MIRA INFORM REPORT
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Report No. : |
320278 |
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Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN UNIBEST IMPORT & EXPORT CO., LTD. |
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Registered Office : |
28D Bilida Building, No. 185 Lianxiuli, Siming District, Xiamen, Fujian Province 361009 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
12.05.2004 |
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Com. Reg. No.: |
350206200048273 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged import and export of various goods and technology, excluding the goods and technology prohibited or limited by the country; wholesaling and retailing chemical materials (excluding hazardous chemicals and monitoring chemicals), textiles, stone products, wood and wooden products, grinding materials, grinding tools, refractory materials, motor vehicle and motorcycle parts, machinery and electronic equipments, minerals, metal materials, paper products, building materials, hardware and electric appliances, general merchandise, shoes and hats, garments; purchasing farm produce and sideline products (excluding grain and seeds). |
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No of Employees : |
80 |
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 – 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 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. 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 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name & address
XIAMEN UNIBEST IMPORT
& EXPORT CO., LTD.
28D BILIDA BUILDING,
NO. 185 LIANXIULI, SIMING DISTRICT, XIAMEN, FUJIAN PROVINCE 361009 PR CHINA
TEL: 86 (0)
592-5507565/5530811
FAX: 86 (0)
592-5563909
EXECUTIVE
SUMMARY
Date of Registration : MAY 12, 2004
REGISTRATION NO. : 350206200048273
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 10,000,000
staff :
80
BUSINESS CATEGORY : TRADING
REVENUE :
CNY 913,167,000 (FROM JAN. 1,
2014 TO JUN. 30, 2014)
EQUITIES :
CNY 16,640,000 (AS OF JUN. 30, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.21 = 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.: 350206200048273
on May 12, 2004.
SC’s Organization Code Certificate No.:
75164744-6
SC’s Tax No.: 350206751647446
SC’s registered capital: CNY 10,000,000
SC’s paid-in capital: CNY 10,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2005-05-31 |
Registered Capital |
CNY 2,000,000 |
CNY 5,000,000 |
|
2005-12-26 |
Registered Capital |
CNY 5,000,000 |
CNY 10,000,000 |
|
2008-07-15 |
Legal Representative |
Wen Dongping |
Wen Donglin |
|
2014-04-30 |
Shareholder (s) (% of Shareholding) |
Wen Dongping 75% Ye Mingmei 20% Ye Siming 5% |
Wen Dongping 70% Wen Lihua 5% Ye Mingmei 20% Ye Siming 5% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wen Dongping |
70 |
|
Wen Lihua |
5 |
|
Ye Mingmei |
20 |
|
Ye Siming |
5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Wen Donglin |
|
Supervisor |
Ye Mingmei |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name % of
Shareholding
Wen Dongping 70
Wen Lihua 5
Ye Mingmei 20
Ye Siming 5
MANAGEMENT
Wen Donglin, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 350427196903202519
Ø
Age: 46
Ø
Nationality: China
Ø Qualification:
University
Ø Working experience (s):
At
present, working in SC as legal representative, chairman and general manager
Also working in Xiamen Bestway Import &
Export Co., Ltd. as legal representative
Ye Mingmei, Supervisor
-------------------------------------------
Ø
Gender: F
Ø
Nationality: China
Ø Qualification:
University
BUSINESS
OPERATION
SC’s registered
business scope includes import and export of various goods and technology,
excluding the goods and technology prohibited or limited by the country;
wholesaling and retailing chemical materials (excluding hazardous chemicals and
monitoring chemicals), textiles, stone products, wood and wooden products,
grinding materials, grinding tools, refractory materials, motor vehicle and
motorcycle parts, machinery and electronic equipments, minerals, metal
materials, paper products, building materials, hardware and electric
appliances, general merchandise, shoes and hats, garments; purchasing farm
produce and sideline products (excluding grain and seeds).
SC is mainly
engaged in international trade.
SC’s main exported
products include sneakers, running shoes, mountaineering shoes, vulcanized
shoes, garments, textiles, chemical products, etc.
SC sources its products 100% from domestic
market. SC sells 10% in domestic market, and 90% to overseas market, mainly
Southeast Asia, U.S.A., and Europe.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Importadora Bleime
S.A.S.
Water France S.A.
De C.V.
United Footwear
Corp.
Nalsani S.A.S.
Staff & Office:
--------------------------
SC is known
to have approx. 80 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED
COMPANY
Xiamen Bestway
Import & Export Co., Ltd.
