MIRA INFORM REPORT
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Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG PROVINCE BOXING COUNTY IMPORT &
EXPORT CORPORATION |
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Registered Office : |
No. 718 Shengli 2nd Road, Boxing County, Shandong Province 256500 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.03.1997 |
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Com. Reg. No.: |
371625018002933 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
International
Trade |
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No. of Employees
: |
35 |
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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Maximum Credit Limit : |
usd 80,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
shandong province boxing county import &
export corporation
no. 718 shengli 2nd
road, boxing county
shandong province
256500 PR CHINA
TEL: 86 (0)
543-2300031
FAX: 86 (0)
543-2300124
Date of Registration : march 13, 1997
REGISTRATION NO. : 371625018002933
LEGAL FORM : state-owned enterprise
REGISTERED CAPITAL :
cny 5,880,000
staff : 35
BUSINESS CATEGORY :
trading
Revenue : CNY 54,730,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 7,340,000 (AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
Recommended Credit Limit: up to usd
80,000
MARKET CONDITION : average
FINANCIAL CONDITION :
stable
OPERATIONAL TREND :
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30 = USD 1
(As Follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
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
SC was
established as a state-owned enterprise of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 371625018002933 on March 13, 1997.
SC’s registered capital: cny 5,880,000
SC’s paid-in capital: cny 5,880,000
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 |
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Boxing County Foreign Economy and Trade
Committee |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yang Xiaofeng |
No recent development was found during our checks at present.
Name %
of Shareholding
Boxing County Foreign Economy
and Trade Committee 100
Yang Xiaofeng, 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
SC’s registered business scope
includes importing and exporting commodities and technology;
processing with imported materials, processing with imported samples,
assemblying with imported parts, and compensation trade in agreement; counter trade & transit trade.
SC is
mainly engaged in international trade.
SC’s products mainly include:
hardware, machinery, textiles, etc.
SC sources its materials 40% from domestic market,
and 60% from overseas market. SC sells 70% of its products in domestic market,
and 30% to overseas market, mainly Southeast Asia.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 35
staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
SC is not
known to have any subsidiary at present.
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 records 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.
The bank
information of SC is not filed in local SAIC.
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
4,710 |
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Accounts
receivable |
1,360 |
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Advances to
suppliers |
0 |
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Other receivable |
70 |
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Inventory |
10 |
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Non-current
assets within one year |
0 |
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Other current
assets |
1,250 |
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------------------ |
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Current assets |
7,400 |
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Fixed assets |
180 |
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Construction in
progress |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other non-current
assets |
5,170 |
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------------------ |
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Total assets |
12,750 |
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============= |
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Short-term loans |
60 |
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Notes payable |
0 |
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Accounts payable |
4,530 |
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Wages payable |
0 |
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Taxes payable |
0 |
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Advances from
clients |
0 |
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Other payable |
130 |
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Other current
liabilities |
690 |
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------------------ |
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Current
liabilities |
5,410 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
5,410 |
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Equities |
7,340 |
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------------------ |
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Total liabilities
& equities |
12,750 |
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============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
54,730 |
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Cost of sales |
51,700 |
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Sales expense |
3,070 |
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Management expense |
160 |
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Finance expense |
0 |
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Profit before
tax |
230 |
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Less: profit tax |
60 |
|
170 |
Important Ratios
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|
As of Dec. 31, 2011 |
|
*Current ratio |
1.37 |
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*Quick ratio |
1.37 |
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*Liabilities
to assets |
0.74 |
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*Net profit
margin (%) |
0.31 |
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*Return on
total assets (%) |
1.33 |
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*Inventory /
Revenue ×365 |
1 day |
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*Accounts
receivable/ Revenue ×365 |
10 days |
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*
Revenue/Total assets |
4.29 |
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* Cost of
sales / Revenue |
0.94 |
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 high, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear average.
l
SC’s revenue is in an average
level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with
stable financial conditions. A credit line up to USD 80,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.35 |
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UK Pound |
1 |
Rs.78.68 |
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Euro |
1 |
Rs.65.63 |
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.