MIRA
INFORM REPORT
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Report Date : |
01.06.2012 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO BENTUSUN INTERNATIONAL CO., LTD. |
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Registered Office : |
7c, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.08.2006 |
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Com. Reg. No.: |
370202228198457 |
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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 : |
07 |
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 : |
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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Company name & address
QINGDAO BENTUSUN INTERNATIONAL CO., LTD.
7C, HUAREN MANSION, NO. 2, SHANDONG ROAD,
QINGDAO,
SHANDONG PROVINCE, 266000 PR CHINA
TEL: 86 (0) 532-88031677 FAX: 86 (0) 532-88031676
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 14, 2006
REGISTRATION NO. : 370202228198457
REGISTERED LEGAL FORM : Limited
liabilities co.
STAFF STRENGTH : 7
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE : TRADING
TURNOVER : CNY 16,630,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 430,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.33 = 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 Renminbi
Note: SC is also known as Qingdao Bentusun International Trade Co., Ltd.
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 Aug. 14, 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 general business scope:
importing and exporting commodities and technologies (excluding commodities and technologies prohibited by country, with
permit if needed); wholesaling: garments, shoes, hats, fitness equipment,
building decoration materials, ceramic glass products, rubber and leather
products, flowers and trees, wood, furniture, sports goods and automobile
accessories. (with permit if needed)
SC is mainly engaged in international trade.
Mr. Sun Guang is
legal representative, chairman and general manager of SC at present.
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 110 square meters.
http://www.bentusun.com/
The design is professional and the content is well organized. At present it is in
Chinese and English versions.
E-mail: qdbentusun@hotmail.com
No significant events or changes were found during our checks with the local
Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Sun Guang 60
ID# 372822197807056515
Sun Qian 20
Wang Yuyu 20
ID# 370202197902195441
Legal
Representative, Chairman and General manager:
Mr. Sun Guang, ID# 372822197807056515, born in 1978, with master’s
degree. He is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
SC is mainly engaged in international trade.
SC’s products
mainly include: flax seeds, peas, sulfur, coal, assorted security products,
etc.
SC sources its materials 40% from domestic
market, and 60% from overseas market. SC sells 100% of its products in domestic
market.
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 and Credit of 30-60 days.
Note: SC’s management declined to release its main clients and
suppliers.
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.
Bank of China Qingdao Donghai Road Sub-branch
AC# 233808294321
Relationship:
Normal.
Note: According
to SC’s accountant, SC has closed its account opened in China Construction
Bank.
Balance Sheet
Unit: CNY’000
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Restatement,
as of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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Cash & bank |
180 |
60 |
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Inventory |
360 |
440 |
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Accounts
receivable |
0 |
0 |
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Advances to
suppliers |
0 |
0 |
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Prepaid expenses |
30 |
30 |
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Other
receivables |
0 |
10 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
570 |
540 |
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Fixed assets net
value |
150 |
150 |
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Long term
investment |
0 |
0 |
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Projects under
construction |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
720 |
690 |
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=========== |
=========== |
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Short loan |
0 |
0 |
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Accounts payable |
0 |
0 |
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Advances from
clients |
200 |
270 |
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Accrued expense |
0 |
10 |
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Taxes payable |
0 |
-20 |
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Other Accounts
payable |
100 |
0 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
300 |
260 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
300 |
260 |
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Equities |
420 |
430 |
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------------------ |
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Total
liabilities & equities |
720 |
690 |
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Income Statement
Unit: CNY’000
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Restatement,
as of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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Turnover |
15,980 |
16,630 |
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Cost
of goods sold |
14,570 |
15,580 |
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Taxes
and additional of main operations |
10 |
10 |
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Sales expense |
730 |
430 |
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Management expense |
520 |
490 |
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Finance expense |
40 |
90 |
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Non-operating income |
0 |
10 |
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Non-operating
expense |
20 |
20 |
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Profit before tax |
90 |
20 |
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Less: profit tax |
20 |
0 |
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Profits |
70 |
20 |
Important
Ratios
=============
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
1.90 |
2.08 |
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*Quick ratio |
0.70 |
0.38 |
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*Liabilities
to assets |
0.42 |
0.38 |
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*Net profit
margin (%) |
0.44 |
0.12 |
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*Return on
total assets (%) |
9.72 |
2.90 |
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*Inventory
/Turnover ×365 |
9 days |
10 days |
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*Accounts
receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total
assets |
22.19 |
24.10 |
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* Cost of
goods sold/Turnover |
0.91 |
0.94 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in both years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in 2010,
but average in 2011.
l
SC’s cost of goods sold is fairly high in both
years, comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level in
2010 but in a poor level in 2011.
l
The inventory of SC appears fairly large in both
years.
l
SC has no accounts receivable in both years.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a good level in both years,
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: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.42 |
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UK Pound |
1 |
Rs.87.37 |
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Euro |
1 |
Rs.69.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 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.