MIRA INFORM
REPORT
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Report Date : |
06.01.2011 |
IDENTIFICATION DETAILS
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Name : |
GUANGDONG ROULE ELECTRONICS CO., LTD. |
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Registered Office : |
No. 12, Pingdong 3rd Road, Nanping Science
& Technology Industry Park, Zhuhai, Guangdong Province 519060 Pr |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
05.04.2001 |
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Com. Reg. No.: |
440400400023407 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Researching, Developing, Manufacturing and Selling Visible Interphone
Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 500,000 |
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Status : |
Satisfactory |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 & address
GUANGDONG
ROULE ELECTRONICS CO., LTD.
NO. 12,
12
TEL: 86 (0)
756-8818129/8818460 FAX: 86 (0)
756-8818703
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 5, 2001
REGISTRATION NO. : 440400400023407
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture
STAFF STRENGTH :
500
REGISTERED CAPITAL : CNY 71,680,000
BUSINESS LINE :
R&D, MANUFACTURING
TURNOVER :
CNY 87,600,000 (AS OF DEC. 31,
2009)
EQUITIES :
CNY 88,210,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.62= USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Apr. 5, 2001.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes researching, developing,
manufacturing and selling self-made visible interphone system of buildings,
graphic image recognition & treatment system, intelligent building system
and intelligent household system; intelligent monitoring alarm system and
security products; audio, video and radio frequency products; GPS Satellite
navigation system; household appliances; designing, contracting and repairing
of building intelligent and safety guard (in accordance with the permit).
SC is mainly engaged in researching, developing, manufacturing and
selling visible interphone products.
Mr. Lin Zhouming
is legal representative and chairman of SC at present.
SC is known to
have approx. 500 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Zhuhai. Our
checks reveal that SC owns the total premise, but SC’s accountant refused to
release the gross area.
http://www.china-rl.com/ The design is professional and the content is
well organized. At present the web site is in Chinese and English versions.
E-mail: info@chinarl.com
SC’s accountant Ms. Wang refused to make any comments.
According to SC’s website, SC’s former name was Zhuhai Roule Electronic
Co., Ltd.
SC has passed EU ROHS Directive Certification, CE、FCC international
certifications.
MAIN
SHAREHOLDERS:
Name
% of Shareholding
Hong Kong Andy International Electric
Appliances Limited 28.8
Lin Zhouming 71.2
Hong Kong Andy International Electric
Appliances Limited
============================================
Registration No. :
0814930
Legal Form :
Private
l
Legal representative and chairman:
Mr. Lin Zhouming, ID# 440524630508545 born in 1963. He is currently responsible
for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
SC is mainly engaged in researching, developing, manufacturing and
selling visible interphone products.
SC’s products mainly
include building intercom, door phone, alarm, etc.
SC sources its
materials 40% from domestic market and 60% from overseas market. SC sells 80%
in domestic market and 20% to overseas 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.
SC is known to have the follow subsidiary: (according to SC’s website)
Zhuhai Roule Intelligent Technology Co., Ltd. (in Chinese Pinyin)
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 records 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, 2008 |
As
of Dec. 31, 2009 |
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Cash & bank |
11,640 |
11,660 |
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Inventory |
19,430 |
26,540 |
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Bills receivable |
0 |
0 |
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Accounts
receivable |
15,380 |
12,660 |
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Advances to
suppliers |
460 |
3,690 |
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Other
receivables |
710 |
1,530 |
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Short-term
investment |
17,950 |
3,250 |
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Other current
assets |
400 |
1,410 |
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|
------------------ |
------------------ |
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Current assets |
65,970 |
60,740 |
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Fixed assets net
value |
34,890 |
33,470 |
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Long term investment |
11,380 |
13,880 |
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Projects under
construction |
0 |
150 |
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Intangible and
other assets |
3,970 |
3,880 |
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------------------ |
------------------ |
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Total assets |
116,210 |
112,120 |
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=========== |
=========== |
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Short loan |
0 |
0 |
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Accounts payable |
1,330 |
1,150 |
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Advances from
clients |
1,500 |
3,480 |
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Taxes payable |
-210 |
-990 |
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Other Accounts
payable |
30,080 |
19,210 |
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Other current
liabilities |
980 |
1,060 |
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------------------ |
------------------ |
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Current liabilities |
33,680 |
23,910 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
33,680 |
23,910 |
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Equities |
82,530 |
88,210 |
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------------------ |
------------------ |
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Total
liabilities & equities |
116,210 |
112,120 |
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=========== |
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
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Turnover |
87,600 |
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Cost of goods sold |
74,670 |
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Sales expense |
3,710 |
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Management expense |
8,580 |
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Finance expense |
210 |
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Income from other operation |
5,820 |
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Profit before tax |
7,120 |
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Less: profit tax |
1,450 |
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Profits |
5,670 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
1.96 |
2.54 |
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*Quick ratio |
1.38 |
1.43 |
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*Liabilities
to assets |
0.29 |
0.21 |
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*Net profit
margin (%) |
/ |
6.47 |
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*Return on
total assets (%) |
/ |
5.06 |
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*Inventory
/Turnover ×365 |
/ |
111 days |
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*Accounts receivable/Turnover
×365 |
/ |
53 days |
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*Turnover/Total
assets |
/ |
0.78 |
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* Cost of
goods sold/Turnover |
/ |
0.85 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in 2009.
l
SC’s net profit margin is fairly good in 2009.
l
SC’s return on total assets is fairly good in 2009.
l
SC’s cost of goods sold is average, comparing with
its turnover in 2009.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears average.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fair level, comparing with the
size of its total assets in 2009.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition. A credit line up to USD 500,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
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.