MIRA
INFORM REPORT
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Report Date : |
07.01.2012 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO DUOHAI FOOD CO., LTD. |
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Registered Office : |
Yinghai Industrial Park, Yinghai Town, Jiaozhou, Qingdao City, Shandong Province, 266318 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.04.2000 |
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Com. Reg. No.: |
370281400005246 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Processing and Selling Foods |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRAs 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 : |
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 30, 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 and address
QINGDAO DUOHAI FOOD CO., LTD.
YINGHAI INDUSTRIAL
PARK, YINGHAI TOWN, JIAOZHOU, QINGDAO CITY, SHANDONG PROVINCE, 266318 PR CHINA
TEL: 86 (0)
532-85262028/85262027 FAX: 86 (0)
532-85263256
EXECUTIVE SUMMARY
INCORPORATION DATE : APR.
12, 2000
REGISTRATION NO. : 370281400005246
REGISTERED LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
STAFF STRENGTH :
30
REGISTERED CAPITAL : usd 500,000
BUSINESS LINE : PROCESSING
TURNOVER :
CNY 99,388,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY -5,036,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.3621 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren min bi
SC was registered as a Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on Apr. 12, 2000.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SCs registered
business scope includes processing
spices; operating, sorting, and storage of fruits & vegetables (validity
period as of Jul. 1, 2011); purchase & sales of
subsidiary agricultural products (100% of products for export) (with permit if
needed).
SC is mainly
engaged in processing and selling foods.
Ms. Li Fennv has been legal representative, chairman and general
manager of SC since 2001.
SC is known
to have approx. 30 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Jiaozhou. SCs
management declined to release detailed information of the premise.
http://www.duohaifood.cn The design is professional and the content is
well organized. At present it is in Chinese, English and Korean versions.
Email: info@duohaifood.cn;
xuping@duohaifood.cn
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2001-9 |
Legal
representative |
Ding Haizhen |
Present one |
|
Registered
capital |
USD 5,000,000 |
Present amount |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Qingdao Fennv Packaging Co., Ltd. (In
Chinese Pinyin) 75
Ding Haizhen (Korean)
25
Passport No.: 0335106
Qingdao Fennv Packaging Co., Ltd. (In
Chinese Pinyin)
==========================================
Incorporation date: June 22, 2001
Registration No.: 370281228016502
Legal representative: Li Fennv
Legal form: Limited Liabilities Company
Add: Yinghai Industrial Park, Jiaozhou,
Qingdao, Shandong Province
Tel: 0532-85262027
l
Legal representative, chairman and
general manager:
Ms. Li Fennv, ID#: 230224870513222, born in
1987. She is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present
Working in SC as chairman, legal representative and general manager.
Also working in Qingdao Fennv Packaging Co., Ltd. as
legal representative.
l
Director:
Jin Dongzhu
ID#: 220502650403123
Ding Haizhen # 0335106
SC is mainly
engaged in processing and selling foods.
SCs main
products: capsicum series, flavoring series, sesame series, baking, etc.
SC sources its materials 100% from domestic
market. SC sells 100% of its products to overseas market, mainly South Korea,
Japan, US, Southeast Asia.
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.
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 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.
Agricultural
Bank of China Jiaozhou Branch
AC#:
140101040005628
Relationship:
Normal
Financial
Summary
Unit: CNY000
|
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as of Dec. 31,
2010 |
as of Dec. 31,
2009 |
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Total liabilities |
27,281 |
25,743 |
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Equities |
-5,036 |
-7,654 |
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---------- |
---------- |
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Total assets |
22,245 |
18,089 |
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========= |
========= |
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Turnover |
99,388 |
26,654 |
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Profit before tax |
-1,375 |
/ |
Note: SCs detailed financials were not
found during our checks with local AIC.
Important
Ratios
=============
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
|
*Liabilities
to assets |
1.23 |
1.42 |
|
*Turnover/Total
assets |
4.47 |
1.47 |
l
The turnover of SC appears average in its line in
both two years, and it rose in 2010.
l
SCs turnover is in an average level in 2009 and fairly
good in 2010, comparing with the size of its total assets.
l
The debt ratio of SC is too high.
Overall financial
condition of the SC: FAIR.
SC is considered small-sized in its line with fair financial conditions.
The given credit line appears to be beyond SCs capacities, while C.O.D. is
recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
|
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.46 |
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 |
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This score serves as a reference to assess SCs 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.