MIRA INFORM REPORT
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Report No. : |
355587 |
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Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO AEON GLASS CO., LTD. |
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Registered Office : |
Room 2811,
Building 2, Tianbao International sBusiness Center, No. 61 Hai’er Road, Laoshan District,
Qingdao, Shandong Province, 266061 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
19.01.2007 |
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Com. Reg. No.: |
370200228078001 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is
engaged in export of glass. Products mainly include: float glass, processed glass,
mirror, patterned glass, automotive glass and solar glass. |
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No. of Employee : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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, 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. 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 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name and address
QINGDAO AEON
GLASS CO., LTD.
ROOM 2811, BUILDING
2, TIANBAO INTERNATIONAL BUSINESS CENTER,
NO. 61 HAI’ER ROAD, LAOSHAN DISTRICT, QINGDAO, SHANDONG PROVINCE, 266061 PR CHINA
TEL: 86 (0)
532-55576229/55576322/18765237879 FAX:
86 (0) 532-55576220
EXECUTIVE
SUMMARY
INCORPORATION
DATE : JAN. 19, 2007
REGISTRATION
NO. : 370200228078001
REGISTERED
LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF
STRENGTH : 20
REGISTERED
CAPITAL : CNY 5,000,000
BUSINESS
LINE : trading
TURNOVER : CNY 30,880,000
(AS OF DEC. 31, 2014)
EQUITIES : CNY 3,670,000
(AS OF DEC. 31, 2014)
PAYMENT
: SLow but
correct
MARKET
CONDITION : average
FINANCIAL
CONDITION : FAIRLY stable
OPERATIONAL
TREND : FAIRLY STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.4815 = USD
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 Jan. 19, 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 international freight forwarding, road and railway
freight forwarding; importing and exporting various goods and technology;
commercial information consulting (if needed with permit).
SC is mainly engaged in export of glass.
Mr. Bing Longxi has been legal
representative, executive director and general manager of SC since 2007.
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 in the commercial zone of
Qingdao. SC rents the total premise, but the gross area is unspecified.
http://www.aeonglass.com The design is
professional and the content is well organized. At present it is in English
version.
E-Mail: sales@aeonglass.com
No significant
events or changes were found during our checks with the local Administration
for Industry and Commerce.
Organization Code:
797511296
See below for SC as
executive party (defendant).
|
Executed Party |
SC |
|
Court |
Qingdao City
Shinan District People's Court |
|
Date of Case |
2011-3-28 |
|
Case Number |
(2011) 10614 |
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Claim Amount |
RMB 20,000 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are
unable to provide the cause of action, judgment or other information.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Bing Longxi 45
Liu Beini 45
Zhou Xiangning 10
l
Legal
Representative, Executive Director and General Manager:
Mr. Bing Longxi, in his 30’s, with university education. He is currently
responsible for the overall and daily management of SC.
Working Experience(s):
From 2007 to present Working in SC as legal
representative, executive director and general manager.
l
Supervisor:
Liu Beini
SC is mainly engaged in export of glass.
SC’s products mainly include: float glass,
processed glass, mirror, patterned glass, automotive glass and solar glass.
SC sources its materials 100% from domestic
market. SC sells 100% of its products to the overseas market, mainly Southeast
Asia and European countries.
The buying terms of
SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include
check, L/C and Credit of 30-60 days.
TRADEMARKS & PATENTS
|
Registration No. |
11911018 |
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Registration Date |
2014-6-28 |
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Trademark Design |
|
Note:
SC’s management declined to release its major clients.
According to SC’s
website:
Aeon Industries Corporation Ltd. (Hong Kong)
=================================
Registered number: 1012656
Incorporated date: Dec. 8, 2005
Legal form: Private company limited by shares
Status: Live
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.
Ping An Bank
Qingdao Branch
AC#:
11007589007101
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
Cash & bank |
70 |
770 |
|
Inventory |
0 |
0 |
|
Accounts receivable |
13,530 |
14,990 |
|
Advances to suppliers |
0 |
0 |
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Other receivables |
10 |
370 |
|
Prepaid expenses |
450 |
260 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
14,060 |
16,390 |
|
Fixed assets net value |
0 |
0 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
14,060 |
16,390 |
|
|
============= |
============= |
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Short loans |
0 |
0 |
|
Accounts payable |
8,630 |
12,720 |
|
Other accounts payable |
1,710 |
0 |
|
Taxes payable |
10 |
0 |
|
Welfare payable |
10 |
0 |
|
Other payable |
0 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
10,360 |
12,720 |
|
Long term liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total liabilities |
10,360 |
12,720 |
|
Equities |
3,700 |
3,670 |
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|
------------------ |
------------------ |
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Total liabilities & equities |
14,060 |
16,390 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
Turnover |
18,090 |
30,880 |
|
Cost of goods sold |
16,940 |
28,570 |
|
Sales expense |
80 |
730 |
|
Management expense |
1,030 |
1,540 |
|
Finance expense |
0 |
0 |
|
Profit before tax |
40 |
40 |
|
Less: profit tax |
10 |
10 |
|
Profits |
30 |
30 |
Important Ratios
=============
|
|
as
of Dec. 31, 2013 |
as
of Dec. 31, 2014 |
|
*Current ratio |
1.36 |
1.29 |
|
*Quick ratio |
1.36 |
1.29 |
|
*Liabilities
to assets |
0.74 |
0.78 |
|
*Net profit
margin (%) |
0.17 |
0.10 |
|
*Return on
total assets (%) |
0.21 |
0.18 |
|
*Inventory
/Turnover ×365 |
/ |
/ |
|
*Accounts
receivable/Turnover ×365 |
273 days |
178 days |
|
*Turnover/Total
assets |
1.29 |
1.88 |
|
* Cost of
goods sold/Turnover |
0.94 |
0.93 |
PROFITABILITY: AVERAGE
l The turnover of SC appears average in its
line in both years, and it increased in 2014.
l SC’s net profit margin is average in both
years.
l SC’s return on total assets is average in
both years.
l SC’s cost of goods sold is average in both
years, comparing with its turnover.
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 SC has no inventory in both years.
l The accounts receivable of SC is large in
both years.
l SC has no short loans in both years.
l SC’s turnover is in an average level in both
years, comparing with the size of its total assets.
LEVERAGE: FAIR
l The debt ratio of SC is average in 2013 but
fairly high in 2014.
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. The large
amount of accounts receivable could be a threat to SC’s financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
|
UK Pound |
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.72.33 |
|
CNY |
1 |
Rs. 10.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
|
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Report Prepared
by : |
ASH |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.