MIRA
INFORM REPORT
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Report Date : |
24.11.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 905, Building D, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.08.2008 |
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Com. Reg. No.: |
370000200004182 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
trading of various seafood products |
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No. of Employees : |
10 employees |
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 : |
Slow but Correct |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Since the late 1970s
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Source : CIA |
Company
name & address
SHANDONG JINRONG INTERNATIONAL ECONOMIC&TRADE Co., Ltd.
ROOM 905, Building D, DONGHUANGUOJI SQUARE, NO. 3966 ERHUAN EAST ROAD,
LICHENG DISTRICT, JINAN, SHANDONG PROVINCE, 250100 PR CHINA
TEL: 86 (0) 531-83530977/83530164 FAX: 86 (0) 531-83530955
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 20, 2008
REGISTRATION NO. : 370000200004182
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 10
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 39,640,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 5,260,000 (AS OF DEC. 31,
2011)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.23 = 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 telephone no. “0531
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 Aug. 20, 2008.
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 permit
business: Selling: aquatic products, raw meat. General business items: selling:
fish feed, fish supplies (excluding franchise exclusive control), steel, motor
vehicles (excluding nine crew car), clothing, agricultural products (excluding
food and franchise exclusive control), hardware, machinery and equipment,
electronic products (excluding radio transmitting equipment). Aquatic farming
technology consulting, import and export goods and technology. (Shall be
subject to examination and approval before operations).
SC is mainly
engaged in trading of various seafood products.
Mr. Mu
Yonggang has been the legal representative and chairman of SC since 2008.
SC is
known to have approx. 10 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Jinan.
SC’s accountant Ms. Fu refused to release the detailed information of
the premise.
http://www.sdjinrong.com/ The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
E-mail: jinrongmaoyi@126.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Mu Yonggang 50
Chang Bin 30
Yan Lijun 20
Legal
Representative and Chairman:
Mr. Mu Yonggang, born in 1974, he is currently responsible for the overall management of SC.
Working
Experience(s):
From 2008 to present Working in SC as legal representative and chairman.
General manager:
Mr. Chang Bin, in his
Working
Experience(s):
From 2008 to present Working in SC as general manager.
Supervisor:
Yan Lijun
SC is mainly
engaged in trading of various seafood products
SC’s products mainly include: Seabass, Salmon fish,
Lobster(USA and India, Brazil), Greenland halibut heads, (tails, frames, HGT, WR),
Mexico Croaker, Conger eel, Squid, Squid Tubes, CA squid, Female Capelin and
roes, Sardine fish, Grenadier, Yellow tail flounder, Skate wings, Horse
Mackeral, Herring, Tuna, Banana Prawns, PUD Shrimp, Sea Cucumber, Scallop, King
crab, etc.
SC sources its materials 100% from overseas
market, mainly from Korea and Russia. SC sells 100% of its products in domestic
market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T 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.
Huaxia
Bank Jinan High-tech Sub-branch
AC#:
4634200001819100160543
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2011 |
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Cash & bank |
760 |
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Inventory |
9,390 |
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Accounts
receivable |
1,980 |
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Advances to
suppliers |
410 |
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Other
receivables |
-320 |
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Dividends receivable |
0 |
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Other current
assets |
0 |
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Current assets |
12,220 |
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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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Intangible
assets |
0 |
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Other assets |
0 |
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Total assets |
12,230 |
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Short loans |
6,700 |
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Accounts payable |
0 |
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Other accounts
payable |
0 |
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Notes payable |
0 |
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Taxes payable |
-130 |
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Advances from
clients |
390 |
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Accrued payroll |
10 |
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Dividends
payable |
0 |
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Other payable |
0 |
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Other current
liabilities |
0 |
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Current
liabilities |
6,970 |
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Long term
liabilities |
0 |
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Total
liabilities |
6,970 |
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Equities |
5,260 |
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Total
liabilities & equities |
12,230 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2011 |
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Turnover |
39,640 |
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Cost of goods sold |
37,660 |
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Taxes
and additional of main operation |
10 |
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Sales expense |
1,110 |
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Management expense |
240 |
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Finance expense |
350 |
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Profit before
tax |
270 |
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Less: profit tax |
70 |
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Profits |
200 |
Important Ratios
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as
of Dec. 31, 2011 |
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*Current ratio |
1.75 |
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*Quick ratio |
0.41 |
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*Liabilities
to assets |
0.57 |
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*Net profit
margin (%) |
0.50 |
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*Return on
total assets (%) |
1.64 |
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*Inventory
/Turnover ×365 |
87 days |
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*Accounts
receivable/Turnover ×365 |
19 days |
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*Turnover/Total
assets |
3.24 |
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* Cost of
goods sold/Turnover |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover 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 goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is normal.
l
SC’s quick ratio is maintained in a fair level.
l
SC’s inventory is large in 2011.
l
The accounts receivable of SC appears
average in 2011.
l
SC’s short-term loan appears large in 2011.
l
SC’s turnover is fairly good, 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 average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable
financial conditions. The large amount of inventory and short loans could be a
threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.34 |
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UK Pound |
1 |
Rs.88.30 |
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Euro |
1 |
Rs.71.37 |
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.