MIRA
INFORM REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO
BENTUSUN INTERNATIONAL CO., LTD. |
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Registered Office : |
7c, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.08.2006 |
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Com. Reg. No.: |
370202228198457 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Engaged In International Trade |
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 3,000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 and address
QINGDAO
BENTUSUN INTERNATIONAL CO., LTD.
TEL: 86 (0) 532-88031677
FAX: 86 (0) 532-88031676
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 14, 2006
REGISTRATION NO. : 370202228198457
REGISTERED LEGAL FORM : Limited liabilities co.
CHIEF EXECUTIVE : MR. SUN GUANG
(CHAIRMAN)
STAFF STRENGTH : 6
REGISTERED CAPITAL :
CNY 500,000
BUSINESS LINE : TRADING
TURNOVER : CNY 15,980,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES : CNY 520,000 (UNaudited, AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 3,000
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.59 = USD
1 AS OF
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: The (Room 706-710, 712, Yiqu, Block 1, No. 10,
Shandong Road, Shinan District, Qingdao, Shandong Province) was SC’s former
address, and the given numbers (0532-85828821/85826638) were SC’s former
numbers; SC is also known as Qingdao Bentusun International Trade Co., Ltd.
SC was registered as a limited liability company at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license) on Aug. 14, 2006.
Company Status:
Limited Liability Company 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 importing and
exporting commodities and technologies, (excluding commodities and technologies prohibited by
country, with permit if needed); wholesaling garments, shoes, hats, fitness
equipment, building decoration materials, ceramic glass products, rubber and
leather products, flowers and trees, wood, furniture, sports goods and
automobile accessories. (with permit if needed)
SC is mainly engaged in international trade.
Mr. Sun Guang is legal representative and chairman of SC at
present.
SC is known to have approx. 6 employees at present.
SC is currently operating at the above stated address, and
this address houses its operating office in the commercial zone of Qingdao. Our
checks reveal that SC rents the total premise, but SC’s accountant refused to
release the gross area.
http://www.bentusun.com/ The design is professional and the content is
well organized. At present it is in Chinese and English versions.
E-mail: qdbentusun@hotmail.com
No significant events or changes were found during our checks
with the local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Sun Guang 60
Sun Qian 20
Wang Yuyu 20
Legal Representative and Chairman:
Mr. Sun Guang, ID# 372822197807056515, born in 1978. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as Legal representative and chairman.
General manager:
Ms.
Working Experience(s):
At present Working
in SC as General Manager.
SC is mainly engaged in international trade.
SC’s products mainly include: flax seeds, peas, sulfur,
coal, assorted security products, etc.
SC sources its materials 40% from domestic market, and 60%
from overseas market. SC sells 30% of its products in domestic market, and 70%
to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
SC is not known to have any subsidiary at present.
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.
China Construction Bank
AC#：37101986839051004864
Relationship: Normal.
Balance
Sheet
Unit:
CNY’000
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As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
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Cash & bank |
20 |
180 |
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Inventory |
470 |
360 |
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Bills receivable |
0 |
0 |
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Accounts receivable |
0 |
0 |
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Advances to suppliers |
0 |
0 |
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Other receivables |
0 |
10 |
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Other current assets |
0 |
20 |
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------------------ |
------------------ |
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Current assets |
490 |
570 |
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Fixed assets net value |
20 |
150 |
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Long term investment |
0 |
0 |
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Projects under construction |
0 |
0 |
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Intangible and other assets |
0 |
0 |
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------------------ |
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Total assets |
510 |
720 |
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=========== |
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Short loan |
0 |
0 |
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Accounts payable |
0 |
0 |
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Bills payable |
0 |
0 |
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Advances from clients |
190 |
200 |
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Taxes payable |
-60 |
0 |
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Other Accounts payable |
130 |
0 |
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Other current liabilities |
0 |
0 |
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------------------ |
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Current liabilities |
260 |
200 |
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Long term liabilities |
0 |
0 |
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Total liabilities |
260 |
200 |
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Equities |
250 |
520 |
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Total liabilities & equities |
510 |
720 |
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Income
Statement
Unit:
CNY’000
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As
of Dec. 31, 2010 |
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Turnover |
15,980 |
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Cost of goods sold |
14,570 |
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Sales expense |
730 |
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Management expense |
430 |
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Finance expense |
40 |
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Profit before tax |
190 |
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Less: profit tax |
20 |
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Profits |
170 |
Note: The Financial Report for Year 2010 hasn’t been audited.
Important
Ratios
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As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
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*Current ratio |
1.88
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2.85
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*Quick ratio |
0.08
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1.05
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*Liabilities to assets |
0.51
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0.28
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*Net profit margin (%) |
/ |
1.06
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*Return on total assets (%) |
/ |
23.61
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*Inventory /Turnover ×365 |
/ |
8
days |
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*Accounts receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total assets |
/ |
22.19
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* Cost of goods sold/Turnover |
/ |
0.91
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PROFITABILITY:
AVERAGE
The turnover of SC appears average in 2010.
SC’s net profit margin is average in 2010.
SC’s return on total assets is fairly good in 2010.
SC’s cost of goods sold is fairly high, comparing with its
turnover in 2010.
LIQUIDITY:
AVERAGE
The current ratio of SC is maintained in a normal level in
2009 and in a fairly good level in 2010.
SC’s quick ratio is maintained in a poor level in 2009 and
in a normal level in 2010.
The inventory of SC appears fairly large.
SC has no accounts receivable in both years.
SC has no short-term loan in both years.
SC’s turnover is in a fairly good level, comparing with the
size of its total assets in 2010.
LEVERAGE:
FAIRLY GOOD
The debt ratio of SC is average in 2009 and low in 2010.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: stable.
SC is considered small-sized in its line with stable
financial conditions. The given credit amount would appear to be beyond SC’s
capacities, while a credit line up to USD 3,000 is recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
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|
1 |
Rs.72.90 |
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Euro |
1 |
Rs.61.43 |
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.