MIRA INFORM REPORT
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Report Date : |
12.09.2011 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO FREE TRADE ZONE ARENA INTERNATIONAL
TRADE CO., LTD. |
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Registered Office : |
Room 601a, Ruihua Building, No. 55 Mangu
Road, Free Trade Zone, Qingdao, Shandong Province 266555 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.09.2007 |
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Com. Reg. No.: |
370220228018701 |
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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 : |
B |
|
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 : |
Usually Correct |
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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 |
a24 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Qingdao Free Trade Zone Arena International
Trade Co., Ltd.
room
QINGDAO, SHANDONG
PROVINCE 266555 PR CHINA
TEL: 86 (0)
532-86959988
FAX: 86 (0)
532-86959955
EXECUTIVE SUMMARY
Date of Registration : september 25, 2007
REGISTRATION NO. : 370220228018701
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 10,000,000
staff : 18
BUSINESS CATEGORY : trading
Revenue : CNY 406,530,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 9,850,000 (AS OF DEC. 31, 2010)
WEBSITE : www.arena-qingdao.com
E-MAIL :
info@arena-qingdao.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
50,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.39 = 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.: 370220228018701 on September 25, 2007.
SC’s Organization Code Certificate
No.: 66454383-3
SC’s registered capital: cny 10,000,000
SC’s paid-in capital: cny 10,000,000
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 |
|
An Baojie |
85 |
|
Xu Xiaozhong |
5 |
|
Zhang Anping |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
An Baojie |
|
Director |
Xu
Xiaozhong |
|
Supervisor |
Zhang
Anping |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
An Baojie 85
Xu Xiaozhong 5
Zhang Anping 10
MANAGEMENT
An Baojie, Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as legal representative,
chairman and general manager
Xu
Xiaozhong, Director
-------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Zhang
Anping, Supervisor
----------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes wholesale of
pre-packaged foods, dairy products, international trade, transiting trade,
trade and trading under the order processing between the enterprises in the
free trade zone, import and export trade of aquatic products, meat and
agricultural products, import and export agents, advisory services, operating
and acting as an agent of importing and exporting various kinds of commodities
and technology.
SC is
mainly engaged in international trade.
SC’s
products mainly include: cotton, woodworking machine, rubber, polyethylene,
copper, coal, paper pulp, etc.
SC sources its materials 40% from domestic
market, and 60% from overseas market, mainly Malaysia, Thailand, Indonesia, and
Russia. SC sells 60% of its products in domestic market, and 40% to overseas
market, mainly Vietnam, Thailand, Malaysia, Indonesia and Cambodia.
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. 18 staff at present.
SC
rents an area as its operating office, but the detailed
information is unknown.
RELATED COMPANY
u Qingdao Tigers International
Logistics Co., Ltd.
-------------------------------------------------------------
Date of Registration: June 13, 2010
Registration No.: 370220230008362
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 10,000,000
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:
Evergrowing
Bank Qingdao Free Trade Zone Sub-branch
AC# N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
20,260 |
47,330 |
|
|
Accounts
receivable |
19,370 |
101,290 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
-12,610 |
6,520 |
|
Inventory |
3,400 |
3,100 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
830 |
940 |
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|
------------------ |
------------------ |
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Current assets |
31,250 |
159,180 |
|
Fixed assets |
420 |
460 |
|
Construction in
progress |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
31,670 |
159,640 |
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|
============= |
============= |
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Short-term loans |
2,350 |
19,000 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
17,910 |
119,300 |
|
Wages payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
|
Other payable |
1,760 |
11,230 |
|
Other current
liabilities |
-80 |
260 |
|
|
------------------ |
------------------ |
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Current
liabilities |
21,940 |
149,790 |
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Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
21,940 |
149,790 |
|
Equities |
9,730 |
9,850 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
31,670 |
159,640 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
406,530 |
|
Cost of sales |
400,800 |
|
Sales expense |
1,660 |
|
Management expense |
2,430 |
|
Finance expense |
1,440 |
|
Profit before
tax |
120 |
|
Less: profit tax |
0 |
|
120 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.42 |
1.06 |
|
*Quick ratio |
1.27 |
1.04 |
|
*Liabilities
to assets |
0.69 |
0.94 |
|
*Net profit
margin (%) |
-- |
0.03 |
|
*Return on
total assets (%) |
-- |
0.08 |
|
*Inventory /
Revenue ×365 |
-- |
3 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
91 days |
|
*
Revenue/Total assets |
-- |
2.55 |
|
* Cost of
sales / Revenue |
-- |
0.99 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good in its line in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is high, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large in
2010.
l
SC’s short-term loans are 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 high in 2010.
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. 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.46.38 |
|
UK Pound |
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
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 |
|
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 |
|
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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.