MIRA INFORM REPORT
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Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO LONGYUNTONG CORPORATION |
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Registered Office : |
Room 805, Block B, No. 49 Qutangxia Road, Shinan District, Qingdao City, Shandong Province, 266002 Pr |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
24.11.2006 |
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Com. Reg. No.: |
370202228207186 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trading |
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No. of Employees
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5 |
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 : |
Small Company |
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 LONGYUNTONG CORPORATION
ROOM 805, BLOCK B, NO. 49 QUTANGXIA ROAD, SHINAN DISTRICT,
QINGDAO CITY, SHANDONG PROVINCE, 266002 PR CHINA
TEL: 86 (0) 532-82673605/ 82682816 FAX: 86 (0) 532-82651805
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 24, 2006
REGISTRATION NO. : 370202228207186
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
trading
TURNOVER : CNY 27,933,000 (as of dec. 31, 2010)
EQUITIES : CNY 936,000 (AS OF dec. 31, 2010)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3621 = 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 Ren Min Bi
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Nov. 24, 2006.
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 importing and exporting various
goods and technology (excluding the items prohibited or limited by law and
administrative regulations and operating the limited products with permit if
needed); wholesaling and retailing general merchandise electronic products,
hardware, garments, shoes and hats, textiles, culture and sports products,
crafts, office supplies, building and decorating materials, communication
equipment (excluding wireless radio and television transmitting equipment),
chemicals (excluding hazardous
chemicals), automotive parts and electromechanical products (excluding
cars). (with permit if needed)
SC is mainly
engaged in international trading.
Mr. Liu Mingxun has
been legal representative, chairman and general manager of SC since 2006.
SC is known
to have approx. 5 employees at present.
SC is currently operating at the above stated
address, and this address houses its operating office in the commercial zone of
Qingdao. Our checks reveal that SC rents the total premise about 90 square
meters.
http://www.colorchemcn.com The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
E-mail: zhychem@colorchemcn.com
Changes
of its registered information are as follows:
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Date
of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registration No. |
3702022820718 |
370202228207186 |
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Shareholdings |
Liu Mingxun 55% Zhang Shuyun 45% |
Liu Mingxun 50% Zhang Shuyun 50% |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Liu Mingxun
ID# 110108197501252710 50
Zhang Shuyun
ID# 370922194709072327 50
l
Legal Representative, Chairman and General Manager:
Mr. Liu Mingxun, ID# 110108197501252710, born in 1975, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as legal representative, chairman and general manager
l
Supervisor:
Zhang Shuyun ID# 370922194709072327
SC is mainly
engaged in international trading.
SC’s products
mainly include:
Naphthols
Organic Pigment
Inorganic Pigment
Dyestuff
Pigment &
Dyestuff Intermediate
Relating Chem
Product
SC sources its
materials 100% from domestic market. SC sells 100% of its products to the
overseas market, mainly North America, Europe, Southeast Asia, and Middle East.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
*Major Supplier:
============
Feicheng Mountain Sea Chemicals Corporation
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’s suppliers
declined to make any comments.
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 Shandong
Branch
AC#:
381002091958094001
Relationship:
Normal
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2009 |
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Cash & bank |
420 |
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Inventory |
550 |
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Accounts
receivable |
1,600 |
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Other Accounts receivable |
0 |
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To be
apportioned expense |
0 |
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Other current
assets |
10 |
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----------------- |
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Current assets |
2,580 |
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Fixed assets net
value |
10 |
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Projects under
construction |
0 |
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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 |
2,590 |
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============= |
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Short loans |
0 |
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Accounts payable |
1,820 |
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Other Accounts
payable |
0 |
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Taxes payable |
0 |
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Other current
liabilities |
-150 |
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------------------ |
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Current
liabilities |
1,670 |
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Long term
liabilities |
0 |
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Other
liabilities |
10 |
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------------------ |
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Total
liabilities |
1,680 |
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Equities |
910 |
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------------------ |
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Total
liabilities & equities |
2,590 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2009 |
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Turnover |
26,110 |
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Cost of goods
sold |
24,890 |
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Sales expense |
790 |
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Management expense |
410 |
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Finance expense |
30 |
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Profit before
tax |
-20 |
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Less: profit tax |
0 |
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Net profit |
-20 |
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Unit: CNY’000 |
as of Dec. 31,
2010 |
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Total
liabilities |
850 |
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Shareholders
equities |
936 |
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--------- |
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Total Assets |
1,786 |
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Turnover |
27,933 |
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Profit before
tax |
27 |
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Profit tax |
5 |
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Net profit |
22 |
Note: SC’s detailed financial reports for Yr2010 were not found in local AIC.
Important
Ratios
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.54 |
/ |
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*Quick ratio |
1.22 |
/ |
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*Liabilities
to assets |
0.65 |
0.48 |
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*Net profit
margin (%) |
-0.08 |
0.08 |
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*Return on
total assets (%) |
-0.77 |
1.23 |
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*Inventory
/Turnover ×365 |
8 days |
/ |
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*Accounts
receivable/Turnover ×365 |
23 days |
/ |
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*Turnover/Total
assets |
10.08 |
15.64 |
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* Cost of
goods sold/Turnover |
0.95 |
/ |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
both two years.
l
SC’s net profit margin is fair in 2009 and average
in 2010.
l
SC’s return on total assets is fair in 2009 and
average in 2010.
l
SC’s cost of goods sold is fairly high in 2009,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2009.
l
SC’s quick ratio is maintained in a normal level in
2009.
l
The inventory of SC appears small in 2009.
l
The accounts receivable of SC appears average in
2009.
l
SC has no short-term loan in 2009.
l
SC’s turnover is in a good level in both two years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2009 and low in
2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
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UK Pound |
1 |
Rs.86.84 |
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Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.