MIRA
INFORM REPORT
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Report Date : |
16.12.2011 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO LIANDAHANG FOODS CO., LTD. |
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Registered Office : |
Lujia Village, Madian Town, Jiaozhou City, Qingdao
Shandong Province 266300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.06. 2003 |
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Com. Reg. No.: |
370281400007000 |
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Legal Form : |
Wholly Foreign Owned Enterprise |
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Line of Business : |
Processing and selling agricultural and sideline products. |
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No. of Employees : |
60 |
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 : |
Poor |
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Payment Behaviour : |
Unknown |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
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 |
Company name and address
QINGDAO LIANDAHANG FOODS CO., LTD.
LUJIA VILLAGE, MADIAN TOWN, JIAOZHOU CITY, QINGDAO
SHANDONG PROVINCE 266300 PR CHINA
TEL: 86 (0) 532-86623306/86623307/86623309/13780699961
FAX: 86 (0) 532-86623308
EXECUTIVE SUMMARY
Date of Registration : june 17, 2003
REGISTRATION NO. : 370281400007000
LEGAL FORM : WHOLLY foreign OWNED ENTERPRISE
REGISTERED CAPITAL : usd 80,000
staff :
60
BUSINESS CATEGORY : processing
Revenue :
CNY 25,799,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY -451,000 (AS OF DEC. 31, 2010)
WEBSITE : www.liandahang.com
E-MAIL :
info@liandahang.com
& liandahang@126.com
PAYMENT :
AVERAGE
Recommended Credit Limit: c.o.d.
MARKET CONDITION : average
FINANCIAL CONDITION : poor
OPERATIONAL TREND : Downward
GENERAL REPUTATION : fair
EXCHANGE RATE :
CNY 6.37 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a wholly foreign owned enterprise
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 370281400007000
on June 17, 2003.
SC’s Organization Code Certificate No.:
74724608-4
SC’s Tax No.: 370281747246084
SC’s registered capital: usd 80,000
SC’s paid-in capital: usd 80,000
Registration Change Record:
No significant changes of SC have been noted
in SAIC since its incorporation
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Jiang Huai (Malaysia) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Leng Yanguang |
|
Director |
Jiang Huai |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Jiang Huai (Malaysia) 100
MANAGEMENT
Leng Yanguang ,
Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Jiang Huai,
Director
-----------------------------------
Ø
Gender: M
Ø
Nationality:
Malaysia
Ø
Working
experience (s):
At present, as director of SC
***Note: The given
contact person (Ms. Xiuying Wei) is working in SC at present.
BUSINESS OPERATION
SC’s registered business scope includes processing chili
products, fruits, vegetables, nuts and other agricultural and sideline products
sorting, 95% of products exported.
SC is mainly
engaged in processing and selling agricultural and sideline products.
Brand: 
SC’s products
mainly include: chilli, garlic, ginger, Onion, Potato, taro, chestnut, Chinese cabbage,
Apple, Carrot, beans.
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 100% of its products to overseas market,
mainly Canada, USA, Japan, Korea, Middle East, etc.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include L/C
and Credit of 30-60 days.
*Major local competitors:
===================
Qingdao Shankun
Foods Co., Ltd.
Qingdao Shunwang
Foods Co., Ltd.
Qingdao Senyuan
Foods Co., Ltd.
Qingdao Boyu Foods
Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 60 staff at
present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
1,764 |
|
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Accounts
receivable |
14,895 |
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Advances to
suppliers |
72 |
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Other receivable |
1,372 |
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Inventory |
558 |
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Non-current
assets within one year |
0 |
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Other current
assets |
80 |
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------------------ |
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Current assets |
18,741 |
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Fixed assets |
1,027 |
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Construction in
progress |
710 |
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Intangible
assets |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
0 |
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------------------ |
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Total assets |
20,478 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
0 |
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Taxes payable |
-465 |
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Advances from
clients |
0 |
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Other payable |
21,394 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
20,929 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
20,929 |
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Equities |
-451 |
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------------------ |
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Total
liabilities & equities |
20,478 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
25,799 |
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Cost of sales |
23,598 |
|
Sales expense |
2,309 |
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Management expense |
598 |
|
Finance expense |
4 |
|
Profit before
tax |
-180 |
|
Less: profit tax |
0 |
|
-180 |
Important Ratios
=============
|
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As
of Dec. 31, 2010 |
|
*Current ratio |
0.90 |
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*Quick ratio |
0.87 |
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*Liabilities
to assets |
1.02 |
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*Net profit
margin (%) |
-0.70 |
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*Return on
total assets (%) |
-0.88 |
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*Inventory /
Revenue ×365 |
8 days |
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*Accounts
receivable/ Revenue ×365 |
211 days |
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*
Revenue/Total assets |
1.26 |
|
* Cost of
sales / Revenue |
0.91 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
SC has no short-term loan in 2010.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its line with poor financial conditions.
The fairly large amount of accounts receivable may be a threat to SC’s
financial condition. Great caution is required in providing credit to SC and
C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.70.46 |
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 |
-- |
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.