MIRA
INFORM REPORT
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Report Date : |
04.09.2014 |
IDENTIFICATION DETAILS
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Name : |
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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 : |
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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 01, 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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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)
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 |
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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 |
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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.
Tennis
Staff &
Office:
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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 |
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*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.60.54 |
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1 |
Rs.99.73 |
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Euro |
1 |
Rs.79.54 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.