MIRA INFORM REPORT
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Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
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Name : |
Global
International Development Ltd. |
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Registered Office : |
Room 1101-1102, Block B,
Business Building, Wanda Plaza, No.
33, Lianyungang Road, Shibei District, Qingdao, Shandong Province 266034
PR |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.01.2005 |
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Com. Reg. No.: |
370202228140503 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in importing & exporting mechanical accessories, agricultural vehicles,
agricultural food, etc. |
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No. of Employees : |
11 |
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 : |
Slow but 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Since the late 1970s
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Source : CIA |
Company
name and address
Global International Development Ltd.
ROOM 1101-1102,
BLOCK B, BUSINESS BUILDING, WANDA PLAZA
NO. 33,
LIANYUNGANG ROAD, SHIBEI DISTRICT, QINGDAO
SHANDONG
PROVINCE 266034 PR CHINA
TEL: 86
(0) 532-55665280/55665281/55665282/55665283
FAX: 86
(0) 532-55665284
EXECUTIVE SUMMARY
Date of Registration : JANUARY 4, 2005
REGISTRATION NO. : 370202228140503
LEGAL FORM :
Limited liabilities company
REGISTERED CAPITAL : CNY 4,000,000
staff : 11
BUSINESS CATEGORY : TRADING
Revenue : CNY 20,550,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 4,246,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.23 = USD
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.: 370202228140503 on January 4, 2005.
SC’s Organization Code Certificate
No.: 77025963-3
SC’s Tax No.: 370203770259633
SC’s registered capital: CNY 4,000,000
SC’s paid-in capital: CNY 4,000,000
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 |
|
Jia Hongbin |
40 |
|
Zhang Wanli |
60 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Jia
Hongbin |
|
Supervisor |
Zhang Wanli |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Jia Hongbin
40
Zhang Wanli
60
MANAGEMENT
Jia
Hongbin, Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø Qualification:
University
Ø Working
experience (s):
From 2005 to present,
working in SC as legal representative, chairman and general manager
BUSINESS OPERATION
SC’s
registered business scope includes importing and exporting commodities &
technology; wholesaling & retailing garments, shoes, hats, furniture,
electronic products, office supplies, arts & crafts, agricultural vehicles
& accessories, mechanical products, daily necessities, electrical &
mechanical products and chemical products.
SC is
mainly engaged in importing & exporting mechanical accessories,
agricultural vehicles, agricultural food, etc.
SC’s products mainly include:
mechanical accessories, agricultural vehicles, agricultural food, etc.
SC sources its materials 50%
from domestic market, and 50% from overseas market, mainly Ethiopia, Bengal,
etc. SC sells 50% of its products in domestic market, and 50% to overseas
market, mainly America, Nigeria, 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.
*Major Customers:
==============
Dallas
Monroc
Industrias
Feliciano Aluminum Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 11
staff at present.
SC rents
an area as its operating office of approx. 50 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 Qingdao Branch Shinan Sub-branch
AC#:
235101385705
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
3,192 |
1,419 |
|
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Notes receivable |
0 |
0 |
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Accounts
receivable |
-2,704 |
-2,997 |
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Advances
to suppliers |
2,991 |
2,820 |
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Other
receivable |
-235 |
1 |
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Inventory |
299 |
2,772 |
|
Prepaid
expenses |
13 |
34 |
|
Other
current assets |
185 |
229 |
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|
------------------ |
------------------ |
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Current
assets |
3,741 |
4,278 |
|
Fixed
assets |
225 |
98 |
|
Construction
in progress |
0 |
0 |
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Intangible
assets |
26 |
23 |
|
Long-term
prepaid expenses |
14 |
6 |
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Deferred
income tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total
assets |
4,006 |
4,405 |
|
|
============= |
============= |
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Short-term
loans |
0 |
0 |
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Notes
payable |
0 |
0 |
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Accounts
payable |
-431 |
-360 |
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Wages
payable |
0 |
0 |
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Taxes
payable |
-179 |
-245 |
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Advances
from clients |
417 |
-306 |
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Other
payable |
0 |
1,068 |
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Other
current liabilities |
0 |
2 |
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------------------ |
------------------ |
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Current
liabilities |
-193 |
159 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
-193 |
159 |
|
Equities |
4,199 |
4,246 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
4,006 |
4,405 |
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|
============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2011 |
|
Revenue |
20,550 |
|
Cost of sales |
18,708 |
|
Sales expense |
1,010 |
|
Management expense |
1,119 |
|
Finance expense |
219 |
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Profit
before tax |
62 |
|
Less:
profit tax |
12 |
|
50 |
Important
Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current
ratio |
-19.38 |
26.91 |
|
*Quick
ratio |
-17.83 |
9.47 |
|
*Liabilities
to assets |
-0.05 |
0.04 |
|
*Net
profit margin (%) |
-- |
0.24 |
|
*Return
on total assets (%) |
-- |
1.14 |
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*Inventory
/ Revenue ×365 |
-- |
50
days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
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*
Revenue/Total assets |
-- |
4.67 |
|
*
Cost of sales / Revenue |
-- |
0.91 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The
revenue 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 sales is fairy high,
comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a fairly good level in 2011.
l
SC’s quick ratio is maintained in a
fairly good level in 2011.
l
The inventory of SC appears large.
l
SC has no short-term loans in both
years.
l
SC’s revenue is in a fairly good level,
comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is low.
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. The large amount of inventory may be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
|
1 |
Rs.88.39 |
|
Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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 |
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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 |
|
-- |
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.