MIRA
INFORM REPORT
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Report Date : |
26.06.2012 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO FRIEND PLASTIC EXTRUSION TECHNOLOGY CO., LTD. |
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Registered Office : |
West Pingcheng Zhong Lu, Jiaoxi Industry Zone, Jiaoxi Town
Jiaozhou, Qingdao City, Shandong Province 266300 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
17.08. 2006 |
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Com. Reg. No.: |
370281228047871 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling plastic extrusion machines. |
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No. of Employees : |
72 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 and address
QINGDAO FRIEND PLASTIC EXTRUSION TECHNOLOGY CO., LTD.
WEST PINGCHENG ZHONG LU, JIAOXI INDUSTRY ZONE,
JIAOZHOU,
TEL: 86 (0) 532-82206712/86622396
FAX: 86 (0) 532-82206713
EXECUTIVE SUMMARY
Date of Registration : august 17, 2006
REGISTRATION NO. : 370281228047871
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 5,000,000
staff :
72
BUSINESS CATEGORY : manufacturing
& trading
Revenue :
CNY 9,420,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY -899,000 (AS OF DEC. 31, 2011)
WEBSITE : www.plasticextruders.net
E-MAIL : info@fet66.com
PAYMENT :
AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION : poor
OPERATIONAL TREND : downward
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.37 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY –
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.: 370281228047871 on August 17,
2006.
SC’s Organization Code Certificate No.:
79083074-5
SC’s Tax No.: 370281790830745
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
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 |
|
Zhao Bingren |
90 |
|
Wang Zhimei |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Zhao Bingren |
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Supervisor |
Wang Zhimei |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zhao Bingren 90
Wang Zhimei 10
MANAGEMENT
Zhao Bingren ,
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
Wang Zhimei ,
Supervisor
---------------------------------
Ø
Gender: F
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered
business scope includes plastic extrusion technology research & development
and transfer; manufacturing and selling plastic processing equipment; exporting
its products and technology; and importing machinery, components, raw materials
& accessroeis, and technology.
SC is mainly
engaged in manufacturing and selling plastic extrusion machines.
SC’s products mainly include:
Extruder
Pipe Extrusion
Sheet Extrusion
Shredder
SC sources its materials 100% from domestic
market. SC sells 100% of its products to overseas market, mainly Southeast
Asia,
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 72 staff at
present.
SC rents an area
as its operating office and factory, 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
Basic Bank
Bank of
AC#:
409801892078091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
18,083 |
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Notes receivable |
1,050 |
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Accounts
receivable |
-11,037 |
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Advances to
suppliers |
0 |
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Other receivable |
2,452 |
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Inventory |
10,440 |
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Non-current
assets within one year |
0 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
20,988 |
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Fixed assets |
2,176 |
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Construction in
progress |
1,825 |
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Intangible
assets |
3,839 |
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Long-term
investment |
0 |
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Deferred income
tax assets |
0 |
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Long-term
deferred expenses |
48 |
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Other non-current
assets |
0 |
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------------------ |
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Total assets |
28,876 |
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============= |
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Short-term loans |
13,000 |
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Notes payable |
3,206 |
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Accounts payable |
-1,493 |
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Welfares payable |
839 |
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Taxes payable |
-500 |
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Advances from
clients |
0 |
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Other payable |
14,658 |
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Other current
liabilities |
-2 |
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------------------ |
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Current
liabilities |
29,708 |
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Non-current
liabilities |
67 |
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------------------ |
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Total
liabilities |
29,775 |
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Equities |
-899 |
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------------------ |
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Total liabilities
& equities |
28,876 |
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============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2011 |
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Revenue |
9,420 |
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Cost of sales |
7,700 |
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Sales expense |
1,470 |
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Management expense |
2,730 |
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Finance expense |
920 |
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Profit before
tax |
-3,260 |
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Less: profit tax |
60 |
|
-3,320 |
Important Ratios
=============
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As of Dec. 31, 2011 |
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*Current ratio |
0.71 |
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*Quick ratio |
0.36 |
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*Liabilities
to assets |
1.03 |
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*Net profit
margin (%) |
-35.24 |
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*Return on
total assets (%) |
-11.50 |
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*Inventory /
Revenue ×365 |
405 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
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*
Revenue/Total assets |
0.33 |
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* Cost of
sales / Revenue |
0.82 |
FINANCIAL COMMENTS
PROFITABILITY:
POOR
l
The revenue of SC appears fair in its line.
l
SC’s net profit margin is poor.
l
SC’s return on total assets is poor.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears large.
l
The short-term loans of SC appear large.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: POOR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is fairly high.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its line with poor financial conditions.
The large amount of inventory and short-term loans may be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.56.53 |
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|
1 |
Rs.88.09 |
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Euro |
1 |
Rs.70.83 |
INFORMATION DETAILS
|
Report Prepared by
: |
PRL |
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 |
-- |
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.