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MIRA INFORM REPORT
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Report No. : |
508945 |
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Report Date : |
14.05.2018 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO NEW
CONCEPTS INTERNATIONAL TRADE CO.,LTD |
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Registered Office : |
Room 501 unit 2
bldg. 16 no. 746 jinshui road licang dist. qingdao shandong Province, Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
02.12.2014 |
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Credibility Code : |
913702133215179089 |
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Legal Form : |
One-person Limited Liability Company |
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Line of Business : |
The subject’s registered
business scope includes importing and exporting goods and technologies;
wholesaling needles, packaging materials, clothing, daily department stores,
mechanical equipment, sporting goods, wood products, toys, bedding, mother
and baby articles (excluding food and medicine), prepackaged food; selling
special food (with permit if needed) |
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No. of Employees : |
2 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
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Source
: CIA |
Company
name and address
Company
Name : QINGDAO NEW CONCEPTS INTERNATIONAL TRADE CO.,LTD
Address : RM 1504, UNIT 2
BUILDING 26 FUKANG HUA YUAN NO. 797,
HEILONGJIANG
RD LICANG AREA, QINGDAO SHANDONG PROVINCE, PR CHINA
Telephone : 0086-532-84688938
Facsimile : 0086-532-84688938
Website : http://www.qdnewconcepts.com/
Email :
nconcepts@163.com
Note: The given address belongs to the
bank of the subject.
REGISTRATION INFORMATION
Established
Date : 2014-12-02
Credibility Code : 913702133215179089
Legal
Form : One-person Limited Liability Company
Registration Authority : Market Supervision Bureau – Licang Dist., Qingdao
Status : Active
Registered
Capital : RMB
500,000
Paid
Up
Capital : --
Turnover : RMB
1,860,000 (as of Dec. 31, 2016)
Equities : RMB 36,000
(as of Dec. 31, 2016)
Chief
Executive : Huang Changmei
Business
Line : Trade
Manpower : 2
Tax
Registration
Certificate
No. : 913702133215179089
Organization
Code : 32151790-8
HS code : 3702960D2W
Import & Export code : 3702321517908
Financial
Condition : Fairly Stable
Business
Size : Small
Enterprise
Payment
:
Slow
Registered
Address
Room 501 unit 2 bldg. 16 no. 746
jinshui road licang dist. qingdao shandong PROVINCE, PR CHINA
Company
Status: One-person Limited Liability Company
Single person LLC refers to a limited liability company set up by
only one natural person or legal person as the single shareholder of it.
The minimum registered capital of Single person LLC is RMB100,000.
The shareholder’s capital contributes, as set out by the articles of
associations should be a lump-sum payment in full.
One natural person can only invest in and set up one limited
liability company, which is not permitted to invest in and set up a new Single
person LLC.
As to any one-person limited liability company, the sole-investor
nature of the natural person or legal person shall be indicated in the
registration documents of the company and shall be indicated in the business
license thereof as well.
The regulation of Single person LLC should be set up by the
shareholder
The regulation of Single person LLC has no shareholder meeting.
Premise
The subject operates from premises
located at the heading address, and this address houses its operating office in
Qingdao. Our checks reveal that the subject rents the total premise, but the
square meters are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Legal
representative, General Manager Executive Director |
Huang Changmei |
Chinese |
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Supervisors |
Yang Shicai |
Chinese |
MAJOR SHAREHOLDERS
Name %
Shareholding
Huang Changmei 100
KEY EVENTS
No Significant Changes.
BUSINESS OPERATIONS
The subject’s registered
business scope includes importing and exporting goods and technologies; wholesaling
needles, packaging materials, clothing, daily department stores, mechanical
equipment, sporting goods, wood products, toys, bedding, mother and baby
articles (excluding food and medicine), prepackaged food; selling special food
(with permit if needed)
The subject is mainly engaged in
international trade of baby products.
Products:
Baby cots
Change table
Rocking animal seats
Mosses baskets
Bath tubs
Play mats
Mummy bags
Other baby safety products
Etc.
The subject sources its materials 90% from domestic
market, and 10% from overseas market. the subject sells 30% of its products in
domestic market, and 70% to overseas market, mainly U.S.A. and Europe.
The buying terms of the subject include Check, T/T,
L/C and Credit of 30-60 days. The payment terms of the subject include Check,
T/T, L/C and Credit of 30-60 days.
SUPPLIER & CUSTOMER
No
record.
RELATED COMPANIES
No Subsidiary
NEGATIVE INFORMATION
Lawsuit
Record: No
record.
Trade payment
experience: The subject 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 the subject
was placed to us for collection within the last 6 years.
Customs
administrative penalty: No record.
Equity
freeze information: No record.
Administrative
Penalty: No record.
MORTGAGE
There is no record of mortgage
information at present.
TRADEMARK
No record.
PATENT
No record.
BANKING
Bank of China Jinshui Road Sub-Branch
Account No.: 215624649391
ABBREVIATED FINANCIAL STATEMENT
Financial
Summary
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Unit: RMB’000
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As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
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Total assets |
312 |
581 |
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Total liabilities |
303 |
545 |
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Equities |
9 |
36 |
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-------------- |
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Total liabilities & equities |
312 |
581 |
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Turnover |
2,052 |
1,860 |
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Profits before tax |
12 |
29 |
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Less: tax |
1 |
3 |
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Profits |
11 |
26 |
Important
Ratios
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As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
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*Liabilities to assets |
0.97
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0.94
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*Net profit margin (%) |
0.54
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1.40
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*Return on total assets (%) |
3.53
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4.48
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*Turnover/Total assets |
6.58
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3.20
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PROFITABILITY:
AVERAGE
The turnover of the subject appears average in its line.
the subject’s net profit margin is average.
the subject’s return on total assets is average.
the subject’s turnover is fairly good in 2015 and average in 2016,
comparing with the size of its total assets.
LEVERAGE:
FAIR
The debt ratio of the subject is high.
The risk for the subject to go bankrupt is average.
TREND ANALYSIS
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2014 |
2015 |
2016 |
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Sales Trend |
-- |
-- |
È |
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Profit margin |
-- |
-- |
Ç |
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Debt to assets ratio |
-- |
-- |
È |
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Overall
Financial Condition |
□Good □Fairly Good □Stable ■Fairly Stable □Fair □Poor |
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COMMENT
The subject was registered as a One-person Limited Liability
Company at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license).
The subject 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 |
INR 67.22 |
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1 |
INR 90.88 |
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Euro |
1 |
INR 80.09 |
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CNY |
1 |
INR 80.82 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.