MIRA INFORM REPORT
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Report No. : |
302200 |
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Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO YINGFEI CHEMICAL CO., LTD. |
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Registered Office : |
No. 185, Zhuhai East Road, Huangdao District, Qingdao, Shandong
Province, 266400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
05.06.2001 |
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Com. Reg. No.: |
370284228016456 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
·
Subject is engaged in general business items:
confecting of alginate, sodium alginate, seaweed additives, dye materials (pollution
projects with qualification to operate), production of coatings adhesives
(pollution projects and projects need to be approved with license to
operate); wholesale and retail alginate, sodium alginate, seaweed additives,
iodine, seaweed powder, chemical equipment, hardware, clothing and
accessories standard parts and other chemical products (excluding dangerous
goods), import and export of goods and technology. (if needed with permit to
operate) ·
Subject is engaged in confecting, manufacturing
and selling of alga products. |
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No. of Employee : |
23 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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.
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Source
: CIA |
Company
name & address
QINGDAO YINGFEI CHEMICAL CO., LTD.
NO. 185, ZHUHAI EAST ROAD, HUANGDAO DISTRICT, QINGDAO, SHANDONG
PROVINCE, 266400 PR CHINA
TEL: 86 (0) 532-85172566/86159531/15066288887
FAX: 86 (0) 532-85172166/86615356
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 5, 2001
REGISTRATION NO. :
370284228016456
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. TAN GENGBO (LEGAL
REPRESENTATIVE)
STAFF STRENGTH :
23
REGISTERED CAPITAL : CNY 3,800,000
BUSINESS LINE :
CONFECTING, MANUFACTURING & TRADING
TURNOVER :
CNY 79,490,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 3,300,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2009 = 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: The correct address is the heading one.
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 June
5, 2001.
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 general business items:
confecting of alginate, sodium alginate, seaweed additives,
dye materials (pollution projects with qualification to operate), production of
coatings adhesives (pollution projects and projects need to be approved with
license to operate); wholesale and retail alginate, sodium alginate, seaweed
additives, iodine, seaweed powder, chemical equipment, hardware, clothing and
accessories standard parts and other chemical products (excluding dangerous
goods), import and export of goods and technology. (if needed with permit to
operate)
SC is mainly engaged in confecting, manufacturing
and selling of alga products.
Mr. Tan Gengbo is legal
representative, executive director and manager of SC at present.
SC is known to have approx. 23 employees
at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Qingdao. Detailed premise
information is not available at present.
http://www.qdyingfei.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: info@qdyingfei.com
For the past two years there is no record of litigation.
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Subject passed the annual inspection of 2012 with Administration for
Industry & Commerce.
Organization Code: 727817089
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tan Gengbo 57.11
Jin Mingji 42.89
Legal
Representative, Executive Director and Manager:
Mr. Tan Gengbo, born in 1972, 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 manager. Also working in
Qingdao Bonded Area Jinrongda International Trade Co., Ltd. as supervisor.
Supervisor:
Teng Meiling
SC is mainly engaged in confecting, manufacturing and selling of alga
products.
SC’s products mainly include: sodium alginate, alga additive, mannitol,
iodine, alga powder and carapace element.
SC sources its materials 100% from domestic market. SC sells 70% of its
products in domestic market, and 30% 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.
Registration No. 3563104
Registration Date May
14, 2005
Trademark Design 
Qingdao Bonded Area Jinrongda International Trade
Co., Ltd.
=================================
Incorporation date:
2002-4-1
Registration no.:
370220228001083
Registered capital: CNY
1,000,000
Legal rep.: Jin Mingji
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 |
450 |
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Inventory |
1,090 |
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Accounts receivable |
3,290 |
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Advanced to suppliers |
4,370 |
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Other receivable |
3,080 |
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Notes receivable |
160 |
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Deferred and prepaid expenses |
200 |
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Other current assets |
0 |
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------------------ |
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Current assets |
12,640 |
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Fixed assets net value |
800 |
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Projects under construction |
0 |
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Intangible assets & other assets |
0 |
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------------------ |
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Total assets |
13,440 |
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============= |
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Short loans |
0 |
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Accounts payable |
3,430 |
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Advanced from customers |
1,110 |
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Taxes payable |
-300 |
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Other accounts payable |
5,590 |
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Accrued expenses |
310 |
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Other current liabilities |
0 |
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------------------ |
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Current liabilities |
10,140 |
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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 |
10,140 |
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Equities |
3,300 |
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------------------ |
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Total liabilities & equities |
13,440 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2013 |
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Turnover |
79,490 |
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Cost of goods sold |
75,310 |
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Taxes and additional of
main operation |
50 |
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Sales expense |
2,320 |
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Management expense |
1,490 |
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Finance expense |
270 |
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Asset impairment loss |
0 |
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Non-operating income |
0 |
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Non-operating expenses |
0 |
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Profit before tax |
50 |
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Less: profit tax |
10 |
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Profits |
40 |
Important Ratios
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As of Dec. 31, 2013 |
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*Current ratio |
1.25 |
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*Quick ratio |
1.14 |
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*Liabilities to assets |
0.75 |
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*Net profit margin (%) |
0.05 |
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*Return on total assets (%) |
0.30 |
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*Inventory /Turnover ×365 |
6 days |
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*Accounts receivable/Turnover ×365 |
16 days |
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*Turnover/Total assets |
5.91 |
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* Cost of goods sold/Turnover |
0.95 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is average in 2013.
The accounts receivable of SC is maintained in an average level.
SC has no short loans in 2013.
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is fairly high.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.40 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
|
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.