MIRA INFORM REPORT
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Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN ZHONGXINLONG IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
12/F No. 9 Building, No. 170 East Tapu Road, Guanyinshan CBD, Siming
District, Xiamen, Fujian Province 361009 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
08.11.1999 |
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Com. Reg. No.: |
350200200012021 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importing and exporting various kinds of commodities and technology,
excluding the goods forbidden by the government, wholesale and retail of
building materials, automobile & motorcycle parts, machinery and
electronics equipment, textiles, hardware, chemical materials, metal
materials, stone products, abrasives, refractory material; purchasing
agricultural products. |
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No of Employees : |
110 |
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 : |
No Complaints |
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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 & address
XIAMEN ZHONGXINLONG IMPORT AND
EXPORT CO., LTD.
12/F NO. 9 BUILDING, NO. 170 EAST TAPU ROAD, GUANYINSHAN CBD
SIMING DISTRICT, XIAMEN, FUJIAN PROVINCE 361009 PR CHINA
TEL: 86 (0) 592-5590503/5198331/5193399
FAX: 86 (0) 592-5569050/5592778/5569053
EXECUTIVE SUMMARY
Date of Registration : november 8, 1999
REGISTRATION NO. : 350200200012021
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
zhang xingjin (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 100,000,000
staff :
110
BUSINESS CATEGORY : trading
Revenue :
N/A (AS
OF DEC. 31, 2013)
EQUITIES :
CNY 165,325,000 (AS OF DEC. 31, 2013)
WEBSITE : www.zxlxm.com
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.15 = 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 a limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 350200200012021 on November 8, 1999.
SC’s Organization Code Certificate No.:
70542398-6
SC’s Tax No.: 350204705423986
SC’s registered capital: CNY 100,000,000
SC’s paid-in capital: CNY 100,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008 |
Registration No. |
3502002002143 |
350200200012021 |
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Registered Capital |
CNY 10,000,000 |
CNY 20,000,000 |
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2010 |
Registered Capital |
CNY 20,000,000 |
CNY 100,000,000 |
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% of Shareholding |
Zhang Xingjin 95% Lu Jinwang 5% |
Zhang Xingjin 85% Lu Jinwang 15% |
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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Zhang Xingjin |
85 |
|
Lu Jinwang |
15 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative, Chairman, and General Manager |
Zhang Xingjin |
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Deputy General Manager |
Lu Jinwang |
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Supervisor |
Zhang Jianmei |
RECENT DEVELOPMENT
SC is the VIP enterprise approved by the State Administration of
Taxation and National Ministry of Commerce, and it is the “A” grade enterprise
approved by the General Administration of Customs and enjoys the preferential
treatment of green channel in custom clearance.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhang Xingjin 85
Lu Jinwang 15
MANAGEMENT
Zhang Xingjin, Legal Representative, Chairman and General
Manager
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Gender: M
Age: 49
Qualification: University
Working experience (s):
From 1999 to present, working in SC as legal representative, chairman
and general manager
Lu Jinwang, Deputy General Manager
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Gender: M
Age: 49
Qualification: University
Working experience (s):
From 1999 to present, working in SC as deputy general manager
Supervisor
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Zhang Jianmei
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting various kinds
of commodities and technology, excluding the goods forbidden by the government,
wholesale and retail of building materials, automobile & motorcycle parts,
machinery and electronics equipment, textiles, hardware, chemical materials,
metal materials, stone products, abrasives, refractory material; purchasing
agricultural products.
SC is mainly engaged in international trade.
SC’s products mainly include: Shoes and Caps, Garments and Textiles,
Cases and Bags, Polyresin and Ceramic Items, Stone Products, Mineral Products,
Hardware, Iron and Steel Products, Chemicals, machinery.
SC sources its products 100% from domestic market. SC sells 20% of its
products in domestic market, and 80% to overseas market, mainly Southeast Asian
market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
New Athletic International S.A.C.
Samsung America Inc.
Stanton S.A.S.
Tennis S.A.
Staff &
Office:
--------------------------
SC is known to have approx. 110
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED COMPANY
SC is known to have subsidiaries, but the detail is 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:
Industrial Bank
AC# 9940101300007122
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2013 |
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Long term investment |
89,421 |
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Total assets |
2,099,152 |
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Current liabilities |
1,056,198 |
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Long term liabilities |
877,629 |
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Total liabilities |
1,933,827 |
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Equities |
165,325 |
Important Ratios
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As
of Dec. 31, 2013 |
|
*Liabilities to assets |
0.92 |
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.23 |
|
|
1 |
Rs.98.53 |
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Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.