MIRA
INFORM REPORT
|
Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
XIAMEN GREAT CORPORATION |
|
|
|
|
Registered Office : |
Unit 05, 3/F, Building E, Xiamen International Shipping Center No. 89-99 Xiangyu Road, Modern Logistics Park, Huli District Xiamen, Fujian Province 361006 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
30.11.2001 |
|
|
|
|
Com. Reg. No.: |
350299100000721 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject
is mainly engaged in international trade. Products
mainly include: rice, flour products, edible oil, cakes, candy, sugar, salts, health food,
tobacco products, pre-packaged food, dairy products, dairy products, book,
visual products and electronic publications. |
|
|
|
|
No. of Employees : |
50 |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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, 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.
|
Source
: CIA |
COMPANY NAME AND ADDRESS
XIAMEN GREAT
CORPORATION
UNIT 05, 3/F, BUILDING E, XIAMEN INTERNATIONAL SHIPPING CENTER
NO. 89-99 XIANGYU ROAD, MODERN LOGISTICS PARK, HULI DISTRICT
XIAMEN, FUJIAN PROVINCE 361006 PR CHINA
TEL: 86 (0) 592-2657002
FAX: 86 (0) 592-5757422
EXECUTIVE SUMMARY
Date of Registration : november 30, 2001
REGISTRATION NO. : 350299100000721
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL :
CNY 200,000,000
staff : 50
BUSINESS CATEGORY :
TRADING
Revenue : CNY 3,138,850,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 170,430,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.12 = USD
1
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 a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 350299100000721 on November 30, 2001.
SC’s Organization Code Certificate No.:
70548932-8
SC’s Tax No.: 350204705489328
SC’s registered capital: CNY 200,000,000
SC’s paid-in capital: CNY 200,000,000
Registration Change Record
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Shareholder (s) (% of Shareholding) |
Xiamen Xiangyu Logistics Group Co., Ltd. 65% Xiamen Xiangyu Baofa Co., Ltd. 35% |
Xiamen Xiangyu Logistics Group Co., Ltd. 52% Xiamen Xiangyu Baofa Co., Ltd. 28% Xiamen Superchain Logistics Development Co., Ltd. 20% |
|
Registered Capital |
CNY 160,000,000 |
CNY 200,000,000 |
|
|
|
Shareholder (s) (% of
Shareholding) |
Xiamen Xiangyu Logistics Group Co., Ltd. 52% Xiamen Xiangyu Baofa Co., Ltd. 28% Xiamen Superchain Logistics Development Co., Ltd. 20% |
Xiamen Xiangyu Logistics Group Co., Ltd. 80% Xiamen Superchain Logistics Development Co., Ltd. 20% |
Current Co search indicates SC’s shareholders & chief executives are as follows
|
Name of Shareholder (s) |
% of Shareholding |
|
Xiamen Xiangyu Logistics Group Co., Ltd. |
80 |
|
Xiamen Superchain Logistics Development Co., Ltd. |
20 |
SC’s Chief Executives:
|
Position |
Name |
|
Legal Representative and
Chairman |
Zhang Shuili |
|
General Manager |
Tong Xiaoqing |
|
Director |
Xiao Jingqin |
|
Deng Qidong |
|
|
Supervisor |
Zeng
Yangfeng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Xiamen Xiangyu Logistics Group
Co., Ltd. 80
Xiamen Superchain Logistics Development Co., Ltd. 20
Xiamen Xiangyu Logistics Group
Co., Ltd.
Registration
No.: 350299100000498
Registered
Capital: CNY
798,216,805
Legal
Representative: Wang Longchu
Legal
Form: One-person
Limited Liability Company
Xiamen Superchain Logistics Development Co., Ltd.
Xiamen Superchain Logistics Development Co.,
Ltd. is specialized in integrated logistics and supply chain management,
including international & domestic freight forwarding, domestic sea
transportation, bonded Logistics, and supply chain management, etc.
Registration no.: 350200400025397
Registered Capital: CNY 300,000,000
Legal Representative: Zhang Shuili
Legal Form: Shares limited Company
Web: www.super-chain.com
Tel: 86 (0) 592-5657666 /6031579
Fax: 86 (0) 592-6033338
MANAGEMENT
Zhang Shuili, Legal Representative and Chairman
Ø
Gender: M
Ø
Age: 49
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Also
working in Xiamen Xiangyu Singamas Container Co., Ltd., Xiamen Temao Xiangyu
Development Co., Ltd., Xiamen Singamas Yihui Container Co., Ltd., Xiamen
Superchain Logistics Development Co., Ltd., Xiamen Xiangyu Baofa Co., Ltd.,
etc. as legal representative, and in Xiamen Xiangyu Co., Ltd. as vice chairman
Tong Xiaoqing, General
Manager
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general manager
Director
Xiao Jingqin
Deng Qidong
Supervisor
Zeng Yangfeng
BUSINESS OPERATION
SC’s registered business scope
includes importing and exporting goods and technologies (do not attach import
and export catalog), excluding the items limited or prohibited by the state; exporting
self-made products and importing machinery and equipment, spare parts, raw
materials needed for the company (do not attach import and export catalog),
excluding the items limited or prohibited by the state; other unspecified
wholesale industry (excluding permitted items); selling gold spot; rice, flour
products and edible oil wholesale; cakes, candy and sugar wholesale; salts
wholesale; seasoning wholesale (excluding salt wholesale); health food
wholesale; tobacco products wholesale; other pre-packaged food wholesale; other
bulk food wholesale; dairy products (including infant formula) wholesale; dairy
products (excluding infant formula) wholesale; book wholesale; newspapers
wholesale; visual products and electronic publications wholesale; western wholesale;
medicine wholesale; second, three types of medical equipment wholesale;
heritage auction; personal foreign currency exchange franchise; grains, beans
