present:
Xiamen Luhaitong Industry Co., Ltd.
---------------------------------------------------
Date of Registration: March 31, 1999
Registration No.: 350205100000448
Chief Executive: Wen Jie
Registered Capital: CNY 2,000,000
Xiamen Haitou Real Estate Co., Ltd.
---------------------------------------------------
Date of Registration: November 6, 1997
Registration No.: 350205100000938
Chief Executive: Wang Wansheng
Registered Capital: CNY 398,000,000
Xiamen Jinhaicang Advertisement & Decoration Engineering
Corp.
----------------------------------------------------------------------------------------
Date of Registration: November 22, 1996
Registration No.: 350205000000205
Chief Executive: Yang Xiaobo
Registered Capital:
CNY 800,000
Xiamen Haicang Jinhai Petroleum Co., Ltd.
-----------------------------------------------------------
Date of Registration: September 13, 1996
Registration No.: 350205100001205
Chief Executive: Xu Bingsheng
Registered Capital: CNY 4,040,000
Xiamen Haixinyang Trade Co., Ltd.
--------------------------------------------------
Date of Registration: February 28, 2003
Registration No.: 350205100000815
Chief Executive: Chen Qian
Registered Capital: CNY 500,000
Etc.
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 and Commercial Bank of China
AC#: 4100026009022500567
FINANCIALS
Balance
Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
148,840 |
133,420 |
|
|
Accounts receivable |
92,050 |
106,390 |
|
Advances to suppliers |
378,490 |
286,050 |
|
Other receivable |
28,370 |
30,400 |
|
Inventory |
641,060 |
404,010 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
21,540 |
52,580 |
|
|
------------------ |
------------------ |
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Current assets |
1,310,350 |
1,012,850 |
|
Fixed assets |
2,080 |
2,470 |
|
Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term investment |
13,460 |
13,370 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
7,540 |
8,670 |
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|
------------------ |
------------------ |
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Total assets |
1,333,430 |
1,037,360 |
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|
============= |
============= |
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Short-term loans |
19,950 |
32,610 |
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Notes payable |
508,540 |
408,470 |
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Accounts payable |
170,290 |
142,510 |
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Wages payable |
0 |
0 |
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Other payable |
46,170 |
25,950 |
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Other current liabilities |
530,790 |
354,060 |
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|
------------------ |
------------------ |
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Current liabilities |
1,275,740 |
963,600 |
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Non-current liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total liabilities |
1,275,740 |
963,600 |
|
Equities |
57,690 |
73,760 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
1,333,430 |
1,037,360 |
|
|
============= |
============= |
Income
Statement
|
Unit:
CNY’000 |
As of Dec. 31, 2011 |
|
Revenue |
2,996,270 |
|
Cost of sales |
2,957,100 |
|
Sales expense |
12,560 |
|
Management
expense |
5,600 |
|
Finance expense |
-1,760 |
|
Profit before tax |
21,550 |
|
Less: profit tax |
5,170 |
|
16,380 |
Important
Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current ratio |
1.03 |
1.05 |
|
*Quick ratio |
0.52 |
0.63 |
|
*Liabilities to assets |
0.96 |
0.93 |
|
*Net profit margin (%) |
-- |
0.55 |
|
*Return on total assets (%) |
-- |
1.58 |
|
*Inventory / Revenue ×365 |
-- |
50
days |
|
*Accounts receivable/ Revenue ×365 |
-- |
13
days |
|
* Revenue/Total assets |
-- |
2.89 |
|
* Cost of sales / Revenue |
-- |
0.99 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears fairly good in its line in 2011.
SC’s net profit margin is average in 2011.
SC’s return on total assets is average in 2011.
SC’s cost of goods sold is high, comparing with its revenue.
LIQUIDITY:
AVERAGE
The current ratio of SC is maintained in a normal level in
both years.
SC’s quick ratio is maintained in a fair level in both
years.
The inventory of SC appears fairly large.
The accounts receivable of SC is maintained in an average
level.
SC’s short-term loans are in an average level.
SC’s revenue is in an average level, comparing with the size
of its total assets.
LEVERAGE:
FAIR
The debt ratio of SC is high in both years.
The risk for SC to go bankrupt is low.
Overall financial condition of the SC: Fairly Stable.
CONCLUSIONS
Credit Opinion: USD 1,500,000
SC is considered medium-sized in its line with fairly stable
financial conditions. The fairly large amount of inventory may be a threat to
SC’s financial condition. A credit line at the above amount appears beyond SC’s
capacities, while a credit line up to USD 600,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.53 |
|
|
1 |
Rs.77.94 |
|
Euro |
1 |
Rs.64.65 |
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 |
---- |
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.