MIRA
INFORM REPORT
|
Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
DANDONG GREEN STAR FOOD CO., LTD. |
|
|
|
|
Registered Office : |
No. 7 Central Street, Dahai Industrial Zone,
Donggang Economic Development Zone, Dandong, Liaoning Province, 118399 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
27.09.2006 |
|
|
|
|
Com. Reg. No.: |
210681400023164 |
|
|
|
|
Legal Form : |
Wholly Foreign Owned Enterprise |
|
|
|
|
Line of Business : |
Processing and selling vegetable oil. |
|
|
|
|
No. of Employees : |
22 |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 and address
DANDONG GREEN STAR FOOD CO., LTD.
NO. 7 CENTRAL
STREET, DAHAI INDUSTRIAL ZONE, DONGGANG ECONOMIC DEVELOPMENT ZONE, DANDONG,
LIAONING PROVINCE, 118399 PR CHINA
TEL: 86 (0)
415-7113003 FAX: 86 (0)
415-7113266
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 27, 2006
REGISTRATION NO. : 210681400023164
REGISTERED LEGAL FORM : WHOLLY FOREIGN OWNED
ENTERPRISE
STAFF STRENGTH :
22
REGISTERED CAPITAL : USD 700,000
BUSINESS LINE :
PROCESSING
TURNOVER :
CNY 5,320,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 550,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fair
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.33 = 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
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, 2006.
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’s registered
business scope includes processing (rough) and oil manufacturing of
agricultural and sideline products.
SC is mainly
engaged in processing and selling vegetable oil.
Ms. Jiang Rongmei
(in Chinese Pinyin, has been chairman of
SC since 2006.
SC is known to
have approx. 22 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Donggang. Our checks
reveal that SC owns the total premise about 5,916 square meters.
SC
is not known to host web site of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiang Rongmei (in Chinese Pinyin) (Korean) 100
l
Chairman and General Manager:
Ms. Jiang Rongmei (in Chinese Pinyin, , Korean, born in 1970, with
university education. She is currently responsible for the overall management
of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in processing and selling vegetable oil.
SC’s products
mainly include: perilla oil and sesame oil.
SC sources its materials 100% from domestic market.
SC sells 100% of its products to overseas market, mainly Korea.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its main clients and
suppliers.
SC
is not known to have any subsidiary at present.
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 Communications Donggang Sub-branch
AC#216005070018010023513
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
170 |
590 |
|
Inventory |
1,580 |
2,020 |
|
Accounts
receivable |
930 |
0 |
|
Other Accounts
receivable |
250 |
1,090 |
|
Advances to
suppliers |
850 |
0 |
|
Other current
assets |
1,120 |
20 |
|
|
------------------ |
------------------ |
|
Current assets |
4,900 |
3,720 |
|
Fixed assets net
value |
3,180 |
3,040 |
|
Projects under
construction |
550 |
3,540 |
|
Long term
investment |
0 |
0 |
|
Other assets |
2,340 |
2,290 |
|
|
------------------ |
------------------ |
|
Total assets |
10,970 |
12,590 |
|
|
============= |
============= |
|
Short loans |
3,610 |
4,530 |
|
Accounts payable |
150 |
1,910 |
|
Other Accounts
payable |
3,210 |
5,410 |
|
Advances from
clients |
200 |
570 |
|
Tax payable |
-220 |
-440 |
|
Other current
liabilities |
90 |
60 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
7,040 |
12,040 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
7,040 |
12,040 |
|
Equities |
3,930 |
550 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
10,970 |
12,590 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2010 |
|
Turnover |
5,320 |
|
Cost of goods
sold |
7,430 |
|
Sales expense |
40 |
|
Management expense |
760 |
|
Finance expense |
260 |
|
Profit before
tax |
-3,180 |
|
Less: profit tax |
0 |
|
Profits |
-3,180 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.70 |
0.31 |
|
*Quick ratio |
0.47 |
0.14 |
|
*Liabilities
to assets |
0.64 |
0.96 |
|
*Net profit
margin (%) |
/ |
-59.77 |
|
*Return on
total assets (%) |
/ |
-25.26 |
|
*Inventory
/Turnover ×365 |
/ |
139 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
0 |
|
*Turnover/Total
assets |
/ |
0.42 |
|
* Cost of
goods sold/Turnover |
/ |
1.40 |
PROFITABILITY:
POOR
l
The turnover of SC appears average in 2010.
l
SC’s net profit margin is poor in 2010.
l
SC’s return on total assets is poor in 2010.
l
SC’s cost of goods sold is too high in 2010,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a poor
level in 2010.
l
SC’s quick ratio is maintained in a poor level in
2010.
l
The inventory of SC is fairly large in both years.
l
SC has no accounts receivable in 2010.
l
The short-term loan of SC appears fairly large in
both years.
l
SC’s turnover is in a fair level in 2010, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
The large amount of inventory and short loans could be a threat to SC’s
financial condition. Credit should be extended under guarantee, and C.O.D. is
recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.84 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.61 |
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.