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Report Date : |
15.06.2012 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO GLORY UNIT TRADE CO.,LTD |
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Registered Office : |
Block B1, 6 Fl, Building 2, Qingdao Software Park, No.288, Ningxia Rd,
Shinan Dist, Qingdao City, Shandong Province 266073 |
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Country : |
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Date of Incorporation : |
25.08.2009 |
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Com. Reg. No.: |
370202230042779 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Providing Import and Export Agency Service |
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No. of Employees : |
15 |
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
QINGDAO GLORY UNIT TRADE CO.,LTD
Currency in this report is Chinese Yuan
unless otherwise stated.
Exchange Rate: 1 USD=6.31 Chinese Yuan
"--"in this report indicates
"unavailable" due to insufficient information or "no
comments"
Note:
Due
to recent government intervention in the AIC systems, credit reports of some
regions can be impacted for a certain period. For companies registered in
Shandong, financial information couldn’t be obtained
|
DATE OF establishment |
Aug 25th, 2009 |
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Aic Registration No. |
370202230042779 |
|
REGISTERED LEGAL FORM |
limited liabilities
company |
|
REGISTERED CAPITAL |
1,000,000.00 |
|
main BUSINESS |
Providing import and export agency service |
|
tax no. |
-- |
|
TURNOVER |
-- |
|
net profit |
-- |
|
total assets |
-- |
|
net worth |
-- |
|
employees |
15 |
|
import and export permits |
yes |
|
EXCHANGE RATE |
1 Usd=6.31 CNY (JUN. 8th, 2012) |
|
Registered Address |
Block B1, 6 Fl, Building 2, Qingdao Software Park, No.288, Ningxia Rd,
Shinan Dist, Qingdao City, Shandong Province. |
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Zip Code |
266073 |
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|
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Business Address |
Block B2, 6 Fl, Building 2, Qingdao Software Park, No.288, Ningxia Rd,
Shinan Dist, Qingdao City, Shandong Province. |
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Zip Code |
266073 |
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Telephone |
86 532 88728508 |
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Fax |
86 532 88728536 |
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SIC Code (China) |
6380 trade management and agent |
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Name (Chinese) |
青岛荣通信和国际贸易有限公司 |
|
Name (English) |
QINGDAO GLORY UNIT TRADE CO.,LTD |
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Date of Establishment |
Aug 25th, 2009 |
|
Registry |
Administration Bureau of Industry and Commerce – Shinan Dist (Qingdao) |
|
Legal Representative |
Gao Zhengfan |
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AIC Registration Number |
370202230042779 |
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Registered Legal Form |
LIMITED LIABILITIES COMPANY |
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Registered Capital |
1,000,000.00 CNY |
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Operating Duration |
Aug 25th, 2009 |
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Business Scope |
Import and export of goods
and technologies (with license for those needed and excluding those forbidden
by government); Wholesale, retail, purchase
and sales of daily necessities, garments, hats, mechanical products, plastic
products, hardware, chemical products, building materials, decoration
materials, etc (with license for those needed). |
Limited liabilities co.
This form of business in PR China is defined as a
legal person. Its registered capital is contributed jointly by at least two
shareholders and no more than fifty. 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 listed
as follows:
-manufacturing co. :
RMB 500,000.00
-trading &wholesaling co. :
RMB 500,000.00
-retailing co. : RMB 300,000.00
-consultancy & service co. : RMB 100,000.00
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 50% of the registered capital while contribution by intangible
assets must not exceed 20% 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.
REGISTRATION INFO: AVAILABLE
FINANCIAL REPORTS: AVAILABLE
1.
SC’s business income comes mainly from
providing import and export agency service. It provides domestic clients with export
agency service and international clients with import agency service. The
industry of trade management and agent industry is an industry with fierce
competition. There are a lot of similar enterprises in the local place as SC’s
competitors. With short history, SC has only accumulated few clients and enjoys
low popularity in both domestic and international market. Generally speaking,
SC’s competitiveness in the local industry is below average in the local
industry.
2.
Qingdao City, SC’s location is located in
south of Shandong Peninsula and is the important economy center city of
Southeast China. The economic aggregate of Shandong Peninsula Economic Zone
where Qingdao City is located is 2,600 billion CNY, ranking fourth of China. In
the aspect of traditional industry, Qingdao City has advantages in industries
of railway vehicle, shipbuilding, electronics, home appliances, petrochemicals,
automobile manufacture, machinery, rubber, steel, food, wine, light industry,
etc; In the aspect of new industry, Qingdao City has formed its scale in
industries of marine industry, bio-medicine, helicopter manufacture, new
energy, new materials, cartoon, software, etc. As a domestic owned enterprise
dealing with import and export agency service, SC shares no favorable policies
provided by the local government.
