MIRA
INFORM REPORT
|
Report Date : |
28.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
XIAMEN
LAN LEI IMPORT & EXPORT CO., LTD. |
|
|
|
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Registered Office : |
12/F, Block
B, Yucheng Building, No. 51 Dongdu Road, Huli District, Xiamen, Fujian
Province, 361004 PR |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
17.10.1997 |
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Com. Reg. No.: |
350200200021848 |
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Legal Form : |
One-Person Limited Liabilities
Company |
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Line of Business : |
Engaged in import and export of goods. |
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No. of Employees : |
50 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed,
centrally planned system to a more market-oriented one that plays a major
global role - in 2010 China became the world's largest exporter. Reforms began
with the phasing out of collectivized agriculture, and expanded to include the
gradual liberalization of prices, fiscal decentralization, increased autonomy
for state enterprises, creation of a diversified banking system, development of
stock markets, rapid growth of the private sector, and opening to foreign trade
and investment. China has implemented reforms in a gradualist fashion. In
recent years, China has renewed its support for state-owned enterprises in
sectors it considers important to "economic security," explicitly looking
to foster globally competitive national champions. After keeping its currency
tightly linked to the US dollar for years, in July 2005 China revalued its
currency by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. From mid 2005 to late 2008 cumulative
appreciation of the renminbi against the US dollar was more than 20%, but the
exchange rate remained virtually pegged to the dollar from the onset of the
global financial crisis until June 2010, when Beijing allowed resumption of a
gradual appreciation. The restructuring of the economy and resulting efficiency
gains have contributed to a more than tenfold increase in GDP since 1978.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2010 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to near 9% for 2011. An economic slowdown in Europe is expected to
further drag Chinese growth in 2012. Debt overhang from the stimulus program,
particularly among local governments, and a property price bubble challenge
policy makers currently. The government's 12th Five-Year Plan, adopted in March
2011, emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent on exports in the
future. However, China has made only marginal progress toward these rebalancing
goals
|
Source
: CIA |
Company name and address
XIAMEN LAN LEI IMPORT & EXPORT
CO., LTD.
12/F, BLOCK B, YUCHENG BUILDING,
NO. 51 DONGDU ROAD, HULI DISTRICT, XIAMEN, FUJIAN PROVINCE, 361004 PR China
TEL: 86 (0) 592-5618888/2395815
FAX: 86 (0)592-5612888/2394086
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 17, 1997
REGISTRATION NO. : 350200200021848
REGISTERED LEGAL FORM :
ONE-PERSON LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 50
REGISTERED CAPITAL : cny 8,000,000
BUSINESS LINE : trading
TURNOVER : cny 130,489,000 (AS OF DEC. 31, 2008)
EQUITIES : cny 9,750,000 (AS OF DEC. 31,
2008)
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30= USD
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 Liability Company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on Oct. 17, 1997 and has been under
present legal form since 2009.
Company Status: One-person limited liabilities co. Single person LLC refers to a limited
liability company set up by only one natural person or legal person as the
single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single
person LLC should be set up by the shareholder The regulation of Single
person LLC has no shareholder meeting.
SC’s registered business scope
includes import and export of goods and technology, excluding the export goods and
import goods unified or organized by specifically authorized company; processing
trade, counter trade, entrepot trade business; wholesaling and retailing
building materials, hardware and electric materials, chemical materials
(excluding chemical hazard), textiles, crafts,
auto parts, and agricultural sideline products.
SC is
mainly engaged in import and export of goods.
Mr.
Zhang Ting has been the legal representative, chairman and general manager of
SC since 1997.
SC is
known to have approximately 50 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. SC’s
management declined to release the detailed information of the premise.
http://www.lanlei-stone.com The design is
professional and the content is well organized. At present the web site is in
Chinese, English, Japanese versions, etc.
E-mail: lanlei@lanlei.cn
Changes
of its registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
|
Registered capital |
CNY 500,000 |
CNY 3,000,000 |
|
|
Registered capital |
CNY 3,000,000 |
CNY 5,000,000 |
|
Shareholders |
Zhang Xiaoming 10%;
Zhang Ting 90% |
Zhang Xiaoming 6%;
Zhang Ting 94% |
|
|
|
Registered capital |
CNY 5,000,000 |
CNY 8,000,000 |
|
Shareholders |
Zhang Xiaoming 6%;
Zhang Ting 94% |
Zhang Xiaoming 5%;
Zhang Ting 95% |
|
|
|
Shareholders |
Zhang Xiaoming 5%;
Zhang Ting 95% |
Zhang Ting 100% |
|
Registered legal form |
Limited liabilities company |
One-person limited liabilities company |
|
|
Unknown |
Registration No. |
3502002000650 |
350200200021848 |
MAIN SHAREHOLDERS:
Name
% of Shareholding
Zhang Ting
ID#: 350204720726201
100
l
Legal representative,, chairman and
general manager:
Mr. Zhang Ting, 37 years old, he
is currently responsible for the overall management of SC.
