MIRA
INFORM REPORT
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Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU CHEMICALS IMPORT & EXPORT CORPORATION |
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Registered Office : |
15th Floor, Jinxin Building, No. 691 Renmin North Road, Guangzhou, Guangdong Province 510170 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.10.1982 |
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Com. Reg. No.: |
440101000009959 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Importing and exporting (with approval); simultaneous business: transit trade, transportation, storage, bonded business |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Company name and address
GUANGZHOU CHEMICALS IMPORT & EXPORT CORPORATION
15TH FLOOR, JINXIN BUILDING, NO. 691 RENMIN NORTH ROAD,
GUANGZHOU, GUANGDONG PROVINCE 510170 PR CHINA.
TEL: 86 (0) 20-81083877
FAX: 86 (0) 20-81084009
EXECUTIVE SUMMARY
Date of Registration : october 27, 1982
REGISTRATION NO. : 440101000009959
LEGAL FORM : STATE-OWNED
ENTERPRISE
REGISTERED CAPITAL : CNY 4,733,000
staff :
100
BUSINESS CATEGORY : trading
Revenue :
CNY 583,150,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 11,880,000 (AS OF DEC. 31, 2010)
WEBSITE : www.gzchem.com
E-MAIL :
webmaster@gzchem.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 100,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE :
CNY 6.39 = 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 state-owned enterprise of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 440101000009959 on October
27, 1982.
SC’s Organization Code Certificate No.:
190471910
SC’s registered capital: CNY 4,733,000
SC’s paid-in capital: CNY 4,733,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2009-8 |
Legal Representative |
Zheng Shaosan |
Ma Yutian |
|
-- |
Registration No. |
4401011303421 |
440101000009959 |
|
Company name |
Guangzhou Imp. & Exp. Corporation |
Guangzhou Chemicals Import & Export
Corporation |
Current Co search indicates SC’s
superior departments & chief
executives are as follows:-
|
Superior
Departments |
|
Guangzhou Textiles Industry & Trade
Holding Ltd. |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and General Manager |
Ma Yutian |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SUPERIOR DEPARTMENTS &
BACKGROUND
Name
Guangzhou Textiles Industry & Trade Holding
Ltd.
=========================================
Registration No. :
4401011109893
Legal Form : Sole State-owned Enterprise
Registered Capital :
CNY 734,833,000
Address: No. 438 Dongfeng Middle Road,
Yuexiu District, Guangzhou, Guangdong Province
Tel: 86 020-83348898/83335518
Fax: 86 020-83343898
E-mail: gztex@sources-china.com
MANAGEMENT
Ma Yutian , Legal
Representative and General Manager
-----------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID#440102196202144019
Ø
Age: 49
Ø
Qualification:
University
Ø
Working
experience (s):
From 2009
to present, working in SC as legal representative and general manager
Chen Yibiao ,
Sales Manager
-------------------------------------------------
Ø
Mobile: 86 (0) 18926251313
BUSINESS OPERATION
SC’s registered
business scope includes main business: importing and exporting (with approval);
simultaneous business: transit trade,
transportation, storage, bonded business; Chinese-foreign contractual joint
venture, equity joint venture, processing
with imported samples, assembling with imported parts, and compensation trade
in agreement; information consulting services.
SC is mainly
engaged in international trade.
Brand: GC
SC’s products
mainly include:
•Coating,
paint, plastics and adhesives chemicals
•The
electroplating and electronic chemicals
•The
textile and dyeing industry chemicals
•The
glassware and ceramic industry chemicals
•The
food and feed industry chemicals
•Water-treatment
Chemicals
•Detergent
Chemicals
SC sources its materials 20% from domestic
market, and 80% from overseas market. SC sells 20% of its products in domestic
market, and 80% to overseas market, mainly Africa, South America, Southeast
Asian market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Supplier:
=============
Guangdong Nanfang
Soda Ash Industrial Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 100 staff at
present.
SC owns an area as
its operating office & factory of approx. 1,300 sq. meters at the heading
address.
RELATED COMPANY
SC is known to have a
subsidiary at present:
u
Guangzhou Sinochem Trade Co., Ltd
---------------------------------------------------
Date of Registration :
December 15, 2002
Registration No. :
440103000037715
Legal Form : Limited Liabilities Company
Registered Capital :
CNY 500,000
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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 Guangzhou Branch Liwan Sub-branch
AC#：830000009448091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
8,550 |
4,970 |
|
|
Accounts
receivable |
31,300 |
38,790 |
|
Advances to
suppliers |
11,610 |
13,490 |
|
Other receivable |
21,580 |
22,600 |
|
Inventory |
24,980 |
38,800 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
1,280 |
|
|
------------------ |
------------------ |
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Current assets |
98,020 |
119,930 |
|
Fixed assets |
8,150 |
7,910 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
|
Long-term
investments |
150 |
150 |
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Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
1,070 |
1,380 |
|
|
------------------ |
------------------ |
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Total assets |
107,390 |
129,370 |
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|
============= |
============= |
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Short-term loans |
28,320 |
28,320 |
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Notes payable |
0 |
0 |
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Accounts payable |
27,730 |
39,670 |
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Wages payable |
0 |
0 |
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Advances from
clients |
35,010 |
37,530 |
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Other payable |
1,160 |
1,200 |
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Other current
liabilities |
3,320 |
9,730 |
|
|
------------------ |
------------------ |
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Current
liabilities |
95,540 |
116,450 |
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Non-current
liabilities |
1,040 |
1,040 |
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|
------------------ |
------------------ |
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Total
liabilities |
96,580 |
117,490 |
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Equities |
10,810 |
11,880 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
107,390 |
129,370 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
583,150 |
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Cost of sales |
549,490 |
|
Sales expense |
18,640 |
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Management expense |
13,550 |
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Finance expense |
2,010 |
|
Profit before
tax |
2,930 |
|
Less: profit tax |
780 |
|
2,150 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.03 |
1.03 |
|
*Quick ratio |
0.76 |
0.70 |
|
*Liabilities
to assets |
0.90 |
0.91 |
|
*Net profit
margin (%) |
-- |
0.37 |
|
*Return on
total assets (%) |
-- |
1.66 |
|
*Inventory /
Revenue ×365 |
-- |
25 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
25 days |
|
*
Revenue/Total assets |
-- |
4.51 |
|
* Cost of
sales / Revenue |
-- |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line
in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan is in an average level.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions. A credit line at the above amount appears beyond SC’s capacities,
while a credit line up to USD 100,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.36 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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.