MIRA INFORM
REPORT
|
Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO JINWA TRADING CO., LTD |
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Registered Office : |
Room 1701, Building A, World Trade Center, No. 6 Hong Kong Middle
Road, Shinan District, Qingdao, Shandong Province 266071 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.11.2003 |
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Com. Reg. No.: |
370202228108894 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5,000 |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 jinwa trading co., ltd.
ROOM 1701, BUILDING A, WORLD TRADE CENTER
NO. 6 HONG KONG MIDDLE ROAD, SHINAN DISTRICT
QINGDAO, SHANDONG PROVINCE 266071 PR CHINA
TEL: 86 (0) 532-85919160/85910162
FAX: 86 (0) 532-85910164
EXECUTIVE SUMMARY
Date of Registration : NOVEMBER 21, 2003
REGISTRATION NO. : 370202228108894
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 1,000,000
staff :
11
BUSINESS CATEGORY : TRADING
Revenue :
CNY 32,680,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 960,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit
Limit :
UP TO USD 5,000
MARKET CONDITION : fair
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.47 = 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
Note: SC’s contact
ways should be the heading one, instead of the given number-78308308094001,
according to SC’s employee, this number is similar as its bank account number,
but the details are not available.
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 370202228108894 on November 21, 2003.
SC’s Organization Code Certificate No.:
756901562
SC’s registered capital: CNY 1,000,000
SC’s paid-in capital: CNY 1,000,000
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 |
|
Ma Yongjie |
70 |
|
Jiang Shouzhen |
30 |
SC’s Chief Executives:-
Legal Representative, Chairman and General Manager: Ma Yongjie
Supervisor: Jiang Shouzhen
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Ma Yongjie 70
Jiang Shouzhen 30
MANAGEMENT
Ma Yongjie, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Mobile:
0086 13906398963
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager.
Jiang Shouzhen,
Supervisor
-----------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes operating and
acting as an agent of importing and exporting various kinds of commodities and
technology, excluding the goods forbidden by the government, wholesale and retail
of merchandise, textile, garments, wood, furniture, building materials, ceramic
products, sporting goods, hardware, chemical products, electrical and
mechanical equipment.
SC is mainly
engaged in international trade.
SC’s products mainly
include: fruits, vegetables, building materials.
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 10% of its products in domestic
market, and 90% to overseas market, mainly USA, Europe and 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 Customer:
=============
USA Intl C&D
Inc.
Staff & Office:
--------------------------
SC is known
to have approx. 11 staff at present.
SC rents an area
as its operating office of approx. 150 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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
240 |
2,010 |
|
|
Accounts
receivable |
840 |
150 |
|
Advances to
suppliers |
2,740 |
0 |
|
Other receivable |
1,020 |
2,040 |
|
Inventory |
1,070 |
630 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
110 |
100 |
|
|
------------------ |
------------------ |
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Current assets |
6,020 |
4,930 |
|
Fixed assets |
30 |
20 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
6,050 |
4,950 |
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|
============= |
============= |
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Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
0 |
190 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
5,230 |
3,890 |
|
Other current
liabilities |
-160 |
-90 |
|
|
------------------ |
------------------ |
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Current
liabilities |
5,070 |
3,990 |
|
Non-current
liabilities |
150 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
5,220 |
3,990 |
|
Equities |
830 |
960 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
6,050 |
4,950 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
32,680 |
|
Cost of sales |
31,130 |
|
Sales expense |
990 |
|
Management expense |
440 |
|
Finance expense |
180 |
|
Profit before
tax |
-1 |
|
Less: profit tax |
0 |
|
-1 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.19 |
1.24 |
|
*Quick ratio |
0.98 |
1.08 |
|
*Liabilities
to assets |
0.86 |
0.81 |
|
*Net profit
margin (%) |
-- |
-0.003 |
|
*Return on
total assets (%) |
-- |
-0.02 |
|
*Inventory /
Revenue ×365 |
-- |
8 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
2 days |
|
*
Revenue/Total assets |
-- |
6.60 |
|
* Cost of
sales / Revenue |
-- |
0.95 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loan in both years.
l
SC’s revenue is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in both years.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
A credit line at the above amount appears beyond SC’s capacities, while a
credit line up to USD 5,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.94 |
|
UK Pound |
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
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 |
|
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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.