Working Experience(s):
From 1997 to present Working in SC as legal
representative, chairman and general manager
Supervisor:
========
Li Minling
SC is
mainly engaged in import and export of goods.
SC’s
products mainly include: garden structure, vanitiy sink,
mosaic pattern, portraits, monuments, granite, marble, quartz, slate, sandstone,
artifical stone, borders, fireplace, window sills, stone banister, rome column,
counter top edges, blind paving stone sandblast, accessories, etc.
SC sources its materials 70%
from domestic market, and 30% from overseas market. SC sells 40% of its
products in domestic market, and 60% to overseas market, mainly Europe, America
and Japan.
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 refused to release any information of its
domestic suppliers and the trade reference was not available.
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’s
management declined to release its bank details.
Balance
Sheet
|
Unit:
CNY’000 |
as of Dec. 31, 2007 |
as of Dec. 31, 2008 |
|
Cash
& bank |
5,868 |
6,667 |
|
Inventory |
7,718 |
10,798 |
|
Accounts
receivable |
1,076 |
1,132 |
|
Advances
from clients |
2,030 |
4,999 |
|
Other
Accounts receivable |
4,338 |
12,710 |
|
A
receivable tax rebate of export |
872 |
588 |
|
Foreign
exchange accounts receivable |
19,562 |
6,549 |
|
Other
current assets |
73 |
51 |
|
|
------------------ |
------------------ |
|
Current
assets |
41,537 |
43,494 |
|
Fixed
assets net value |
6,806 |
6,064 |
|
Projects
under construction |
0 |
0 |
|
External investment |
400 |
400 |
|
Other
assets |
329 |
250 |
|
|
------------------ |
------------------ |
|
Total
assets |
49,072 |
50,208 |
|
|
============= |
============= |
|
Short
loans |
2,961 |
10,742 |
|
Foreign
exchange accounts payable |
23,001 |
16,588 |
|
Accounts
payable |
12,320 |
11,325 |
|
Other
Accounts payable |
568 |
546 |
|
Advances
from clients |
0 |
0 |
|
Taxes
payable |
19 |
-405 |
|
Bills
payable |
0 |
1,000 |
|
Other
current liabilities |
661 |
662 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
39,530 |
40,458 |
|
Long
term liabilities |
0 |
0 |
|
Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
39,530 |
40,458 |
|
Equities |
9,542 |
9,750 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
49,072 |
50,208 |
|
|
============= |
============= |
Income
Statement
Unit:
CNY’000
|
|
As of Dec. 31, 2007 |
As of Dec. 31, 2008 |
|
Turnover |
131,093 |
130,489 |
|
Cost
of goods sold |
121,998 |
115,830 |
|
Taxes
and additional of main operation |
26 |
0 |
|
Sales expense |
6,677 |
11,561 |
|
Management expense |
2,114 |
2,292 |
|
Finance expense |
-597 |
458 |
|
Non-operating
income |
0 |
3 |
|
Non-operating
expense |
22 |
39 |
|
Profit
before tax |
853 |
312 |
|
Less:
profit tax |
128 |
56 |
|
Profits |
725 |
256 |
Note: SC’s management declined to release the latest
financial information.
Important
Ratios
=============
|
|
As of Dec. 31, 2007 |
As of Dec. 31, 2008 |
|
*Current
ratio |
1.05
|
1.08
|
|
*Quick
ratio |
0.86
|
0.81
|
|
*Liabilities
to assets |
0.81
|
0.81
|
|
*Net
profit margin (%) |
0.55
|
0.20
|
|
*Return
on total assets (%) |
1.48
|
0.51
|
|
*Inventory
/Turnover ×365 |
21
days |
30
days |
|
*Accounts
receivable/Turnover ×365 |
3
days |
3
days |
|
*Turnover/Total
assets |
2.67
|
2.60
|
|
*
Cost of goods sold/Turnover |
0.93
|
0.89
|
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good
in its line, and it decreased slightly in 2008.
l
SC’s net profit margin is average in
both 2 years.
l
SC’s return on total assets is average
in both 2 years.
l
SC’s cost of goods sold is average,
comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a normal level in both 2 years.
l
SC’s quick ratio is maintained in a
normal level in both 2 years.
l
The inventory of SC appears fairly
large.
l
Ther accounts receivable of SC appears
average.
l
The short-term loan of SC appears large
in 2008.
l
SC’s turnover is in an average level in
both 2 years, 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.25 |
|
|
1 |
Rs.86.23 |
|
Euro |
1 |
Rs.68.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
-- |
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.