MIRA
INFORM REPORT
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Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN SAMYU IMPORT & EXPORT CO., LTD. |
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Registered Office : |
Room 305, No. 10-2, Xiangdianli, Huli District, Xiamen, Fujian
Province, 361000 Pr |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
12.02.2007 |
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Com. Reg. No.: |
350206200059055 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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No. of Employees : |
07 |
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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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 & address
xiamen samyu import & export co., ltd.
room 305, no. 10-2,
xiangdianli, huli district,
xiamen, fujian
province, 361000 pr china
TEL: 86 (0)
592-5571518 FAX: 86 (0)
592-5571519
EXECUTIVE SUMMARY
INCORPORATION DATE : february 12, 2007
REGISTRATION NO. : 350206200059055
REGISTERED LEGAL
FORM : Limited liabilities company
STAFF STRENGTH : 7
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS
LINE : trading
TURNOVER : CNY 9,633,000
(AS OF DEC. 31, 2009)
EQUITIES : CNY 870,000 (AS OF DEC. 31, 2009)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30 = 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
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 February 12, 2007.
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 importing and exporting of various
goods and technology, excluding the items prohibited or limited by the country;
wholesaling & retailing mineral products, chemical products, textiles,
garment, shoes & hats, mechanical & electrical products, building
materials, arts & crafts, daily necessities, hardware, computer, electronic
products.
SC is mainly
engaged in international trade.
Mr. Yang Jinhua
has been legal representative, chairman and general manager of SC since 2007.
SC is known to
have approx. 7 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 rents the total premise about 35 square meters
SC is not known to host website of its own at present.
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
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Registration no. |
3502032067709 |
350206200059055 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yang Jinhua (ID# 352601197708293535) 60
Zhang Zeqi (ID#
35260119640223401X) 40
Legal
representative, chairman and general manager:
Mr. Yang Jinhua, ID# 352601197708293535, born in 1977, he is currently
responsible for the overall management of SC at present.
Working
Experience(s):
From 2007 to present
Working in SC as legal representative, chairman and general manager.
Supervisor
Zhang Zeqi (ID#
35260119640223401X)
SC is mainly
engaged in international trade
SC’s products
mainly include: arts & crafts, shoes,
hats, bags, etc.
SC sources its materials 95% from domestic
market, 5% from overseas market. SC sells 10% of
its products in domestic market, and 90% to overseas market, mainly Southeast
Asia, America and Europe countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
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.
SC declined to
release its banking details.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
Cash & bank |
16 |
500 |
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Inventory |
62 |
312 |
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Accounts
receivable |
1,767 |
1,444 |
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Notes receivable |
0 |
0 |
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Other Accounts
receivable |
20 |
511 |
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Advances to
suppliers |
59 |
163 |
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Subsidy receivable |
321 |
203 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
2,245 |
3,133 |
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Long-term
investment |
0 |
0 |
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Fixed assets net
value |
32 |
29 |
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Projects under
construction |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
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Total assets |
2,277 |
3,162 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
1,406 |
1,803 |
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Advances from
customers |
567 |
634 |
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Notes payable |
0 |
0 |
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Other Accounts
payable |
-4 |
-19 |
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Welfares payable |
0 |
0 |
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Taxes Payable |
1 |
-126 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
1,970 |
2,292 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
1,970 |
2,292 |
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Equities |
307 |
870 |
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------------------ |
------------------ |
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Total
liabilities & equities |
2,277 |
3,162 |
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Income Statement
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Unit: CNY’000 |
as of Dec. 31,
2008 |
as
of Dec. 31, 2009 |
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Turnover |
9,438 |
9,633 |
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Cost of goods sold |
8,839 |
8,707 |
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Taxes and additional of main operation |
1 |
0 |
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Profit from
other operations |
19 |
10 |
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Sales expense |
174 |
815 |
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Management expense |
423 |
308 |
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Finance expense |
-54 |
51 |
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Subsidy income |
0 |
1 |
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Investment
income |
-5 |
0 |
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Non-operating
income |
0 |
1 |
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Non-operating expense |
1 |
0 |
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Profit before
tax |
68 |
-236 |
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Less: profit tax |
12 |
0 |
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Profits |
56 |
-236 |
Note: SC has not lodged the latest annual returns in local registry,
hence no up-to date detailed financial information available.
Important
Ratios
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As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
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*Current ratio |
1.14 |
1.37 |
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*Quick ratio |
1.11 |
1.23 |
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*Liabilities
to assets |
0.87 |
0.72 |
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*Net profit
margin (%) |
0.59 |
-2.45 |
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*Return on
total assets (%) |
2.46 |
-7.46 |
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*Inventory
/Turnover ×365 |
2 days |
12 days |
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*Accounts
receivable/Turnover ×365 |
68 days |
55 days |
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*Turnover/Total
assets |
4.14 |
3.05 |
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* Cost of
goods sold/Turnover |
0.94 |
0.90 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average in 2008, but fair
in 2009.
l
SC’s return on total assets is average in 2008, but
fair in 2009.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover in both years.
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
The inventory of SC is average in both years.
l
The accounts receivable of SC is fairly large in
both years.
l
SC has no short-term loans in both years
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets in both years.
LEVERAGE: AVERAGE
l
The debt ratio of SC is high in 2008 and average in
2009.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.64 |
|
UK Pound |
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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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.