MIRA INFORM REPORT
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Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
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Name : |
CHANGLE KEYUAN PAPER CO., LTD. |
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Registered Office : |
North Of Huangbu, Changle County, Shandong Province, 262400
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.12.2001 |
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Com. Reg. No.: |
370725228003740 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
processing and Selling Paper
Products |
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 50,000 |
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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
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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
CHANGLE KEYUAN PAPER CO., LTD.
NORTH OF HUANGBU, CHANGLE COUNTY,
SHANDONG PROVINCE, 262400 PR CHINA
TEL: 86 (0) 536-6295106/6295538 FAX: 86 (0) 536-6280906
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 10, 2001
REGISTRATION NO. :
370725228003740
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. QI XUEBAO (CHAIRMAN)
STAFF STRENGTH :
90
REGISTERED CAPITAL : CNY 12,000,000
BUSINESS LINE : PROCESSING & TRADING
TURNOVER :
CNY 45,280,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 8,680,000 (AS OF
DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 50,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.49 = 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
SC was registered as a limited liabilities co. co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 10, 2001.
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 processing and selling paper products
(excluding paper pulp producing); importing and exporting paper making
additive, papermaking raw material (excluding items limited or forbidden by
State, with permit if needed).)
SC is
mainly engaged in processing and selling paper products.
Mr. Qi Xuebao is
legal representative, chairman and general manager of SC at present.
SC is known
to have approx. 90 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in Changle County. Our check revealed that SC owns
the total premise, but the gross area is unspecified.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with local
AIC.
MAIN
SHAREHOLDER:
Name %
of Shareholding
Qi Xuebao
38
Wang Jianxiang
35
Liu Hui
11
Meng Xianxi
5
Liu Zhihua
9
Guan Yanting
2
l
Legal representative, chairman and general manager:
Mr. Qi Xuebao, ID# 370725630906005, born in 1963. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
SC is
mainly engaged in processing and selling paper products.
SC’s products mainly include: packing paper, etc.
SC sources its
materials 100% from domestic market. SC sells 70% of its products in domestic
market and 30% to the overseas market.
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 major suppliers and customers.
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 Changle Sub-branch
Add: No. 391
Heng’an Street, Changle County, Shandong Province
AC#: N/A
Relationship:
Normal.
Note: SC’s
accountant released that the given bank account number (383866499208114014) is
not correct, but she refused to release the correct account number. The given
address (No. 28 Heng’an Street Changle County, Shandong) was the former address
of the Bank.
Balance Sheet
Unit: CNY’000
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as of Dec. 31,
2010 |
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Cash & bank |
5,530 |
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Inventory |
960 |
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Notes receivable |
0 |
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Accounts
receivable |
7,350 |
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Advances to supplies |
0 |
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Other
receivables |
50 |
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Prepaid expenses |
0 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
13,890 |
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Fixed assets net
value |
2,850 |
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Projects under
construction |
0 |
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Long-term investments |
1,280 |
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Intangible
assets |
4,970 |
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Long term
prepaid expenses |
0 |
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Other assets |
0 |
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Total assets |
22,990 |
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============= |
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Short loans |
12,900 |
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Notes payable |
0 |
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Accounts payable |
1,050 |
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Advances from
customers |
0 |
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Wages payable |
0 |
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Welfare payable |
0 |
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Taxes payable |
140 |
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Other accounts
payable |
180 |
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Accrued expenses |
0 |
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Other
current liabilities |
40 |
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----------------- |
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Current liabilities |
14,310 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
14,310 |
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Shareholders
equities |
8,680 |
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------------------ |
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Total
liabilities & equities |
22,990 |
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============= |
Income Statement
Unit: CNY’000
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as
of Dec. 31, 2010 |
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Turnover |
45,280 |
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Cost
of goods sold |
42,810 |
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Sales expense |
400 |
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Management expense |
1,000 |
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Finance expense |
830 |
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Operation Profit |
140 |
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Less: profit tax |
30 |
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Net profit |
110 |
Important Ratios
=============
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as of Dec. 31,
2010 |
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*Current ratio |
0.97 |
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*Quick ratio |
0.90 |
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*Liabilities to
assets |
0.62 |
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*Net profit
margin (%) |
0.24 |
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*Return on
total assets (%) |
0.48 |
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*Inventory
/Turnover ×365 |
8
days |
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*Accounts
receivable/Turnover ×365 |
60
days |
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*Turnover/Total
assets |
1.97 |
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* Cost of
goods sold/Turnover |
0.95 |
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 fairly high, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is average.
l
The accounts receivable of SC is fairly large.
l
The short-term loan of SC is large
l
SC’s turnover is in an average 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 accounts receivable and short term loan could
be a threat to SC’s financial conditions. A credit line up to USD 50,000 would
appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.29 |
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UK Pound |
1 |
Rs.73.84 |
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Euro |
1 |
Rs.64.18 |
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.