MIRA INFORM REPORT
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Report Date : |
20.12.2011 |
IDENTIFICATION DETAILS
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Name : |
QIUBEI YUNTAI FOODSTUFF CO., LTD. |
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Registered Office : |
Industrial Zone, Qiubei County, Wenshan
Autonomous Prefecture Yunnan Province 663200 Pr |
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Country : |
china |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
22.10.2003 |
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Com. Reg. No.: |
532626100000688 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Processing and
Selling Foodstuff |
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No. of Employees
: |
68 persons |
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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Maximum Credit Limit : |
USD 30,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 & address
qiubei yuntai foodstuff co., ltd.
INDUSTRIAL ZONE,
QIUBEI COUNTY, WENSHAN AUTONOMOUS PREFECTURE YUNNAN PROVINCE 663200 PR CHINA
TEL: 86 (0)
876-4126898
FAX: 86 (0)
876-4127229
EXECUTIVE SUMMARY
Date of Registration : OCTOBER 22, 2003
REGISTRATION NO. : 532626100000688
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 2,000,000
staff : 68
BUSINESS CATEGORY :
PROCESSING & TRADING
Revenue :
CNY 114,239,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 48,622,000 (AS OF DEC. 31, 2010)
WEBSITE : www.cnspice.com
E-MAIL :
mail@cnspice.com & peterlzchina@gmail.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 30,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly
stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.34 = 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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 532626100000688 on October 22, 2003.
SC’s Organization Code Certificate
No.: 75358402-0
SC’s registered capital: cny 2,000,000
SC’s paid-in capital: cny 2,000,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
|
Company
Name |
Qiubei
Junxiang Foodstuff Co., Ltd. |
Qiubei
Yuntai Foodstuff Co., Ltd. |
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Registered Capital |
CNY 500,000 |
CNY 2,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Li Junxiang |
70 |
|
Li Junyue |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Li Junxiang |
|
Supervisor |
Li Junyue |
RECENT DEVELOPMENT
SC has passed ISO9001-2000 and ISO22000: 2005 (HACCP) for quality and
management.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Li Junxiang 70
Li Junyue 30
MANAGEMENT
Li Junxiang, Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2003 to present, working in SC as legal representative,
chairman and general manager
Li Junyue,
Supervisor
-----------------------------------------
Ø
Gender: M
Ø
Qualification:
University
***Note: The given
contact person (Peter Liu) is working in SC at present.
BUSINESS OPERATION
SC’s registered business scope includes processing and
selling agricultural native byproducts; retailing daily necessaries, cigarette,
hardware and building materials; purchasing and selling pseudolarix and grain;
frozen & fresh; importing and exporting commodities (with permit if
needed).
SC is
mainly engaged in processing and selling foodstuff.
SC’s products mainly include:
Spices
Chili
Ginger
Pepper
Star Aniseed
Frozen Products
Beans
Red Kidney Beans
White Kidney Beans
Flat White Beans
Nuts and Kernels
Pumpkin Kernel Shine Skin
Pumpkin Kernel Rough Edge Skin
Pumpkin Kernel Black Skin
Walnut Kernel
Pine Nut Kernel
Cashnut Kernel
SC sources its materials 30% from domestic
market, and 70% from overseas market. SC sells 60% of its products in domestic
market, and 40% to overseas market, mainly India, etc.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 68 staff at present.
SC rents
an area as its operating office and factory, but the detailed information is
unknown.
RELATED COMPANY
u
Qiubei Baokang Trading Co., Ltd.
---------------------------------
Date of
Registration: January 16, 2006
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 500,000
Legal
Representative: Li Junhong
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
Agricultural Bank of China Qiubei County Sub-branch
AC#: N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
|
240 |
|
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Accounts
receivable |
29,420 |
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Other receivable |
4,520 |
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Advances to
suppliers |
530 |
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Inventory |
680 |
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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 |
35,470 |
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Fixed assets |
5,290 |
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Construction in
progress |
110 |
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Long-term
investment |
200 |
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Other
non-current assets |
2,790 |
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------------------ |
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Total assets |
43,860 |
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============= |
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Short-term loans |
11,880 |
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Notes payable |
0 |
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Accounts payable |
8,570 |
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Taxes payable |
-820 |
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Advances from clients |
3,260 |
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Other payable |
3,890 |
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Other current
liabilities |
100 |
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------------------ |
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Current
liabilities |
26,880 |
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Non-current
liabilities |
12,890 |
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------------------ |
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Total
liabilities |
39,770 |
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Equities |
4,090 |
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------------------ |
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Total
liabilities & equities |
43,860 |
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============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2009 |
|
Revenue |
46,780 |
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Cost of sales |
41,280 |
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Sales expense |
3,160 |
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Management expense |
1,680 |
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Finance expense |
930 |
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Profit before
tax |
-280 |
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Less: profit tax |
20 |
|
-300 |
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2010 |
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Long term investment |
0 |
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Total assets |
80,785 |
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------------- |
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Total
liabilities |
32,163 |
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Equities |
48,622 |
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------------- |
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Revenue |
114,239 |
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Profits |
7,895 |
Note: The detailed financials for Y2010 are not available in SAIC.
Important Ratios
=============
|
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.32 |
-- |
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*Quick ratio |
1.29 |
-- |
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*Liabilities
to assets |
0.91 |
0.40 |
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*Net profit
margin (%) |
-0.64 |
6.91 |
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*Return on
total assets (%) |
-0.68 |
9.77 |
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*Inventory /
Revenue ×365 |
6 days |
-- |
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*Accounts
receivable/ Revenue ×365 |
230 days |
-- |
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*
Revenue/Total assets |
1.07 |
1.41 |
|
* Cost of
sales / Revenue |
0.88 |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
average in its line in 2009, and it increased significantly in 2010.
l
SC’s net profit margin is fair in 2009, fairly good
in 2010.
l
SC’s return on total assets is fair in 2009, fairly
good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue in 2009.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2009.
l
SC’s quick ratio is maintained in a fairly good
level in 2009.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large in
2009.
l
The short-term loans of SC appear large in 2009.
l
SC’s revenue is in an
average level, comparing with the size of its total assets in both years.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its
line with fairly stable financial conditions.
A credit line up to USD 30,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.96 |
|
UK Pound |
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.68.91 |
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 |
|
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 |
|
<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.