MIRA
INFORM REPORT
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Report Date : |
23.10.2007 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO KERRY PEANUT OIL CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
Jun. 3, 2002 |
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Com. Reg. No.: |
009548 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Engaged in processing oil products. |
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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Maximum Credit Limit : |
Up To USD 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
QINGDAO KERRY PEANUT OIL CO., LTD.
NO.99
Development Zone OF
TEL: 86 (0) 532-86827195
FAX: 86 (0) 532-86827159
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 3, 2002
REGISTRATION NO. : 009548
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
STAFF STRENGTH : 149
REGISTERED CAPITAL : CNY
31,000,000
BUSINESS LINE : manufacturing
TURNOVER : N/A (AS OF DEC. 31, 2005)
EQUITIES : CNY 59,289,000 (AS OF DEC. 31, 2005)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.51 =US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
RMB -
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jun. 3, 2002.
Company Status: Chinese-foreign equity
joint venture enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s
registered business scope includes manufacturing and operating various kinds
of plant oil, byproducts and feed raw materials, peanuts and sesame products;
operating peanuts oil, sesame oil and other plant oil; storing, transferring
and refrigerating (in accordance with sanitation license). (with permit if
needed)
SC is mainly
engaged in processing oil products.
Mr. Guo Jianhai has been chairman of
SC since 2002.
SC owns approximately 149 staff at present.
SC is currently operating at the above stated address, and this address
houses its head office, factory and warehouse in the economic & technical
development zone of Qingdao. Our checks reveal that SC owns the total premise
about 100,000 square meters.
www.kogqd.com The design is
professional and the content is well organized. At present it is in Chinese,
Japanese and English versions.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Shareholders and shareholding |
Kerry Oils & Grains ( Qingdao Changsheng Group Co., Ltd. 30% |
Kerry Oils & Grains ( |
MAIN SHAREHOLDERS:
Name %
of Shareholding
(
l
Chairman:
Mr. Guo Jianhai, Singaporean, born in 1944
with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 1982 to 2002 Worked in Kuok Oils & Grains Pte Ltd as general manager.
From 2002 to present Working in SC as chairman.
l
General Manager:
Mr. Ma Fei, in his
Working Experience(s):
From 2002 to present Working in SC as general manager.
SC is mainly
engaged in processing oil products.
SC’s products mainly include: peanuts oil,
sesame oil, palm oil, soybean oil and rape oil
SC sources its materials 100% from domestic
market. SC sells 95% of its products in domestic market, 5% to overseas market.
The buying terms of SC include Check, T/T and Credit of
60-90 days. The payment terms of SC include Check, L/C, T/T, and Credit of
30-60 days.
*Brand*
======
“Orchid”, “
*Major Honor*
===========
Top 100 Industrial
HACCP
Best Foreign Investment
SC’s quality system meets the international standards of ISO 9001:2000
and ISO 14001.
SC is known to have the following subsidiaries:
Address:
Tel:
0532-83846049/83847741/83824486/83814099
Fax:
0532-83803063
Address:
Room 2704 No. 1
Tel:
010-85891743/85891740
Fax:
010-85891741/85891742
Address:
Room 305 Guangming Builidng,
Tel:
024-31506755/31506756/31506757
Fax:
024-23250225
Qingdao
Kerry Peanut Oil Co., Ltd.
Address:
22B, B, Hechuan Builidng,
Tel:
022-27217107/27217105
Fax:
022-27217106
Address:
Room 1120
Tel:
0311-85285661
Fax:
0311-85285660
Address:
Room 902, B, Xincheng Guoji,
Tel:
029-87413567
Fax:
029-87413567
Contractor:
Chen Shunsheng
Tel:
0371-66036137
Qingdao
Kerry Peanut Oil Co., Ltd.
Address:
C9,
Tel:
0531-86915149/86121516
Fax:
0531-86121515
Qingdao
Kerry Peanut Oil Co., Ltd. Zibo Sales Department
Address:
Room 5038
Tel:
0533-2887720
Fax:
0533-2887720
Qingdao
Kerry Peanut Oil Co., Ltd. Yantai Office
Address:
Tel:
0535-6602825,6602815
Fax:
0535-6602825
Address: Room 508 Ruixin Lanting,
Tel:
025-84589197
Fax:
025-84589597
Address:
Room 815, No. 2 Qinghua Beida Apartment,
Tel:
0591-87811800
Fax:
0591-87828875
Address:
Room A4,
Tel:
0771-5849191/5849192
Fax:
0771-5849190
Address:
No.
Tel:
0772-3613537
Fax:
0772-3613537
Qingdao
Kerry Peanut Oil Co., Ltd. (Guangxi Area)
Tel:
0772-3613537
Tel:
0773-2610906
Address:
Room 202,
Tel:
0757-86309667
Fax:
0757-86309665
Address:
Room 1005,
Tel:
020-83543342/83543341/83563091
Fax:
020-22379931
Qingdao
Kerry Peanut Oil Co., Ltd. (Shenzhen Sales Department)
Address:
Room 1107
Tel:
0755-25490340/25490341
Fax:
0755-25490351
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 Communications
AC#：372005581018000103563
Relationship:
Address:
Tel:
0532-82897015
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
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Cash & bank |
22,323 |
19,133 |
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Accounts
receivable |
47,943 |
95,216 |
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Other
receivables |
843 |
2,271 |
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Advances to
supplies |
551 |
702 |
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Inventory |
191,203 |
232,046 |
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Prepaid expenses |
177 |
104 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
263,040 |
349,472 |
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Fixed assets |
52,190 |
55,007 |
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Fixed assets net
value |
48,001 |
48,025 |
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Long term
investment |
0 |
0 |
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Construction in
progress |
1,436 |
1,927 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
312,477 |
399,424 |
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============= |
============= |
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Short loans |
195,872 |
225,000 |
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Bills payable |
0 |
85,126 |
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Accounts payable |
79,806 |
14,634 |
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Advances from
customers |
327 |
536 |
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Salary payable |
132 |
315 |
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Tax payable |
-13,945 |
-12,345 |
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Other payable |
6,585 |
12,231 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
268,777 |
325,497 |
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Long term
liabilities |
15,004 |
14,638 |
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------------------ |
------------------ |
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Total
liabilities |
283,781 |
340,135 |
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Equities |
28,696 |
59,289 |
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------------------ |
------------------ |
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Total
liabilities & equities |
312,477 |
399,424 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2005 |
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Domestic Sales |
1,056,976 |
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Profit before
tax |
30,601 |
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Less: profit tax |
26,562 |
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Profits |
4,039 |
Important Ratios
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as
of Dec. 31, 2005 |
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*Current ratio |
1.07 |
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*Quick ratio |
0.36 |
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*Liabilities
to assets |
0.85 |
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*Return on
total assets (%) |
1.01 |
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*Fixed
assets/Total assets |
0.14 |
PROFITABILITY:
AVERAGE
l
SC’s return on total assets at an average level in
2005.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a normal
level in 2005.
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SC’s quick ratio is maintained in a poor level in
2005.
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The inventory of SC appears large in both 2 years.
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The accounts receivable of SC appears average in
both 2 years.
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SC’s short-term loan appears TOO LARGE.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of short loans & inventory could be a threat
to SC’s financial condition. A credit line up to USD 300,000 appears acceptable
upon a periodical review basis.
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. |
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%)