MIRA INFORM
REPORT
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Report Date : |
03.06.2011 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO JINHUI GLASS PRODUCTS CO., LTD. |
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Registered Office : |
Xizhu Village, Jiaoxi Town, Jiaozhou City, Qingdao, Shandong Province
266329 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
19.03.2007 |
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Com. Reg. No.: |
370281400008720 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing
Glass Products and Glass Bottles |
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 : |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
JINHUI GLASS PRODUCTS CO., LTD.
XIZhu Village, JiaoXi Town, JiaoZhou City,
Qingdao,
SHANDONG PROVINCE 266329 PR CHINA
TEL: 86 (0) 532-85213379 FAX: 86 (0) 532-85213378
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAR. 19. 2007
REGISTRATION NO. : 370281400008720
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH :
120
REGISTERED CAPITAL :
USD 650,000
BUSINESS LINE :
MANUFACTURE
TURNOVER :
CNY 24,207,000 (AS OF DEC. 31,
2008)
EQUITIES :
CNY 634,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 3,000 (PERIODICAL REVIEW)
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.50= 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 Renminbi
Note: According to SC’s website, SC is also known as Qingdao Jinhui Glass Co., Ltd.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR China
is defined as a legal person. It is a limited co. jointly invested by one
or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition position
in international market may extend beyond the 50 years limit.
SC was registered as a Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on Mar. 19. 2007.
SC’s registered
business scope includes manufacturing
and developing: glass products, glass bottles (exporting 60% of its products)
(according to prescript).
SC is
mainly engaged in manufacturing glass products and glass bottles.
Mr. Jiang Lijing has been legal representative and chairman of SC since
2007.
SC is known
to have approx. 120 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 Jiaozhou. Our checks reveal that SC owns the
total premise about 1,200 square meters.
http://www.qdjhbl.com/ (Chinese version)
http://www.jinhuiglass.com
(English version)
The design is professional and the content is well organized.
Email: gomoko00606@126.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Qingdao
Hongyuxiang Material Co., Ltd. (in Chinese Pinyin) 20
Qingdao Mingcheng
Hardware Sales Co., Ltd. (in Chinese Pinyin) 54
Piao Yuanhao (in Chinese Pinyin) (Korean) Passport No. : QD0005991 26
Qingdao
Hongyuxiang Material Co., Ltd. (in Chinese Pinyin)
============================================
Registration no.: 370211228053657
Legal representative: Sun Yonggang
Registered capital: CNY 10,000,000
Qingdao Mingcheng
Hardware Sales Co., Ltd. (in Chinese Pinyin)
================================================
Registration no.: 370281228008045
Legal representative: Liu Mingcheng
Registered capital: CNY 1,000,000
l
Legal representative and chairman:
Mr. Jiang Lijing ID#
370224197108230017, born in 1971. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2007 to present Working in SC as chairman and legal representative.
l
Directors:
· Liu Mingcheng
· Liu Aihui
· Dai Ping
· Ma Xuetao
· Guan Shenle
· Li Keyi
SC is
mainly engaged in manufacturing glass products and glass
bottles.
SC’s products
mainly include various models of brown
glass bottle, aluminum cover
theft, etc.
SC sources its materials
90% from domestic market and 10% from overseas market. SC sells 60% of its
products to overseas market, and 40% to domestic 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.
Note:
SC’s management declined to release its major clients and suppliers.
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.
Bank of China
Jiaozhou Sub-Branch
AC#:
0212349809901
Relationship:
Normal
Balance Sheet
Unit: CNY’000
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as of Dec. 31,
2008 |
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Cash & bank |
263 |
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Inventory |
6,283 |
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Accounts
receivable |
2,597 |
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Bills receivable |
0 |
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Advances to
suppliers |
3,195 |
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Other
receivables |
1,363 |
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Other current
assets |
11 |
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------------------ |
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Current assets |
13,712 |
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Fixed assets net
value |
3,039 |
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Long-term
investment |
0 |
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Long-term
prepaid expenses |
620 |
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Intangible and
other assets |
0 |
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------------------ |
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Total assets |
17,371 |
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============= |
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Short loans |
0 |
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Accounts payable |
6,851 |
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Bills payable |
0 |
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Advances from
clients |
1,066 |
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Accrued
payroll |
464 |
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Welfare payable |
0 |
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Other Accounts
payable |
8,343 |
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Taxes payable |
13 |
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Other
current liabilities |
0 |
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----------------- |
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Current
liabilities |
16,737 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
16,737 |
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Shareholders
equities |
634 |
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------------------ |
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Total
liabilities & equities |
17,371 |
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============= |
Income Statement
Unit: CNY’000
|
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as of Dec. 31,
2008 |
|
Turnover |
24,207 |
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Cost of goods
sold |
22,386 |
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Sales expense |
2,386 |
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Management expense |
1,840 |
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Finance expense |
443 |
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Non-operating
income |
7 |
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Non-operating expense |
3 |
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Profit before
tax |
-2,844 |
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Less: profit tax |
0 |
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Profits |
-2,844 |
Note: SC has not lodged the latest annual returns in
the local registry, hence no up-to-date detailed financial information could be
provided.
Important Ratios
=============
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as of Dec. 31,
2008 |
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*Current ratio |
0.82 |
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*Quick ratio |
0.44 |
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*Liabilities
to assets |
0.96 |
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*Net profit margin
(%) |
-11.75 |
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*Return on
total assets (%) |
-16.37 |
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*Inventory
/Turnover ×365 |
95 days |
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*Accounts
receivable/Turnover ×365 |
40 days |
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*Turnover/Total
assets |
1.39 |
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* Cost of
goods sold/Turnover |
0.92 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is poor.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a
fair level.
l
The inventory of SC appears
fairly large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loan in 2008.
l
SC’s turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is considered medium-sized in its line with fair financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition. A credit line up to USD 3,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.94 |
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UK Pound |
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.64.58 |
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.