MIRA INFORM REPORT
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Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
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Name : |
JUNAN BAOLI CEREALS & OILS FOODSTUFFS
CO., LTD. |
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Registered Office : |
North Section Of Wai Xi Huan Road, Junan County, Shandong
Province 276600 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011
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Date of Incorporation : |
19.05.2004 |
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Com. Reg. No.: |
371327228006905 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Selling cereals
& oil products |
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No. of Employees
: |
12 |
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 20,000 |
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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) |
|
China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
|
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
junan baoli cereals & oils foodstuffs co.,
ltd.
north section of wai
xi huan road
junan county,
SHANDONG PROVINCE 276600 PR CHINA
TEL: 86 (0) 539-7278666/7278678
FAX: 86 (0)
539-7278777
EXECUTIVE SUMMARY
Date of Registration : may 19, 2004
REGISTRATION NO. : 371327228006905
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL :
cny 2,600,000
staff : 12
BUSINESS CATEGORY :
trading
Revenue : CNY 50,220,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 3,060,000 (AS OF DEC. 31, 2011)
WEBSITE : www.baolifood.cn
PAYMENT : AVERAGE
Recommended Credit Limit : UP TO USD 20,000
MARKET CONDITION : average
FINANCIAL CONDITION :
FAIRly stable
OPERATIONAL TREND :
ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30 = 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 liability company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 371327228006905
on May 19, 2004.
SC’s Organization Code Certificate
No.: 76286173-9
SC’s registered capital: cny 2,600,000
SC’s paid-in capital: cny 2,600,000
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 |
|
Cui Huantian |
80 |
|
Other 2 individuals |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Cui Huantian |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Cui Huantian 80
Other 2 individuals 20
MANAGEMENT
Cui
Huantian, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting
commodities and technology; processing with imported materials, processing with
imported samples, assemblying with imported parts, and compensation trade in
agreement; counter trade & transit trade.
SC is mainly
engaged in selling cereals & oil products.
SC’s
products mainly include: peanuts, peanut fruit, peanut peeling, chestnut,
garlic, etc.
SC sources its materials 100%
from domestic market, mainly Shandong. SC sells 60% in domestic market, and 40%
to overseas market, mainly India, 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. 12 staff
at present.
SC
rents an area as its operating office, but the detailed information is unknown.
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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
2,780 |
1,990 |
|
|
Notes receivable |
0 |
0 |
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Accounts
receivable |
992 |
11,540 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
0 |
0 |
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Inventory |
-40 |
-440 |
|
Non-current
assets within one year |
0 |
0 |
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Other current
assets |
358 |
0 |
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|
------------------ |
------------------ |
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Current assets |
4,090 |
13,090 |
|
Fixed assets |
70 |
280 |
|
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 |
10 |
0 |
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------------------ |
------------------ |
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Total assets |
4,170 |
13,370 |
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============= |
============= |
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Short-term loans |
870 |
870 |
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Notes payable |
0 |
0 |
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Accounts payable |
-3 |
3,990 |
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Wages payable |
0 |
0 |
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Taxes payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Other payable |
0 |
5,130 |
|
Other current
liabilities |
443 |
320 |
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------------------ |
------------------ |
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Current
liabilities |
1,310 |
10,310 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
1,310 |
10,310 |
|
Equities |
2,860 |
3,060 |
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------------------ |
------------------ |
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Total
liabilities & equities |
4,170 |
13,370 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
50,220 |
|
Cost of sales |
48,870 |
|
Sales expense |
360 |
|
Management expense |
190 |
|
Finance expense |
360 |
|
Profit before
tax |
370 |
|
Less: profit tax |
0 |
|
370 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
3.12 |
1.27 |
|
*Quick ratio |
-- |
-- |
|
*Liabilities
to assets |
0.31 |
0.77 |
|
*Net profit
margin (%) |
-- |
0.74 |
|
*Return on
total assets (%) |
-- |
2.77 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
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*Accounts
receivable/ Revenue ×365 |
-- |
84 days |
|
* Revenue/Total
assets |
-- |
3.76 |
|
* Cost of
sales / Revenue |
-- |
0.97 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line in 2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is average in 2011.
l
SC’s cost of sales is fairly high, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
The accounts receivable of SC appears fairly large in
2011.
l
The short-term loans of SC appear average.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average in both years.
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 fairly large amount of accounts
receivable may be a threat to SC’s financial condition. A credit line at the above amount appears beyond SC’s capacities, while
a credit line up to USD 20,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
|
UK Pound |
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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 |
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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.