MIRA INFORM REPORT
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Report No. : |
340941 |
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Report Date : |
14.09.2015 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO LONGYUNTONG CORPORATION |
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Registered Office : |
Room 1406, Building A, No. 22 Shandong Road, Qingdao Shandong Province 266071 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
24.11.2006 |
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Com. Reg. No.: |
370202228207186 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in importing and exporting various goods and
technology (excluding the items prohibited or limited by law and administrative
regulations and operating the limited products with permit if needed);
wholesaling and retailing general merchandise electronic products, hardware,
garments, shoes and hats, textiles, culture and sports products, crafts,
office supplies, building and decorating materials, communication equipment
(excluding wireless radio and television transmitting equipment), chemicals (excluding hazardous chemicals),
automotive parts and electromechanical products (excluding cars). (with
permit if needed). |
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No. of Employees : |
10 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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.
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Source
: CIA |
Company
name and address
QINGDAO LONGYUNTONG
CORPORATION
Room 1406, Building A, No. 22 Shandong Road, Qingdao
Shandong Province 266071 PR China
TEL: 86 (0) 532-82673605/82682816
FAX: 86 (0) 532-82651805
EXECUTIVE
SUMMARY
Date of Registration : NOVember 24, 2006
REGISTRATION NO. : 370202228207186
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 1,000,000
staff :
10
BUSINESS CATEGORY : trading
REVENUE :
CNY 49,575,000 (As of Dec. 31, 2014)
EQUITIES :
CNY 1,394,000 (As of Dec. 31, 2014)
WEBSITE : www.colorchemcn.com
E-MAIL :
zhychem@colorchemcn.com
& Chinachem96@vip.163.com
PAYMENT :
Slow but correct
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.37 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND
& GENERAL REPUTATION:
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 370202228207186
on November 24, 2006.
SC’s Organization Code Certificate No.:
79403325-X
SC’s Tax No.: 37020279403325X
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
3702022820718 |
370202228207186 |
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% of Shareholding |
Liu Mingxun 55% Zhang Shuyun 45% |
Liu Mingxun 50% Zhang Shuyun 50% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Liu Mingxun |
50 |
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Zhang Shuyun |
50 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman and General
Manager |
Liu Mingxun |
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Supervisor |
Zhang Shuyun |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Liu Mingxun 50
Zhang Shuyun 50
MANAGEMENT
Liu
Mingxun, Legal Representative, Chairman
and General Manager
-------------------------------------------------------------------------------------------------------
Ø Gender: M
Ø Age: 40
Ø ID#
110108197501252710
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Zhang
Shuyun, Supervisor
----------------------------------------------
Ø Gender: F
Ø
Age: 68
Ø ID#
370922194709072327
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting various
goods and technology (excluding the items prohibited or limited by law and
administrative regulations and operating the limited products with permit if
needed); wholesaling and retailing general merchandise electronic products,
hardware, garments, shoes and hats, textiles, culture and sports products,
crafts, office supplies, building and decorating materials, communication
equipment (excluding wireless radio and television transmitting equipment),
chemicals (excluding hazardous
chemicals), automotive parts and electromechanical products (excluding
cars). (with permit if needed)
SC is mainly
engaged in international trade.
SC’s products
mainly include:
Naphthols
Organic Pigment
Inorganic Pigment
Dyestuff
Pigment & Dyestuff
Intermediate
Relating Chem
Product
SC sources its
products 100% from domestic market. SC sells 100% of its products to the
overseas market, mainly North America, Europe, Southeast Asia, and Middle East.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
*Major Supplier*
============
Feicheng Mountain Sea Chemicals Corporation
*Major Customer*
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Chemworld
International Ltd. Inc.
Staff & Office:
--------------------------
SC is known to have approx. 10 staff at present.
SC rents an area as its operating office of approx. 100 sq. meters at the heading address.
RELATED
COMPANY
SC is not known to have any subsidiary at present.
PAYMENT
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’s suppliers
declined to make any comments.
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.
BANKING
Basic Bank:
Bank
of China Qingdao Shandong Road Manhattan Plaza Sub-branch
AC#:
236414745101
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
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Total assets |
10,623 |
9,385 |
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Total
liabilities |
9,407 |
7,991 |
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Equities |
1,216 |
1,394 |
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------------- |
------------- |
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Revenue |
54,045 |
49,575 |
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Profit before
tax |
168 |
178 |
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Less: profit tax |
38 |
0 |
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Profits |
130 |
178 |
Important Ratios
=============
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As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
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*Liabilities
to assets |
0.89 |
0.85 |
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*Net profit
margin (%) |
0.24 |
0.36 |
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*Return on
total assets (%) |
1.22 |
1.90 |
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*Revenue/Total
assets |
5.09 |
5.28 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears average in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is above average.
Overall financial condition
of the SC: Fairly Stable.
CONCLUSIONS
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.66.37 |
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UK Pound |
1 |
Rs.102.54 |
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Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
VNT |
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.