MIRA
INFORM REPORT
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Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN KING APEX TRADING CO., LTD. |
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Registered Office : |
Unit 512B, Norinco Business Plaza, No.6 Huli Road, Huli District, Xiamen City, Fujian Province, 361006 PR |
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Country : |
China |
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Date of Incorporation : |
12.12.2005 |
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Com. Reg. No.: |
350200200023991 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is mainly engaged in import and export of stone. |
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No. of Employees : |
Not Available |
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 : |
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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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.
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Source : CIA |
COMPANY NAME &
ADDRESS
XIAMEN KING APEX TRADING CO.,
LTD.
UNIT 512B, NORINCO BUSINESS PLAZA, NO. 6 HULI ROAD, HULI DISTRICT,
XIAMEN CITY, FUJIAN PROVINCE, 361006 PR CHINA (AS REGISTERED
TEL: 86 (0) 592-5328912
FAX: 86 (0) 592-5328913
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 12, 2005
REGISTRATION NO. : 350200200023991
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. WANG YIQIANG (CHAIRMAN AND GENERAL MANAGER)
STAFF STRENGTH :
N/A
REGISTERED CAPITAL :
CNY 5,000,000
BUSINESS LINE : TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.1244 =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 Dec. 12,
2005.
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 1. goods and technology import and export (not enclose the catalogue of import and export commodities), but excluding the goods and technology limited or prohibited by the Country; 2. Purchasing farm and sideline products (excluding foodstuff and seed). (in accordance with special permit)
SC is mainly engaged in import and export of stone.
Mr. Wang Yiqiang is the legal representative, chairman and general manager of SC at present.
The management refused to release the total number of
employees at present.
SC’s staff Mr. Luo(+86-592-5328912) refused to release SC’s operating address, so we can not confirm whether the company is operating in heading registered address or other locations.
SC is not known to host website of its own at present.
E-mail: kingapexstone@163.com
No significant events or changes were found during our checks with the local Administration for Industry and Commerce.
For the past two years there is no record of litigation.
MAIN SHAREHOLDER:
Name % of
Shareholding
Luo Jiaqiang 40
Wang Yiqiang 60
Legal Representative,
chairman and general manager:
Mr. Wang Yiqiang is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Supervisor:
Luo Jiaqiang
SC’s staff Mr. Luo(+86-592-5328912) refused to release SC’s operating address, so we can not confirm whether the company is operating in heading registered address or other locations.
Mr. Luo released the following operating details:
SC is mainly engaged in import and export of stone.
SC’s main products including: granite, marble.
SC sources its products 80% from domestic market and 20% from overseas. SC sells 10% of its products in domestic market and 90% to overseas market, mainly to Europe and India.
He also released his E-mail address kingapexstone@163.com.
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’s management declined to release its bank details.
SC’s management declined to release any financial information.
Due to lack of financial statements, we are unable to determine the maximum credit limit for SC.
SC is operating 8 years in its line with an acceptable base to come into credit dealings of small amount.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.46 |
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UK Pound |
1 |
Rs.99.42 |
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Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.