MIRA
INFORM REPORT
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Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN ZHONGJI IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
M Flat 9/F., Bonded Market Building, 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 : |
26.06.2001 |
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Com. Reg. No.: |
350200200037843 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in selling airline catering, and food packaging |
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No. of Employees : |
5 |
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 5,000 |
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Status : |
Small Company |
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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 ZHONGJI IMPORT AND EXPORT CO., LTD.
M FLAT 9/F., BONDED MARKET BUILDING, XIAMEN
FUJIAN PROVINCE 361000 PR CHINA
TEL: 86 (0) 592-6515068
FAX: 86 (0) 592-6515068
EXECUTIVE SUMMARY
Date of Registration : june 26, 2001
REGISTRATION NO. : 350200200037843
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 5,000,000
staff :
5
BUSINESS CATEGORY : trading
Revenue :
CNY 1,846,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 2,379,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 5,000
(PERIODICAL REVIEW)
MARKET CONDITION : fair
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : FAIR
EXCHANGE RATE :
CNY 6.30 = 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
***Note: The
provide address (Rm 12 E Zone Suite 201 No. 287-309, Lianqian Road, W Siming
Distrcit, Xiamen, Fujian) is SC’s registered address, while SC is operating in
the heading premise.
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 350200200037843 on June 26, 2001.
SC’s Organization Code Certificate No.:
70547933-0
SC’s Tax No.: 350206705479330
SC’s registered capital: cny 5,000,000
SC’s paid-in capital: cny 5,000,000
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 |
|
Xie Rongguo |
95 |
|
Yi Zhixiong |
5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General
Manager |
Xie Rongguo |
|
Supervisor |
Yi Zhixiong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Xie Rongguo 95
Yi Zhixiong 5
MANAGEMENT
Xie Rongguo ,
Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2001
to present, working in SC as legal representative, chairman and general manager
Yi Zhixiong ,
Supervisor
-------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes wholesale and
retail of machinery and electronic equipment, needle textile, daily
necessities, chemical raw materials, building materials, mineral products,
automotive, motorcycle spare parts, computer software, office equipment, arts
and crafts; technology research and development of industrial control
engineering and information consulting services; computer software, network
development and services; purchasing agricultural and sideline products; importing and exporting commodities and technologies,
excluding export commodities under state-unified
operation and import commodities operated by the
state-designated companies; processing trade, counter trade and transit trade.
SC is mainly
engaged in selling airline catering, and food packaging.
SC’s products
mainly include:
Plastic
Cutlery
Rotable
Tableware
Inflight
Lunch Box
Sick
Bag&Anti-slip Tray Mat
Airline
Aluminum Casseroles
Paper
Cup
Stainless
Steel Cutlery
Plastic
Cup
Airline
Textile
Inflight
Amenity
PP
Tray
Plastic
Straw
SC sources its materials 100% from domestic
market, mainly Fujian. SC sells 100% of its products to overseas market, mainly
Southeast Asia and Middle East.
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.
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:
Agricultural
Bank of China Xiamen Branch
AC#:
373001040003953
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
149 |
87 |
|
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Accounts
receivable |
-482 |
0 |
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Advances to
suppliers |
555 |
2,090 |
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Other receivable |
2,152 |
105 |
|
Inventory |
443 |
443 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
2,817 |
2,725 |
|
Fixed assets |
2 |
2 |
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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 |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
2,819 |
2,727 |
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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 |
0 |
10 |
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Wages payable |
35 |
28 |
|
Taxes payable |
-42 |
-7 |
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Advances from
clients |
0 |
0 |
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Other payable |
85 |
317 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
78 |
348 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
78 |
348 |
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Equities |
2,741 |
2,379 |
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------------------ |
------------------ |
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Total
liabilities & equities |
2,819 |
2,727 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
1,248 |
1,846 |
|
Cost of sales |
1,201 |
1,753 |
|
Sales expense |
327 |
430 |
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Management expense |
111 |
13 |
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Finance expense |
3 |
11 |
|
Profit before
tax |
-395 |
-361 |
|
Less: profit tax |
0 |
0 |
|
-395 |
-361 |
Important Ratios
=============
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
36.12 |
7.83 |
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*Quick ratio |
30.44 |
6.56 |
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*Liabilities
to assets |
0.03 |
0.13 |
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*Net profit
margin (%) |
-31.65 |
-19.56 |
|
*Return on
total assets (%) |
-14.01 |
-13.24 |
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*Inventory /
Revenue ×365 |
130 days |
88 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
-- |
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*
Revenue/Total assets |
0.44 |
0.68 |
|
* Cost of
sales / Revenue |
0.96 |
0.95 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears fair in its line in both
years.
l
SC’s net profit margin is poor in both years.
l
SC’s return on total assets is fair in both years.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears average.
l
SC has no accounts receivable 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 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 5,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.65.15 |
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 |
|
<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.