MIRA INFORM REPORT
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Report No. : |
330135 |
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Report Date : |
04.07.2015 |
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) : |
31.12.2014 |
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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 Liabilities Company |
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Line of Business : |
Subject is
mainly engaged in international
trade 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. |
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No. of Employees : |
120 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name and 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
REGISTERED CAPITAL : CNY
100,000,000
staff : 120
BUSINESS CATEGORY : trading
Revenue : N/A (AS OF DEC. 31,
2014)
EQUITIES : CNY 196,747,000 (AS OF DEC. 31, 2014)
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 6.20 = 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 |
|
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
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø Qualification:
University
Ø Working experience
(s):
From
1999 to present, working in SC as legal representative, chairman and general
manager
Lu Jinwang, Deputy General Manager
-------------------------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø Qualification:
University
Ø 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*
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New Athletic
International S.A.C.
Samsung America
Inc.
Stanton S.A.S.
Tennis S.A.
Staff & Office:
--------------------------
SC is known
to have approx. 120 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is known to have the
following subsidiaries,
Xiamen
Zhongheruihua Trading Co., Ltd.
Xiamen
Haixia Mingzhu Investment & Development Co., Ltd.
Jinfulong
International (Group) Co., Limited
Xiamen
Jinyilong Import and Export Co., Ltd.
Xiamen
Zhongxinlong Venture Capital Co., Ltd.
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 |
As of Dec. 31, 2014 |
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Long term investment |
89,421 |
-- |
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Total assets |
2,099,152 |
1,861,979 |
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------------- |
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Current liabilities |
1,056,198 |
--- |
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Long term liabilities |
877,629 |
-- |
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------------- |
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Total liabilities |
1,933,827 |
1,665,232 |
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Equities |
165,325 |
196,747 |
Important Ratios
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As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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*Liabilities to assets |
0.92 |
0.89 |
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.63.40 |
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|
1 |
Rs.98.94 |
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Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
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.