MIRA
INFORM REPORT
|
Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
XIAMEN XINDECO LTD. |
|
|
|
|
Registered Office : |
7/F, Xindeco Bldg.,
No. 27 Xinglong Road, Huli District, Xiamen City, Fujian Province, 361006 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
28.11.1996 |
|
|
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Com. Reg. No.: |
350200100011224 |
|
|
|
|
Legal Form : |
Shares Limited Co. |
|
|
|
|
Line of Business : |
Manufacturing, trading and real estate development. |
|
|
|
|
No. of Employees : |
2,237 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
Source
: CIA
Company name and address
XIAMEN XINDECO LTD.
7/F, XINDECO BLDG.,
NO. 27 XINGLONG ROAD, HULI DISTRICT, XIAMEN CITY,
FUJIAN PROVINCE,
361006 PR CHINA
TEL: 86 (0)
592-6021666/6021759/5608098
FAX: 86 (0)
592-6021391/6021752
EXECUTIVE
SUMMARY
INCORPORATION DATE :
NOV. 28, 1996
REGISTRATION NO. :
350200100011224
REGISTERED LEGAL FORM :
SHARES LIMITED CO.
CHIEF EXECUTIVE :
MR. ZHOU KUNSHAN (CHAIRMAN)
STAFF STRENGTH :
2,237
REGISTERED CAPITAL :
CNY 240,250,000
BUSINESS LINE :
MANUFACTURING, TRADING AND REAL ESTATE DEVELOPMENT
TURNOVER :
CNY 10,648,277,000 (CONSOLIDATED, JAN. 1 TO JUNE 30, 2013)
EQUITIES :
CNY 1,239,859,000 (CONSOLIDATED, AS OF JUNE 30, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.1199 = 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
Shares limited co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Nov. 28, 1996.
Company Status:
Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes 1.producing and operating
information technology products; 2.information consulting services; 3.storage
(excluding chemicals without pre-licensing); 4.developing, operating and leasing real estate;
5.wholesaling domestic
products (excluding pre-licensing project); 6.export and export of various goods and technology,
excluding goods and technology prohibited or limited by the country (not
enclosing commodity catalogue); 7.purchasing
subsidiary agricultural products (excluding grain and seed); 8. wholesaling and retailing
petrochemical products (excluding refined oil, hazardous chemicals and controlled
chemicals); 9.
wholesaling coal and coal products (valid until July 30,
2016);
10. wholesaling prepackaged good (valid until Dec. 5,
2014).
(with permit if needed)
SC is mainly
engaged in producing and
operating information technology products; importing and
exporting commodities and technology; developing, operating and leasing real
estate .
Mr.
Zhou Kunshan has been the legal representative and chairman of SC since 1999.
SC is
known to have approx. 2,237 employees at present, including 336
technicians, 394 management staff, 913 production staff, 121 financial staff
and 473 sales representatives.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Xiamen. The detailed information of
the area is unspecified.
SC declined to release the detailed information of its factory.
http://www.xindeco.com
The
design is professional and the content is well organized. At present it is in
Chinese version.
E-Mail: xmxd@xindeco.com.cn
SC is a listed company in Shenzhen Stock Exchange with the
code of 000701.
SC was awarded
as Xiamen Import and Export Hundred Enterprise, Fujian Hundred Enterprise,
Fujian Hundred Outstanding Foreign Trade Enterprise, The Best Image of Chinese
Enterprise AAA Class Enterprise, Fujian Well-known Trademarks, etc.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registration No. |
3502001003171 |
350200100011224 |
See below for SC as executive party (defendant).
