MIRA INFORM REPORT
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Report No. : |
350255 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
ZAOZHUANG XINTAI
IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
No. 500, East of Longtou Road, Shizhong District, Zaozhuang, Shandong
Province 277102 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
08.11.2003 |
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Com. Reg. No.: |
370400228031131 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in international trade of hardware, mining
accessories, cement, building materials. |
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No. of Employee : |
8 |
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 – 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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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
ZAOZHUANG XINTAI
IMPORT AND EXPORT CO., LTD.
NO. 500, EAST OF
LONGTOU ROAD, SHIZHONG DISTRICT, ZAOZHUANG, SHANDONG PROVINCE 277102 PR CHINA
TEL: 86 (0)
632-3461088/13563285773/18953701670 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE :
NOV. 8, 2003
REGISTRATION NO. :
370400228031131
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 6,350,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 300,000 (AS OF DEC. 31, 2014)
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3734= USD
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: the complete name of SC is the above
one.
SC was registered as a Limited liabilities
co. at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Nov. 8, 2003 and was changed
into present legal form in 2014.
Company Status: One-person Limited Liability Company
Single person LLC refers to a limited liability company set up by only
one natural person or legal person as the single shareholder of it.
The minimum registered capital of Single person LLC is CNY100,000. The
shareholder’s capital contributes, as set out by the articles of associations
should be a lump-sum payment in full.
One natural person can only invest in and set up one limited liability
company, which is not permitted to invest in and set up a new Single person
LLC.
As to any one-person limited liability company, the sole-investor nature
of the natural person or legal person shall be indicated in the registration
documents of the company and shall be indicated in the business license thereof
as well.
The regulation of Single person LLC should be set up by the shareholder
The regulation of Single person LLC has no shareholder meeting.
SC’s
registered business scope includes selling hardware, mining accessories,
cement, building materials, steel, chemical products (excluding hazardous
article), labor insurance supplies, daily provisions, lubricating oil and
grease, clothing; import and export business. (The above relating to the
licensed, with permits to operate) (With permit if needed)
SC is mainly
engaged in international trade.
Ms. Mei Yanmin is
legal representative and supervisor of SC at present.
SC is known to
have approx. 8 employees at present.
SC is currently operating at the above stated address, and this address houses
its operating office in Zaozhuang. The detailed premise information is
unspecified.
SC
is not known to host web site of its own at present.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2014-7-29 |
Shareholder and shareholdings |
Cui Jin 40% Mei Yanmin 60% |
Present one |
|
Legal form |
Limited liabilities co. |
Present one |
Organization code: 75636965X
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Shandong Xintai Water Treatment Technology Co.,
Ltd. 100
Registered no.: 370402228001895
Legal representative: Cui Jin
Establishment date: 2007-08-24
Tel: 0632-3461906
Fax: 0632-3461077
Web: http://www.xintaiwater.com/
Email: xintaiwater@163.com
l Legal
Representative and Supervisor:
Ms. Mei Yanmin is currently responsible for the daily
management of SC.
Working Experience(s):
At present Working in SC as legal representative and supervisor.
Also working in Shandong Xintai Water
Treatment Technology Co., Ltd. as supervisor.
l Executive Director
and General manager:
Cui Jin
is currently responsible for the overall and daily management of SC.
Working Experience(s):
At present Working in SC as executive director and general
manager.
Also working in Shandong Xintai Water
Treatment Technology Co., Ltd. as legal representative, executive director and
general manager.
SC is mainly engaged
in international trade.
SC’s products mainly include hardware, mining accessories, cement,
building materials.
SC sources its
materials 50% from domestic market and 50% from overseas market. SC sells 40%
in domestic market and 60% 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 declined to release its major suppliers and clients.
Trademark & Patents
No record
SC is not known to have the 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’s accountant
refused to release the bank details.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2014 |
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Cash & bank |
200 |
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Inventory |
400 |
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Accounts
receivable |
0 |
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Advances to
suppliers |
2,630 |
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Other
receivables |
140 |
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Subsidy
receivable |
250 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
3,620 |
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Fixed assets net
value |
30 |
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Long term
investment |
0 |
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Projects under
construction |
0 |
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Intangible and
other assets |
0 |
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------------------ |
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Total assets |
3,650 |
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=========== |
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Short loan |
0 |
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Accounts payable |
2,180 |
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Advances from
clients |
0 |
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Taxes payable |
-210 |
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Other Accounts
payable |
1,350 |
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Accrued payable |
30 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
3,350 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
3,350 |
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Equities |
300 |
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------------------ |
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Total
liabilities & equities |
3,650 |
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=========== |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2014 |
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Turnover |
6,350 |
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Cost of goods sold |
5,630 |
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Sales expense |
680 |
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Management expense |
74 |
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Finance expense |
-6 |
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Profit before tax |
-28 |
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Less: profit tax |
2 |
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Profits |
-30 |
Important
Ratios
=============
|
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As of Dec. 31, 2014 |
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*Current ratio |
1.08 |
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*Quick ratio |
0.96 |
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*Liabilities
to assets |
0.92 |
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*Net profit
margin (%) |
-0.47 |
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*Return on
total assets (%) |
-0.82 |
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*Inventory
/Turnover ×365 |
23 days |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
1.74 |
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* Cost of
goods sold/Turnover |
0.89 |
PROFITABILITY:
FAIR
l The turnover of SC
appears average.
l SC’s net profit
margin is fair.
l SC’s return on
total assets is fair.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
SC has no accounts receivable in 2014.
l
SC has no short-term loan in 2014.
l
SC’s turnover 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 fairly high.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.17 |
|
|
1 |
Rs.100.66 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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Report Prepared
by : |
ASH |
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 |
-- |
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.