MIRA INFORM REPORT
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Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SHOUGUANG BAILONGMA ECONOMIC TRADE CO., LTD. |
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Registered Office : |
Zhengjia Village, Sunji Street, Shouguang,
Shandong Province 262700 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.04.2002 |
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Com. Reg. No.: |
370783228004610 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling man-made board |
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 : |
Moderate |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
shouguang bailongma economic trade co., ltd.
zhengjia village, sunji
street, shouguang
shandong province
262700 PR CHINA
TEL: 86 (0)
536-5231767/5785788
FAX: 86 (0)
536-5101368
EXECUTIVE SUMMARY
Date of Registration : april 24, 2002
REGISTRATION NO. : 370783228004610
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 10,500,000
staff : 50
BUSINESS CATEGORY : manufacturing
Revenue : CNY 9,300,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 10,150,000 (AS OF
DEC. 31, 2010)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 50,000 (PERIODICAL REVIEW)
MARKET CONDITION : fair
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = 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.: 370783228004610 on April 24,
2002.
SC’s Organization Code Certificate No.: 73818112-7
SC’s registered capital: cny 10,500,000
SC’s paid-in capital: cny 10,500,000
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 |
|
Sun Xia |
70.95 |
|
Xia Baoqing |
29.05 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Sun Xia |
|
Supervisor |
Xia Baoqing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Sun Xia 70.95
Xia Baoqing 29.05
MANAGEMENT
Sun Xia, Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Mobile:
86 15910113999
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Xia
Baoqing, Supervisor
--------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Wang Huiqing, Sales
Manager
---------------------------------------------------
Ø
Gender: F
Ø
Mobile:
86 15910115151
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling furniture, integral kitchen, fire doors, security door, shutter door,
wood door; retail of building decoration materials, department stores, knitwear;
importing and exporting goods and technology.
SC is
mainly engaged in manufacturing and selling man-made board.
SC’s
products mainly include: MDF, Melamine MDF,
Particle Board, Melamine Particle Board, Plywood, Film-faced Plywood, Interior Door,
Kitchen Cabinet, Bedroom Cabinet, Bathroom Cabinet, Office furniture, School
furniture, Wardrobe, TV Bench, Bookcase, Slatwall Panels, CD Rack, Blockboard,
Cabinet door, Wine Rack.
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 25% of its products in domestic market, and
75% to overseas market, mainly USA, Europe, Southeast Asia, Africa, and Mid
East.
The
buying terms of SC include T/T 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. 50 staff at present.
SC owns an area as
its operating office & factory of approx. 8,000 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:
Shouguang
City Rural Credit Cooperatives Gongyuan Branch
AC#:
90704258020100001525
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
280 |
|
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Accounts
receivable |
2,560 |
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Advances to suppliers |
0 |
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Other receivable |
0 |
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Inventory |
690 |
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Non-current
assets within one year |
0 |
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Other current
assets |
130 |
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------------------ |
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Current assets |
3,660 |
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Fixed assets |
6,350 |
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Construction in
progress |
0 |
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Long-term prepaid
expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
4,580 |
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------------------ |
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Total assets |
14,590 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
2,370 |
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Wages payable |
0 |
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Advances from
clients |
0 |
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Other payable |
1,980 |
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Other current
liabilities |
90 |
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------------------ |
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Current
liabilities |
4,440 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
4,440 |
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Equities |
10,150 |
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------------------ |
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Total
liabilities & equities |
14,590 |
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============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
9,300 |
|
Cost of sales |
8,980 |
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Profit before
tax |
-600 |
|
Less: profit tax |
0 |
|
-600 |
Important Ratios
=============
|
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As
of Dec. 31, 2010 |
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*Current ratio |
0.82 |
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*Quick ratio |
0.67 |
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*Liabilities
to assets |
0.30 |
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*Net profit
margin (%) |
-6.45 |
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*Return on
total assets (%) |
-4.11 |
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*Inventory /
Revenue ×365 |
28 days |
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*Accounts
receivable/ Revenue ×365 |
101 days |
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*
Revenue/Total assets |
0.64 |
|
* Cost of
sales / Revenue |
0.97 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
fair 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:
FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
SC has no short-term loan 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 low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with
fair financial conditions. The large amount of accounts receivable may
be a threat to SC’s financial condition. A credit line up to USD 50,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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 |
|
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 |
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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 |
|
<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.