As
indicated in the following table:
|
Shareholder |
Capital
Subscribed |
Percentage |
|
Gao Zhengfan |
100,000.00 |
10% |
|
Gao Shan |
600,000.00 |
60% |
|
Sui Bo |
100,000.00 |
10% |
|
Xu Qing |
100,000.00 |
10% |
|
Yu Yi |
100,000.00 |
10% |
|
Total |
1,000,000.00 |
100% |
No affiliates of subject
company is found after checking.
|
Name |
Gao Zhengfan |
|
Gender |
Male |
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Title |
Legal Representative |
|
Education |
-- |
|
Working experience |
Over 5 years’ working experience and over 5
years’ management experience. |
Employees:
15
Management
Staff: 5
Recent
recruitment: No
|
Bank name |
Industrial and Commercial Bank of China – Ningxia
Rd (Qingdao) Sub-branch |
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Account No. (CNY) |
-- |
|
Tel. |
86 532 85809988 |
|
Comment |
The bank staff confirmed SC opened an account in
the bank, but refused to disclose its account information due to the bank
secrecy. |
|
Geographic Location |
Block B2, 6 Fl, Building 2, Qingdao Software Park, No.288, Ningxia Rd,
Shinan Dist, Qingdao City, Shandong Province. |
|
Area |
150 square meters |
|
Environment |
Business district. |
|
Traffic condition |
Convenient (surrounded by Ningxia Rd, Hong Kong East Rd, Gaoxiong Rd,
etc.) |
|
Purpose |
Office. |
|
Property Ownership |
Rented |
|
Other address |
-- |
WEBSITE
N/A
After checking with the Trademark Office
of Chinese Administration Bureau of Industry and Commerce and the State
Intellectual Office, no trademarks or patents of SC were found.
|
Main business |
Providing import and export agency service. |
|
Products and services |
SC is engaged in providing import and export
agency service. It acts as agency of domestic suppliers or purchasers to sigh
purchase or export contracts, track contract execution, do import and export
commodity inspection and custom clearance, foreign exchange, apply for export
tax rebates, etc. SC charge commissions during the procedure and doesn’t
undertake any market risks. The commodity property doesn’t belong to SC. |
|
Picture of specific products |
-- |
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Annual production capacity |
-- |
|
Plants and equipments |
-- |
|
Awards & Honors |
-- |
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Certificates / licenses |
-- |
|
Domestic sales |
30% |
|
Regions |
All
over China |
|
Major domestic clients |
Domestic
manufacture factories, etc. |
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Competitors |
NINGBO HAITIAN
INTERNATIONAL CO. LTD; CHANNEL ARK ENTERPRISES; SHENZHEN WANLIYUAN IMPORT AND
EXPORT CO. LTD, etc. |
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Payment terms |
Prompt payment; on credit |
|
Export |
70% |
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Regions |
USA,
Europe, America, etc. |
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Major overseas clients |
Gardman Usa Inc.; Costech, Inc, etc. |
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Payment terms |
L/C, T/T |
|
According to SC’s staff,
it mainly provides import agency service to overseas clients and export service
to domestic clients. Its products include household textiles, ceramin war,
artware, etc. |
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|
The above information was
confirmed by SC’s employee. |
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Main Commodities Purchased |
Office supplies, software, etc. |
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Number of Major Suppliers |
About 3 |
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Region |
Domestic: 100% Import: 0% |
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Major suppliers |
-- |
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Main Terms of Payment |
Local: Prompt payment; on
credit |
|
SC is a business service company. It has no operation-related
purchase activity and only purchases office supplies. Its suppliers are
mainly local traders. |
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|
The above information was confirmed by SC’s
employee. |
|
SC has no operation-related purchase activities and it
only purchases office supplies. Its suppliers are mostly local supermarkets and
shops. Hence no comment from the suppliers can be provided in the report.
After checking with China Court
organization, the local court website and other major searching websites, no
litigation record related to SC in the latest three years is found.
N/A
According
to SC’s staff, its business scale is small.
Important Ratios:
|
|
2010 Industry Financial
Indices（882*） |
|
Return on net
assets (%) |
17.44 |
|
Return on total
assets (%) |
4.51 |
|
Net profit
margin (%) |
2.38 |
|
Turnover of total
assets |
1.94 |
|
Turnover of
current assets |
2.46 |
|
Turnover days of
account receivable |
17.80 |
|
Inventory
turnover days |
63.24 |
|
Asset liability
ratio (%) |
73.80 |
|
Current ratio |
1.27 |
|
Quick ratio |
0.76 |
Analysis of financial
indicator
SC
mainly deals with import and export agency service and belongs to trade
management and agent industry. With the development of China’s economy and
foreign trade, the trade management and agent industry is also development
stably. Established in 2009, SC hasn’t accumulated certain industry experience
and client. It’s competitiveness in the local industry is still weak. SC’s
location Qingdao is a emerging city with well-developed foreign trade which is
favorable to the expanding of clients.
Industry
SIC Code (China): 6380 trade management and agent
Description: activities by
the agents and auctioneers; sales agent activities for a certain manufacturing
company; activities that provide chances for buyers and sellers or transactions
on behalf of the client.
Status Quo & Trend
The industry of trade
management and agent was emerged and developed in 1990s. Suiting for the
convenience and safety of trading activity, the industry is helpful to reduce cost
and improve competitiveness for enterprises. Since 2011, ordinary trading has
been increasing stably (with an annual growth of about 25%) in China. Moreover,
the trading business between China and emerging countries is expanding rapidly.
Fast Growth would be maintained in the future.
Industry Associations
|
Name of association |
Membership of subject (Yes/No) |
|
CHINA INTERNATIONAL FREIGHT FORWARDERS ASSOCIATION |
No |
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SHANGHAI IMPORT AND EXPORT DECLARATION ASSOCIATION |
No |
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South Korea Trade Agent Association |
No |
Established in August, 2009,
SC mainly provides its clients with import and export agent service. With short
history, its industry experience is limited and its sales network need to be
further developed. With small business scale and individual shareholders, SC’s
financing capacity and risk resisting capacity are relatively weak. SC’s
prospect needs to be further observed.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.79 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
-- |
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.