MIRA INFORM REPORT
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Report Date : |
20.10.2011 |
IDENTIFICATION DETAILS
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Name : |
DALIAN EVERGREEN FOODS CO., LTD. |
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Registered Office : |
Xigou Village, Shuishiying Street, Lushunkou
District, Dalian, Liaoning
Province 116050 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.05.2006 |
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Com. Reg. No.: |
210212000031532 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Processing
and Selling Aquatic Product. |
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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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) |
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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
DALIAN EVERGREEN FOODS CO., LTD.
xigou village,
shuishiying street, lushunkou district
dalian, liaoning
province 116050 PR CHINA
TEL: 86 (0)
411-82507416/82507411
FAX: 86 (0)
411-82506350
EXECUTIVE SUMMARY
Date of Registration : may 12, 2006
REGISTRATION NO. : 210212000031532
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 2,000,000
staff : 180
BUSINESS CATEGORY :
processing
Revenue : CNY 61,740,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 19,700,000 (AS OF
DEC. 31, 2010)
WEBSITE : www.cnevergreenfoods.com
E-MAIL :
cherry@cnevergreenfoods.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
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.: 210212000031532 on May
12, 2006.
SC’s Organization Code Certificate
No.: 78731090-9
SC’s registered capital: CNY 2,000,000
SC’s paid-in capital: CNY 2,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registration No. |
2102122101210 |
210212000031532 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Liu Bo |
80 |
|
Zeng Guilan |
5 |
|
Yi Fengming |
5 |
|
Zhang Yufen |
5 |
|
Liu Jinpeng |
5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Liu Bo |
|
Director |
Zeng Guilan |
|
Yi Fengming |
|
|
Zhang Yufen |
|
|
Liu Jinpeng |
RECENT DEVELOPMENT
SC has got the certificate ISO 9001.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Liu Bo 80
Zeng Guilan
5
Yi Fengming
5
Zhang Yufen
5
Liu Jinpeng
5
MANAGEMENT
Liu Bo, Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 44
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Director
------------
Zeng Guilan
Yi Fengming
Zhang Yufen
Liu Jinpeng
BUSINESS OPERATION
SC’s registered business scope includes purchasing and processing
aquatic product; importing and exporting goods and technology.
SC is
mainly engaged in processing and selling aquatic product.
Brand: 
SC’s
products mainly include:
IQF Ocean Perch
IQF Orange Roughy
Fillets
IQF Salmon Fillets
Skin
IQF Salmon Fillets
IQF Cod Tails
IQF Grouper
Fillets
IQF Hake (Whiting)
Fillets
IQF Salmon
Portions
SC sources its materials 100% from domestic
market, mainly Dalian. SC sells 40% of its products in domestic market, mainly
Liaoning, and 60% to overseas market, mainly USA and Europe.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
==============
Liaoning Wanrong Trading Co., Ltd.
USA WAL-MART
USA TESCO
USA SYSCO
USA TARGET
Staff & Office:
--------------------------
SC is
known to have approx. 180 staff
at present.
SC rents 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
Agricultural Bank of China Dalian Branch
AC#: 34287001040009310
China Merchants
Bank Dalian Branch Heping Square Sub-branch
AC#:
411902149610299
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
620 |
490 |
|
|
Accounts
receivable |
2,680 |
1,570 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
890 |
690 |
|
Inventory |
16,630 |
31,860 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
2,790 |
1,120 |
|
|
------------------ |
------------------ |
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Current assets |
23,610 |
35,730 |
|
Fixed assets |
1,550 |
1,350 |
|
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 |
420 |
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------------------ |
------------------ |
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Total assets |
25,160 |
37,500 |
|
|
============= |
============= |
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Short-term loans |
4,030 |
4,920 |
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Notes payable |
0 |
0 |
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Accounts payable |
3,250 |
1,140 |
|
Wages payable |
0 |
0 |
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Advances from
clients |
3,640 |
3,720 |
|
Other payable |
9,520 |
9,000 |
|
Other current
liabilities |
-420 |
-980 |
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------------------ |
------------------ |
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Current
liabilities |
20,020 |
17,800 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
20,020 |
17,800 |
|
Equities |
5,140 |
19,700 |
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------------------ |
------------------ |
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Total
liabilities & equities |
25,160 |
37,500 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
61,740 |
|
Cost of sales |
41,420 |
|
Sales expense |
4,620 |
|
Management expense |
1,770 |
|
Finance expense |
-210 |
|
Profit before
tax |
14,550 |
|
Less: profit tax |
0 |
|
14,550 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.18 |
2.01 |
|
*Quick ratio |
0.35 |
0.22 |
|
*Liabilities
to assets |
0.80 |
0.47 |
|
*Net profit margin
(%) |
-- |
23.57 |
|
*Return on
total assets (%) |
-- |
38.80 |
|
*Inventory /
Revenue ×365 |
-- |
189 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
10 days |
|
*
Revenue/Total assets |
-- |
1.65 |
|
* Cost of
sales / Revenue |
-- |
0.67 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is very good.
l
SC’s return on total assets is very good.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC appears too large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan is in an average level.
l
SC’s revenue 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.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. The too large amount of inventory
may be a threat to SC’s financial condition. A credit line up to USD 100,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.18 |
|
UK Pound |
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
|
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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.