MIRA INFORM REPORT
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Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
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Name : |
Xiamen Daliang Trading Co., Ltd. |
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Registered Office : |
Unit 2505, No. 166 Tapu East
Road, Siming District, Xiamen City, Fujian
Province, 361008 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
13.06.2005 |
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Com. Reg. No.: |
350200200015934 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Engaged in trading of goods include: stone products. |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 Daliang Trading Co., Ltd.
Unit
2505, no. 166 tapu east road, siming district,
xiamen
city, fujian PROVINCE, 361008 PR CHINA
TEL: 86
(0) 592-3666535/5616509 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE : June 13, 2005
REGISTRATION NO. : 350200200015934
REGISTERED LEGAL FORM : Limited liabilities co.
STAFF STRENGTH : 40
REGISTERED CAPITAL : CNY 188,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,642,920,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 187,180,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly Steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.1483 = 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
Note: The is previous.
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 June 13,
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 import and export of goods and
technology (without goods catalogue), excluding those limited or prohibited by the
state; purchase of agricultural by-product (excluding grains and seed); if
needed operating independently.
SC is mainly engaged in trading of goods.
Ms. Yang Dating is
legal representative, executive director and general manager of SC at present.
SC is
known to have approx. 40 employees
at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in Xiamen. Detailed premise information is not available at
present.
http://www.suntond.com/ (belongs
to Suntond Group) The design is professional and the content is well organized.
At present it is in English and Chinese versions.
Email: server@suntond.com
For the past two years there is no record of litigation.
No significant changes were found during our
checks with the local Administration for
Industry and Commerce.
Subject
passed the annual inspection of 2012 with Administration for Industry &
Commerce.
Organization
Code: 769297843
MAIN SHAREHOLDERS:
Name %
of Shareholding
Suntond Group Co., Ltd. 55
Yang Dating 45
Suntond Group Co., Ltd.
===================
Incorporation Date:
Registration No.: 350200200015926
Registered Legal Form: Limited Liabilities
Co.
Legal representative: Yang Daliang
Tel: 86-592-3669999
l Legal
Representative, Executive Director and General Manager:
Ms. Yang Dating is currently responsible for
the overall and daily management of SC.
Working Experience(s):
At present Working in SC as legal representative, executive
director and general manager.
l
Supervisor:
Yang Shiqi
SC is mainly engaged in trading of goods.
SC’s products
mainly include: stone products.
SC sources its materials 40% from domestic
market, and 60% from overseas market. SC sells 40% of its products in domestic
market, and 60% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC declined to release its major
suppliers and clients.
TRADEMARKS & PATENTS
Registration No.: 10255426
Registration Date: Mar. 7, 2013
Trademark Design: 
Registration No.: 7674188
Registration Date: May 21, 2011
Trademark Design:
According
to the website:
Xiamen
Suntond Logistics Co., Ltd.
==========================
Incorporation Date:
Registration No.: 350203200325922
Registered Legal Form: Limited Liabilities
Co.
Legal representative: Yang Xuelian
Xiamen
Jierui Technology Co., Ltd.
==========================
Incorporation Date:
Registration No.: 350205200004434
Registered Legal Form: Limited Liabilities
Co.
Legal representative: Yang Weizhang
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 accountant
refused to release the bank details.
Financial Summary
Unit: CNY’000
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As
of Dec. 31, 2013 |
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Total assets |
2,107,450 |
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Total liabilities |
1,920,270 |
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Equities |
187,180 |
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=========== |
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Turnover |
1,642,920 |
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Profits |
1,720 |
Note: We did not find SC’s detailed financial
report for Yr2013.
Important
Ratios
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As
of Dec. 31, 2013 |
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*Liabilities
to assets |
0.91 |
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*Net profit
margin (%) |
0.10 |
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*Return on
total assets (%) |
0.08 |
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*Turnover/Total
assets |
0.78 |
PROFITABILITY:
AVERAGE
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 turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.04 |
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1 |
Rs.98.64 |
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Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
PDT |
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.