MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
QINGDAO Nutri
first Biotech Inc |
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Registered Office : |
Room 1305 World
Trade Center, No. 6 Hong Kong Middle Road, Qingdao, Shandong Province, 266071
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
APR. 20, 2006 |
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Com. Reg. No.: |
3702022818797 |
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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 : |
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 : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
QINGDAO Nutri first
Biotech Inc
ROOM 1305 WORLD TRADE CENTER, NO. 6 HONG KONG MIDDLE ROAD,
QINGDAO, SHANDONG PROVINCE, 266071 PR CHINA
TEL : 86 (0) 532-85026592
FAX : 86 (0) 532-85026593
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 20, 2006
REGISTRATION NO. : 3702022818797
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 620,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 940,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UNDER SECURED TERMS
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.75= US$1 AS OF 2007-3-16
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
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 Apr. 20, 2006.
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 wholesaling and retailing packaging
food, health-care food; crafts, cultural and sporting products; importing and
exporting various goods and technology; research and development of biology products and extract from the
plants.
SC is mainly
engaged in import and export business.
Mr. Wang Guixin
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 60 square meters.
http://www.nutrifirst.cn The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Sun Tao
60
Wang Guixin 40
l
Chairman and
General Manager:
Mr. Wang Guixin, in his 50’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include:
NUTRACEUTICALS:
HERBAL EXTRACTS
AMINO ACIDS
VITAMINS
HORMONES
PHARMACEUTICALS:
FINISHED
PHARMACEUTICALS FOR HUMAN CONSUMPTION
ROW MATERIAL OF
PHARMACEUTICAL
FINE CHEMICALS:
AGROCHEMICAL
INTERMEDIATE OF
PHARMACEUTICAL
SC sources its
materials 100% from domestic market. SC sells 100% of its products to the
overseas markets, mainly to India, Czech and Europe.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Clients:
============
India Apir Co., Ltd.
Hebei Sanxin Industry Group Co., Ltd.
Add: Room B-502 Fenghe Square, No. 12 Hong Kong
Middle Road, Qingdao
Tel: 86-532-85026592
Fax: 86-532-85026593
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 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.
Agriculture Bank of China Shinan Sub-Branch
AC#：040101040018945
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
140 |
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Accounts
receivable |
380 |
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Accounts payable
advance |
20 |
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Other
receivables |
0 |
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Inventory |
180 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
720 |
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Fixed assets net
value |
300 |
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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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------------------ |
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Total assets |
1020 |
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============= |
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Short loans |
0 |
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Accounts payable |
140 |
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Accounts
receivable 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 |
0 |
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Current
liabilities |
80 |
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Long term
liabilities |
0 |
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Total
liabilities |
80 |
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Equities |
940 |
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Total
liabilities & equities |
1,020 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
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Turnover |
620 |
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Cost of goods
sold |
480 |
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Sales expense |
150 |
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Management expense |
60 |
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Finance expense |
0 |
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Profit before
tax |
-60 |
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Less: profit tax |
0 |
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Profits |
-60 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
9.00 |
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*Quick ratio |
6.75 |
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*Liabilities
to assets |
0.08 |
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*Net profit
margin (%) |
-9.68 |
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*Return on
total assets (%) |
-5.88 |
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*Fixed
assets/Total assets |
0.29 |
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*Inventory
/Turnover ×365 |
106days |
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*Accounts receivable/Turnover
×365 |
224days |
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*Turnover/Total
assets |
0.61 |
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* Cost of
goods sold/Turnover |
0.77 |
PROFITABILITY:
FAIR
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The turnover of SC appears fair in 2006.
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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: AVERAGE
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The current ratio of SC is maintained in a fairly good level.
l
SC’s quick ratio is maintained in a fairly good level.
l
The accounts receivable of SC is fairly large.
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The inventory of SC is fairly large.
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SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is fairly low.
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The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with a short operating history.
Credit dealings with SC are recommended under secured terms 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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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%)