MIRA
INFORM REPORT
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Report Date : |
18.07.2007 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO RONMER INTERNATIONAL CO., LTD. |
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Registered Office : |
Room 1002 Building 9, Shuangxing Jinse Haian, No. 5 Guizhou
Road, Qingdao, Shandong Province, 266071 Pr |
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Country : |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
Feb. 17, 2006 |
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Com. Reg. No.: |
3702022818049 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in
international trade. |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
QINGDAO RONMER INTERNATIONAL CO., LTD.
ROOM 1002 BUILDING 9, SHUANGXING JINSE HAIAN, NO.
TEL : 86 (0) 532-82684440
FAX : 86 (0) 532-82684440
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 17, 2006
REGISTRATION NO. : 3702022818049
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
international trade
TURNOVER :
cny 70,000 (AS OF JUN. 30, 2007)
EQUITIES :
cny 310,000 (AS OF JUN. 30, 2007)
PAYMENT :
FAIR
RECOMM.
MARKET CONDITION : fair
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : FAIR
EXCHANGE RATE :
CNY 7.57= US$1 AS OF 2007-7-17
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Feb. 17, 2006.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. At least two shareholders and no more
than fifty 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 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 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 importing and exporting various
goods and technology; wholesaling and retailing chemical products,
electromechanical equipment and its parts, fodders, garments, shoes and hats,
textiles, cottons and crafts.
SC is mainly
engaged in international trade.
Ms. Gu Yumei has
been chairman of SC since 2006.
SC owns about 5
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 100 square meters.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Gu Yumei 60
Rong Baogang 40
l
Chairman:
Ms. Gu Yumei, in her 30’s with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman.
l
General Manager:
Mr. Rong Baogang, in his 30’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2006 to present Working in SC as general manager.
SC is mainly
engaged in international trade.
SC’s products mainly
include: chemical materials.
SC sources its
materials 100% from the overseas markets mainly from
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T and Credit of 15-30 days.
*Major Client:
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Dongying Jinming Industry and Trade Co.,
Ltd.
*Major Supplier:
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Qingdao Guoxing Logistics Co., Ltd.
SC is not
known to have any subsidiary at present.
Overall payment appraisal:
( ) Excellent (
) Good ( ) Average
(X) 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 refused to release any information of its
suppliers and the trade reference was not available.
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.
Construction Bank of
AC#：37101986710051002145
Relationship:
Balance Sheet
Unit: CNY’000
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As of Jun.
30, 2007 |
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Cash & bank |
120 |
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Accounts paid in
advance |
0 |
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Accounts
receivable |
30 |
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Inventory |
210 |
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Other
receivables |
90 |
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Other current
assets |
0 |
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Current assets |
450 |
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Fixed assets net
value |
150 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
260 |
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Total assets |
860 |
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============= |
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Short loans |
0 |
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Accounts payable |
80 |
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Accounts
received in advance |
0 |
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Taxes payable |
0 |
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Salaries payable |
0 |
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Other payable |
60 |
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Other current liabilities |
20 |
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Current
liabilities |
160 |
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Long term
liabilities |
390 |
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Total
liabilities |
550 |
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Equities |
310 |
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Total
liabilities & equities |
860 |
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Income Statement
Unit: CNY’000
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As
of Jun. 30, 2007 |
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Turnover |
70 |
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Cost of goods
sold |
50 |
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Sales expense |
0 |
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Management expense |
10 |
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Finance expense |
0 |
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Profit before
tax |
10 |
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Less: profit tax |
0 |
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Profits |
10 |
Important Ratios
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As
of Jun. 30, 2007 |
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*Current ratio |
2.81 |
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*Quick ratio |
1.50 |
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*Liabilities
to assets |
0.64 |
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*Net profit
margin (%) |
14.29 |
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*Return on
total assets (%) |
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*Fixed
assets/Total assets |
0.17 |
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*Inventory
/Turnover ×365 |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
/ |
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* Cost of
goods sold/Turnover |
0.71 |
PROFITABILITY:
FAIR
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The turnover of SC appears poor in the first
half-year of 2007.
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SC’s net profit margin is average in the first
half-year of 2007.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal
level
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SC’s quick ratio is maintained in a normal level.
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The accounts receivable of SC is average.
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The inventory of SC is average.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt exists.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
Credit dealings with SC are recommended under secured terms.
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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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%)