|
Executed
Party |
Xiamen Xindeco Ltd. |
|
Court |
Xiamen City Intermediate People's Court |
|
Date of Case |
June 26, 2009 |
|
Case
Number |
(2009) 00228 |
|
Claim Amount |
RMB 348,555 |
|
Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS: (As of June 30, 2013)
Name %
of Shareholding
Xiamen
Information-Xindeco Company 28.2
Xiamen ITG Holding Co., Ltd. 1.8
Dong Shuya 0.6
Zeng Xinjian 0.44
Zheng Chuanwei 0.44
Sun Baojian 0.3
Bai Zhijun 0.28
Liu Jianjiang 0.24
Liu Shengxian 0.23
Cai Shuiying 0.22
Other shareholders 67.25
Xiamen Information-Xindeco Company
=============================
Address: 2/F, Xinhong Building,
Huli, Xiamen, Fujian
Tel: 0592-6021666
Legal representative: Wang
Yanhui
Date of incorporation: Apr. 13,
1990
Registered no.: 350200000004038
Registered capital: CNY
21,110,000
l
Legal representative and
chairman:
Mr. Zhou Kunshan , born in 1953, with university education, senior
economist. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working in SC as chairman
and legal representative
Also working in Xiamen Xindeco Optoelectronic Technology
Co., Ltd. as legal representative, Zhangzhou Sindanol Real Estate Development
Co., Ltd, Xiamen Xindeco Electronics Co., Ltd., etc. as chairman
l
General Manager:
Mr. Du Shaohua, born in 1961, with university education,
senior economist. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2006 to present Working in SC as general
manager;
Also working in Xiamen Xindeco Electronics Co.,
Ltd., Xiamen Xindeco Real Estate Development Co., Ltd. Zhangzhou Sindanol Real
Estate Development Co., Ltd. etc., as legal representative.
l
Directors:
Chen Peng
Lu Yonghua
Su Weibin
Wang Yanhui
Huang Lihong
Ouyang Zhe
Cai Xiaochuan
l
Supervisors:
Guo Zhenghe
Shi Lin
Wang Peian
He Chunping
Hong Shuanghua
SC is mainly
engaged in producing
and operating information technology products; importing
and exporting commodities and technologies; developing, operating and leasing real
estate .
SC’s products main include capacitor and electronic components. SC’s products cover a whole
range of 6.3V-450V and
SC sources its materials 80% from domestic market and 20%
from the overseas market. SC sells 15% of its products to overseas market, mainly Hong Kong, and
85% in domestic market.
The buying terms of SC include Check, L/C, 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.
*Major Customers*
==============
Tianjin Sanan Optoelectronics Co., Ltd.
Schaefer (Hong Kong) Trade Co., Limited
Zhangjiagang Hexintong Trade Co., Ltd. (in Chinese Pinyin)
Fujian Quanzhou Guoguang Industry and Trade Co., Ltd.
Note: SC’s management declined to release its supplier details.
SC is known to invest in the following companies:
Sindanol (Shanghai) Ltd.
==================
Incorporation date:
Registration no.: 310115400012367
Registered capital: CNY 23,087,813
Legal rep.: Ouyang Zhe
Legal form: One-person Limited Liability Company
Shanghai Sindanol International Trade Co., Ltd.
==================================
Incorporation date:
Registration no.: 310115000734698
Registered capital: CNY 40,000,000
Legal rep.: Ouyang Zhe
Legal form: One-person Limited Liability Company
Xiamen Xindeco Electronics Co., Ltd.
============================
Incorporation date:
Registration no.: 350200100013255
Registered capital: CNY 54,230,000
Legal rep.: Du Shaohua
Legal form: One-person Limited Liability Company
Xiamen Xindeco Optoelectronic Technology Co., Ltd.
======================================
Incorporation date:
Registration no.: 350200100003618
Registered capital: CNY 200,000,000
Legal rep.: Zhou Kunshan
Xiamen Xindeco Real Estate Development Co., Ltd.
=====================================
Incorporation date:
Registration no.: 350200100011520
Registered capital: CNY 60,000,000
Legal rep.: Du Shaohua
Legal form: One-person Limited Liability Company
Xiamen Xindeco Auto Sales Service Co., Ltd.
=================================
Incorporation date:
Registration no.: 350200100010230
Registered capital: CNY 10,000,000
Legal rep.: Chen Bingyue
Xiamen Sindanol Auto Sales Service Co., Ltd.
=================================
Incorporation date:
Registration no.: 350200100000460
Registered capital: CNY 12,000,000
Legal rep.: Chen Bingyue
Zhangzhou Sindanol Real Estate Development Co., Ltd.
========================================
Registration no.: 350602100014827
Legal rep.: Du Shaohua
Etc.
