MIRA INFORM REPORT
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Report Date : |
21.12.2011 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO SINONUT INTERNATIONAL LTD. |
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Registered Office : |
Room 1903, No. 16a Shandong Road, Shinan District, Qingdao, Shandong Province 266000 Pr |
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Country : |
China |
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Financials (as on) : |
30.11.2011 |
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Date of Incorporation : |
03.12.2008 |
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Com. Reg. No.: |
370202230024881 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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No. of Employees
: |
5 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 8,000 |
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Status : |
Small Company |
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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
qingdao sinonut international ltd.
room 1903, no.
shandong province
266000 PR CHINA
TEL: 86 (0)
532-80905028
FAX: 86 (0)
532-80905229
EXECUTIVE SUMMARY
Date of Registration : december 3, 2008
REGISTRATION NO. : 370202230024881
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 500,000
staff :
5
BUSINESS CATEGORY : trading
Revenue :
CNY 4,156,000 (JAN. 1 2011 TO
NOV. 30, 2011)
EQUITIES :
CNY 1,033,000 (AS OF NOV. 30, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 8,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly
STABLE
OPERATIONAL TREND : ORDINARY
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.: 370202230024881 on December 3, 2008.
SC’s Organization Code Certificate No.:
68255648-6
SC’s Tax No.: 370202682556486
SC’s registered capital: cny 500,000
SC’s paid-in capital: cny 500,000
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 |
|
Li Jindong |
80 |
|
Liu Guochao |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Li Jindong |
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Supervisor |
Liu Guochao |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Li Jindong 80
Liu Guochao 20
MANAGEMENT
Li Jindong, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
From 2008 to present, working in SC as legal representative,
chairman and general manager
Liu Guocha,
Supervisor
--------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes importing and
exporting commodities and technology; wholesale of mechanical and electrical
equipment, chemical products (excluding dangerous goods), plastic products,
textiles, clothing, lubricating oil, wood products, and fresh seafood.
SC is mainly
engaged in international trade.
SC’s products
mainly include: agricultural and sideline products.
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 100% of its products to overseas market,
mainly Middle East, and Southeast Asia.
The buying terms of
SC include T/T 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. 5 staff at present.
SC rents an area
as its operating office of approx. 100 sq. meters at the heading address.
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:
Bank
of China Qingdao Branch Hong Kong Road Sub-branch
AC#: 235105622507
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Nov. 30, 2011 |
|
139 |
261 |
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Accounts
receivable |
14 |
274 |
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Advances to
suppliers |
369 |
407 |
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Other receivable |
101 |
0 |
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Inventory |
0 |
0 |
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Subsidy
receivable |
135 |
127 |
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Deferred expense |
21 |
35 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
779 |
1,104 |
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Fixed assets |
16 |
11 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
795 |
1,115 |
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============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
243 |
0 |
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Wages payable |
0 |
0 |
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Taxes payable |
2 |
0 |
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Advances from
clients |
53 |
0 |
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Other payable |
0 |
82 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
298 |
82 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
298 |
82 |
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Equities |
497 |
1,033 |
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------------------ |
------------------ |
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Total
liabilities & equities |
795 |
1,115 |
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============= |
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Income Statement
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Unit: CNY’000 |
Jan.
1 2011 to Nov. 30, 2011 |
|
Revenue |
4,156 |
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Cost of sales |
3,198 |
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Sales expense |
191 |
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Management expense |
238 |
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Finance expense |
3 |
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Profit before
tax |
536 |
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Less: profit tax |
0 |
|
536 |
Important Ratios
=============
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As
of Dec. 31, 2010 |
As
of Nov. 30, 2011 |
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*Current ratio |
2.61 |
13.46 |
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*Quick ratio |
2.61 |
13.46 |
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*Liabilities
to assets |
0.37 |
0.07 |
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*Net profit
margin (%) |
-- |
12.90 |
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*Return on
total assets (%) |
-- |
48.07 |
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*Inventory /
Revenue ×365 |
-- |
-- |
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*Accounts
receivable/ Revenue ×365 |
-- |
25 days |
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*
Revenue/Total assets |
-- |
3.73 |
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* Cost of
sales / Revenue |
-- |
0.77 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is good.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
SC has no inventory.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans.
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 low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line at the above amount appears beyond SC’s capacities,
while a credit line up to USD 8,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.03 |
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UK Pound |
1 |
Rs.82.34 |
|
Euro |
1 |
Rs.68.99 |
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.