MIRA INFORM REPORT
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Report Date : |
06.04.2012 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO SHINMAX INDUSTRY CO., LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
27.08.2003 |
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Com. Reg. No.: |
370282400000615 |
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Legal Form : |
Wholly Foreign Owned Enterprise |
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Line of Business : |
manufacturing and selling
woodworking machinery, water-saving micro-pumps and grease gun and other
products |
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No. of Employees
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600 |
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
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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
QINGDAO SHINMAX INDUSTRY
CO., LTD.
NO. 1 RENHE ROAD,
LONGSHAN Neighborhood offices, JIMO, QINGDAO, SHANDONG PROVINCE 266205 PR CHINA
TEL: 86 (0)
532-86586990 FAX: 86 (0)
532-86586980
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 27, 2003
REGISTRATION NO. : 370282400000615
REGISTERED LEGAL FORM : WHOLLY FOREIGN OWNED
ENTERPRISE
STAFF STRENGTH :
600
REGISTERED CAPITAL : USD 16,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : moderate amount
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30= usd 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
Note: SC is also known as Qingdao Lingda Machinery Co., Ltd.
SC was registered as a wholly foreign owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Aug. 27, 2003.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes manufacturing water-saving
micro-pumps, electric lawnmowers, garden machinery, special equipment for urban
sanitation, woodworking machinery and spare parts; precision plunger dies,
precision cavity, mold standard parts, hardware development, production;
machinery parts processing and assembling electric tools, water pump (low
pressure), motor (not including special equipment), hardware and tools using
the above products; selling 80% of its products to overseas market. (with
permit if needed)
SC is mainly
engaged in manufacturing and selling woodworking machinery, water-saving
micro-pumps and grease gun and other products.
Mr. Chen Wenhao is
the legal representative and chairman of SC at present.
SC is known
to have approx. 600 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in Jimo. Our checks reveal that SC covers an area
of 66,000 square meters.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
(Hong Kong) Laneton Development Limited 100
CR No.: 0617394
Incorporation date: July 16, 1997
Legal form: Private
Status: Live
l
Legal
representative and Chairman:
Mr. Chen Wenhao is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working in SC as legal representative and chairman
SC is mainly
engaged in manufacturing and selling woodworking machinery, water-saving
micro-pumps and grease gun and other products.
SC’s products mainly
include: power tools, motors, pumps, woodworking machinery, industrial vacuum
cleaners and five pieces of cast iron table, blocking plate, extension wing,
D22/D27 tablet, etc.
SC sources its
materials 90% from domestic market and 10% from overseas market. SC sells 80%
of its products to the overseas market, mainly Europe and America, and 20% in
domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note:
SC’s management declined to release its major clients and suppliers.
SC is
not known to have any subsidiary at present.
Overall payment appraisal:
( ) Excellent ( )
Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
SC’s management
declined to release its banking information.
SC’s financial
reports were not found during our checks with the local Administration for
Industry and Commerce.
SC’s management
declined to release any financial information.
SC is considered medium-sized in its line with 9 years operation
history. Due to lack of financial status, we are
unable to recommend accurate credit limit for SC.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.05 |
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UK Pound |
1 |
Rs.81.09 |
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Euro |
1 |
Rs.67.39 |
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 |
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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 |
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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 |
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<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.