MIRA INFORM REPORT
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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO QIANGDA FOODS CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
21.06.2004 |
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Com. Reg. No.: |
370281228033649 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
processing and selling seasoning & crushed chili |
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No. of Employees
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120 |
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 4,000 |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 QIANGDA
FOODS CO., LTD.
NO. 21 XIANGJIANG YINGBIN AVE., JIAOBEI TOWN
INDUSTRIAL ZONE,
JIAOZHOU, QINGDAO CITY, SHANDONG PROVINCE, 266000
PR CHINA
TEL: 86 (0) 532-83242888 FAX: 86 (0) 532-83242818
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUN. 21, 2004
REGISTRATION NO. :
370281228033649
REGISTERED LEGAL FORM :
ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. ZHANG JINGQIANG (CHAIRMAN)
STAFF STRENGTH :
120
REGISTERED CAPITAL : CNY 4,180,000
BUSINESS LINE :
PROCESSING & TRADING
TURNOVER :
CNY 57,560,000 (AS OF DEC. 31,
2008)
EQUITIES :
CNY 730,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 4,000 (PERIODICAL REVIEW)
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY 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 Renminbi
Note: SC is also known as Qingdao Qiangda Food Co., Ltd.; the given numbers 0532-85790809/85790807 belong to SC’s office in Qingdao.
SC was registered as a Limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jun. 21, 2004 and later was changed into present ownership.
Company Status:
One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes manufacturing
seasoning, crushed chili, other food processed products, cooked big rice;
manufacturing and selling food machinery and machinery parts; purchasing and
selling agricultural byproducts; exporting self-made commodities and
technologies; importing machinery equipment, spare parts, raw materials and
technologies needed by SC, excluding commodities and technologies prohibited by
the state. (with permit if needed)
SC is
mainly engaged in processing and selling seasoning & crushed chili.
Mr.
Zhang Jingqiang has been legal representative and chairman of SC since 2004.
SC is known to have approx. 120 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Jiaozhou. Our checks reveal that SC rents the total premise about 13,000 square
meters.
http://www.qiangdafoods.com
The design is professional and the content is
well organized. At present it is in Chinese and English versions.
E-Mail: info@qiangdafoods.com
SC has achieved ISO 9001:2000 certificate and HACCP certificate
by SGS.
Changes
of its registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
Unknown |
Legal form |
Limited liabilities co. |
Present one |
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Registered capital |
CNY 500,000 |
Present amount |
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Shareholdings |
Zhang
Jingqiang 80% Guo
Lei 20% |
Present one |
According to SC’s website, SC’s former name was Qingdao
Qianglei Foodstuff Co., Ltd.
MAIN SHAREHOLDER:
Name %
of Shareholding
Zhang Jingqiang 100
Legal
representative and Chairman:
Mr. Zhang Jingqiang, born in 1973, with university education. He is currently responsible for the overall management of SC.
Working
Experience(s):
From 2004 to present Working in SC as chairman and legal representative.
SC is
mainly engaged in processing and selling seasoning & crushed chili.
SC’s products mainly include: seasoning & crushed chili,
food machinery, etc.
SC sources its materials 100% from domestic market. SC sells
90% of its products to overseas market
and 10% in domestic market.
The buying terms of SC include Check, T/T 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 declined to release its major suppliers and clients.
SC has an office, as follows: (according to its website)
======================================
Qingdao office
Add: Seaview Dynasty 2# 2402, Donghai West Road
41#, Shinan District, Qingdao
Tel: +86-532-85790809
Fax: +86-532-85790807
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.
Bank of China
AC#409801609968091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
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as
of Dec. 31, 2008 |
as
of Dec. 31, 2007 |
|
Cash
& bank |
220 |
1,270 |
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Bills
receivable |
0 |
0 |
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Accounts
receivable |
7,370 |
1,220 |
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Other
receivables |
290 |
10 |
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Advances to
suppliers |
0 |
0 |
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Inventory |
830 |
660 |
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Prepaid expenses |
120 |
40 |
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Other
current assets |
0 |
0 |
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------------------ |
------------------ |
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Current
assets |
8,830 |
3,200 |
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Fixed
assets net value |
890 |
710 |
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Projects
under construction |
270 |
270 |
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Long
term investment |
0 |
0 |
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Other
assets |
0 |
0 |
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------------------ |
------------------ |
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Total
assets |
9,990 |
4,180 |
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============= |
============= |
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Short
loans |
2,950 |
0 |
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Bills
payable |
0 |
0 |
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Accounts
payable |
6,590 |
2,750 |
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Welfare
payable |
0 |
0 |
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Advances from
clients |
30 |
0 |
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Accrued
payroll |
0 |
0 |
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Tax
payable |
-560 |
-530 |
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Other
payable |
250 |
1,360 |
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Surcharge
payable |
0 |
0 |
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Other
current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
9,260 |
3,580 |
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Long
term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
9,260 |
3,580 |
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Equities |
730 |
600 |
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------------------ |
------------------ |
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Total
liabilities & equities |
9,990 |
4,180 |
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============= |
============= |
Income Statement
Unit: CNY’000
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as of Dec. 31,
2008 |
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Turnover |
57,560 |
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Cost of goods
sold |
54,620 |
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Sales expense |
950 |
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Management expense |
1,540 |
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Finance expense |
80 |
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Profit before
tax |
220 |
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Less: profit tax |
70 |
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Profits |
150 |
Note: SC’s detailed financial reports for Yr2010 & 2011 were not
found during our checks with local AIC.
Important Ratios
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as
of Dec. 31, 2008 |
as
of Dec. 31, 2007 |
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*Current ratio |
0.95 |
0.89 |
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*Quick ratio |
0.86 |
0.71 |
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*Liabilities
to assets |
0.93 |
0.86 |
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*Net profit
margin (%) |
0.26 |
/ |
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*Return on
total assets (%) |
1.50 |
/ |
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*Inventory
/Turnover ×365 |
6 days |
/ |
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*Accounts
receivable/Turnover ×365 |
47 days |
/ |
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*Turnover/Total
assets |
5.76 |
/ |
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* Cost of
goods sold/Turnover |
0.95 |
/ |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in
its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high,
comparing with its turnover.
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 appears average.
l
The accounts receivable of SC appears
large in 2008.
l
SC’s short-term loan is fairly large in
2008.
l
SC’s turnover is in a fairly good
level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is
average.
Overall
financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The given credit amount would appear to be beyond SC’s capacities,
while a credit line up to USD 4,000 appears acceptable upon a periodical review
basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.20 |
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UK Pound |
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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 |
|
<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.