MIRA INFORM REPORT
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Report Date : |
09.12.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 407 & 408, Building 3,
Huapengdongcheng, No. 21, Middle Zhengyang Road, Chengyang District, Qingdao,
Shandong Province, 266106 Pr |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
09.03.2007 |
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Com. Reg. No.: |
370214228056233 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
· Engaged in manufacturing and selling rubber boats, rubber boats parts and accessories, water rescue supplies, sporting goods; import and export of goods (excluding products prohibited by legal, administrative rules and regulations, and operating the limited products with permit if needed). (with permit if needed) · engaged in manufacturing and selling various types of yacht products. Subject products ranges include · RIB Boat · RIB Boat, Luxury · RIB Boat, Open floor · Fiberglass Fishing boat · Inflatable Boat · Banana Boat · Rafting Boat · Fishing Boat · High speed Boat |
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No of Employees : |
62 (Approximately) |
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 : |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
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,
growth of the private sector, development of stock markets and a modern banking
system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and expanded the daily
trading band within which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b)
facilitating higher-wage job opportunities for the aspiring middle class,
including rural migrants and increasing numbers of college graduates; (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. Several factors are converging to
slow China's growth, including debt overhang from its credit-fueled stimulus
program, industrial overcapacity, inefficient allocation of capital by state-owned
banks, and the slow recovery of China's trading partners. The government's 12th
Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's
"Third Plenum" meeting in November 2013, emphasizes continued
economic reforms and the need to increase domestic consumption in order to make
the economy less dependent in the future on fixed investments, exports, and
heavy industry. However, China has made only marginal progress toward these
rebalancing goals. The new government of President XI Jinping has signaled a
greater willingness to undertake reforms that focus on China's long-term
economic health, including giving the market a more decisive role in allocating
resources.
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Source : CIA |
Company name & address
QINGDAO LIAN YA BOAT Co., Ltd.
RooM 407 & 408,
Building 3, Huapengdongcheng,
No. 21, Middle
Zhengyang Road, Chengyang District,
qingdao, SHANDONG
PROVINCE, 266106 PR CHINA
TEL: 86 (0)
532-58711391/15953220048 FAX: 86 (0)
532-58711392
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 9, 2007
REGISTRATION NO. : 370214228056233
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
62
REGISTERED CAPITAL : CNY 750,000
BUSINESS LINE :
MANUFACTURING and trading
TURNOVER :
CNY 10,650,000
(AS OF DEC. 31, 2013)
EQUITIES :
CNY -80,000 (AS OF DEC. 31, 2013)
PAYMENT :
slow
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.1727= 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
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 Mar. 9, 2007.
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 manufacturing and selling rubber boats, rubber boats
parts and accessories, water rescue supplies, sporting goods; import and export
of goods (excluding products prohibited by legal, administrative rules and
regulations, and operating the limited products with permit if needed). (with
permit if needed)
SC is mainly
engaged in manufacturing and selling various types of yacht products.
Ms. Han Qinglian
is the legal representative, chairman and general manager of SC at present.
SC is known
to have approx. 62 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in Qingdao. The detailed information of the area is
unspecified.
SC’s
factory is located in East of the 204 State Road Crossing, Qianwangtuan,
Chengyang District, Qingdao,
Shandong
Province
http://www.lianya-industry.com/ The design is professional and the content is
well organized. At present it is in English version.
E-mail: lianyaboat@vip.163.com ; lianyaboat@lianya-industry.com
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
|
2010-12-28 |
Registered
capital |
CNY 500,000 |
CNY 750,000 |
Certificates:
Organization code: 797533890
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Han Qinglian 70
Yang Mingjiu
ID # 51062319700925**** 30
Legal
representative, Chairman and General manager:
Ms. Han Qinglian born in 1973. She is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager
Supervisor:
…………..
Yang Mingjiu
ID # 51062319700925****
SC is mainly
engaged in manufacturing and selling various types of yacht products.
SC’s products
mainly include
RIB Boat
RIB Boat, Luxury
RIB Boat, Open
floor
Fiberglass Fishing
boat
Inflatable Boat
Banana Boat
Rafting Boat
Fishing Boat
High speed Boat
SC sources its materials 70% from domestic market
and 30% from overseas market, mainly Korea. SC sells 1% of its products in
domestic market, and 99% to overseas market, mainly Southeast Asia, Europe and
America.
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.
Trademark & Patents
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Registration No. |
6095181 |
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Registration Date |
2009-12-14 |
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Trademark Design |
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Note:
SC’s management declined to release its major clients and suppliers.
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.
Bank of China Qingdao
Chengyang District Sub-branch
AC#：N/A
Relationship:
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2013 |
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Cash & bank |
440 |
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Inventory |
2,750 |
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Accounts
receivable |
0 |
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Advances to suppliers |
590 |
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Other
receivables |
760 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
4,540 |
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Long-term
investments |
0 |
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Fixed assets net
value |
230 |
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Projects under
construction |
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 |
4,770 |
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============= |
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Short loans |
0 |
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Accounts payable |
530 |
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Advances from
customers |
2,450 |
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Employee pay
payable |
0 |
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Taxes payable |
-60 |
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Other accounts
payable |
1,930 |
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Other current
liabilities |
0 |
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Current
liabilities |
4,850 |
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Long term
liabilities |
0 |
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Total
liabilities |
4,850 |
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Shareholders
equities |
-80 |
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Total
liabilities & equities |
4,770 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2013 |
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Turnover |
10,650 |
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Cost of goods
sold |
8,750 |
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Taxes and
additional of main operation |
90 |
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Sales expense |
560 |
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Management expense |
1,270 |
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Finance expense |
70 |
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Non-operating
income |
10 |
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Non-operating expense |
0 |
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Profit before
tax |
-80 |
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Less: profit tax |
10 |
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Net profit |
-90 |
Important
Ratios
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as of Dec. 31,
2013 |
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*Current ratio |
0.94 |
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*Quick ratio |
0.37 |
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*Liabilities
to assets |
1.02 |
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*Net profit
margin (%) |
-0.85 |
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*Return on
total assets (%) |
-1.89 |
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*Inventory
/Turnover ×365 |
95 days |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
2.23 |
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* Cost of
goods sold/Turnover |
0.82 |
PROFITABILITY:
FAIR
l The turnover of SC
appears average in its line.
l SC’s net profit
margin is fair.
l SC’s return on
total assets is fair.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC appears fairly large.
l
SC has no accounts receivable in 2013.
l
SC has no short-term loan in 2013.
l
SC’s turnover is in an average 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.
SC is considered small-sized in its line with fair financial conditions.
The large amount of inventory could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
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UK Pound |
1 |
Rs.96.37 |
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Euro |
1 |
Rs.76.10 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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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.