MIRA INFORM REPORT
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Report Date : |
30.06.2011 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO EAST INTERNATIONAL CORP |
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Registered Office : |
Room 501, 1# Building, Pacific Center, No. 35 West Donghai Road, Qingdao, Shandong Province, 266000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
02.04.2004 |
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Com. Reg. No.: |
370202228118572 |
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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 |
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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 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) |
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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 east international corp.
room 501, 1#
building, pacific center, no. 35 west donghai road,
qingdao, shandong
PROVINCE, 266000 PR CHINA
TEL: 86 (0)
532-85797959/85797956 FAX: 86 (0)
532-85796835
EXECUTIVE SUMMARY
INCORPORATION DATE : april 2, 2004
REGISTRATION NO. : 370202228118572
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
9
REGISTERED CAPITAL : CNY 1,500,000
BUSINESS LINE :
trading
TURNOVER :
CNY 16,890,000 (UNaudited, AS OF DEC. 31, 2009)
EQUITIES :
CNY 1,460,000 (UNaudited, AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 5,000 (periodical review)
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
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: SC is also known as East International Trade Co., Ltd.
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on April 2, 2004.
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 wholesale and retail of chemical products, hardware,
machinery and electronic products, building decorative materials, textiles,
daily necessities, and office supplies, operating and acting as an agent of
importing and exporting various kinds of commodities and technology, excluding
the goods forbidden by the government.
SC is mainly
engaged in international trade.
Ms. Guan Xuemei
has been chairman of SC since 2004.
SC is known to
have approx. 9 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 about 100 square meters.
http://www.pe-wax.cn
The design is professional and the content is well organized. At present the
web site is only in Chinese version.
E-mail: yst1020@163.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Guan Xuemei 60
Wang Jie 40
l
Chairman:
Ms. Guan Xuemei, with university education. She is currently responsible
for the overall management of SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman.
l
General Manager:
Mr. Wang Jie, with university education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2004 to present
Working in SC as general
manager.
SC is mainly
engaged in international trade.
SC’s products mainly
include: Food grade PE wax, High acid value OPE wax, Atactic polypropylene
(APP), ebs ethylene bis stearamide (EBS)
SC sources its materials 100% from overseas
market, mainly Southeast Asian market. SC sells 100% of its products in
domestic market, mainly Shandong.
The buying terms of SC include L/C and Credit of 30-60 days. The payment
terms of SC include T/T 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 CITIC Bank Qingdao Branch
AC# 7371060182300046611
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2008 |
Unaudited,
as of Dec. 31, 2009 |
|
Cash & bank |
490 |
540 |
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Inventory |
2,250 |
3,390 |
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Accounts
receivable |
220 |
30 |
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Other Accounts
receivable |
0 |
0 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
120 |
250 |
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------------------ |
------------------ |
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Current assets |
3,080 |
4,210 |
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Fixed assets net
value |
200 |
110 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
-40 |
0 |
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------------------ |
------------------ |
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Total assets |
3,240 |
4,320 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
0 |
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Other Accounts
payable |
1,780 |
2,940 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
80 |
-80 |
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------------------ |
------------------ |
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Current
liabilities |
1,860 |
2,860 |
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Long term liabilities |
0 |
0 |
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Other
liabilities |
-30 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
1,830 |
2,860 |
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Equities |
1,410 |
1,460 |
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------------------ |
------------------ |
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Total
liabilities & equities |
3,240 |
4,320 |
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============= |
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Income Statement
|
Unit: CNY’000 |
Unaudited, as of
Dec. 31, 2009 |
|
Turnover |
16,890 |
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Cost of goods
sold |
14,170 |
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Sales expense |
1,860 |
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Management expense |
710 |
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Finance expense |
40 |
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Other expense |
50 |
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Profit before
tax |
60 |
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Less: profit tax |
20 |
|
Profits |
40 |
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
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
1.66 |
1.47 |
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*Quick ratio |
0.45 |
0.29 |
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*Liabilities
to assets |
0.56 |
0.66 |
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*Net profit
margin (%) |
/ |
0.24 |
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*Return on
total assets (%) |
/ |
0.93 |
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*Inventory
/Turnover ×365 |
/ |
74 days |
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*Accounts
receivable/Turnover ×365 |
/ |
1 day |
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*Turnover/Total
assets |
/ |
3.91 |
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* Cost of
goods sold/Turnover |
/ |
0.84 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loan in 2008 and 2009.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition. A credit line up to USD 5,000
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.71.91 |
|
Euro |
1 |
Rs.64.60 |
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.