Registration No.:
350203200169918
Registered
Capital: CNY 2,000,000
Legal
representative: Wen Donglin
Date of
Registration: 2009-4-7
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:
Agricultural
Bank of China Xiamen Binbei Sub-branch
AC#:
351001040008636
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Jun. 30, 2014 |
|
338,498 |
357,776 |
365,796 |
|
|
Notes receivable |
0 |
0 |
0 |
|
Accounts
receivable |
613,065 |
900,037 |
586,182 |
|
Advances to
suppliers |
0 |
12,590 |
309,528 |
|
Other receivable |
7,897 |
7,911 |
7,915 |
|
Inventory |
1,042 |
596 |
602 |
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Deferred
expenses |
0 |
0 |
0 |
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Other current
assets |
0 |
17 |
0 |
|
|
------------------ |
------------------ |
------------------ |
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Current assets |
960,502 |
1,278,927 |
1,270,023 |
|
Long-term
investment |
2,000 |
2,000 |
2,000 |
|
Fixed assets |
673 |
447 |
342 |
|
Construction in
progress |
0 |
0 |
0 |
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Intangible
assets |
0 |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
0 |
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Deferred income tax
assets |
106,764 |
0 |
0 |
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Other
non-current assets |
0 |
0 |
0 |
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------------------ |
------------------ |
------------------ |
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Total assets |
1,069,939 |
1,281,374 |
1,272,365 |
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============= |
============= |
============= |
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Short-term loans |
362,383 |
314,288 |
284,998 |
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Notes payable |
0 |
0 |
0 |
|
Accounts payable |
628,035 |
856,484 |
199,825 |
|
Wages payable |
0 |
0 |
0 |
|
Taxes payable |
492 |
484 |
32 |
|
Advances from
clients |
55,479 |
74,734 |
735,307 |
|
Other payable |
9,260 |
19,053 |
35,563 |
|
Other current
liabilities |
2 |
2 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
1,055,651 |
1,265,045 |
1,255,725 |
|
Non-current
liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
1,055,651 |
1,265,045 |
1,255,725 |
|
Equities |
14,288 |
16,329 |
16,640 |
|
|
------------------ |
------------------ |
------------------ |
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Total
liabilities & equities |
1,069,939 |
1,281,374 |
1,272,365 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
From
Jan. 1, 2014 to Jun. 30, 2014 |
|
Revenue |
3,009,401 |
3,476,832 |
913,167 |
|
Cost of sales |
2,979,372 |
3,475,377 |
913,570 |
|
Taxes and surcharges |
10 |
193 |
31 |
|
Sales expense |
45,801 |
51,921 |
23,122 |
|
Management expense |
7,285 |
7,815 |
3,290 |
|
Finance expense |
-24,827 |
-53,214 |
-26,438 |
|
Subsidy income |
952 |
0 |
0 |
|
Non-operating
income |
0 |
8,227 |
961 |
|
Non-operating expense |
7 |
8 |
4 |
|
Profit before
tax |
2,745 |
2,959 |
549 |
|
Less: profit tax |
686 |
739 |
137 |
|
2,059 |
2,220 |
412 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Jun. 30, 2014 |
|
*Current ratio |
0.91 |
1.01 |
1.01 |
|
*Quick ratio |
0.91 |
1.01 |
1.01 |
|
*Liabilities
to assets |
0.99 |
0.99 |
0.99 |
|
*Net profit
margin (%) |
0.07 |
0.06 |
0.05 |
|
*Return on total
assets (%) |
0.19 |
0.17 |
0.03 |
|
*Inventory /
Revenue ×365/180 |
1 day |
1 day |
1 day |
|
*Accounts
receivable / Revenue ×365/180 |
75 days |
95 days |
116 days |
|
*Revenue /
Total assets |
2.81 |
2.71 |
0.72 |
|
*Cost of sales
/ Revenue |
0.99 |
1.00 |
1.00 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears fairly good, and it was rising year by year.
l SC’s net profit
margin is average in three years.
l SC’s return on
total assets is average in three years.
l
SC’s cost of sales is high, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears small.
l
The accounts receivable of SC appears large.
l
SC’s short-term loans appear large.
l
SC’s revenue is in an average 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: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions. The large amount of accounts receivable and short-term loans may be
a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.57 |
|
|
1 |
Rs. 97.98 |
|
Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.