MIRA INFORM REPORT
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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
DALIAN ZHANGZIDAO TONGYUAN FOODS CO., LTD |
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Formerly Known
as: |
Dalian Ocean Stone (ZF
Group) Foods Co., Ltd. |
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Registered Office : |
Houhai Village, Qidingshan Countryside, Jinzhou District, Dalian City, Liaoning Province, 116109 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.02.2003 |
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Com. Reg. No.: |
210213000006434 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
· processing of aquatic products · importing and exporting of goods and technology; trade agent · purchasing of aquatic products; · selling of subsidiary agricultural products, hardware, electronic products, building material, metal material and groceries. |
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No. of Employees : |
Not
Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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.
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Source : CIA |
Company name & address
DALIAN
ZHANGZIDAO TONGYUAN FOODS CO., LTD.
HOUHAI VILLAGE, QIDINGSHAN COUNTRYSIDE,
JINZHOU DISTRICT,
DALIAN CITY, LIAONING PROVINCE, 116109 PR CHINA
(REGISTERED ADDRESS)
TEL: N/A
FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 27, 2003
REGISTRATION NO. : 210213000006434
REGISTERED LEGAL FORM : ONE-PERSON
LIMITED LIABILITY COMPANY
STAFF STRENGTH : N/A
REGISTERED CAPITAL : CNY 20,400,000
BUSINESS LINE : PROCESSING AND TRADING
TURNOVER :
CNY 126,219,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY -30,043,000 (AS OF DEC. 31, 2012)
PAYMENT :
NOT YET DETERMINED
MARKET CONDITION :
AVERAGE (AS OF DEC. 31, 2012)
FINANCIAL CONDITION :
FAIR (AS OF DEC. 31, 2012)
OPERATIONAL TREND : FAIR (AS OF DEC. 31, 2012)
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.12=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 Ren Min Bi
Note: The given name was the
former one.
SC was registered as a Limited Liabilities Co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Feb. 27, 2003 and has been under present ownership since May of 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 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 processing
aquatic products; importing and exporting goods and technology; trade agent;
purchasing aquatic products; selling subsidiary agricultural products, hardware,
electronic products, building material, metal material and groceries.
Ms.
Tang Yan is registered as legal representative of SC.
It
is not possible to contact the company directly to obtain further information.
The nature and extent of the company's operations could not be determined and
it could not be confirmed whether the company operates from the Registered
Office address or in another location, so the can’t be confirmed.
http://www.oceanstone.com.cn/
The design is professional and the content is well organized. At present it is
in English version.
Email: info@oceanstone.com.cn
Note: We have sent an email to the given e-mail address, but have not
received reply.
Changes of its
registered information are as follows:
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Date
of change |
Item |
Before
the change |
After
the change |
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2012-5 |
Company name |
Dalian Ocean Stone (ZF Group) Foods Co.,
Ltd. |
Present one |
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Legal form |
Limited Liabilities Co. |
Present one |
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Legal representative |
Zhao Shiming |
Present one |
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Shareholdings |
Dalian Zhangzidao Fishery Group Co., Ltd. 73.99% Liu Jiatong 21.01% Chen Benzhou 5% |
Dalian Zhangzidao Fishery Group Co., Ltd. 100% |
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2012-10 |
Shareholder’s name |
Dalian Zhangzidao Fishery Group Co., Ltd. |
Present one |
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of shareholdings
Zhangzidao Group Co., Ltd. 100
Zhangzidao Fishery Group, in possession of
over 70,000 hectares “A” level seawater area, is the largest company of
bottom-cultured precious seafood in China, with its businesses covering
hatching, farming, processing, and trading. The company got listed in Shenzhen
Stock Exchange (002069) and “Zhangzidao” was certified as the first China
Well-known Trademark of seafood in 2006. Awarded the “Top 10 Best Employer” and
elected as “Member of the Community of Global Growth Companies” in 2007, it set
up the US Corp & HK Company in 2008.
Establishment Date: Apr. 7, 2001
Chief Executive: Wu Hougang
Registered Capital: CNY 711,112,000
Tel: 0086-411-39016969
Fax: 0086-411- 39989999
Website: http://www.zhangzidao.com/
Email: intl@zhangzidao.com
Legal
Representative:
Ms. Tang Yan, born in 1965, with junior college education.
Also working in Dalian Tongyuan Foodstuffs Co., Ltd., Dalian Zhangzidao Ocean Stone International Trade Co., Ltd as legal representative.
The given tel. no.
(86-411-82733381) doesn’t exist.
From internet, we found the following numbers
(86-411-82691800/82733379/39016969), but all of them went unanswered during
office hours.
Exhausting our efforts, we are unable to find SC’s telephone number in various
information sources, including the internet, yellow pages and telecom
companies.
We are unable to contact SC. Therefore, the nature and extent of SC’s
operations could not be determined.
Dalian Tongyuan Foodstuffs Co., Ltd.
Legal representative: Tang Yan
Add: Houhai Village, Qidingshan Countryside, Jinzhou District, Dalian
City, Liaoning Province
Dalian Zhangzidao Ocean Stone International Trade Co., Ltd. (Literal
Translation)
Legal representative: Tang Yan
Add: Room 402, No. A025, Logistic Park Zone,
Free Trade Zone, Dalian, Liaoning Province
Etc.
Overall payment appraisal:
( ) Excellent (
) Good ( ) Average
( ) Fair (
) Poor (X) 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: N/A
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.
We are unable to
contact SC, so the given bank information can’t be confirmed.
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31, 2012 |
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Total
liabilities |
188,790 |
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Equities |
-30,043 |
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-------------- |
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Total
liabilities & equities |
158,747 |
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========= |
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Turnover |
126,219 |
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Profits |
-30,707 |
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Note: We did not find SC’s detailed
financial reports for Yr2012.
Important Ratios
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As
of Dec. 31, 2012 |
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*Liabilities
to assets |
1.19 |
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*Net profit
margin (%) |
-24.33 |
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*Return on
total assets (%) |
-19.34 |
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*Turnover/Total
assets |
0.80 |
PROFITABILITY:
FAIR
l The turnover of SC
appears fairly good.
l SC’s net profit
margin is poor.
l SC’s return on
total assets is poor.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: POOR
l
The debt ratio of SC is too high.
l
The risk for SC to go bankrupt is high.
Overall financial
condition of the SC: Fair (as of Dec. 31, 2012).
Despite having exhausted all our effort, we are unable to contact SC. If further contact details of SC can be
provided, we will definitely continue this research.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.36 |
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UK Pound |
1 |
Rs.101.20 |
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Euro |
1 |
Rs.84.54 |
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 |
-- |
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.