MIRA INFORM REPORT
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Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
QINGDAO RONMER INTERNATIONAL CO., LTD. |
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Registered Office : |
Room 1002 Building 9, Shuangxing Jinse Haian, No. 5 Guizhou Road,
Qingdao, Shandong Province, 266071 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.02.2006 |
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Com. Reg. No.: |
370202228180490 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International Trade |
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No. of Employees : |
7 |
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 3,000 |
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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 – September 30th, 2011
|
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 RONMER INTERNATIONAL CO., LTD.
ROOM 1002 BUILDING 9, SHUANGXING JINSE HAIAN, NO.
5 9 1002
TEL: 86 (0) 532-82684440 FAX: 86 (0) 532-82684440
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB.
17, 2006
REGISTRATION NO. : 370202228180490
REGISTERED
LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF
STRENGTH : 7
REGISTERED
CAPITAL :
CNY 500,000
BUSINESS
LINE : international trade
TURNOVER : cny 1,650,000 (unaudited, AS
OF Dec. 31, 2010)
EQUITIES : cny 470,000
(unaudited, AS OF Dec. 31, 2010)
PAYMENT
: AVERAGE
RECOMM.
MARKET
CONDITION : average
FINANCIAL
CONDITION : FAIRly stable
OPERATIONAL
TREND :
FAIRLY STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.59= USd1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: instead of the given name Qingdao Ronmer Trade Co., Ltd., SC’s English name should be the above stated one.
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 Feb. 17, 2006.
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 importing and exporting various goods and technology;
wholesaling and retailing chemical products electromechanical equipment and its
parts, fodders, garments, shoes and hats, textiles, cottons and crafts.
SC is mainly engaged in international trade.
Ms. Gu Yumei has been chairman of SC since
2006.
SC is known to have approx. 7
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 100 square meters.
SC is not known to
host website of its own at present.
Changes of SC’s registered information:
|
Date |
Item |
Before changed |
After changed |
|
Unknown |
Registered no. |
3702022818049 |
Present one |
MAIN SHAREHOLDERS:
Name % of Shareholding
Gu Yumei 60
Rong Baogang 40
l
Chairman:
Ms. Gu Yumei, in her
Working Experience(s):
From 2006 to present Working
in SC as chairman.
l
General
Manager:
Mr. Rong Baogang, in
his
Working Experience(s):
From 2006 to present
Working in SC as general
manager.
SC is mainly engaged in international trade.
SC’s products mainly include: chemical
materials and subsidiary agricultural products.
SC sources its materials 100% from the
overseas markets mainly from
The buying terms of
SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T and Credit of 15-30 days.
*Major Client:
============
Dongying Jinming Industry and Trade Co., Ltd.
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 refused to release any
information of its suppliers and the trade reference was not available.
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 Construction
Bank
AC# 37101986710051002945
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 (Unaudited) |
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Cash & bank |
220 |
140 |
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Inventory |
440 |
510 |
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Accounts receivable |
400 |
430 |
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Other receivables |
90 |
640 |
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Other current assets |
110 |
0 |
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------------------ |
------------------ |
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Current assets |
1,260 |
1,720 |
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Fixed assets net value |
150 |
140 |
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Projects under construction |
0 |
0 |
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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 |
1,410 |
1,860 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
650 |
480 |
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Advances from clients |
60 |
110 |
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Taxes payable |
0 |
10 |
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Salaries payable |
0 |
0 |
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Other payable |
60 |
790 |
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Other current liabilities |
230 |
0 |
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------------------ |
------------------ |
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Current liabilities |
1,000 |
1,390 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
1,000 |
1,390 |
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Equities |
410 |
470 |
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------------------ |
------------------ |
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Total liabilities & equities |
1,410 |
1,860 |
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============= |
============= |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2010 (Unaudited) |
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Turnover |
1,650 |
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Cost of goods sold |
1,240 |
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Sales expense |
140 |
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Management expense |
210 |
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Finance expense |
0 |
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Profit before tax |
60 |
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Less: profit tax |
0 |
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Profits |
60 |
Important Ratios
=============
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2009 |
2010 |
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*Current ratio |
1.26 |
1.24 |
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*Quick ratio |
0.82 |
0.87 |
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*Liabilities to assets |
0.71 |
0.75 |
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*Net profit margin (%) |
/ |
3.64 |
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*Return on total assets (%) |
/ |
3.23 |
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*Inventory /Turnover ×365 |
/ |
113 days |
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*Accounts receivable/Turnover ×365 |
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95 days |
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*Turnover/Total assets |
/ |
0.89 |
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* Cost of goods sold/Turnover |
/ |
0.75 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears average in 2010.
l
SC’s net
profit margin is average in 2010.
l
SC’s
return on total assets is average in 2010.
l
SC’s
cost of goods sold is average 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 maintained in a normal level in both years.
l
The
inventory of SC is fairly large in both years.
l
The
accounts receivable of SC is average in both years.
l
SC has
no short loans in both years.
l
SC’s
turnover is in an average level in 2010, comparing with the size of its total
assets.
LEVERAGE: FAIR
l
The debt
ratio of SC is fairly high in both years.
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. The large
amount of inventory could be a threat to SC’s financial condition. A credit line
of the above stated amount appears to be beyond SC’s capacity, while a credit
line up to USD 3,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.12 |
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|
1 |
Rs.77.84 |
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Euro |
1 |
Rs.64.74 |
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 |
- |
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.