MIRA
INFORM REPORT
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Report No. : |
307492 |
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Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 1404, Unit 1, Digital Technology Center, No.63 Haier Road, Laoshan District, Qingdao City, Shandong Province, 266101 Pr |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
04.02.2009 |
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Com. Reg. No.: |
370202230027415 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is mainly engaged in Selling of Chemical Products and Textile
Products. |
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No. of Employees : |
6 |
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 : |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
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.
|
Source
: CIA |
Company Name and address
QINGDAO STARSEA TONGDA INTERNATIONAL TRADING
CO., LTD.
ROOM 1404, UNIT 1, DIGITAL TECHNOLOGY
CENTER, NO. 63 HAIER ROAD, LAOSHAN DISTRICT, QINGDAO CITY, SHANDONG PROVINCE,
266101 PR CHINA
TEL: 86 (0) 532-80971617/80971619 FAX: 86 (0) 532-80971615
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 4, 2009
REGISTRATION NO. : 370202230027415
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 6
REGISTERED CAPITAL : CNY
1,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 3,950,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY -310,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.2443= 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
Ren Min Bi
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 Feb. 4, 2009.
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 importing and exporting goods and
technologies (with permit if needed). Wholesale: chemical products (without
hazardous chemicals), art crafts, machinery equipment, textile products and
steel. (with permit if needed).
SC is mainly
engaged in selling chemical products and textile products.
Mr. Zhang Anning
is the legal representative, chairman and general manager of SC at present.
SC is known
to have approx. 6 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 unspecified.
www.starseatd.com
The design is professional and the content is well organized. At present it is both
in Chinese and English versions.
Email: fusite.chrisding@163.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Organization code: 682575898
For the past two years there is no record of litigation.
MAIN
SHAREHOLDER:
Name %
of Shareholding
Hao Yuxing 60
Zhang Anning 40
l
Legal representative, Chairman & General
Manager:
Mr. Zhang Anning 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:
Hao Yuxing
SC is mainly
engaged in selling chemical products
and textile products.
SC’s products
mainly include:
Chemical Products
Tertiary amine type
Asphalt emulsifier type
Quaternary ammonium salt type
Textile Products
Traditional coarse cloth
Grass-willow knitting products
SC sources its
materials 100% from domestic market. SC sells 50% of its products in domestic
market and 50% 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
major clients and suppliers.
Shandong
Fusite Oil Technology Co., Ltd.
===============================
Reg.
No.: 371625200006896
Legal
representative: Zhang Xu
Incorporation
date:
Note:
SC refused to release the relationship with Shandong Fusite Oil Technology Co.,
Ltd.
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 refused to release any information of
its suppliers and the trade reference was not available.
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 management refused to release the detailed information
of the banking so we cannot confirm the given banking information (HDFC Bank).
Balance Sheet
Unit: CNY’000
Income Statement
Unit: CNY’000
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As of Dec. 31, 2014 |
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Turnover |
3,950 |
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Cost of goods sold |
3,590 |
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Sales
expense |
90 |
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Management expense |
920 |
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Profit before tax |
-650 |
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0 |
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Profits |
-650 |
Important Ratios
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As
of Dec. 31, 2014 |
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*Current ratio |
0.51 |
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*Quick ratio |
0.51 |
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*Liabilities
to assets |
1.03 |
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*Net profit
margin (%) |
-16.46 |
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*Return on
total assets (%) |
-6.85 |
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*Inventory
/Turnover ×365 |
/ |
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*Accounts
receivable/Turnover ×365 |
25 days |
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*Turnover/Total
assets |
0.42 |
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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 poor.
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 fair level.
l
SC has no inventory in 2014.
l
SC’s accounts receivable is average in 2014.
l
SC has no short loan in 2014.
l
SC’s turnover is in a fair 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 above average.
Overall financial
condition of the SC: Fair
SC is considered small-sized in its line with fair 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.62.15 |
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1 |
Rs.94.72 |
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Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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.