MIRA INFORM REPORT
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Report No. : |
325253 |
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Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
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Name : |
Xiamen Ming Cheng Corp. Ltd. |
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Registered Office : |
Rm A301, No.
55, Wanghai Road, Software Park, Xiamen, Fujian Province, 361004 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
25.12.2007 |
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Com. Reg. No.: |
350203200034864 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Trading of Textiles and Waste Plastics. |
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No. of Employees : |
11 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. 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.
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Source
: CIA |
Company
Name and address
Xiamen Ming Cheng Corp. Ltd.
Rm A301, No. 55,
wanghai road, software park,
xiamen, fujian
PROVINCE, 361004 PR CHINA
TEL: 86 (0)
592-2621326/2621325 FAX: 86 (0)
592-2621328
EXECUTIVE
SUMMARY
INCORPORATION DATE : dec. 25, 2007
REGISTRATION NO. : 350203200034864
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 11
REGISTERED CAPITAL : CNY 30,000,000
BUSINESS LINE :
TRADING
TURNOVER : CNY 706,050,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 31,550,000
(AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.198 = 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: SC is also known as Xiamen Mingcheng
Environmental Protection Technology Co., Ltd.
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 Dec. 25, 2007.
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 R&D of environmental protection products and
providing related technology services; import and export of various goods and
technologies (not attach import and export products catalog additionally),
excluding the items prohibited or limited by the country; wholesaling
electronic equipment, office supplies, arts & crafts, metal materials, garments,
building materials, chemical materials (excluding dangerous and monitored
chemicals), hardware, daily necessities, textiles, auto parts, computers and
accessories, electronic products, electronic energy-saving products,
communications equipment and related products, environmental protection
materials and equipment; development and maintenance of computer network
engineering and software, installation and maintenance of computer peripherals,
installation and sales of electronic products and accessories, network
technology services, enterprise management consulting; animation design.
SC is mainly
engaged in trading of textiles and waste plastics.
Ms. Niu Xueqin is legal representative, chairman and
general manager of SC at present.
SC is known
to have approx. 11 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Xiamen. Detailed premise information
is not available at present.
http://www.polyesteryarn.cn/ The design is professional and the content is
well organized. At present it is in Chinese, English and other versions.
E-mail: info@xmmcgroup.com
Changes of its
registered information:
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Date of change |
Item |
Before the change |
After the change |
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2009-11-10 |
Registered capital |
CNY 1,200,000 |
CNY 3,000,000 |
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2010-7-7 |
Chinese Company name |
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The present one |
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Unknown |
Registered capital |
CNY 3,000,000 |
CNY 8,000,000 |
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Registered capital |
CNY 8,000,000 |
CNY 20,000,000 |
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|
2014-12-24 |
Registered capital |
CNY 20,000,000 |
Present amount |
Organization Code: 664749452
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Ma Jun ID # 51102519730119XXXX 5
Niu Xueqin ID # 34220119770323XXXX 95
l
Legal Representative, Chairman & General
Manager:
Ms. Niu Xueqin, ID # 34220119770323XXXX, born in 1977, with university
education. She is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
chairman and general manager.
l
Supervisor:
Ma Jun ID # 51102519730119XXXX
SC is mainly
engaged in trading of textiles and waste plastics.
SC’s products
mainly include:
YARN
FIBER POY DTY FDY
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 30% of its products in domestic
market, and 70% 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 refused to release its main suppliers and clients.
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TRADEMARKS & PATENTS |
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Registration No. |
7979403 |
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Registration Date |
Jan. 28, 2011 |
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Trademark Design |
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SC
is not known to have any subsidiary at present.
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 declined to
release its banking details.
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31, 2014 |
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Total assets |
225,650 |
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========= |
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Total liabilities |
194,100 |
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Equities |
31,550 |
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-------------- |
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Total liabilities & equities |
225,650 |
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========= |
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Turnover |
706,050 |
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Profits |
620 |
Note:
SC’s management refused to release its detailed financial reports.
Important Ratios
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as of Dec. 31,
2014 |
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*Liabilities
to assets |
0.86 |
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*Net profit
margin (%) |
0.09 |
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*Return on
total assets (%) |
0.27 |
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*Turnover/Total
assets |
3.13 |
PROFITABILITY: AVERAGE
l The turnover 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 turnover is
in a fairly good 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 small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.63.83 |
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1 |
Rs.97.10 |
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Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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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.