MIRA
INFORM REPORT
|
Report Date : |
06.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
JINAN HONHAI GLASS COMPANY LIMITED |
|
|
|
|
Registered Office : |
Room 331
Shengkai Fortune Plaza, No. 29, Luoyuan Street Jinan City, Shandong Province 250001 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
06.03.2006 |
|
|
|
|
Com. Reg. No.: |
370100200077479 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
selling various glasses products |
|
|
|
|
No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 & address
jinan honhai glass
company limited
room 331 shengkai fortune plaza, no. 29, luoyuan street
JINAN CITY, SHANDONG province 250001 PR CHINA
FAX: 86 (0) 531-86900435
EXECUTIVE SUMMARY
Date of Registration : march 6, 2006
REGISTRATION NO. : 370100200077479
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 510,000
staff : 10
BUSINESS CATEGORY : trading
Revenue : CNY 15,574,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 408,000 (AS OF DEC. 31, 2011)
WEBSITE : www.chinaglassteapot.com
E-MAIL :
frank@chinaglassteapot.com
PAYMENT : AVERAGE
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 Administrative
Bureau of Industry & Commerce under registration No.: 370100200077479 on
March 6, 2006.
SC’s Organization Code Certificate
No.: 78063726-3
SC’s registered capital: cny 510,000
SC’s paid-in capital: cny 510,000
Registration Change Record:-
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 |
|
Yuan Hongxin |
78 |
|
Chai Na |
22 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Yuan
Hongxin |
|
Supervisor |
Chai Na |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Yuan Hongxin 78
Chai Na 22
MANAGEMENT
Yuan
Hongxin, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
From 2006 to present, working in SC as legal representative,
chairman and general manager
Chai
Na, Supervisor
------------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
Note: According to internet sources, SC also uses “Shandong Honhai Industrial Co., Ltd.” as its trade name, and its other website is www.boroglasstube.com
SC’s registered business scope includes selling glasses
products; importing and exporting commodities and technology.
SC is
mainly engaged in selling various glasses products.
SC’s
products mainly include:
Glass Tea Pot
Glass Tea Cup and Saucer
Glass Tea and Coffee Maker
Others
SC sources its materials 100%
from domestic market, mainly Shandong. SC sells 70% of its products in domestic
market, and 30% to overseas market, mainly Europe, Pakistan, etc.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 10
staff at present.
SC rents an area
as its operating office of approx. 120 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
Basic Bank
Bank
of China Jinan Branch
AC#: N/a
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
1,440 |
2,548 |
|
|
Accounts receivable |
0 |
0 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
20 |
89 |
|
Inventory |
340 |
781 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
900 |
1,165 |
|
|
------------------ |
------------------ |
|
Current assets |
2,700 |
4,583 |
|
Fixed assets |
10 |
9 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,710 |
4,592 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
190 |
490 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-130 |
-236 |
|
Advances from
clients |
2,280 |
3,930 |
|
Other payable |
0 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
2,340 |
4,184 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
2,340 |
4,184 |
|
Equities |
370 |
408 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,710 |
4,592 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
18,540 |
15,574 |
|
Cost of sales |
15,730 |
13,549 |
|
Sales expense |
1,750 |
1,321 |
|
Management expense |
950 |
632 |
|
Finance expense |
40 |
38 |
|
Profit before
tax |
55 |
53 |
|
Less: profit tax |
7 |
20 |
|
48 |
33 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.15 |
1.10 |
|
*Quick ratio |
1.01 |
0.91 |
|
*Liabilities
to assets |
0.86 |
0.91 |
|
*Net profit margin
(%) |
0.26 |
0.21 |
|
*Return on
total assets (%) |
1.77 |
0.72 |
|
*Inventory /
Revenue ×365 |
7 days |
19 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
6.84 |
3.39 |
|
* Cost of
sales / Revenue |
0.85 |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line, and it decreased in 2011.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is average, 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 normal level in
both years.
l
The inventory of SC appears average.
l
SC has no accounts receivable.
l
SC has no short-term loans.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.08 |
|
UK Pound |
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.