MIRA INFORM REPORT
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Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN SINO-KING IMPORT & EXPORT CO.,
LTD. |
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Registered Office : |
Unit C, 3-4/F, South Building, Xingang Square, North Hubin
Road, Siming District, Xiamen, Fujian Province, 361003 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.03.2003 |
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Com. Reg. No.: |
350203200061217 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
selling various kinds of
umbrellas |
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No. of Employees
: |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
usd 300,000 |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
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 & address
Xiamen Sino-King Import & Export Co., Ltd.
Unit C, 3-4/F,
South BUILDING, Xingang Square, North Hubin Road,
Siming District, Xiamen,
Fujian ProvincE, 361003 PR CHINA
TEL: 86 (0)
592-3277930/3277835 FAX: 86 (0)
592-3277939
EXECUTIVE SUMMARY
INCORPORATION DATE :
Mar. 17, 2003
REGISTRATION NO. : 350203200061217
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 25
REGISTERED CAPITAL :
CNY 120,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 786,780,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 49,920,000 (AS OF DEC. 31,
2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 300,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3016 = 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 is also known as Xiamen Xinhuachen Import and
Export Co., Ltd.; and the given tel. number “0592
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Mar. 17, 2003.
Company Status: Limited liabilities co. This form of business in PR China
is defined as a legal person. No more than fifty shareholders contribute
its registered capital jointly. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as
follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes wholesaling and retailing garments,
shoes, caps, rain gear, textiles, rubber and plastics, hardware, general
merchandise, mechanical and electrical products, arts & crafts; importing
and exporting various kinds of commodities and technology, excluding the goods
forbidden by the government; wholesaling pre-packaged
foods (permit valid period as of Dec. 20, 2014)
SC is mainly
engaged in selling various kinds of umbrellas.
Mr. Wang Fangdeng is legal representative, chairman and general
manager of SC at present.
SC is
known to have approx. 25 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Xiamen.
Our checks reveal that SC owns the total premise about 480 square meters.
http://www.sino-king.cn/ The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
E-mail: peter@sino-king.cn
Changes
of its registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
2011-5 |
Registered Capital |
CNY 50,000,000 |
CNY 80,000,000 |
|
2012-1 |
Registered Capital |
CNY 80,000,000 |
Present one |
|
Shareholdings |
Wang Fangdeng 70% Wang Fangchao 30% |
Present amount |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Fangdeng 80
Wang Fangchao 20
l
Legal Representative, Chairman and General Manager:
Mr. Wang Fangdeng, born in
1960, with middle school education, he is currently responsible for the overall
and daily management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
l
Supervisor:
Wang Fangchao
SC is mainly
engaged in selling various kinds of umbrellas.
SC’s products mainly include: beach umbrella, golf umbrella, 2-fold
umbrella and pen bag, etc.
SC sources its materials 100% from domestic
market. SC sells 20% of its products in domestic market, and 80% to overseas
market.
The buying terms of SC include Check, 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.
Note:
SC’s management declined to release its major clients and suppliers.
SC is not known to have any subsidiary at present.
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.
China
Construction Bank Xiamen Shuibao Sub-branch
AC#:
35101523001050000794
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2010 |
|
Cash & bank |
82,650 |
|
Inventory |
7,900 |
|
Accounts
receivable |
142,410 |
|
Advances to
suppliers |
500 |
|
Other
receivables |
510 |
|
Prepaid expenses |
7,880 |
|
Dividends
receivable |
0 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
241,850 |
|
Fixed assets net
value |
1,490 |
|
Projects under
construction |
0 |
|
Long term
investment |
0 |
|
Intangible
assets |
0 |
|
Other assets |
0 |
|
|
------------------ |
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Total assets |
243,340 |
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|
============= |
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Short loans |
43,740 |
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Accounts payable |
124,020 |
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Other accounts
payable |
36,570 |
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Notes payable |
6,330 |
|
Taxes payable |
-17,240 |
|
Advances from
clients |
0 |
|
Accrued payroll |
0 |
|
Dividends
payable |
0 |
|
Other payable |
0 |
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Other current liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
193,420 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
193,420 |
|
Equities |
49,920 |
|
|
------------------ |
|
Total liabilities
& equities |
243,340 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
|
Turnover |
786,780 |
|
Cost of goods
sold |
781,300 |
|
Taxes and additional of main operation |
130 |
|
Other operating
profit |
630 |
|
Sales expense |
2,200 |
|
Management expense |
1,840 |
|
Finance expense |
1,440 |
|
Non-operating
income |
210 |
|
Non-operating expense |
50 |
|
Profit before
tax |
660 |
|
Less: profit tax |
170 |
|
Profits |
490 |
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
|
*Current ratio |
1.25 |
|
*Quick ratio |
1.21 |
|
*Liabilities
to assets |
0.79 |
|
*Net profit
margin (%) |
0.06 |
|
*Return on total
assets (%) |
0.20 |
|
*Inventory
/Turnover ×365 |
4days |
|
*Accounts
receivable/Turnover ×365 |
67days |
|
*Turnover/Total
assets |
3.23 |
|
* Cost of
goods sold/Turnover |
0.99 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line
in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is normal in 2010.
l
SC’s quick ratio is maintained in a normal level in 2010.
l
SC’s inventory is average in 2010.
l
The accounts receivable of SC appears
large
in 2010.
l
SC’s short-term loan appears fairly large in 2010.
l
SC’s turnover is fairly good in 2010, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable
financial conditions. The large amount of accounts receivable and short loans
could be a threat to SC’s financial condition. A credit line up to USD 300,000 would
appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
|
UK Pound |
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.