MIRA INFORM REPORT
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Report Date : |
04.02.2012 |
IDENTIFICATION DETAILS
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Name : |
SOLAR BRIGHT IMPORT & EXPORT CO., LTD. |
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Registered Office : |
Rm 609, Bldg. 2, Tianbao International
Business Center, No. 61, Haier Road, Laoshan District, Qingdao, Shandong
Province 266051 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.09.2006 |
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Com. Reg. No.: |
370202228201592 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling
Mechanical Equipment |
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No. of Employees
: |
05 |
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 10,000 |
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Status : |
Small Company |
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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) |
|
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
SOLAR BRIGHT IMPORT & EXPORT CO., LTD.
RM 609, BLDG. 2,
TIANBAO INTERNATIONAL BUSINESS CENTER
NO. 61, HAIER ROAD,
LAOSHAN DISTRICT
QINGDAO, SHANDONG
PROVINCE 266051 PR CHINA
TEL: 86 (0)
532-55576515
FAX: 86 (0)
532-55578661
EXECUTIVE SUMMARY
Date of Registration : SEPTEMBER 15, 2006
REGISTRATION NO. : 370202228201592
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 10,000,000
staff : 5
BUSINESS CATEGORY :
TRADING
Revenue :
CNY 1,903,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 9,575,000 (AS OF DEC. 31, 2010)
WEBSITE : www.solarbright.com.cn
E-MAIL :
trading1@solarbright.cn
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 10,000 (PERIODICAL REVIEW)
MARKET CONDITION : fair
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = 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 Administration
of Industry & Commerce (SAIC) under registration No.: 370202228201592 on September 15, 2006.
SC’s Organization Code Certificate
No.: 79084881-4
SC’s Tax No.: 370212790848814
SC’s registered capital: CNY 10,000,000
SC’s paid-in capital: CNY 10,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2010-7 |
Registered capital |
CNY 3,000,000 |
USD 10,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Cui Bing |
20 |
|
Lv Cuifeng |
25 |
|
Wen Chongqian |
25 |
|
Yue Tinglin |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
General Manager |
Wen Chongqian |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Cui Bing 20
Lv Cuifeng 25
Wen Chongqian 25
Yue Tinglin 30
MANAGEMENT
Wen Chongqian, Legal Representative and General Manager
-------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and general manager
BUSINESS OPERATION
SC’s registered
business scope includes wholesaling (prohibit storage): intermediate flammable
liquid: methyl alcohol; inflammable solid: sulphur; acid corrosive substances: acetic
acid; alkaline corrosive substance: sodium hydrate; import and export goods and
technology (items which are prohibited by law and restricted under government
regulation are exceptional. Special permit is required prior to execution for
restricted item); wholesaling mechanical equipment, glassware, general
merchandise, textiles, chemicals (excluding the hazard products), hardware,
electronics and arts & crafts.
SC is mainly
engaged in selling mechanical equipment.
SC’s
products mainly include:
Project Equipment
Chemical Products
Furnace Monitor TV
System of High Temperature Air
Iron Tower
Corrugation
machine
Equipment of steel
plant
SC sources its materials 100%
from domestic market. SC sells 30% of its products in domestic market, and 70%
to overseas 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.
*Major Supplier:
==============
Weifang Century
Solarbright Industry Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 5
staff at present.
SC rents an area
as its operating office of approx. 130 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:
China
CITIC Bank Qingdao Branch
AC#: 7371060182800170966
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
900 |
232 |
|
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Accounts
receivable |
1,320 |
491 |
|
Advances to
suppliers |
0 |
417 |
|
Other receivable |
1,538 |
6,954 |
|
Subsidies receivable |
461 |
113 |
|
Inventory |
0 |
1,042 |
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Deferred
expenses |
9 |
8 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
4,228 |
9,257 |
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Fixed assets |
304 |
233 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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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 |
4,532 |
9,490 |
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|
============= |
============= |
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Short-term loans |
0 |
4,000 |
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Notes payable |
1,583 |
0 |
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Accounts payable |
342 |
336 |
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Wages payable |
0 |
17 |
|
Taxes payable |
87 |
-179 |
|
Advances from
clients |
30 |
380 |
|
Other payable |
-643 |
-4,641 |
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Other current
liabilities |
7 |
2 |
|
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------------------ |
------------------ |
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Current
liabilities |
1,406 |
-85 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
1,406 |
-85 |
|
Equities |
3,126 |
9,575 |
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------------------ |
------------------ |
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Total
liabilities & equities |
4,532 |
9,490 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
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Revenue |
10,650 |
1,903 |
|
Cost of sales |
8,220 |
1,485 |
|
Sales expense |
1,090 |
158 |
|
Management expense |
900 |
694 |
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Finance expense |
60 |
90 |
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Non-business
income |
0 |
0 |
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Non-business expense |
0 |
15 |
|
Profit before
tax |
370 |
-538 |
|
Less: profit tax |
90 |
0 |
|
280 |
-538 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
3.01 |
-108.91 |
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*Quick ratio |
3.01 |
-96.65 |
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*Liabilities
to assets |
0.31 |
-0.01 |
|
*Net profit
margin (%) |
2.63 |
-28.27 |
|
*Return on
total assets (%) |
6.18 |
-5.67 |
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*Inventory /
Revenue ×365 |
-- |
200 days |
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*Accounts
receivable/ Revenue ×365 |
46 days |
95 days |
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*
Revenue/Total assets |
2.35 |
0.20 |
|
* Cost of
sales / Revenue |
0.77 |
0.78 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears average, but it was
decreasing in 2010.
l
SC’s net profit margin is average in 2009 and poor
in 2010.
l
SC’s return on total assets is fairly good in 2009 and
fair in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fairly
good level in 2009.
l
SC’s quick ratio is maintained in a fairly good
level in 2009.
l
The inventory of SC appears fairly large in 2010.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear large in 2010.
l
SC’s revenue is in a
fair 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 average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with
fair financial conditions. The large amount of short-term loans may be a
threat to SC’s financial condition. A credit line up to USD 10,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.96 |
|
UK Pound |
1 |
Rs.77.47 |
|
Euro |
1 |
Rs.64.39 |
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 |
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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 |
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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.