MIRA
INFORM REPORT
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Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
QINGDAO LOFTEN ALUMINIUM FOIL CO., LTD. |
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Registered Office : |
New Industrial Park of Qindao Hi Tech Zone,
Qingdao Shandong Province 266041 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.09.2008 |
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Com. Reg. No.: |
370203230011063 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing and selling aluminum foil, aluminum
plate, and aluminum tape |
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No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2012 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to under 8% for 2012. An economic slowdown in Europe contributed to China's, and is expected to further drag Chinese growth in 2013. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
|
Source
: CIA |
Company name & address
QINGDAO
LOFTEN ALUMINIUM FOIL CO., LTD.
NEW INDUSTRIAL PARK OF QINDAO HI TECH ZONE, QINGDAO
SHANDONG PROVINCE 266041 PR CHINA
TEL: 86 (0) 532-66966828 / 68951366
FAX: 86 (0) 532-66965677
EXECUTIVE SUMMARY
Date of Registration : september 5, 2008
REGISTRATION NO. : 370203230011063
LEGAL FORM : One-person Limited Liability Company
CHIEF EXECUTIVE :
hong qunli (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny
100,000,000
staff :
350
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 572,751,000 (FROM JAN. 1, 2013 TO JUN. 30,
2013)
EQUITIES :
CNY 214,649,000 (AS OF JUN. 30, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.10 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established as one-person
limited liability company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 370203230011063.
SC’s Organization Code Certificate No.:
67906498-2
SC’s Tax No.: 370297679064982
SC’s registered capital: cny 100,000,000
SC’s paid-in capital: cny 100,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2009-02 |
Shareholder (s) |
Sun Zhaoqiang 100% |
Boxing Ruifeng Aluminum Plate Co., Ltd. 100% |
|
2009-03 |
Legal Form |
One-person Limited Liabilities Company |
Limited Liabilities Company |
|
Registered Capital |
CNY 5,000,000 |
cny 50,000,000 |
|
|
Shareholder (s) (% of Shareholding) |
Boxing Ruifeng Aluminum Plate Co., Ltd. 100% |
Boxing Ruifeng Aluminum Plate Co., Ltd. 51% Shandong Kelong Precision Plate Co., Ltd. 49% |
|
|
2009-07 |
Legal Form |
Limited Liabilities Company |
One-person Limited Liabilities Company |
|
Shareholder (s) (% of Shareholding) |
Boxing Ruifeng Aluminum Plate Co., Ltd. 51% Shandong Kelong Precision Plate Co., Ltd. 49% |
Boxing Ruifeng Aluminum Plate Co., Ltd. 100% |
|
|
2011 |
Legal Representative |
Lin Lvye |
Hong Qunli |
|
2012 |
Registered Capital |
cny 50,000,000 |
cny 100,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Boxing Ruifeng Aluminum Plate Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Hong Qunli |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Boxing Ruifeng Aluminum Plate Co., Ltd. 100
Registered Capital: CNY
150,000,000
Date of Registration: February
13, 2009
Legal Representative: Guo
Maoqiu
Legal Form: One-person
Limited Liabilites Company
Address: East
Development Zone, Boxing County, Binzhou, Shandong Province
Tel: 86
(0) 543-2168939
MANAGEMENT
Hong Qunli, Legal
Representative, Chairman, and General Manager
Gender: M
Age: 55
Qualification: Junior College
Working experience
(s):
From 2006 to 2007, worked in Shandong Loften Aluminium Foil Industry
Co., Ltd. as general manager
From 2007 to 2010, worked in Shandong Loften Aluminium Foil Co., Ltd. as
general manager and director
At present, working in SC as legal representative, chairman, and general
manager
Also as director of Shandong Loften Aluminium Foil Co., Ltd. at present
BUSINESS OPERATION
Note: SC was
trial-manufacturing at the end of 2010, and started its normal business in
April 2011.
SC’s registered business scope includes manufacturing,
processing, and selling aluminum foil, aluminum plate, and aluminum tape;
technical services for aluminum products; renting factory and equipment;
importing and exporting commodities and technology.
SC is mainly engaged in manufacturing and selling aluminum foil,
aluminum plate, and aluminum tape.
SC’s products mainly include: pharmaceutical foil, household foil,
container foil, bottleneck foil, cable fol.
SC sources its materials 100% from domestic market. SC sells 90% of its
products in domestic market, and 10% to overseas market, mainly Southeast Asian
market.
The buying terms of SC include T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Supplier:
Shanghai Lushen Aluminums Co., Ltd.
*Major Customer:
Tsingtao Brewery Company Limited
Staff &
Office:
SC is known to have approx. 350 staff at present.
SC owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
Shandong Loften Aluminium Foil Co., Ltd.
