MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
QINGDAO
EVERTRUST INTERNATIONAL CO., LTD. |
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Registered Office : |
Room 2602 Gold Light Tower, No. 56 Mid Hong Kong 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 : |
14.07.2004 |
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Com. Reg. No.: |
370220228002504 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trader |
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 8,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
QINGDAO EVERTRUST
INTERNATIONAL CO., LTD.
ROOM 2602 GOLD LIGHT TOWER, NO. 56 MID HONG
KONG ROAD, QINGDAO,
SHANDONG PROVINCE, 266000 PR CHINA
TEL: 86 (0) 532-85975575 FAX: 86 (0)
532-85753835
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUL. 14, 2004
REGISTRATION NO. :
370220228002504
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
CNY 21,540,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 700,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAEGE
RECOMM. CREDIT RANGE : UP TO
USD 8,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.88 = USD 1
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 Jul. 14, 2004.
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 international trade, transit trade and trades with enterprises
in the free trade zone.
SC is mainly
engaged in international trade.
Mr. Yu Huabin has
been chairman of SC since 2008.
SC is known
to have approx. 10 employees 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 80 square meters.
SC is
not known to host website of its own at present.
SC’s former legal representative Ms. Jin Yao was taken place by the
present one in Oct. 2008, while Ms. Jin is no longer working in SC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yu Huabin 45
Feng Xueyan 45
Zhang Yi 10
l
Chairman and General Manager:
Mr. Yu Huabin, in his 30’s with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
Before Oct. 2008 Worked in SC as general manager.
From Oct. 2008 to present
Working in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly includes: pig iron, steel products, coal tar, tabular alumina, and
flange.
SC sources its
materials 60% from domestic market and 40% from the overseas market, mainly
Europe. SC sells 80% of its products in domestic market and 20% to the overseas
market, mainly India and Pakistan.
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, Check, L/C and Credit of 30-60 days.
*Major Supplier:
============
Wuan Xinyongtai Goods and Materials Economic
and Trade Co., Ltd.
*Major Client:
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Shandong Gold and Nickel Industrial and
Trading 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.
Everbright Bank of China Qingdao Branch
AC#083801120100303057063
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
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Cash & bank |
100 |
110 |
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Inventory |
0 |
0 |
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Accounts
receivable |
100 |
580 |
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Advances to suppliers |
0 |
1,960 |
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Other
receivables |
1,540 |
420 |
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Other current
assets |
130 |
1,220 |
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------------------ |
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Current assets |
1,870 |
4,290 |
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Fixed assets net
value |
30 |
80 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
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Total assets |
1,900 |
4,370 |
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============= |
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Short loans |
0 |
0 |
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Accounts payable |
1,050 |
2,470 |
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Advances from
clients |
0 |
30 |
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Taxes payable |
0 |
200 |
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Salaries payable |
0 |
0 |
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Other payable |
520 |
880 |
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Other current
liabilities |
50 |
90 |
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------------------ |
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Current
liabilities |
1,620 |
3,670 |
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Long term
liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
1,620 |
3,670 |
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Equities |
280 |
700 |
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------------------ |
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Total
liabilities & equities |
1,900 |
4,370 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2007 |
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Turnover |
21,540 |
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Cost of goods
sold |
20,060 |
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Sales expense |
460 |
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Management expense |
550 |
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Finance expense |
20 |
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Profit before
tax |
410 |
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Less: profit tax |
0 |
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Profits |
410 |
Important Ratios
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2006 |
2007 |
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*Current ratio |
1.15 |
1.17 |
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*Quick ratio |
1.15 |
1.17 |
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*Liabilities
to assets |
0.85 |
0.84 |
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*Net profit
margin (%) |
/ |
1.90 |
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*Return on
total assets (%) |
/ |
9.38 |
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*Inventory
/Turnover ×365 |
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0 |
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*Accounts
receivable/Turnover ×365 |
/ |
10days |
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*Turnover/Total
assets |
/ |
4.93 |
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* Cost of
goods sold/Turnover |
/ |
0.93 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average.
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SC’s net profit margin is average.
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SC’s return on total assets is fairly good.
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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 accounts receivable of SC is average.
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SC has no short loans or inventory in both 2 years.
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SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
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.
A credit line at the above amount appears to be beyond SC’s capacities, while a
credit line up to USD 8,000 is recommended.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
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%)