MIRA INFORM REPORT
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Report Date : |
23.12.2011 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO TIANXIANG FOODS GROUP CO., LTD. |
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Registered Office : |
No. 1, Tianxiang Road, Guozhuang Town, Pingdu, Qingdao City, Shandong Province, 266737 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
16.02.1998 |
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Com. Reg. No.: |
370283400000414 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
processing and selling
foods |
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No. of Employees
: |
530 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 150,000 |
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Status : |
Satisfactory |
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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
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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 TIANXIANG FOODS GROUP CO., LTD.
NO. 1, TIANXIANG
ROAD, GUOZHUANG TOWN, PINGDU, QINGDAO CITY,
SHANDONG PROVINCE,
266737 PR CHINA
TEL: 86 (0)
532-82320688/82320978 FAX: 86 (0)
532-82320788
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 16, 1998
REGISTRATION NO. : 370283400000414
REGISTERED LEGAL
FORM : Limited liabilities company
STAFF STRENGTH :
530
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
PROCESSING
TURNOVER :
CNY 598,057,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 21,912,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 150,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.32 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren min bi
Note: The given name was SC’s former name.
SC was registered as a Limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license).
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes permit business scope: processing wheat flour, vegetable oil, vegetable products, and peanut
products (validity period as of Nov. 26, 2010). General business scope: import and export (excluding products prohibited by
legal, administrative rules and regulations, and operating the limited products
with permit if needed).
SC is mainly
engaged in processing and selling foods
Mr. Yu Hanxin has been legal representative, chairman and general manager
of SC since 1998.
SC is
known to have approx. 530 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Pingdu. SC’s management declined to release detailed information of the
premise.
http://www.tianxiangfoods.net
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: txspsjk@163.com
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 |
USD 240,000 |
USD 1,260,000 |
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Registered capital |
USD 1,260,000 |
USD 2,350,000 |
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Registered capital |
USD 2,350,000 |
CNY 18,975,100 |
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Shareholders and shareholding |
Yang Xueji
(Korean) 25.96% Yu Hanxin 74.04% |
Yu Hanxin 100% |
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Legal form |
Chinese-foreign equity joint venture
enterprise |
One-person
limited liability co. |
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Registered capital |
CNY 18,975,100 |
Present amount |
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Shareholders and shareholding |
Yu Hanxin 100% |
Present ones |
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Legal form |
One-person
limited liability co. |
Present one |
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Company’s name |
Qingdao Tianxiang Foods Co., Ltd. |
Present one |
SC’s
staff released that SC has no relationship with the given company Qingdao Tianhefu
Foods Co., Ltd.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yu Hanxin
ID# 370226195502112418 94.88
Wang Honggang
ID# 370226196611172430 5.12
l
Legal representative, chairman and general manager:
Mr. Yu Hanxin, ID#
370226195502112418, born in 1955. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 1998 to present Working in SC as legal representative, chairman and general manager
Also working in Qingdao Tianxiang Foods Group Xiyan Vegetable Oil Co., Ltd. as legal
representative
·
Supervisor:
Wang Honggang王洪刚 ID# 370226196611172430
SC is mainly
engaged in processing and selling foods.
SC’s main
products: chili, flour, vegetable
oil, etc.
SC sources its materials 100%
from domestic market. SC sells 85% of its products in domestic market, and 15%
to overseas market, mainly U.S.A., Egypt,
Mexico, Malaysia, Japan, Korea and Hong Kong etc.
The buying terms of SC include Check, T/T 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 refused to release its main suppliers and clients.
According
to SC’s website:
Qingdao Tianxiang
Foods Group Xiyan Vegetable
Oil Co., Ltd.
===============================================
Incorporation date: Nov. 11, 2009
Registration No.: 370283230009296
Registered capital: CNY 10,000,000
Legal representative: Yu Hanxin
Legal form: One-person Limited Liability Company
Qingdao
Tianxiang Foods Group Jinxiyan Milling Co., Ltd.
===========================================
Incorporation date: Nov. 13, 2009
Registration No.: 370283230009382
Registered capital: CNY 10,000,000
Legal representative: Yu Qiang
Legal form: One-person Limited Liability Company
Qingdao
Tianxiang Foods Group Jinxiyan Pepper Products Co., Ltd.
=================================================
Incorporation date: Dec. 21, 2009
Registration No.: 370283230010155
Registered capital: CNY 8,000,000
Legal representative: Wang Honggang
Legal form: One-person Limited Liability Company
Qingdao
Tianxiang Foods Group Xiyan Logistics Co., Ltd.
====================================
Incorporation date: Feb. 2, 2010
Registration No.: 370283230010911
Registered capital: CNY 10,000,000
Legal representative: Wang Honggang
Legal form: One-person Limited Liability Company
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.
SC’s management
declined to release its bank details.
Financial
Information
Unit: CNY’000
|
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as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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Long-term
investment |
28,000 |
38,000 |
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Total
liabilities |
137,408 |
238,840 |
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Shareholders
equities |
94,599 |
21,912 |
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Total Assets |
232,007 |
260,752 |
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Turnover |
658,394 |
598,057 |
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Profit before
tax |
30,940 |
2,900 |
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Profit tax |
/ |
1,185 |
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Net profit |
/ |
1,715 |
Note:
SC’s detailed financial reports for Yr2009 & 2010 were not found in 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 |
0.59 |
0.92 |
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*Net profit
margin (%) |
/ |
0.29 |
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*Return on
total assets (%) |
/ |
0.66 |
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*Turnover/Total
assets |
2.84 |
2.29 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average in 2009 but high in
2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The given credit amount would appear to be beyond SC’s capacities,
while a credit line up to USD 150,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.78 |
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UK Pound |
1 |
Rs.82.73 |
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Euro |
1 |
Rs.68.88 |
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.