MIRA INFORM REPORT
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Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU BAIWEI TRADING CO., LTD. |
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Registered Office : |
No. 123, No. 332 Guangyuan West Road, Yuexiu District,
Guangzhou, Guangdong Province, 325100, P.R. China |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.08.2005 |
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Com. Reg. No.: |
440111000068008 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Leather
and Related Products |
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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Maximum Credit Limit : |
USD 30,000 |
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Status : |
Small Company |
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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) |
|
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 & address
GUANGZHOU BAIWEI TRADING Co., Ltd.
NO. 123, No. 332
guangyuan west road, yuexiu district, guangzhou,
guangdong province,
325100, P.R. CHINA
TEL: 86 (0)
20-86554569/86-13710960639 FAX:
86 (0) 20-86386145
EXECUTIVE SUMMARY
INCORPORATION DATE : AUGUST 1, 2005
REGISTRATION NO. : 440111000068008
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
15
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 22,558,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 5,212,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 30,000
MARKET CONDITION : aVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.48 = 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
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 August 1, 2005.
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 selling leather; wholesale & retail business; import &
export of goods (excluding dangerous goods).
SC is mainly
engaged in selling leather and related products.
Ms. Lin Liqin has
been legal representative, chairman and general manager of SC since 2005.
SC is known to have approx. 15 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Guangzhou. Our checks reveal that SC
rents the total premise, but SC’s accountant refused to release the gross area.
SC is not known to host website of its own at present.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Registered
capital |
CNY 500,000 |
CNY 1,000,000 |
|
Shareholders (Shareholding) |
Lin Liqin 90% Lin Bizhu 10% |
Lin Liqin 95% Lin Bizhu 5% |
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|
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Registered
capital |
CNY 1,000,000 |
CNY 5,000,000 |
|
Shareholders (Shareholding) |
Lin Liqin 95% Lin Bizhu 5% |
Lin Liqin 99% Lin Bizhu 1% |
|
|
Unknown |
Registration No. |
4401112010663 |
440111000068008 |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Lin Liqin 99
Lin Bizhu 1
l
Legal representative, chairman and general
manager:
Ms. Lin Liqin, ID# 350322810626432, born in 1981 with high school
education. She is currently responsible for the overall management of SC.
Working Experience(s):
From 2000 to 2005 Worked in Guangzhou Sanyuanli Taige Leather Firm as business director
From 2005 to present Working in SC as legal representative, chairman and general manager
SC is mainly
engaged in selling leather and related products.
Main Products:
leather and related products.
SC sources its materials 100% from domestic
market. SC sells 100% of its products in domestic 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 and Credit of 30-60 days.
Note: SC refused
to release its major suppliers and customers.
SC is
not known to have any subsidiary at present.
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 management
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.
Industrial and Commercial Bank of China Guangzhou Xihua Road Sub-branch
AC#
3602004519200487621
Industrial and
Commercial Bank of China Guangzhou Miaoqianzhi Street Sub-branch
AC# 3602001019200186668
Relationship:
Normal.
Note: Bankers:
Industrial & Commercial Bnak of China Hong Kong
Address: 2 No. 1, a 10 Building Yifeng International Commerce Center, NO. 689 Shicuo Road, Shijing, Baiyun Area, Guangzhou City
SC’s management
declined to release detailed information. Our checks reveal that there is no
sub-branch of Industrial & Commercial Bnak of China located at the above
given address.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
859 |
2,953 |
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Notes receivable |
0 |
0 |
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Inventory |
506 |
858 |
|
Accounts
receivable |
710 |
8,912 |
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Advances to suppliers |
0 |
0 |
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Other
receivables |
208 |
152 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
2,283 |
12,875 |
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Fixed assets net
value |
58 |
38 |
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Projects under
construction |
0 |
0 |
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Long term investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
2,341 |
12,913 |
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============= |
============= |
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Short loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
1,210 |
5,561 |
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Advances from
customers |
0 |
0 |
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Salaries payable |
10 |
0 |
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Taxes payable |
66 |
45 |
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Other payable |
186 |
2,085 |
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Other current
liabilities |
4 |
10 |
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------------------ |
------------------ |
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Current
liabilities |
1,476 |
7,701 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
1,476 |
7,701 |
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Equities |
865 |
5,212 |
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------------------ |
------------------ |
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Total
liabilities & equities |
2,341 |
12,913 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
3,014 |
22,558 |
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Cost
of goods sold |
2,619 |
21,120 |
|
Taxes
and additional of main operation |
7 |
17 |
|
Sales expense |
0 |
0 |
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Management expense |
290 |
982 |
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Finance expense |
1 |
2 |
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Profit before tax |
97 |
437 |
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Less: profit tax |
19 |
109 |
|
Profits |
78 |
328 |
Important Ratios
=============
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as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
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*Current ratio |
1.55 |
1.67 |
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*Quick ratio |
1.20 |
1.56 |
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*Liabilities
to assets |
0.63 |
0.60 |
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*Net profit
margin (%) |
2.59 |
1.45 |
|
*Return on
total assets (%) |
3.33 |
2.54 |
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*Inventory
/Turnover ×365 |
61 days |
14 days |
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*Accounts
receivable/Turnover ×365 |
86 days |
144 days |
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*Turnover/Total
assets |
1.29 |
1.75 |
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* Cost of
goods sold/Turnover |
0.87 |
0.94 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line, and
it increased greatly in 2010.
l
SC’s net profit margin is average in both 2 years.
l
SC’s return on total assets is average in both 2
years.
l
SC’s cost of goods sold is average in 2009 but fairly
high in 2010, compared with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC was maintained in a normal
level in both 2 years.
l
SC’s quick ratio was maintained in a normal level
in both 2 years.
l
The inventory of SC appears average in both 2 years.
l
The accounts receivable of SC appears large in
2010.
l
SC has no short-term loan in both 2 years.
l
SC’s turnover is in an average level, compared with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
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. The large amount of accounts receivable could be a threat to SC’s conditions.
A credit line up to USD 30,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
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 |
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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 |
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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 |
|
<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.