MIRA
INFORM REPORT
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Report Date : |
28.06.2012 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO YTE SPECIAL PRODUCTS CO., LTD. |
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Registered Office : |
No. 18, Huishui Road, Licang District, Qingdao, Shandong Province, 266101 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.09.1994 |
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Com. Reg. No.: |
370200400032229 |
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Legal Form : |
Wholly
Foreign-Owned |
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Line of Business : |
manufacturing and selling
special equipment accessories |
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No. of Employees : |
30 |
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 : |
Slow |
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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) |
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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 & address
QINGDAO YTE
SPECIAL PRODUCTS CO., LTD.
NO. 18, HUISHUI ROAD, LICANG DISTRICT,
QINGDAO, SHANDONG PROVINCE, 266101 PR CHINA
TEL: 86 (0) 532-80923091 FAX: 86 (0) 532-80923080
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 27, 1994
REGISTRATION NO. : 370200400032229
REGISTERED LEGAL FORM :
WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH :
30
REGISTERED CAPITAL : USD 200,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 118,120,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY -2,240,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.3645 = 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
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC was registered as a wholly
foreign-owned enterprise at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Sep. 27,
1994.
SC’s registered
business scope includes manufacturing and assembling special trailer tow seat,
semi-trailers, equipment and other parts; importing and exporting business
(excluding distribution business). (with permit if needed).
SC is mainly
engaged in manufacturing and selling special equipment accessories.
Mr. Peruvemba
Vaidyanath Balasubramaniam is legal representative and chairman of SC at
present.
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 Qingdao. Our checks reveal that SC rents the
total premise, but the gross area of the premise is unspecific.
SC is not known to host website of its own at present.
E-mail: leo.miao@yorktpt.com.cn
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Singapore Yte Special Products Pte Ltd. 100
Legal
representative and chairman:
Mr. Peruvemba Vaidyanath Balasubramaniam, Indian. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
Also working in York Transport Equipment (Shanghai) Co., Ltd. as legal representative.
General Manager:
Mr. Baudev Chatter Jee, Indian. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
Note: According to SC’s accountant, the given contact person “Jason Lu” is a new staff of SC.
SC is mainly
engaged in manufacturing and selling special equipment accessories.
SC’s main products
include: special equipment accessories.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 80% of its products in domestic
market, and 20% to overseas 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, L/C and Credit of 30-60 days.
Note: SC’s management
declined to release its customer and supplier details.
According to the website http://www.yorktransport.com:
York
Transport Equipment (Shanghai) Co., Ltd.
Singapore
Head
Office
York
Transport Equipment (Asia) Pte. Ltd.
122
Pioneer Road, Singapore 639583
Tel:
(65) 6897 8525
Fax:
(65) 6897 8231
Contact:
Frederick Tay
Email:
tay.frederick@yorktpt.com.sg
Australia
York
Transport Equipment Pty Ltd.
13
Monterey Road, Dandenong, Victoria 3175 Australia
Tel
(61) 3 9790 2000
Fax:
(61) 3 9790 2020
Website:
www.yorktransport.com.au
Contact:
Mr Phillip Craker
Email:
phillip.craker@yorktpt.com.sg
Thailand
York
Sales (Thailand) Co. Ltd
Tel:
(66) 2 743 5091 2
Fax:
(66) 2 173 7300
Contact:
Ms Faifun Sodkhomkham
Email:
yorkth@ksc.th.com
United
Kingdom
Yte
Special Products
5
Scott Close, Market Harborough, Leicestershire LE16 7LN United Kingdom
Tel:
(44) 1858 434 425
Fax:
(44) 1858 465 125
Contact:
Mr Tony Partridge
Email:
tony@extraxuk.com
South
Africa
Yte
Transport Equipment (S.A.) (Pty) Ltd
115
Bellefield Ave, Mondeor115 Bellefield Ave, MondeorJohannesburg, 2091 South
Africa
Tel:
(27) 82 376 4552
Fax:
(27) 71 889 7407
Contact:
Willem Brits
Contact:
Christo Els
Email:
wbrits@yorktpt.co.za
India
York
Transport Equipment (India) Pvt. Ltd
Office
No.605, Plot No.1, Vindya Commercial Premises CHS LTD, Sector-11, CBD Belapur,
Navi Mumbai-400614, Maharashtra, India
Tel:
(91) 22 6572 1405
Email:
pankaj.shenoy@yorktpt.co.in
Indonesia
York
Sales (Thailand) Co. Ltd
Contact:
Erwin Sihaloho
Mobile:
(62) 812 825 46196
Email:
erwin.sihaloho@yorktpt.com.sg
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 Hong Kong Road Sub-branch
AC#:
206505622698
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
|
Cash & bank |
280 |
130 |
|
Inventory |
2,630 |
4,030 |
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Accounts
receivable |
19,850 |
39,670 |
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Advances to
supplies |
840 |
590 |
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Prepaid expenses |
220 |
220 |
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Other
receivables |
390 |
1,170 |
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Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
24,210 |
45,810 |
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Long-term
investments |
0 |
0 |
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Fixed assets net
value |
490 |
1,070 |
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Projects under
construction |
0 |
0 |
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Long-term
deferred expense |
30 |
0 |
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Intangible
assets |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
24,730 |
46,880 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
21,570 |
42,830 |
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Advances from
customers |
0 |
0 |
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Accrued
Payroll |
240 |
140 |
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Taxes payable |
-50 |
610 |
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Accrued
expenses |
40 |
40 |
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Other accounts
payable |
6,710 |
5,500 |
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Other
current liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
28,510 |
49,120 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
28,510 |
49,120 |
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Shareholders
equities |
-3,780 |
-2,240 |
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------------------ |
------------------ |
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Total
liabilities & equities |
24,730 |
46,880 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
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Turnover |
118,120 |
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Cost of goods
sold |
112,840 |
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Taxes
and additional of main operation |
190 |
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Sales expense |
1,160 |
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Management expense |
2,670 |
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Finance expense |
-220 |
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Non-operating
income |
60 |
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Non-operating expense |
0 |
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Profit before
tax |
1,540 |
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Less: profit tax |
0 |
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Net profit |
1,540 |
Important Ratios
=============
|
|
as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
|
*Current ratio |
0.85 |
0.93 |
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*Quick ratio |
0.76 |
0.85 |
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*Liabilities
to assets |
1.15 |
1.05 |
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*Net profit margin
(%) |
/ |
1.30 |
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*Return on
total assets (%) |
/ |
3.28 |
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*Inventory
/Turnover ×365 |
/ |
13 days |
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*Accounts
receivable/Turnover ×365 |
/ |
123 days |
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*Turnover/Total
assets |
/ |
2.52 |
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* Cost of
goods sold/Turnover |
/ |
0.96 |
PROFITABILITY: AVERAGE
l
The turnover of SC appears fairly good in its line
in 2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is average in 2011.
l
SC’s cost of goods sold is high in 2011, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s quick ratio is maintained in a fair level in
2010 and normal in 2011.
l
The inventory of SC is average in both years.
l
The accounts receivable of SC is maintained in a
large level in both years.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level in 2011,
comparing with the size of its total assets.
LEVERAGE: POOR
l
The debt ratio of SC is too high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
The large amount of accounts receivable could be a threat to SC’s financial
conditions.
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 |
|
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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 |
|
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 |
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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.