MIRA
INFORM REPORT
|
Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Room 1703, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
02.11.2007 |
|
|
|
|
Com. Reg. No.: |
370202228233088 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Trading chemical products, etc. |
|
|
|
|
No. of Employees : |
05 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3,000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
qingdao tongli united co., ltd.
ROOM 1703,
ZHONGHUAN INTERNATIONAL PLAZA, NO. 19 ZHANGZHOU 2ND ROAD,
QINGDAO, SHANDONG
PROVINCE, 266071 PR CHINA
TEL: 86 (0)
532-66775937/83655368 FAX: 86 (0)
532-66775938
EXECUTIVE SUMMARY
INCORPORATION DATE : nov. 2, 2007
REGISTRATION NO. : 370202228233088
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
trading
TURNOVER :
CNY 31,450,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 450,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 3,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.38 = 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
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Nov. 2, 2007.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes wholesaling and retailing of textiles, general
merchandise, electronics, office supplies, chemical products (excluding hazardous chemicals), plastic
products, furniture, hardware, mechanical and electrical equipments and spare
parts, metal products, instruments and meters, importing and exporting
commodities and technologies (excluding
items prohibited by laws and administrative regulations; able to engage in
items that need permit s according to the regulation of laws and administrative
regulations); domestic highway
freight forwarding (with permits if needed).
SC is mainly
engaged in trading chemical products, etc.
Ms. Yu
Fangyuan has been legal representative
and chairman of SC since 2010.
SC is known to have approx. 5 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Qingdao. Our checks reveal that SC
rents the total premise about 50 square meters. And SC also has an office in
Room 102, Unit 4, No. 7 Building, Yuanyang Binhai Garden, No. 2 Zhuhai Vicinal
Road, Shinan District, Qingdao. Our checks reveal that SC rents the total
premise about 50 square meters.
SC is not known to host website of its own at present.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
3702022823308 |
Present one |
|
2010-1 |
Legal representative |
Yang Xiufang |
Present one |
|
Shareholders |
Yang Xiufang 45% Yuan Hongsheng 10% Liu Ruimei
45% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yang Xiufang 55
Cui Ying 45
l
Legal representative and chairman:
Ms. Yu Fangyuan is currently responsible for the overall management
of SC.
Working Experience(s):
From 2010 to present Working
in SC as chairman and legal representative.
l
General manager:
Ms. Cui Ying , in her
Working Experience(s):
From 2010 to present Working
in SC as general manager.
SC is mainly
engaged in trading chemical products, etc.
SC’s products
mainly include various kinds of chemical products.
SC sources its materials 95% from domestic
market and 5% from overseas market. SC sells 5% of its products in domestic
market, and 95% to overseas market, mainly to Africa and India, etc.
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.
China CITIC Bank Qingdao Branch
AC#: 7371060182200164760
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
1,010 |
550 |
|
Inventory |
940 |
60 |
|
Accounts receivable |
0 |
320 |
|
Advances to supplies |
420 |
0 |
|
Other receivables |
400 |
1,010 |
|
Other current assets |
20 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
2,790 |
1,940 |
|
Fixed assets net value |
0 |
0 |
|
Projects under construction |
0 |
0 |
|
Long-term investments |
0 |
0 |
|
Intangible and other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,790 |
1,940 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
0 |
790 |
|
Advances from customers |
2,070 |
220 |
|
Accrued payroll |
0 |
0 |
|
Welfares payable |
0 |
0 |
|
Taxes payable |
-150 |
0 |
|
Other Accounts payable |
430 |
480 |
|
Other current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current liabilities |
2,350 |
1,490 |
|
Long term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
2,350 |
1,490 |
|
Shareholders equities |
440 |
450 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
2,790 |
1,940 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
7,790 |
31,450 |
|
Cost of goods
sold |
6,500 |
29,120 |
|
Taxes and
additional of main operations |
0 |
10 |
|
Sales expense |
1,220 |
2,010 |
|
Management expense |
40 |
140 |
|
Finance expense |
60 |
150 |
|
Non-operating
income |
0 |
0 |
|
Non-operating
expense |
0 |
10 |
|
Profit before
tax |
-30 |
10 |
|
Less: profit tax |
0 |
2 |
|
Profits |
-30 |
8 |
Important Ratios
=============
|
|
as of Dec. 31, 2009 |
as of Dec. 31,
2010 |
|
*Current ratio |
1.19 |
1.30 |
|
*Quick ratio |
0.79 |
1.26 |
|
*Liabilities
to assets |
0.84 |
0.77 |
|
*Net profit
margin (%) |
-0.39 |
0.03 |
|
*Return on
total assets (%) |
-1.08 |
0.41 |
|
*Inventory
/Turnover ×365 |
45days |
1days |
|
*Accounts
receivable/Turnover ×365 |
0days |
4days |
|
*Turnover/Total
assets |
2.79 |
16.21 |
|
* Cost of
goods sold/Turnover |
0.83 |
0.93 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in both years.
l
SC’s net profit margin is fair in 2009, but average
in 2010.
l
SC’s return on total assets is fair in 2009, but
average in 2010.
l
SC’s cost of goods sold is fairly high in 2010,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is in a normal level in 2010.
l
The inventory of SC appears average in 2009, but
small in 2010.
l
SC has no accounts receivable in 2009, and is
average in 2010.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level in 2009 and
good in 2010, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in 2009, and fairly
high in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
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.46.01 |
|
|
1 |
Rs.75.42 |
|
Euro |
1 |
Rs.66.69 |
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 |
-- |
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.