MIRA
INFORM REPORT
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Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
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Name : |
JINAN GREENSPRING INTERNATIONAL TRADING CO.,
LTD. |
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Registered Office : |
Room 3-608 Yinhe Mansion, No. 2008 Xinluo Street, High-Tech
District, Jinan, Shandong Province, 250101 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.03.2012 |
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Com. Reg. No.: |
370127200056290 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
International Trading |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Business |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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
Jinan Greenspring International Trading Co., Ltd.
ROOM 3-608 Yinhe
Mansion, NO. 2008 Xinluo STREET, High-Tech DistRICT, Jinan, SHANDONG PROVINCE, 250101 PR CHINA
TEL: 86 (0)
531-88822661
FAX: 86 (0)
531-88822660
EXECUTIVE SUMMARY
INCORPORATION DATE : mar. 12, 2012
REGISTRATION NO. : 370127200056290
REGISTERED LEGAL FORM :
ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE : Ms. zhou xiumin (CHAIRMAN)
STAFF STRENGTH : 4
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : tradING
TURNOVER : CNY 108,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 825,000 (AS OF DEC. 31, 2012)
PAYMENT : AVERAGE
MARKET CONDITION : FAIR
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.14 = 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: SC also uses “Green Agro Chem. Co., Ltd.” as its trading name.
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 Mar. 12, 2012.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY 100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes import and export of goods and
technology (excluding those limited and prohibited by law and regulations, with
permit if needed); selling of hardware products, general machinery and
equipment, chemical products (excluding dangerous chemicals), computers and
accessories, plastic products, paper products, building materials (excluding
wood), steel, household appliances, textiles, fertilizer. (without prior
approval should not operate).
SC is mainly
engaged in international trading.
Ms.
Zhou Xiumin is legal representative, chairman and general manager of SC at present.
SC is
known to have approx. 4 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the high-tech district of Jinan.
Our checks reveal that SC rents the total premise about 80 square meters.
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.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Zhou Xiumin 100
Legal
Representative, Chairman and General Manager:
Ms. Zhou Xiumin, in her 40’s, she is currently responsible for the overall and daily management of SC.
Working
Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Supervisor:
Gong Nian
SC is mainly
engaged in international trading.
SC’s products mainly include: various kinds of bearings, agricultural and sideline products, etc.
SC sources its materials 90% from domestic market
and 10% from overseas market. SC sells 5% of its products in domestic market,
and 95% to overseas 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, 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.
SC declined to
release its bank details.
Balance Sheet
Unit: CNY’000
|
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as of Dec. 31, 2012 |
|
Cash & bank |
325 |
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Inventory |
5 |
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Accounts
receivable |
0 |
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Advances to
suppliers |
500 |
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Other
receivables |
3 |
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Dividends
receivable |
0 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
833 |
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Fixed assets net
value |
9 |
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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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------------------ |
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Total assets |
842 |
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============= |
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Short loans |
0 |
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Accounts payable |
0 |
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Other accounts
payable |
20 |
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Notes payable |
0 |
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Taxes payable |
-3 |
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Advances from
clients |
0 |
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Accrued payroll |
0 |
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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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------------------ |
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Current
liabilities |
17 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
17 |
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Equities |
825 |
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------------------ |
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Total
liabilities & equities |
842 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31,
2012 |
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Turnover |
108 |
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Cost of goods
sold |
79 |
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Sales expense |
50 |
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Management expense |
152 |
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Finance expense |
0 |
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Non-operating
income |
0 |
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Non-operating expense |
2 |
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Profit before
tax |
-175 |
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Less: profit tax |
0 |
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Profits |
-175 |
Important Ratios
=============
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as
of Dec. 31, 2012 |
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*Current ratio |
49.00 |
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*Quick ratio |
48.71 |
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*Liabilities
to assets |
0.02 |
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*Net profit
margin (%) |
-162.04 |
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*Return on
total assets (%) |
-20.78 |
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*Inventory
/Turnover ×365 |
17 days |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
0.13 |
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* Cost of
goods sold/Turnover |
0.73 |
PROFITABILITY:
POOR
l
The turnover of SC appears fair in its line in
2012.
l
SC’s net profit margin is poor in 2012.
l
SC’s return on total assets is poor in 2012.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is normal in 2012.
l
SC’s quick ratio is maintained in a normal level in
2012.
l
SC’s inventory is average in 2012.
l
SC has no accounts receivable in 2012.
l
SC has no short-term loan in 2012.
l
SC’s turnover is poor in 2012, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
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 a short
operating history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
|
UK Pound |
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
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.