MIRA INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
QINGDAO EDELWEISS HOME TEXTILE CO., LTD. |
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Registered Office : |
Room 2-1602, No. 1 Building Tianfuyuan, No. 1 Fuzhou North Road,Qingdao,
Shandong Province, 266000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
10.01.2005 |
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Com. Reg. No.: |
370205228048795 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Trading Home
Textile, Knitting and Textiles, Garments, Textile Fabrics, etc. |
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. |
Small |
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Maximum Credit Limit : |
USD 2,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
QINGDAO EDELWEISS HOME TEXTILE Co., Ltd.
ROOM 2-1602, NO. 1 BUILDING TIANFUYUAN, NO. 1
FUZHOU NORTH ROAD,
QINGDAO, SHANDONG PROVINCE, 266000 PR CHINA.
1 1 2-1602
TEL: 86 (0) 532-83721328 FAX: 86 (0) 532-83779471
EXECUTIVE SUMMARY
INCORPORATION DATE : JANUARY 10, 2005
REGISTRATION NO. : 370205228048795
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
6
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 10,760,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 330,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 2,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.87527 = US$ 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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 January 10, 2005.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders 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 CNY 30,000. 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 wholesaling and retailing textiles, garments, hats and
shoes, garment accessories, bedding, garment fabrics, yarn, arts & crafts,
toys; importing and exporting commodities and technologies (not to engage in any items prohibited
by law and administrative regulations; able to engage in items that need permit
according to the regulation of laws and administrative regulation, after
obtaining the permit from relative authorities and the registration in the AIC) (with permits if needed).
SC is mainly
engaged in trading of home textiles, knitted and textiles, garments, textile
fabrics, etc.
Mr. Liu Niankuan
has been legal representative and chairman of SC since 2005.
SC is known to have approx. 6 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and head office in the commercial zone of Qingdao. Our checks
reveal that SC rents the total premise about 35 square meters.
http://www.edelweiss-home.com/index.htm The
design is professional and the content is well organized. At present it is in English
version.
Email: edelweiss@edelweiss-home.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Liu Niankuan 90
Qi Shaoxiao 5
Fan Guizhi 5
l
Legal representative, chairman and general
manager:
Mr. Liu Niankuan, about 35 years old. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman, legal representative and general manager.
SC is mainly
engaged in trading home textile, knitting and textiles, garments, textile
fabrics, etc.
Main Products: fabrics,
bedding goods, bath textile, etc.
SC sources its materials 100% from domestic
market, mainly Shandong Province. SC sells 60% of its products in domestic
market, and 40% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Supplier:
============
Heze Hongrui Textiles Printing Co., Ltd.
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’s suppliers
declined to make any comments.
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.
Industrial & Commercial Bank of China Qingdao Sifang Sub-branch
AC# 3803024009200215205
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
580 |
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Inventory |
40 |
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Accounts
receivable |
0 |
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Advances to
suppliers |
330 |
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Other
receivables |
370 |
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Other current
assets |
10 |
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------------------ |
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Current assets |
1,330 |
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Fixed assets net
value |
20 |
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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 |
1,350 |
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============= |
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Short loans |
0 |
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Accounts payable |
390 |
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Advances from
customers |
620 |
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Accrued payroll |
10 |
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Welfare expenses
payable |
20 |
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Taxes payable |
-80 |
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Other payable |
60 |
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Other current
liabilities |
0 |
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Current
liabilities |
1,020 |
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Long term
liabilities |
0 |
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Total
liabilities |
1,020 |
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Equities |
330 |
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Total
liabilities & equities |
1,350 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
10,760 |
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Cost of goods sold |
9,820 |
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Taxes and additional of main operation |
4 |
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Sales expense |
0 |
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Management expense |
1,090 |
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Finance expense |
-3 |
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Non-operating
income |
80 |
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Non-operating expense |
20 |
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Profit before
tax |
-85 |
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Less: profit tax |
0 |
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Profits |
-85 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
1.30 |
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*Quick ratio |
1.26 |
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*Liabilities
to assets |
0.76 |
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*Net profit
margin (%) |
-0.79 |
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*Return on
total assets (%) |
-6.30 |
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*Inventory
/Turnover ×365 |
2 days |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
7.97 |
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* Cost of
goods sold/Turnover |
0.91 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
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SC’s cost of goods sold is fairly high, 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 inventory of SC appears small.
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SC has no short-term loan in 2007.
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SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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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. A credit line up to USD 2,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.90 |
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UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
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%)