MIRA
INFORM REPORT
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Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO BODA
OCEAN INTERNATIONAL TRADE CO., LTD |
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Registered Office : |
Room 1906, Building 1, No. 7b Shandong Road, Shinan District, Qingdao, Shandong
Province, 266071 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
28.05.2013 |
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Com. Reg. No.: |
370202230140191 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in trading of goods including Steel Plate |
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No of Employees : |
07 (Approximately) |
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 Company |
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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, 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 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. Debt overhang from
its credit-fueled stimulus program in 2008-10, particularly among local
governments, and soaring property prices challenge policy makers currently.
Their efforts to cool a red-hot property market in 2011 appear to have curbed
inflation, but contributed to slower GDP growth in 2012 and 2013. Slow recovery
in Europe and other key export markets have also retarded growth. 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 fixed investments and exports in the future.
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.
|
Source : CIA |
company name & address
Qingdao Boda Ocean International Trade Co., Ltd
ROOM 1906, building
1, no. 7B shandong road, shinan district,
qingdao, shandong
PROVINCE, 266071 PR CHINA
TEL: 86 (0)
532-80904847/ 13465867371 FAX: 86 (0)
532-85605572
EXECUTIVE SUMMARY
INCORPORATION DATE : may 28, 2013
REGISTRATION NO. : 370202230140191
REGISTERED LEGAL FORM : Limited liabilities co.
CHIEF EXECUTIVE :
Mr. LI QINGYI (legal
representative)
STAFF STRENGTH : 7
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,690,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 380,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2338 = 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 May
28, 2013.
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 import and export of goods and
technology (excluding those prohibited by the state; if needed with permit).
SC is mainly engaged in trading of goods
Mr. Li Qingyi is
legal representative, executive director and general manager of SC at present.
SC is
known to have approx. 7 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.sd-jccg.com/ (belongs
to Shandong Boxing Jiacheng Steel Plate Co., Ltd.) The design is professional
and the content is well organized. At present it is in English and Chinese
versions.
Email: bodaocean01@sd-jccg.com;
info@sd-jccg.com
There is no record of litigation.
According to SC’s accountant, SC started its normal operation in
November of 2013.
No significant changes were found during our
checks with the local Administration for Industry and Commerce.
Organization
Code: 069062648
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Li Qingyi 55
Wang Maojun 45
Legal
Representative, Executive Director and General Manager:
Mr. Li Qingyi is currently responsible for the overall and daily management of SC.
Working
Experience(s):
At present Working
in SC as legal representative, executive director and general manager.
Supervisor:
Wang Maojun
According to SC’s accountant, SC started its normal operation in November
of 2013.
SC is mainly engaged in trading of goods.
SC’s products
mainly include: Steel Plate.
SC sources its materials 100% from domestic
market. SC sells 100% of its products to overseas market.
The buying terms of SC include Check, T/T 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 declined to release its major
suppliers and clients.
Shandong
Boxing Jiacheng Steel Plate Co., Ltd.
==================================
Registration No.: 371625228104042
Incorporation Date: 2005-09-06
Legal
representative: Wang Maojun
Website: http://www.sd-jccg.com/
Email: info@sd-jccg.com
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’s accountant
refused to release the bank details.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2013 |
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Cash & bank |
200 |
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Inventory |
510 |
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Accounts
receivable |
0 |
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Advances to
suppliers |
1,470 |
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Other
receivables |
220 |
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------------------ |
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Current assets |
2,400 |
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Intangible and
other assets |
0 |
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------------------ |
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Total assets |
2,400 |
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=========== |
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Short loan |
0 |
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Taxes payable |
-90 |
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Advances from
customers |
2,110 |
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------------------ |
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Current
liabilities |
2,020 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
2,020 |
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Equities |
380 |
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------------------ |
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Total
liabilities & equities |
2,400 |
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=========== |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2013 |
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Turnover |
1,690 |
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Cost of goods
sold |
1,540 |
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Sales expense |
140 |
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Management expense |
140 |
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Profit before
tax |
-130 |
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Less: profit tax |
0 |
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Profits |
-130 |
Important
Ratios
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As
of Dec. 31, 2013 |
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*Current ratio
|
1.19 |
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*Quick ratio |
0.94 |
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*Liabilities
to assets |
0.84 |
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*Net profit
margin (%) |
-7.69 |
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*Return on total
assets (%) |
-5.42 |
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*Inventory
/Turnover ×365 |
111 days |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
0.70 |
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* Cost of
goods sold/Turnover |
0.91 |
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.
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 appears average.
l
SC has no accounts receivable in 2013.
l
SC has no short loans in 2013.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairy 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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
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UK Pound |
1 |
Rs.100.98 |
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Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
-- |
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.