MIRA
INFORM REPORT
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Report Date : |
26.05.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 201, Unit 2, Building 2, No. 68 Fuzhou Road, Shinan District, Qingdao, Shandong Province, 266071 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.01.2004 |
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Com. Reg. No.: |
370202228112131 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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No. of Employees : |
09 |
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 10,000 |
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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 – March 31st, 2012
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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 & address
QinGdao Artex Esun International Trading Co., Ltd.
ROOM 201, UNIT 2,
BUILDING 2, no. 68 Fuzhou Road,
shinan district, QinGdao,
shandong PROVINCE, 266071 PR CHINA
TEL: 86 (0) 532-88082102 FAX:
86 (0) 532-85972572
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 8, 2004
REGISTRATION NO. : 370202228112131
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 9
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS LINE : trading
TURNOVER : CNY 20,170,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 1,010,000 (AS OF DEC. 31,
2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO usd 10,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
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
Note: The given tel. no. 0532-8597215 is incomplete.
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 Jan. 8, 2004.
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 import and export of goods (excluding
those refined and prohibited by the law and regulations); wholesaling and
retailing: general merchandise, steel, timber, decoration materials, knitwear
and textiles, garments, hardware mechanical and electrical (excluding sedans),
chemical products (excluding dangerous goods), plastic products and raw
materials, paper and raw materials, batteries and battery materials, metals
(excluding precious metal), stationery, handicrafts, leather products and raw
materials, auto parts economic consulting services. (with permit if needed)
SC is mainly
engaged in international trade.
Mr.
Wang Feng is the legal representative, chairman and general manager of SC at
present.
SC is
known to have approx. 9 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.
Detailed information of the premise is unspecified.
SC is not known to have any websites 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
Wang Feng 50
Liu Jianguo 50
Legal
Representative, Chairman and General Manager:
Mr. Wang Feng, in his
Working
Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Supervisor:
Liu Jianguo
SC is mainly
engaged in international trade.
SC’s products mainly include: textiles and hardware,
etc.
SC sources its materials 100% from domestic
market. SC sells 100% of its products to overseas market, mainly to USA and
Middle East countries.
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’s management declined to release its major 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 China Shandong Province Branch
AC#: N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
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Cash & bank |
1,290 |
850 |
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Inventory |
0 |
0 |
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Accounts
receivable |
2,330 |
1,630 |
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Advances to
suppliers |
40 |
40 |
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Other receivables |
810 |
820 |
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Dividends
receivable |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
4,470 |
3,340 |
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Fixed assets net
value |
690 |
510 |
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Projects under construction |
0 |
0 |
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Long term
investment |
0 |
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 |
5,160 |
3,850 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
520 |
1,340 |
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Other accounts
payable |
1,680 |
0 |
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Notes payable |
0 |
0 |
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Taxes payable |
0 |
0 |
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Advances from
clients |
1,930 |
1,470 |
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Accrued payroll |
30 |
30 |
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Dividends
payable |
0 |
0 |
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Other payable |
0 |
0 |
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Other current
liabilities |
0 |
0 |
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Current
liabilities |
4,160 |
2,840 |
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Long term
liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
4,160 |
2,840 |
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Equities |
1,000 |
1,010 |
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Total
liabilities & equities |
5,160 |
3,850 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2011 |
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Turnover |
20,170 |
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Cost of goods
sold |
19,157 |
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Sales expense |
251 |
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Management expense |
762 |
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Finance expense |
-6 |
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Profit before
tax |
6 |
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Less: profit tax |
1 |
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Profits |
5 |
Important Ratios
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as
of Dec. 31, 2011 |
as
of Dec. 31, 2011 |
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*Current ratio |
1.07 |
1.18 |
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*Quick ratio |
1.07 |
1.18 |
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*Liabilities
to assets |
0.81 |
0.74 |
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*Net profit
margin (%) |
/ |
0.02 |
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*Return on
total assets (%) |
/ |
0.13 |
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*Inventory
/Turnover ×365 |
/ |
/ |
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*Accounts
receivable/Turnover ×365 |
/ |
30 days |
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*Turnover/Total
assets |
/ |
5.24 |
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* Cost of
goods sold/Turnover |
/ |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average 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 fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is normal in both years.
l
SC’s quick ratio is maintained in a normal level in both years.
l
SC has no inventory in both years.
l
The accounts receivable of SC appears
fairly large in both years.
l
SC has no short-term loan in
both years.
l
SC’s turnover is fairly
good in 2011, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2011.
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. The given credit line appears to be beyond SC’s capacities, while a
credit line up to USD 10,000 is recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.73 |
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UK Pound |
1 |
Rs.87.26 |
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Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.