MIRA
INFORM REPORT
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Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO SPRING FOOD LIMITED |
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Registered Office : |
Room 2401, Building 3, no. 37, Donghai West Road, Shinan District, Qingdao City, Shandong
Province, 266071 PR |
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Country : |
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Date of Incorporation : |
17.01.2013 |
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Com. Reg. No.: |
370202230131175 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Wholesale pre-packaged foods, bulk foods and dairy
products (including infant formula milk powder); wholesaling machinery and
equipment and parts, fiberglass, fishing nets; importing and exporting
commodities and technology |
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No. of Employees |
02 |
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 : |
Recently commenced operation |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 and address
room 2401, building
3, No. 37, donghai west Road,
shinan district,
Qingdao City, Shandong province,
266071 PR CHINA
TEL: 86 (0)
532-80925717/68996280
FAX: n/a
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 17, 2013
REGISTRATION NO. : 370202230131175
REGISTERED LEGAL FORM
: ONE-PERSON LIMITED LIABILITY
COMPANY
chief executive :
gao yanqin (CHAIRMAN)
STAFF STRENGTH : 2
REGISTERED CAPITAL :
CNY 300,000
BUSINESS LINE : TRADING
TURNOVER : n/a
EQUITIES : n/a
PAYMENT : AVERAGE
MARKET CONDITION : FAIR
FINANCIAL CONDITION : n/a
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.2004 = 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’s complete name and address should be the heading ones.
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 Jan. 17, 2013.
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 wholesale pre-packaged foods, bulk foods and dairy products (including infant formula milk powder); wholesaling machinery and equipment and parts, fiberglass, fishing nets; importing and exporting commodities and technology.
SC is mainly engaged in selling food.
Gao Yanqin has been legal representative, chairman and general manager of SC since 2013.
SC is known to have approx. 2 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Qingdao. Detailed premise information is not available at present.
http://www.springfood.cn/ The design is professional and the content is well organized. At present it is in both Chinese and English versions.
Email: Info@springfood.cn
SC started its normal operation in March of 2014.
No significant changes were found during our checks with the local AIC.
Organization Code: 061059276
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
Gao Yanqin 100
Legal representative,
chairman and general manager:
Gao Yanqin is currently responsible for the overall management of SC.
Working Experience(s):
From 2013 to present Working in SC as legal representative, chairman and general manager.
Supervisor:
Yu Weijie
SC started its normal operation in March of 2014.
SC is mainly engaged in selling food.
SC’s products mainly include:
Blue whiting
Can
Mackerel fillet
Vanamei shrimp
Shellfish
Tilapia
Sushi
Cephalopod
Fillets
Dried squid fillets
Mallotus Villosus
Etc.
SC sources its materials 100% from overseas market. SC sells 100% of its products in domestic 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 and Credit of 30-60 days.
Note: SC refused 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 banking details.
Established in January of 2013 and started its normal operation in March of 2014, SC’s financial information is not available at present.
SC was established in January of 2013 and started its normal operation in March of 2014. Taking into consideration of SC’s development history and operation size, credit dealings with SC are recommended under secured terms.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.95 |
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1 |
Rs.102.78 |
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Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
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.