MIRA
INFORM REPORT
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Report Date : |
7th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
QINGDAO KAIQUAN
INDUSTRIAL Co., Ltd. |
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Registered Office : |
Rm. 318, Yufeng Building, No. 120, Ningxia
Road, Qingdao, Shangdong Province, 266071 Pr China. |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
19.04.2005 |
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Com. Reg. No.: |
3702022815638 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in selling all sorts of foods and fruits. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company Name & Address
QINGDAO KAIQUAN
INDUSTRIAL Co., Ltd.
rm. 318, yufeng
building, no. 120, ningxia road, qingdao, shanGDONG PROVINCE, 266071 PR CHINA
TEL : 86 (0) 532-8586963
FAX : 86 (0) 532-85836927
EXECUTIVE SUMMARY
INCORPORATION DATE :
april 19, 2005
REGISTRATION NO. : 3702022815638
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 4
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 0 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 470,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : c.o.d. to small amount
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : AVERAGE
OPERATIONAL TREND : fair
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 7.76 = US1$ AS OF 2007-2-6
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’s current operating address should be the above stated
one, and the given address – No. 32, Xuzhou Road, Qingdao, China is SC’s former
address.
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 April 19, 2005.
Company Status: Limited liabilities co. This form of
business in PR China is defined as a legal person. 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 listed as follows: -manufacturing
co. : CNY 500,000.00 -trading
&wholesaling co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy &
service co. : CNY 100,000.00 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 50% of the registered capital
while contribution by intangible assets must not exceed 20% 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 retailing and wholesaling electromechanical products, vehicle parts,
hardware, rubber & plastic products, chemicals (excluding the hazard
products), lumber, steel materials, building decoration materials, knitting
textiles, general merchandise, garments and shoes, and office supplies;
importing and exporting goods and technology; manufacturing and processing
garments, shoes & caps.
SC is mainly engaged in selling
food.
Mr. Sui Bing has been legal representative and chairman of SC since
2005.
SC owns about 4 staff
at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Qingdao. Our
checks reveal that SC rents the total premise about 50 square meters.
SC is not known to host website of its own at present.
The
contact person Mr. Sui Bing (隋昺) is
SC’s chairman.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Sui Bing 75
Sun Yanliang 25
l
Legal representative and General manager:
Mr. Sui
Bing, born in 1971, with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and legal representative.
SC is mainly engaged in selling
all sorts of foods and fruits.
SC’s products mainly include chicken, dark, frozen strawberry,
yellow peach, etc.
SC sources its materials 100%
from domestic market, mainly Qingdao. SC sells 100% of its products in domestic
market, mainly Qingdao and peripheral area.
The buying terms of SC include Check, T/T and Credit of 15-30
days. The payment terms of SC include Check, T/T and Credit of 15-30 days.
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.
Bank of
China Qingdao Shibei Sub-branch Zhenjiang Road Office
AC#：410600921158091001
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
200 |
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Inventory |
0 |
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Accounts receivable |
0 |
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Prepaid expenses |
40 |
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Other current assets |
0 |
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Current assets |
240 |
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Fixed assets |
240 |
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Fixed assets net value |
230 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Other assets |
0 |
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Total assets |
470 |
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Short loans |
0 |
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Accounts payable |
0 |
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Other payable |
0 |
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Other current liabilities |
0 |
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Current liabilities |
0 |
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Long term liabilities |
0 |
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Total liabilities |
0 |
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Equities |
470 |
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Total liabilities &
equities |
470 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
0 |
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Cost of goods sold |
0 |
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Sales expense |
-10 |
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Management expense |
-20 |
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Finance expense |
0 |
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Profit before tax |
-30 |
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Less: profit tax |
0 |
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Profits |
-30 |
Important Ratios
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as
of Dec. 31, 2005 |
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*Current ratio |
/ |
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*Quick ratio |
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*Liabilities
to assets |
/ |
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*Net profit
margin (%) |
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*Return on
total assets (%) |
-6.38 |
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*Fixed
assets/Total assets |
0.49 |
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*Turnover/Total
assets |
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* Cost of
goods sold/Turnover |
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Overall financial condition of the SC: Fair.
SC is
considered small-sized in its line with a short operating history and fair
financial conditions. Credit dealings with SC should be confined into small
amount at present.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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