MIRA
INFORM REPORT
|
Report Date : |
28.06.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
QINGDAO EVER-LASTING IMPORT & EXPORT CO.,
LTD. |
|
|
|
|
Registered Office : |
Room 1101-1102, Block B,
Business Building, Wanda Plaza No. 33, Lianyungang Road, Shibei District,
Qingdao, Shandong Province 266034 Pr |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
04.01.2005 |
|
|
|
|
Com. Reg. No.: |
370202228140503 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
importing & exporting
mechanical accessories, agricultural vehicles, agricultural food, etc |
|
|
|
|
No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
QINGDAO EVER-LASTING IMPORT & EXPORT CO., LTD.
(TRADE nAME: Global International
Development Ltd.)
ROOM 1101-1102, BLOCK B, BUSINESS
BUILDING, WANDA PLAZA
NO. 33, LIANYUNGANG ROAD, SHIBEI
DISTRICT, QINGDAO
SHANDONG PROVINCE 266034 PR CHINA
TEL: 86 (0)
532-55665280/55665281/55665282/55665283
FAX: 86 (0) 532-55665284
EXECUTIVE SUMMARY
Date of Registration : JANUARY 4, 2005
REGISTRATION NO. : 370202228140503
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 4,000,000
staff : 10
BUSINESS CATEGORY :
TRADING
Revenue :
CNY 20,550,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 4,246,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
ordinary
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 – 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
***Note: SC’s name should be the above stated one,
Global International Development Ltd. (the given name) is SC’s related company
registered in Hong Kong, and however, SC always uses this name as its trade
name.
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 370202228140503 on January 4, 2005.
SC’s Organization Code Certificate
No.: 77025963-3
SC’s Tax No.: 370203770259633
SC’s registered capital: CNY 4,000,000
SC’s paid-in capital: CNY 4,000,000
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 |
|
Jia Hongbin |
40 |
|
Zhang Wanli |
60 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Jia Hongbin |
|
Supervisor |
Zhang Wanli |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Jia Hongbin 40
Zhang Wanli 60
MANAGEMENT
Jia Hongbin, Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
From 2005 to present, working in SC as legal
representative, chairman and general manager
BUSINESS
OPERATION
SC’s registered
business scope includes importing and exporting commodities & technology; wholesaling
& retailing garments, shoes, hats, furniture, electronic products, office
supplies, arts & crafts, agricultural vehicles & accessories,
mechanical products, daily necessities, electrical & mechanical products
and chemical products.
SC is mainly
engaged in importing & exporting mechanical accessories, agricultural
vehicles, agricultural food, etc.
SC’s products mainly include: mechanical
accessories, agricultural vehicles, agricultural food, etc.
SC sources its materials 50% from domestic
market, and 50% from overseas market, mainly Ethiopia, Bengal, etc. SC sells
50% of its products in domestic market, and 50% to overseas market, mainly
America, Nigeria, etc.
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, L/C and Credit of 30-60 days.
*Major Customers:
==============
Dallas Monroc
Industrias
Feliciano Aluminum Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 10 staff
at present.
SC rents an area
as its operating office of approx. 50 sq. meters at the heading address.
RELATED
COMPANY
Global
International Development Ltd. (Hong Kong)
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 China
Qingdao Branch Shinan Sub-branch
AC#:
235101385705
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
3,192 |
1,419 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
-2,704 |
-2,997 |
|
Advances to
suppliers |
2,991 |
2,820 |
|
Other receivable |
-235 |
1 |
|
Inventory |
299 |
2,772 |
|
Prepaid
expenses |
13 |
34 |
|
Other current
assets |
185 |
229 |
|
|
------------------ |
------------------ |
|
Current assets |
3,741 |
4,278 |
|
Fixed assets |
225 |
98 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
26 |
23 |
|
Long-term
prepaid expenses |
14 |
6 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
4,006 |
4,405 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
-431 |
-360 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-179 |
-245 |
|
Advances from
clients |
417 |
-306 |
|
Other payable |
0 |
1,068 |
|
Other current
liabilities |
0 |
2 |
|
|
------------------ |
------------------ |
|
Current liabilities |
-193 |
159 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
-193 |
159 |
|
Equities |
4,199 |
4,246 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
4,006 |
4,405 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
20,550 |
|
Cost of sales |
18,708 |
|
Sales expense |
1,010 |
|
Management expense |
1,119 |
|
Finance expense |
219 |
|
Profit before
tax |
62 |
|
Less: profit tax |
12 |
|
50 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
-19.38 |
26.91 |
|
*Quick ratio |
-17.83 |
9.47 |
|
*Liabilities
to assets |
-0.05 |
0.04 |
|
*Net profit
margin (%) |
-- |
0.24 |
|
*Return on
total assets (%) |
-- |
1.14 |
|
*Inventory /
Revenue ×365 |
-- |
50 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
-- |
4.67 |
|
* Cost of
sales / Revenue |
-- |
0.91 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of sales is fairy high, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in 2011.
l
SC’s quick ratio is maintained in a fairly good
level in 2011.
l
The inventory of SC appears large.
l
SC has no short-term loans in both years.
l
SC’s revenue is in a
fairly good level, 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 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 large amount of inventory may be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.22 |
|
UK Pound |
1 |
Rs.89.42 |
|
Euro |
1 |
Rs.71.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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.