and potato wholesale; feed wholesale; cotton, linen wholesale; forestry
products wholesale; other farm products wholesale; fruit wholesale; vegetable
wholesale; meat, poultry, eggs and aquatic products wholesale; textiles,
knitwear and raw materials wholesale; clothing wholesale; shoes wholesale;
kitchen, bathroom appliances and groceries wholesale; lamps, decorative items
wholesale; appliances wholesale; other household goods wholesale; stationery
wholesale; sporting goods and equipment wholesale (excluding crossbow);
jewelry, crafts and collectibles wholesale (excluding artifacts); jewelry
retailing; other cultural products wholesale; first class medical equipment
wholesale; coal and related products (excluding hazardous chemicals and
chemical monitoring ); petroleum products wholesale (excluding oil, hazardous
chemicals and controlled chemicals); non-metallic mineral products and
wholesale (excluding hazardous chemicals and controlled chemicals); metals and
metal ores wholesale (excluding hazardous chemicals and controlled chemicals);
building materials wholesale; fertilizer wholesale; pesticide wholesale
(excluding hazardous chemicals and monitor chemicals and non-pharmaceutical
precursor chemicals); agricultural films wholesale; wholesale and other
chemical products (excluding dangerous chemicals and monitoring chemicals);
agricultural machinery wholesale; auto parts wholesale; motorcycles and spare
parts wholesale; hardware products wholesale; electrical equipment wholesale;
computers, software and auxiliary equipment wholesale; communications and radio
and television equipment wholesale; other machinery and electronic products
wholesale ; trade agency; other trade brokers and agents; grain warehousing;
cotton warehouse; other agricultural warehousing; mechanical equipment
warehousing services; other warehousing (excluding permitted items).
SC is
mainly engaged in international trade.
SC’s
products mainly include: rice, flour products, edible oil, cakes, candy,
sugar, salts, health food, tobacco products, pre-packaged food, dairy products,
dairy products, book, visual products and electronic publications, etc.
SC sources its products 90% from domestic market, and 10% from overseas market. SC sells 80% of its products in domestic market, and 20% to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia, etc.
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.
*Major Customers*
Interex Forest
Products Ltd.
James Lv
Staff & Office
--------------------------
SC is
known to have approx. 50
staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
RELATED COMPANY
Xiamen Xiangyu
Singamas Container Co., Ltd.
Date of Registration:
Registration No.: 350299400000428
Registered Capital: USD
3,000,000
Legal Representative: Zhang
Shuili
Legal Form: Chinese-foreign
equity joint venture enterprise
Xiamen Xiangyu
PIL Total Logistics Co., Ltd.
Date of Registration:
Registration No.: 350299400000838
Registered Capital: CNY
25,316,300
Legal Representative: Deng
Qidong
Legal Form: One-person
Limited Liability Company
Web: www.xiangyu-pil.com
E-mail: linxq@super-chain.com
Tel: 86
(0) 592-5629187
Xiamen Temao
Xiangyu Development Co., Ltd.
Date of Registration:
Registration No.: 350299100000406
Registered Capital: CNY
8,280,000
Legal Representative: Zhang
Shuili
Xiamen Singamas
Yihui Container Co., Ltd.
厦门胜狮艺辉货柜有限公司
Date of Registration:
Registration No.: 350200400020384
Registered Capital: USD 1,280,000
Legal Representative: Zhang Shuili 张水利
Legal Form: Chinese-foreign equity joint venture enterprise Etc.
SC is known to invest in other companies, but the details are not
available.
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
Basic Bank
Agricultural
Bank of China Xiamen Xiangyu Sub-branch
AC#: N/a
Balance Sheet
(Financial Summary)
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
Accounts
receivable |
55,900 |
|
Inventory |
332,890 |
|
|
------------------ |
|
Current assets |
660,540 |
|
Long-term
investment |
13,160 |
|
|
------------------ |
|
Total assets |
679,780 |
|
|
============= |
|
Short-term loans |
227,540 |
|
|
------------------ |
|
Current
liabilities |
509,350 |
|
Non-current liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
509,350 |
|
Equities |
170,430 |
|
|
------------------ |
|
Total
liabilities & equities |
679,780 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
|
Revenue |
3,138,850 |
|
Cost of sales |
3,076,650 |
|
Sales tax and extra charges |
320 |
|
Sales expense |
18,660 |
|
Management expense |
3,470 |
|
Finance expense |
15,150 |
|
Impairment of assets |
23,020 |
|
Investment
income |
460 |
|
Non-operating
income |
360 |
|
Non-operating expense |
360 |
|
Profit before
tax |
2,040 |
|
Less: profit tax |
600 |
|
1,440 |
Important Ratios
|
|
As of Dec. 31, 2013 |
|
*Current ratio |
1.30 |
|
*Quick ratio |
0.64 |
|
*Liabilities
to assets |
0.75 |
|
*Net profit
margin (%) |
0.05 |
|
*Return on
total assets (%) |
0.21 |
|
*Inventory /
Revenue ×365 |
39 days |
|
*Accounts
receivable / Revenue ×365 |
7 days |
|
*Revenue /
Total assets |
4.62 |
|
*Cost of sales
/ Revenue |
0.98 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears fairly 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 sales is fairly high, comparing with
its revenue.
LIQUIDITY:
AVERAGE
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 large.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear large.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. The large amount of inventory and
short-term loans may be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
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.