MIRA INFORM REPORT
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Report Date : |
26.12.2014 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN KINGDOMWAY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
13.11.2006 |
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Com. Reg. No.: |
350205200012207 |
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Legal Form : |
One-Person Limited liabilities company |
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Line of Business : |
Subject includes
importing and exporting commodities and technology; wholesaling and retailing
feed, feed additives, chemical raw materials, chemical products, mechanical
and electrical products |
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No. of Employees : |
10 |
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 : |
Slow but corect |
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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 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Several factors
are converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. However, China has made only
marginal progress toward these rebalancing goals. The new government of
President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources
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Source
: CIA |
Company name and address
XIAMEN KINGDOMWAY
LIMITED
NO. 35 XINCHANG ROAD, HAICANG AREA
XIAMEN, FUJIAN PROVINCE 230001 PR CHINA
TEL: 86 (0) 592-6511111
FAX: 86 (0) 592-6513636
***Note: According to the, we locate SC. SC’s complete name should be the heading one.
EXECUTIVE SUMMARY
DATE OF REGISTRATION : NOVEMBER 13, 2006
REGISTRATION NO. : 350205200012207
LEGAL FORM : ONE-PERSON LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : CHEN JIALIANG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 10,000,000
STAFF : 10
BUSINESS CATEGORY : TRADING
REVENUE : CNY 4,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 1,147,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.22 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company (the company inquired by you)
N/A – Not available
CNY – China Yuan Ren Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect of its operational trend & general reputation
Operational Trend:- General Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not known
Not known Not yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established as one-person limited liabilities company of PRC with State Administration of Industry & Commerce (SAIC) under registration No.: 350205200012207 on November 13, 2006.
SC’s Organization Code Certificate No.: 79127834-X
SC’s Tax No.: 35020579127834X
SC’s registered capital: cny 10,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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Registered Capital |
cny 1,000,000 |
cny 10,000,000 |
Current Co search indicates SC’s shareholders & chief executives are as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Xiamen Kingdomway Group Company |
100 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman and General Manager |
Chen Jialiang |
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Supervisor |
Ma Guoqing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name % of Shareholding
Xiamen Kingdomway Group Company 100
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Registration No.: 350200200004396
Date of Registration: November 24, 1997
Legal Form: Shares Limited Company
Registered Capital: CNY 288,000,000
Legal Representative: Jiang Bin
Address: No. 299,
Tel: +86 592-6511111
Fax: +86 592-6515151
Web: www.kingdomway.com
MANAGEMENT
Chen Jialiang , Legal Representative, Chairman and General Manager
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Gender: M
Working experience (s):
At present, working in SC as legal representative, chairman and general manager
Ma Guoqing , Supervisor
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Gender:
BUSINESS OPERATION
SC started its normal business in 2013.
SC’s registered business scope includes importing and exporting commodities and technology; wholesaling and retailing feed, feed additives, chemical raw materials, chemical products, mechanical and electrical products.
SC is mainly engaged in international trade.
SC’s products mainly include: coenzyme Q10 products, etc.
SC sources its products 100% from domestic market. SC sells
100% of its products to overseas market, mainly
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.
*Major Client*
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Pacific Rainbow International Inc.
Staff & Office:
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SC is known to have approx. 10 staff at present.
SC rents an area as its operating office, but the detailed information is unknown.
RELATED COMPANY
Xiamen Kingdomway Vitamin Incorporation
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank information of SC is not filed in local SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
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Total assets |
1,078 |
1,094 |
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Total liabilities |
-53 |
-53 |
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Equities |
1,131 |
1,147 |
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Revenue |
0 |
4 |
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Operating profit |
10 |
22 |
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Profits |
7 |
17 |
Important Ratios
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As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
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*Liabilities to assets |
-0.05 |
-0.05 |
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*Net profit margin (%) |
-- |
425.00 |
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*Return on total assets (%) |
0.65 |
1.55 |
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*Revenue / Total assets |
-- |
0.004 |
FINANCIAL COMMENTS
PROFITABILITY: POOR
The revenue of SC appears poor in its line in 2013.
SC’s net profit margin is average.
SC’s return on total assets is fair.
LIQUIDITY: FAIR
SC’s revenue is in a fair level, comparing with the size of its total assets.
LEVERAGE: FAIR
The risk for SC to go bankrupt is above average.
Overall financial condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions..
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.45 |
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1 |
Rs.98.88 |
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Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
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.