MIRA
INFORM REPORT
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Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
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Name : |
Qingdao
Jianxing Foods Co., Ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.05.2007 |
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Com. Reg. No.: |
370281228054098 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in
selecting and selling pepper, garlic, onion, potato and other agricultural
products, etc. |
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No. of Employees : |
30 |
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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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 30, 2011
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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 and address
Qingdao Jianxing Foods Co., Ltd.
JIAOBEI INDUSTRY PARK, JIAOZHOU,
QINGDAO, SHANDONG PROVINCE, 266300
PR CHINA.
TEL: 86 (0) 532-88277353
FAX: 86 (0) 532-88277231
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 29, 2007
REGISTRATION NO. : 370281228054098
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 30
REGISTERED CAPITAL :
CNY 1,100,000
BUSINESS LINE : AGRICULTURAL PRODUCTS
SELECT & SALE
TURNOVER : CNY 18,070,000 (UNaudited, AS OF DEC. 31, 2011)
EQUITIES : CNY 840,000
(UNaudited, AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fair
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.29 = 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 One-person Limited
Liability Company at local Administration for Industry & Commerce (AIC -
The official body of issuing and renewing business license) on May 29, 2007 and
has been under present ownership since 2011.
Company Status: Limited liabilities co. This
form of business in PR China is defined as a legal person. No more than
fifty shareholders contribute its registered capital jointly. Shareholders
bear limited liability to the extent of shareholding, and the co. is liable
for its debts only to extent of its total assets. The characteristics of
this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The
board of directors is comprised of three to thirteen members. The
minimum registered capital for a co. is CNY 30,000. Shareholders
may take their capital contributions in cash or by means of tangible assets
or intangible assets such as industrial property and non-patented
technology. Cash
contributed by all shareholders must account for at least 30% of the
registered capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered
business scope includes selecting pepper, garlic, onion, potato, vegetable and
agricultural by-products (excluding grain and cotton); importing and exporting
commodities (with permits if needed).
SC is mainly
engaged in selecting and selling pepper, garlic, onion, potato and other
agricultural products, etc.
Ms.
Liu Guilan has been legal representative, chairman and general manager of SC
since 2007.
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 in the industrial zone of Jiaozhou. Our
checks reveal that SC rents the total premise, but SC’s accountant refused to
release the gross area.
SC is not known to host website of
its own at present.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
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2011 |
Registered capital |
CNY 1,000,000 |
Present amount |
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Shareholders |
Liu Guilan 100% |
Present ones |
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Legal form |
One-person Limited Liability Company |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Liu Guilan 90.91
ID # 370224194801163920
Gao Hongling
9.09
l
Legal representative, chairman and
general manager:
Ms. Liu Guilan, ID # 370224194801163920, born in 1948. She is currently responsible for the
overall management of SC.
Working Experience(s):
From 2007 to present Working
in SC as chairman, legal representative and general manager
SC is mainly
engaged in selecting and selling pepper, garlic, onion, potato and other
agricultural products, etc.
Main Products: pepper,
garlic, onion, potato and other agricultural products, etc.
SC sources its materials 100%
from domestic market. SC sells 30% of its products in domestic market, and 70%
to overseas market.
The buying terms of SC include Check, T/T 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 refused to release its main suppliers and customers.
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.
Agricultural Bank of China Jiaozhou Sub-branch
AC#：38140101040027325
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2011)
Unit: CNY’000
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Cash & bank |
110 |
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Inventory |
7,580 |
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Accounts
receivable |
13,970 |
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Other
receivables |
34,680 |
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Other current
assets |
20 |
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------------------ |
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Current assets |
56,360 |
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Fixed assets net
value |
80 |
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Projects under
construction |
100 |
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Long term
investment |
0 |
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Other assets |
0 |
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------------------ |
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Total assets |
56,540 |
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============= |
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Short loans |
9,350 |
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Accounts payable |
1,470 |
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Other payable |
44,680 |
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Taxes payable |
-40 |
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Other current
liabilities |
240 |
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Current
liabilities |
55,700 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
55,700 |
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Equities |
840 |
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------------------ |
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Total
liabilities & equities |
56,540 |
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============= |
Income Statement (as of Dec. 31, 2011)
Unit: CNY’000
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Turnover |
18,070 |
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Cost of goods
sold |
17,450 |
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Sales expense |
0 |
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Management expense |
130 |
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Finance expense |
720 |
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Add:
Income from other operations |
190 |
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Profit before
tax |
-420 |
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Less: profit tax |
0 |
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Profits |
-420 |
Note:
The above financial records have not been audited.
Important Ratios
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as
of Dec. 31, 2011 |
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*Current ratio |
1.01 |
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*Quick ratio |
0.88 |
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*Liabilities
to assets |
0.99 |
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*Net profit
margin (%) |
-2.32 |
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*Return on
total assets (%) |
-0.74 |
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*Inventory
/Turnover ×365 |
154 days |
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*Accounts
receivable/Turnover ×365 |
283 days |
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*Turnover/Total
assets |
0.32 |
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* Cost of
goods sold/Turnover |
0.97 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is fair in 2011.
l
SC’s return on total assets is fair in 2011.
l
SC’s cost of goods sold is high, comparing with its
turnover.
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 conversion period of SC
appears long.
l
The accounts receivable of SC appears
large.
l
SC’s short-term loan appears large in
2011.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets in 2008.
LEVERAGE: FAIR
l
The debt ratio of SC is 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 short loans and accounts
receivable could be a threat to SC’s financial condition. The given
credit amount would appear to be beyond SC’s capacities, while a credit line up
to USD 5,000 is recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.33 |
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1 |
Rs.86.10 |
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Euro |
1 |
Rs.69.06 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
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.