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MIRA INFORM REPORT
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Report Date : |
16.11.2011 |
IDENTIFICATION DETAILS
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Name : |
HANMERS (QINGDAO) INC. |
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Registered Office : |
Room 501, Unit 3, No. 710 Changjiang East
Road, Economic & Technology
Development Zone, Qingdao, Shandong Province 266510 Pr |
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Country : |
China |
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Financials (as on) : |
31.10.2011 |
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Date of Incorporation : |
14.04.2009 |
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Com. Reg. No.: |
370211230016000 |
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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 : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Small Company |
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Payment
Behaviour : |
Unknown |
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Litigation : |
----- |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
hanmers (qingdao) inc.
room 501, unit 3, no.
710 changjiang east road
economic &
technology development zone
qingdao, shandong
province 266510 PR CHINA
TEL: 86 (0)
532-84618510/89888446
FAX: 86 (0)
532-84618510
EXECUTIVE SUMMARY
Date of Registration : april 14, 2009
REGISTRATION NO. : 370211230016000
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 500,000
staff : 4
BUSINESS CATEGORY :
trading
SALE :
CNY 377,000 (JAN. 1 2011 TO OCT.
31, 2011)
EQUITIES :
CNY 150,000 (AS OF OCT. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: c.o.d.
MARKET CONDITION : fair
FINANCIAL CONDITION : poor
OPERATIONAL TREND : fair
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.35 = 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
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 370211230016000 on April 14,
2009.
SC’s Organization Code Certificate
No.: 68676519-7
%20INC%20%20-%20160032%2016-Nov-2011_files/image004.jpg)
SC’s registered capital: cny 500,000
SC’s paid-in capital: cny 500,000
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 |
|
Xue Yujuan |
50 |
|
Zhou Bo |
40 |
|
Xue Ting |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Xue Yujuan |
|
Supervisor |
Xue
Ting |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Xue Yujuan 50
Zhou Bo 40
Xue Ting 10
MANAGEMENT
Xue Yujuan, Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
From 2009 present, working in SC as legal representative, chairman and general manager
Xue
Ting, Supervisor
------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes importing and
exporting goods and technology, international trade brokerage services;
wholesale and retail of metal materials, auto parts, mechanical equipment,
office supplies, labor supplies, building materials, chemical products, textile
needle.
SC is
mainly engaged in international trade.
SC’s products
mainly include: mandioc, rubber, chemical raw materials.
SC sources its materials 40% from domestic
market, and 60% from overseas market, mainly Thailand, Korea, Japan, and
Indonesia. SC sells 55% of its products in domestic market, and 45% to overseas
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.
Staff & Office:
--------------------------
SC is
known to have approx. 4 staff at present.
SC rents an area
as its operating office of approx. 60 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
Basic Bank:
Qingdao
Rural Cooperative Bank Huangdao Office
AC#: 9020102400142050004058
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Oct. 31, 2011 |
|
622 |
592 |
|
|
Notes receivable |
0 |
1,171 |
|
Accounts
receivable |
957 |
471 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
49 |
5,897 |
|
Inventory |
190 |
844 |
|
Deferred
expenses |
6 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
1,824 |
8,975 |
|
Fixed assets |
67 |
47 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
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|
------------------ |
------------------ |
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Total assets |
1,891 |
9,022 |
|
|
============= |
============= |
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Short-term loans |
0 |
6,800 |
|
Notes payable |
0 |
10 |
|
Accounts payable |
1,417 |
1,915 |
|
Wages payable |
4 |
8 |
|
Tax payable |
-1 |
-44 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
4 |
182 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
1,424 |
8,871 |
|
Non-current
liabilities |
0 |
1 |
|
|
------------------ |
------------------ |
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Total
liabilities |
1,424 |
8,872 |
|
Equities |
467 |
150 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
1,891 |
9,022 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
Jan.
1 2011 to Oct. 31, 2011 |
|
Sale |
377 |
|
Cost of sales |
245 |
|
Sales expense |
0 |
|
Management expense |
17 |
|
Finance expense |
45 |
|
Profit before
tax |
70 |
|
Less: profit tax |
0 |
|
70 |
Important Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Oct. 31, 2011 |
|
*Current ratio |
1.28 |
1.01 |
|
*Quick ratio |
1.15 |
0.92 |
|
*Liabilities
to assets |
0.75 |
0.98 |
|
*Net profit
margin (%) |
-- |
18.57 |
|
*Return on
total assets (%) |
-- |
0.78 |
|
*Inventory /
Sale ×300 |
-- |
672 days |
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*Accounts
receivable/ Sale ×300 |
-- |
375 days |
|
* Sale/Total
assets |
-- |
0.04 |
|
* Cost of
sales / Sale |
-- |
0.65 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The Sale of SC appears
fair in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its Sale.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears large.
l
The short-term loan of SC appears too large.
l
SC’s Sale is in a poor 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: Poor.
CONCLUSIONS
SC is considered small-sized in its line with poor
financial conditions. The large amount of inventory, accounts receivable
and short-term loan may be a threat to SC’s financial condition. A credit line at the above amount appears beyond SC’s
capacities, great caution is required in providing credit to SC and
C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.56 |
|
UK Pound |
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.68.79 |
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 |
|
---- |
NB |
New Business |
---- |
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.