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.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of June 30, 2013 |
as of Dec. 31, 2012 |
|
Cash
& bank |
623,598 |
533,150 |
|
Inventory |
2,736,280 |
1,715,528 |
|
Accounts
receivable |
1,001,629 |
512,605 |
|
Transaction
financial assets |
5 |
0 |
|
Notes
receivable |
387,007 |
579,327 |
|
Other
receivables |
416,497 |
369,346 |
|
Advances to
suppliers |
2,973,278 |
729,907 |
|
Other
current assets |
8,853 |
5,327 |
|
|
------------------ |
------------------ |
|
Current
assets |
8,147,147 |
4,445,190 |
|
Fixed
assets net value |
373,991 |
376,974 |
|
Projects
under construction |
10,606 |
3,212 |
|
Long
term investment |
358,887 |
359,652 |
|
Investment
Real Estate |
84,520 |
85,522 |
|
Intangible
assets |
71,352 |
72,384 |
|
Long-term
deferred expenses |
17,181 |
20,023 |
|
Deferred tax
assets |
35,196 |
39,315 |
|
Goodwill |
10,729 |
10,729 |
|
Development
expenses |
4,214 |
1,838 |
|
Other
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
assets |
9,113,823 |
5,414,839 |
|
|
============= |
============= |
|
Short
loans |
3,717,131 |
1,866,585 |
|
Notes
payable |
1,134,579 |
669,576 |
|
Accounts
payable |
1,354,143 |
599,551 |
|
Advances from
clients |
1,019,944 |
417,297 |
|
Employee
pay payable |
44,429 |
44,899 |
|
Tax
payable |
38,493 |
76,697 |
|
Interest payable |
9,944 |
9,805 |
|
Dividends
payable |
0 |
0 |
|
Other
payable |
57,252 |
239,702 |
|
Other
current liabilities |
400,000 |
300,000 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
7,775,915 |
4,224,112 |
|
Long term
liabilities |
98,049 |
13,700 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
7,873,964 |
4,237,812 |
|
Equities |
1,239,859 |
1,177,027 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
9,113,823 |
5,414,839 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
Jan.
1 to June 30, 2013 |
as
of Dec. 31, 2012 |
|
Turnover |
10,648,277 |
17,524,636 |
|
Cost of goods
sold |
10,297,293 |
16,831,611 |
|
Taxes
and additional of main operation |
9,647 |
76,081 |
|
Sales expense |
101,454 |
184,973 |
|
Management expense |
72,453 |
173,256 |
|
Finance expense |
62,198 |
173,171 |
|
Asset impairment loss |
18,392 |
46,838 |
|
Sound
value flexible profit |
5 |
-345 |
|
Investment
income |
5,509 |
137,049 |
|
Non-operating
income |
22,900 |
30,418 |
|
Non-operating expense |
5,163 |
4,282 |
|
Profit before
tax |
110,091 |
201,546 |
|
Less: profit tax |
26,284 |
58,916 |
|
Profits |
83,807 |
142,630 |
Important Ratios
=============
|
|
as
of June 30, 2013 |
as
of Dec. 31, 2012 |
|
*Current ratio |
1.05 |
1.05 |
|
*Quick ratio |
0.70 |
0.65 |
|
*Liabilities
to assets |
0.86 |
0.78 |
|
*Net profit
margin (%) |
0.79 |
0.81 |
|
*Return on
total assets (%) |
0.92 |
2.63 |
|
*Inventory
/Turnover ×365 |
/ |
36 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
11 days |
|
*Turnover/Total
assets |
1.17 |
3.24 |
|
* Cost of goods
sold/Turnover |
0.97 |
0.96 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its
line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high,
comparing with its turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a normal level.
l
SC’s quick ratio is maintained in a
fair level.
l
The inventory
of SC appears fairly large.
l
The accounts receivable of SC appears
average.
l
SC’s short-term loan appears large.
l
SC’s turnover is in a fairly good level
in 2012, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is fairly high in
2012 but high in the first half of 2013.
l
The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Fairly Stable.
SC is well-known in its industry with fairly stable
financial conditions. The large amount of inventory and short loans could be
a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.100.47 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.