MIRA INFORM REPORT
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Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
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Name : |
qingdao lian-chuang stock company ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.01.2002 |
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Com. Reg. No.: |
370200018076894 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Manufacturing nylon and fiber products |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name
and address
qingdao lian-chuang stock company ltd.
NO.
TEL: 86 (0)
532-83763199 FAX: 86 (0)
532-83710893
EXECUTIVE
SUMMARY
INCORPORATION DATE : JAN. 15, 2002
REGISTRATION NO. : 370200018076894
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
899
REGISTERED CAPITAL : CNY 88,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 249,550,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY -7,460,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fair
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.53190 = USD 1
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 shares limited company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Jan. 15, 2002.
Company
Status: Shares limited co. This form of business in PR China is defined as a legal
person. Its registered capital is divided into shares of equal par value
and the co. raises capital by issuing share certificates by promotion or by
public offer. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to the extent of its
total assets. The co has independent property of legal person and enjoys
property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co. requires at least two
promoters and no more than 200, half of whom shall be domiciled in The minimum registered capital of a co. is CNY The board of directors must consist of five to nineteen
directors. If the co. raises capital by public offer, the promoters
must not subscribe less than 35% of the total shares. the promoters’ shares
are restricted to transfer- within one year of the offer. A state-owned enterprise that is restructured into a
shares limited co. must comply with the conditions & requirements
specified under the law & administrative rule. If the co. raises
capital by public offer, the promoters must not subscribe less than 35% of
the total shares. the promoters’ shares are restricted to transfer- within
one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes manufacturing and selling industrial fabrics, technical
advice, processing mechanical and electrical products; selling tire, industrial
chemicals (excluding hazardous article), cars (excluding sedan); import &
export business (operated as Ministry of Foreign Trade and Economic Cooperation
regulated).
SC is mainly
engaged in manufacturing nylon and fiber products.
Mr. Ji Jiamin has been legal representative and chairman of
SC since 2010.
SC is known to have approx. 899 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and the factory in
SC is not known to host web site of its own at present.
Changes
of its registered information:
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Date of change |
Item |
Before the
change |
After the change |
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Registered capital |
CNY 40,000,000 |
CNY 88,000,000 |
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Legal representative |
Guo Yonggang |
Wang Wei |
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Legal representative |
Wang Wei |
Lu Ying |
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Legal representative |
Lu Ying |
Qiu Zhaohui |
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Legal representative |
Qiu Zhaohui |
Ji Jiamin |
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Shareholders (% of shareholding) |
Qingdao Jinlun Industry Co., Ltd. 0.114% Qingdao Yinou Property Co., Ltd.
0.057% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Qingdao Jinlun Industry Co., Ltd.
0.17
Qingdao Jinlun Industry Co., Ltd.
……………………………………………
Legal representative: Cheng Bin
Registered capital: CNY 500,000
Registration no.: 370205018017537
Incorporation date: Sep. 18, 2000
Add:
…………………………………………….
Legal representative: Ji Jiamin
Registered capital: CNY 360,000,000
Registration no.: 370200018060693
Incorporation date: Dec. 23, 1999
Add:
l
Legal representative and chairman:
Mr. Ji Jiamin , about 50 years old. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2010 to present Working in SC as chairman and
legal representative.
Also working in
Qingdao Lian-Chuang Industry and Commerce Company Limited as chairman and legal
representative.
l General manager:
Mr.
At present Working
in SC as general manager.
l Supervisors:
Li Gang
Ji Yuxue
Liu Kun
Liu Xiaodong
Pang Peili
l Directors:
Du Haiying
Ji Yujun
Lin Dezhi
Wang Lei
Zhao Zuoxin
SC is mainly
engaged in manufacturing nylon and fiber products.
SC’s products mainly include: dipped nylon tire cord fabric, polyamide
fiber, etc
SC sources its materials 80% from domestic
market, and 20% from overseas market, mainly Europe and
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its main clients and
suppliers.
SC
is not known to have any subsidiaries 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 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.
Note: SC’s management declined to release its main suppliers, so the
trade ref. is not available at present.
SC’s management
declined to reveal the details.
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
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Total liabilities |
227,720 |
225,290 |
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Equities |
70,440 |
-7,460 |
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-------------- |
-------------- |
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Total assets |
298,160 |
217,830 |
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========= |
========= |
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Turnover |
312,620 |
249,550 |
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Profit before tax |
106 |
-21,590 |
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Less: profit tax |
0 |
0 |
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Profits |
106 |
-21,590 |
Note: SC’s detail financial reports were not found
at local AIC.
Important
Ratios
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Liabilities
to assets |
0.76 |
1.03 |
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*Net profit
margin (%) |
0.03 |
-8.65 |
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*Return on
total assets (%) |
0.04 |
-9.91 |
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*Turnover/Total
assets |
1.05 |
1.15 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line
in 2009, and it declining in 2010.
l
SC’s net profit margin is average in 2009, but fair
in 2010.
l
SC’s return on total assets is average in 2009, but
fair in 2010.
l
SC’s turnover is in an average level in both 2
years, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in 2009 but
high in 2010.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered medium-sized in its line with fair financial
conditions. Credit dealings with SC should be confined into C.O.D. at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.48 |
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1 |
Rs.72.37 |
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Euro |
1 |
Rs.64.42 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.