Date of Registration :
August 11, 2000
Registration No. :
37160028011118
Legal Form : Shares Limited Company
Chief Executive :
Yu Rongqiang (Legal Representative)
Registered Capital :
CNY 155,000,000
Shanghai Lushen Aluminums Co., Ltd.
Date of Registration :
October 18, 2008
Registration No. :
310115001093707
Legal Form : One-person Limited Liability Company
Chief Executive :
Gao Xiangmin (Legal Representative)
Registered Capital :
CNY 3,000,000
Qingdao Baofeng Aluminium Foil Products Co., Ltd.
Date of Registration :
November 2, 2010
Registration No. :
370200230015740
Legal Form : Limited Liabilities Company
Chief Executive :
Yu Rongjia (Legal Representative)
Registered Capital :
CNY 10,000,000
Qinghai Loften Xinheng Aluminums Co., Ltd.
Registered Capital :
CNY 118,000,000
Shandong Loften Aluminium Foil Products Co., Ltd.
Date of Registration :
April 21, 2003
Registered Capital :
CNY 16,800,000
Chief Executive :
Yu Rongqiang
PAYMENT
Overall payment appraisal: ( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Agricultural Bank of China
AC#: N/a
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
24,790 |
132,160 |
|
|
Accounts receivable |
0 |
114,410 |
|
Advances to suppliers |
62,230 |
0 |
|
Other receivable |
690 |
760 |
|
Inventory |
75,550 |
164,230 |
|
Non-current assets within one year |
0 |
0 |
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Other current assets |
20 |
108,020 |
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|
------------------ |
------------------ |
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Current assets |
163,280 |
519,580 |
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Fixed assets |
8,070 |
563,150 |
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Construction in progress |
431,780 |
1,790 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
54,760 |
54,290 |
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------------------ |
------------------ |
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Total assets |
657,890 |
1,138,810 |
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============= |
============= |
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Short-term loans |
100,000 |
370,000 |
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Notes payable |
0 |
0 |
|
Accounts payable |
84,190 |
329,090 |
|
Wages payable |
0 |
0 |
|
Advances from clients |
0 |
0 |
|
Other payable |
169,230 |
1,050 |
|
Other current liabilities |
-44,970 |
25,530 |
|
|
------------------ |
------------------ |
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Current liabilities |
308,450 |
725,670 |
|
Non-current liabilities |
300,000 |
402,630 |
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|
------------------ |
------------------ |
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Total liabilities |
608,450 |
1,128,300 |
|
Equities |
49,440 |
10,510 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
657,890 |
1,138,810 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
630 |
711,440 |
|
Cost of sales |
460 |
691,140 |
|
Sales expense |
0 |
5,160 |
|
Management expense |
1,030 |
10,360 |
|
Finance expense |
0 |
38,100 |
|
Profit before tax |
-550 |
-38,930 |
|
Less: profit tax |
0 |
0 |
|
-550 |
-38,930 |
Note: SC was
trial-manufacturing at the end of 2010, and started its normal business in
April 2011.
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Jun. 30, 2013 |
|
Total assets |
1,344,701 |
1,438,239 |
|
|
------------- |
------------- |
|
Total liabilities |
1,138,077 |
1,223,590 |
|
Equities |
206,624 |
214,649 |
|
|
------------- |
------------- |
|
|
As
of Dec. 31, 2012 |
From
Jan. 1, 2013 to Jun. 30, 2013 |
|
Revenue |
1,156,086 |
572,751 |
|
Profit before tax |
-13,380 |
8,025 |
|
Less: profit tax |
0 |
0 |
|
Profits |
-13,380 |
8,025 |
Important Ratios
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Jun 30, 2013 |
|
*Current ratio |
0.53 |
0.72 |
-- |
-- |
|
*Quick ratio |
0.28 |
0.49 |
-- |
-- |
|
*Liabilities to assets |
0.92 |
0.99 |
0.85 |
0.85 |
|
*Net profit margin (%) |
-87.30 |
-5.47 |
-1.16 |
1.40 |
|
*Return on total assets (%) |
-0.08 |
-3.42 |
-1.00 |
0.56 |
|
*Inventory / Revenue ×365 |
43,772 days |
85 days |
-- |
-- |
|
*Accounts receivable / Revenue ×365 |
-- |
59 days |
-- |
-- |
|
*Revenue/Total assets |
-- |
0.62 |
0.86 |
0.40 |
|
*Cost of sales / Revenue |
0.73 |
0.97 |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
·
The revenue of SC appears fairly good in its line.
·
SC’s net profit margin is fair.
·
SC’s return on total assets is fair.
·
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY: FAIR
·
The current ratio of SC is maintained in a fair level.
·
SC’s quick ratio is maintained in a fair level.
·
The inventory of SC appears fairly large.
·
The accounts receivable of SC is maintained in an
average level.
·
The short-term loan of SC appears large in 2011.
·
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIR
·
The debt ratio of SC is fairly high in four years.
·
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
|
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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.