MIRA INFORM REPORT

 

Report Date :

21.12.2011

 

IDENTIFICATION DETAILS

 

Name :

QINGDAO HONGDA METAL FORMING MACHINERY CO., LTD.

 

 

Registered Office :

No. 297 Guangzhou North Road, Jiaozhou City, Qingdao Shandong Province 266309 Pr

 

 

Country :

China

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.10.1999

 

 

Com. Reg. No.:

370281228008471

 

 

Legal Form :

Limited Liabilities Company

 

 

Line of Business :

Manufacturing and selling forging machinery; importing and exporting goods and technology.

 

 

No. of Employees :

330

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 200,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

QINGDAO HONGDA METAL FORMING MACHINERY CO., LTD.

NO. 297 GUANGZHOU NORTH ROAD, JIAOZHOU CITY, QINGDAO

SHANDONG PROVINCE 266309 PR CHINA

TEL: 86 (0) 532-82290337/82293988

FAX: 86 (0) 532-82292758

 

 

EXECUTIVE SUMMARY

 

Date of Registration          : october 28, 1999

REGISTRATION NO.                  : 370281228008471

LEGAL FORM                           : Limited liabilities company

CHIEF EXECUTIVE                   : yu xuehong (LEGAL REPRESENTATIVE)

REGISTERED CAPITAL             : cny 12,980,000

staff                                      : 330

BUSINESS CATEGORY             : manufacturing

Revenue                                : CNY 209,105,000 (AS OF DEC. 31, 2010)

EQUITIES                                 : CNY 15,767,000 (AS OF DEC. 31, 2010)

WEBSITE                                 : www.hongdaduanya.com

E-MAIL                                     : hongdaduanya@hotmail.com

PAYMENT                                : AVERAGE

Recommended Credit Limi   : UP TO USD 200,000

MARKET CONDITION                : COMPETITIVE

FINANCIAL CONDITION                         : 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.: 370281228008471 on October 28, 1999.

 

SC’s Organization Code Certificate No.: 71800993-6

 

SC’s Tax No.: 370281718009936

 

SC’s registered capital: cny 12,980,000

 

SC’s paid-in capital: cny 12,980,000

 

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

Yu Xuehong

69.18

Yu Xuecheng

15.41

Shen Juan

15.41

 

SC’s Chief Executives:-

 

Position

Name

Legal Representative, Chairman, and General Manager

Yu Xuehong

Supervisor

Yu Xuecheng

 

 

RECENT DEVELOPMENT

 

No recent development was found during our checks at present.

 

 

SHAREHOLDER CHART & BACKGROUND

 

Name                                                                                                               % of Shareholding

 

Yu Xuehong (ID# 370224196202151513)                                                                           69.18

 

Yu Xuecheng (ID# 370224196507031512)                                                                         15.41

 

Shen Juan (ID# 370224196509251541)                                                                             15.41

 

 

MANAGEMENT

 

Yu Xuehong , Legal Representative, Chairman and General Manager

----------------------------------------------------------------------------------------------------

Ψ         Gender: M

Ψ         Age: 49

Ψ         Qualification: University

Ψ         Working experience (s):

From 1999 to present, working in SC as legal representative, chairman and general manager

 

Yu Xuecheng , Supervisor

---------------------------------------------

Ψ         Gender: M

Ψ         Age: 46

Ψ         Qualification: University

BUSINESS OPERATION

 

SC’s registered business scope includes manufacturing and selling forging machinery; importing and exporting goods and technology.

 

SC is mainly engaged in manufacturing and selling forging machinery.

 

Brand:

 

SC’s products mainly include:

Double Disc Friction Screw

Electric Spiral Press

Hot Forging Press

Brick Press

  

SC sources its materials 70% from domestic market, and 30% from overseas market. SC sells 70% of its products in domestic market, and 30% to overseas market, mainly Southeast Asian market.

 

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.

 

*Major Local competitors:

===================

Qingdao Gold Mali Heavy Industry Machinery Co., Ltd.

Qingdao Hongyuantai Mechanical Co., Ltd.

Qingdao Liangtai Machinery Co., Ltd.

Qingdao Yiyou Metal Forming Machinery Corporation

 

Staff & Office:

--------------------------

SC is known to have approx. 330 staff at present.

 

SC owns 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

 

Basic Bank:

 

China Construction Bank Jiaozhou Sub-branch

 

AC#: 37101997706050444833

 

 

 

 

FINANCIALS

 

Financial Summary

Unit: CNY’000

As of Dec. 31, 2009

As of Dec. 31, 2010

Long term investment

0

0

Total assets

65,978

89,447

 

-------------

-------------

Long term liabilities

0

0

Total liabilities

50,847

73,680

Equities

15,131

15,767

 

-------------

-------------

Revenue

132,876

209,105

Profit before tax

1,311

901

Less: profit tax

328

226

Profits

983

675

Note: The detailed financials for Y2009 and Y2010 are not available in SAIC.

 

Important Ratios

=============

 

As of Dec. 31, 2009

As of Dec. 31, 2010

*Liabilities to assets

0.77

0.82

*Net profit margin (%)

0.74

0.32

*Return on total assets (%)

1.49

0.75

* Revenue/Total assets

2.01

2.34

 

 

FINANCIAL COMMENTS

 

PROFITABILITY: AVERAGE

l         The revenue of SC appears fairly good, and it was rising in 2010.

l         SC’s net profit margin is average in both years.

l         SC’s return on total assets is average in both years.

 

LIQUIDITY: AVERAGE

l         SC’s revenue is in an average level, comparing with the size of its total assets.

 

LEVERAGE: AVERAGE

l         The debt ratio of SC is average in both years.

l         The risk for SC to go bankrupt is average.

Overall financial condition of the SC: Stable.

 

 

CONCLUSIONS

 

SC is considered medium-sized in its line with stable financial conditions. A credit line up to USD 200,000 would appear to be within SC’s capacities.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.03

UK Pound

1

Rs.82.34

Euro

1

Rs.68.99

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

--

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.