MIRA
INFORM REPORT
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Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN XRC IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
No. 12, 8/F, A Section, Xinxi Jingdi Mansion, Huli District
Xiamen, Fujian Province 361000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
03.01.2008 |
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Com. Reg. No.: |
350206200024436 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Operating importing and exporting various kinds of commodities and technology, excluding the goods forbidden by the government. |
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No. of Employees : |
20 |
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 1,000 |
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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 |
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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 |
Company name and address
XIAMEN XRC IMPORT AND EXPORT CO., LTD.
NO. 12, 8/F, A SECTION, XINXI JINGDI MANSION, HULI DISTRICT
XIAMEN, FUJIAN PROVINCE 361000 PR CHINA
TEL: 86 (0) 592-5227131/5103029
FAX: 86 (0) 592-5227132
EXECUTIVE SUMMARY
Date of Registration : january 3, 2008
REGISTRATION NO. : 350206200024436
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 500,000
staff :
20
BUSINESS CATEGORY : trading
Revenue :
CNY 1,610,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 340,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 1,000
(PERIODICAL REVIEW)
MARKET CONDITION : fair
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : STAGNANT
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31 = 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.: 350206200024436 on January 3, 2008.
SC’s Organization Code Certificate No.:
79809325-X
SC’s registered capital: cny 500,000
SC’s paid-in capital: cny 500,000
Registration Change Record:
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Liu Cuihua |
60 |
|
Xiong Youcong |
40 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Liu Cuihua |
|
General Manager |
Xiong Youcong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Liu Cuihua 60
Xiong Youcong 40
MANAGEMENT
Liu Cuihua , Legal
Representative and Chairman
---------------------------------------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative and chairman
Xiong Youcong ,
General Manager
--------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes operating
importing and exporting various kinds of commodities and technology, excluding
the goods forbidden by the government.
SC is mainly
engaged in international trade.
SC’s products
mainly include: concrete block, brick and paver forming machines and automatic
production lines.
SC sources its materials 100% from domestic
market, mainly Fujian. SC sells 100% of its products to overseas market, mainly
Asia, the Middle East and Algeria.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include L/C
and Credit of 30-60 days.
*Major Supplier:
=============
Xiamen Hua Tai
Cheng Ye Machinery Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 20 staff at
present.
SC rents an area
as its operating office of approx. 200 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 : A trade enquiry currently conducted
with SC's supplier(s) reveal the following:
Supplier
A
Products sold: Batching
Machine, Concrete Mixer
Date account opened: Since 2009 to present
Line of credit: N/A
Terms: 30-60
days
Average monthly sales: N/A
Current balance: N/A
Rating Key : 3
Any Special Comments: N/a
Payment record keys :
1 = Prompt : Payment made before the credit
period expires
2 = As agreed terms : Payment made upon due
date
3 = Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond
agreed terms
5 = Poor : Payment made over 45 days beyond
agreed terms
6
= No comment : Account is newly opened & record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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, 2010 |
As
of Dec. 31, 2011 |
|
10 |
167 |
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Accounts
receivable |
0 |
520 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
530 |
1,570 |
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Inventory |
350 |
0 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
70 |
213 |
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------------------ |
------------------ |
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Current assets |
960 |
2,470 |
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Fixed assets |
30 |
40 |
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Construction in
progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
10 |
-20 |
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------------------ |
------------------ |
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Total assets |
1,000 |
2,490 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
3 |
160 |
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Wages payable |
0 |
0 |
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Advances from
clients |
760 |
1,110 |
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Other payable |
-40 |
690 |
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Other current
liabilities |
-63 |
190 |
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------------------ |
------------------ |
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Current
liabilities |
660 |
2,150 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
660 |
2,150 |
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Equities |
340 |
340 |
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------------------ |
------------------ |
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Total liabilities
& equities |
1,000 |
2,490 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
1,610 |
|
Cost of sales |
1,030 |
|
Sales expense |
240 |
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Management expense |
320 |
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Finance expense |
20 |
|
Profit before
tax |
-0.3 |
|
Less: profit tax |
0 |
|
-0.3 |
Important Ratios
=============
|
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
1.45 |
1.15 |
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*Quick ratio |
0.92 |
1.15 |
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*Liabilities
to assets |
0.66 |
0.86 |
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*Net profit
margin (%) |
-- |
-0.02 |
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*Return on
total assets (%) |
-- |
-0.01 |
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*Inventory /
Revenue ×365 |
-- |
-- |
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*Accounts
receivable/ Revenue ×365 |
-- |
118 days |
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* Revenue/Total
assets |
-- |
0.65 |
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* Cost of
sales / Revenue |
-- |
0.64 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears fair in its line in 2011.
l
SC’s net profit margin is fair in 2011.
l
SC’s return on total assets is fair in 2011.
l
SC’s cost of goods sold is low, 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
SC has no inventory in 2011.
l
The accounts receivable of SC appears fairly large
in 2011.
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 average.
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.
The fairly large amount of accounts receivable may be a threat to SC’s
financial condition. 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.49.13 |
|
|
1 |
Rs.77.85 |
|
Euro |
1 |
Rs.64.75 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.