MIRA INFORM REPORT
|
Report Date : |
08.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
QINGDAO YARTECH INTERNATIONAL TRADING CO.,
LTD. |
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Registered Office : |
Room 101, No. 81a Chongqing South Road,
Sifang District, Qingdao,
Shandong Province 266033 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.04.2010 |
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Com. Reg. No.: |
370205230025694 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
RATING & COMMENTS
|
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 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
qingdao yartech international trading co., ltd.
room 101, no.
qingdao, shandong
province 266033 PR CHINA
TEL: 86 (0)
532-85633062
FAX: 86 (0)
532-85368132
EXECUTIVE SUMMARY
Date of Registration : april 30, 2010
REGISTRATION NO. : 370205230025694
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 1,000,000
staff : 5
BUSINESS CATEGORY : trading
Revenue : CNY 2,456,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 1,022,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
3,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.38 = 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.: 370205230025694 on April 30, 2010.
SC’s Tax No.: 370205553979730
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 |
|
Liu Hongyu |
40 |
|
Fan Lixin |
60 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Liu Hongyu |
|
Supervisor |
Fan
Lixin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Liu Hongyu 40
Fan Lixin 60
MANAGEMENT
Liu Hongyu, Legal Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 43
Ø
ID# 370111196808192048
Ø
Qualification:
University
Ø
Working
experience (s):
From 2010 to present, working in SC as legal representative,
chairman and general manager
Fan
Lixin, Supervisor
----------------------------------------
Ø
Gender: M
Ø
Qualification: University
BUSINESS OPERATION
SC’s registered business scope includes importing and
exporting goods and technology; wholesale and retail of steel, metal products,
chemical products, hardware and accessories, plastic products, machinery equipment
and accessories, general merchandise, iron ore, iron ore powder; economic
information consultation.
SC is
mainly engaged in international trade.
SC’s
products mainly include: steel products.
SC sources its materials 20%
from domestic market, and 80% from overseas market. SC sells 70% of its
products in domestic market, and 30% to overseas market, mainly Southeast Asia.
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. 5 staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
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, 2010 |
|
1,056 |
|
|
Accounts
receivable |
265 |
|
Advances to
suppliers |
1,796 |
|
Other receivable |
0 |
|
Inventory |
0 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
3,117 |
|
Fixed assets |
0 |
|
Construction in
progress |
0 |
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Intangible
assets |
0 |
|
Deferred income
tax assets |
0 |
|
Other
non-current assets |
0 |
|
|
------------------ |
|
Total assets |
3,117 |
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|
============= |
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Short-term loans |
0 |
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Notes payable |
0 |
|
Accounts payable |
-7 |
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Tax payable |
0 |
|
Advances from
clients |
817 |
|
Other payable |
1,285 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current liabilities |
2,095 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
2,095 |
|
Equities |
1,022 |
|
|
------------------ |
|
Total
liabilities & equities |
3,117 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
2,456 |
|
Cost of sales |
2,123 |
|
Sales expense |
307 |
|
Management expense |
4 |
|
Finance expense |
0 |
|
Profit before
tax |
22 |
|
Less: profit tax |
0 |
|
22 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
1.49 |
|
*Quick ratio |
1.49 |
|
*Liabilities
to assets |
0.67 |
|
*Net profit
margin (%) |
0.90 |
|
*Return on
total assets (%) |
0.71 |
|
*Inventory /
Revenue ×365 |
-- |
|
*Accounts
receivable/ Revenue ×365 |
40 days |
|
*
Revenue/Total assets |
0.79 |
|
* Cost of
sales / Revenue |
0.86 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue 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 revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
SC has no inventory in 2010.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in 2010.
l
SC’s revenue is in a
fair 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.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions. A credit line up to USD 3,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
|
UK Pound |
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
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 |
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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.