MIRA
INFORM REPORT
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Report Date : |
26.11.2014 |
IDENTIFICATION DETAILS
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Name : |
Qingdao Rem Metal
Products CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.06.2008 |
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Com. Reg. No.: |
370284230003276 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is mainly
engaged in manufacturing & selling metal products, rubber products. |
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No of Employees : |
20 |
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 : |
Slow but correct |
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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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
Since the late 1970s
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Source
: CIA |
COMPANY NAME & ADDRESS
Qingdao Rem Metal Products
CO., LTD.
NO.
TEL: 86 (0) 532-81166961
FAX: 86 (0) 532-85175880
EXECUTIVE SUMMARY
INCORPORATION DATE : juNE 27, 2008
REGISTRATION NO. : 370284230003276
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
20
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 28,820,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 1,180,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : Fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.1412 = usd 1
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 June 27, 2008.
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 & selling metal products, rubber
products, plastic products, wood products, paper products (excluding printing),
machinery and equipment; selling electrical products, office supplies, hardware
and building materials, spray processing; import and export of goods.
SC is mainly
engaged in manufacturing & selling metal products, rubber products.
Jiao Xuefeng is
legal representative, chairman and general manager of SC at present.
SC is known to
have approx. 20 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Jiaonan. SC’s
employee
refused to release the detailed information of the premise.
http://www.remchina.com/ The design is professional and the content is
well organized. At present it is in English version.
Email: jack@remchina.com
SC has got the Professional Products Standard (Q/0284RMJ001-2010) and also
accredited with ISO9001:2008, most of the products have gained CE
accreditation.
No significant changes were found during our checks with the local AIC.
Subject passed the annual inspection of 2012 with
Administration for Industry & Commerce.
Organization Code: 675275889
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiao Xuefeng 38
Xue Jinqiang 60
Xue Guangshan 2
l
Legal
representative, chairman and general manager:
Jiao Xuefeng 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:
Xue Guangshan
SC is mainly
engaged in manufacturing & selling metal products, rubber products.
SC’s products mainly include:
Hand Trolley
Tool Cart
Wheels
SC sources its materials 100% from domestic
market. SC sells 10% of its products in domestic market, and 90% 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’s management refused to release its
main suppliers and clients.
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TRADEMARKS & PATENTS |
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Registration No. |
10590122 |
8114826 |
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Registration Date |
April 28, 2013 |
March 21, 2011 |
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Trademark Design |
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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.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2013 |
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Cash & bank |
6,490 |
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Inventory |
540 |
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Accounts
receivable |
1,110 |
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Bills receivable |
0 |
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Other Accounts
receivable |
800 |
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Advances to
suppliers |
0 |
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To be
apportioned expense |
0 |
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Other current assets |
10 |
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------------------ |
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Current assets |
8,950 |
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Fixed assets net
value |
320 |
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Long-term
investment |
0 |
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Intangible
assets |
2,740 |
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Other assets |
50 |
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------------------ |
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Total assets |
12,060 |
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============= |
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Short loans |
0 |
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Accounts payable |
7,520 |
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Advance from
customers |
0 |
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Other Accounts
payable |
3,650 |
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Notes payable |
0 |
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Taxes payable |
-290 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
0 |
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------------------ |
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10,880 |
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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 |
10,880 |
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Equities |
1,180 |
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------------------ |
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12,060 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2013 |
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Turnover |
28,820 |
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Cost of goods sold |
25,270 |
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Sales expense |
2,340 |
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Management expense |
690 |
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Finance expense |
410 |
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Profit before
tax |
90 |
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Less: profit tax |
10 |
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Profits |
80 |
Important Ratios
=============
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As
of Dec. 31, 2013 |
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*Current ratio |
0.82 |
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*Quick ratio |
0.77 |
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*Liabilities
to assets |
0.90 |
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*Net profit
margin (%) |
0.28 |
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*Return on
total assets (%) |
0.66 |
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*Inventory
/Turnover ×365 |
7 days |
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*Accounts
receivable/Turnover ×365 |
15 days |
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*Turnover/Total
assets |
2.39 |
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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: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair 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 2013.
l
SC’s turnover is in a fairly good 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.92 |
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|
1 |
Rs.97.12 |
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Euro |
1 |
Rs.76.93 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
SMN |
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.