MIRA
INFORM REPORT
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Report Date : |
04.03.2013 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO YANKANG PLASTIC MACHINERY CO., LTD. |
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Registered Office : |
West of Jinzhou Road, Fur Clothing City, Jiaozhou, Qingdao, Shandong
Province, 266300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
23.04.2009 |
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Com. Reg. No.: |
370281230010570 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Manufacturing and selling plastic machinery. |
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No. of Employees : |
60 |
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 : |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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 2010 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 near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. 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 and address
QINGDAO YANKANG PLASTIC MACHINERY CO., LTD.
WEST OF JINZHOU ROAD,
fur clothing city, JIAOZHOU,
QINGDAO, SHANDONG
PROVINCE, 266300 PR CHINA
TEL: 86 (0) 532-81195199 FAX:
86 (0) 532-82213510
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 23, 2009
REGISTRATION NO. :
370281230010570
REGISTERED LEGAL FORM : One-person Limited Liability Company
STAFF STRENGTH :
60
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
MANUFACTURING and trading
TURNOVER :
CNY 26,480,000 (unaudited, AS OF DEC. 31, 2012)
EQUITIES :
CNY 1,260,000 (unaudited, AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : Fairly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.2267 =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 “Dong Xinzhi Village Zhongyun Office Jiaozhou City
Qingdao China
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 Apr. 23, 2009.
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
CNY100,000. 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 manufacturing and selling
plastic processing equipment and molds; exporting self-made products and
technologies; importing machinery equipment, spare parts, raw materials and
technologies needed by SC (excluding commodities and technologies prohibited by
the state) (with permit if needed).
SC is mainly engaged in manufacturing and
selling plastic machinery.
Mr.
Xia Heyi is the legal representative,
chairman and general manager of SC at present.
SC is known to
have approx. 60 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Jiaozhou. The detailed premise
information is unknown.
http://www.blow-moulding-machine.com/cn/ The design is professional and the content is
well organized. At present the web site is in Chinese, English and other
versions.
Email: sales@yancon.com
; ymnlever@gmail.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name % of Shareholding
Xia Heyi 100
l
Legal Representative, Chairman and General Manager:
Mr. Xia Heyi is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
chairman and general manager.
l
Supervisor:
Zhu Haiyan
SC is mainly engaged in manufacturing and
selling plastic machinery.
SC’s products mainly include:
High speed
standard model
Chemical and
cosmetic bottle production model
Plastic TOY maker
model
Balls (Pitaball)
special making blow moulding machine
Pc barrel and
toolbox making Model
Molds of blow
molding machine
Others
SC sources its
materials 99% from domestic market and 1% 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 T/T, L/C, Check and Credit of 30-60 days.
Note: SC declined
to release its major suppliers and clients.
SC is not known to have the 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 banking details.
Balance Sheet
Unit: CNY’000
|
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As
of Dec. 31, 2012 |
|
Cash & bank |
3,620 |
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Inventory |
1,590 |
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Bills receivable |
0 |
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Accounts
receivable |
6,340 |
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Other Accounts
receivable |
1,450 |
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Advances to
suppliers |
2,420 |
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To be
apportioned expense |
100 |
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Other current
assets |
10 |
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------------------ |
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Current assets |
15,530 |
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Fixed assets net
value |
570 |
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Long-term
investment |
0 |
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Intangible and other
assets |
0 |
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------------------ |
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Total assets |
16,100 |
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============= |
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Short loans |
0 |
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Accounts payable |
20 |
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Advance from
customers |
12,200 |
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Other Accounts
payable |
2,750 |
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Notes payable |
0 |
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Taxes payable |
-130 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
0 |
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------------------ |
|
14,840 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
14,840 |
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Equities |
1,260 |
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------------------ |
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16,100 |
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============= |
Income Statement
Unit: CNY’000
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|
As of Dec. 31, 2012 |
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Turnover |
26,480 |
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Cost of goods sold |
23,290 |
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Taxes and additional of main operation |
90 |
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Sales expense |
200 |
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Management expense |
2,180 |
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Finance expense |
110 |
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Non-operating
income |
20 |
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Non-operating expense |
50 |
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Profit before
tax |
580 |
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Less: profit tax |
100 |
|
Profits |
480 |
Note: The Financial Report for Year 2012 hasn’t
been audited.
Important Ratios
=============
|
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As
of Dec. 31, 2012 |
|
*Current ratio |
1.05 |
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*Quick ratio |
0.94 |
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*Liabilities
to assets |
0.92 |
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*Net profit
margin (%) |
1.81 |
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*Return on
total assets (%) |
2.98 |
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*Inventory
/Turnover ×365 |
22 days |
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*Accounts
receivable/Turnover ×365 |
88 days |
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*Turnover/Total
assets |
1.64 |
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* Cost of
goods sold/Turnover |
0.88 |
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 average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loan in 2012.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
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.54.48 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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 |
|
-- |
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.