MIRA
INFORM REPORT
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Report Date : |
01.10.2011 |
IDENTIFICATION DETAILS
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Name : |
DONGGUAN CITY GONGDA PRECISION MACHINERY CO., LTD. |
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Registered Office : |
No. 168, The East Of Dezheng Road, Yongtou, Chang’an Town Dongguan, Guangdong Province 523850 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.07.2007 |
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Com. Reg. No.: |
441900000006974 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling machine tools, machine tool accessories, mould parts, goods import and export |
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 2,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually 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 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 and address
DONGGUAN CITY GONGDA PRECISION MACHINERY CO., LTD.
NO. 168, THE EAST OF DEZHENG ROAD, YONGTOU, CHANG’AN TOWN
DONGGUAN, GUANGDONG PROVINCE 523850 PR CHINA
TEL: 86 (0) 769-85640214/81552095
FAX: 86 (0) 769-85640215
EXECUTIVE SUMMARY
Date of Registration : july 5, 2007
REGISTRATION NO. : 441900000006974
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 500,000
staff :
6
BUSINESS CATEGORY : trading
Revenue :
CNY 811,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 532,000 (AS OF DEC. 31, 2010)
WEBSITE : www.gd2005.com
E-MAIL :
2005gongda@163.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 2,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 441900000006974 on July 5, 2007.
SC’s Organization Code Certificate No.:
66338086-8
SC’s registered capital: cny 500,000
SC’s paid-in capital: cny 500,000
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Cao Yongsheng |
90 |
|
Liu Shuanghong |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
|
|
Supervisor |
Liu Shuanghong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Cao Yongsheng 90
Liu Shuanghong 10
MANAGEMENT
--------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007
to present, working in SC as legal representative, chairman and general manage
Liu Shuanghong ,
Supervisor
-------------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Deng Yeqing , Sales
Manager
-------------------------------------------------
Ø
Gender: F
Ø
Mobile: 86 (0) 13929219137
BUSINESS OPERATION
SC’s registered business scope includes selling machine
tools, machine tool accessories, mould parts, goods import and export.
SC is mainly
engaged in selling machine tools, machine tool accessories, and mould parts.
SC’s products
mainly include:
Universal cutter
& tool grinder
Drill grinder
Angle grinder
Dividing head
Vertical rotary
table
Punch former
Milling machine
vise
Cut-off machine
SC sources its materials 100% from domestic market,
mainly Zhejiang. SC sells 70% of its products in domestic market, and 30% to
overseas market, mainly Southeast Asian market.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
*Major Supplier:
============
Created Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 6 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
n
Gongda Int’l Precision Industrial Limited
-------------------------------------------------------
Date of Registration: November 19, 2009
Registration No.: 1392896
Legal Form: Private
Status:
Live
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 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.
BANKING
Basic Bank:
Bank
of Dongguan Chang’an Sub-banch
AC#510002101000382
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
292 |
|
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Accounts
receivable |
117 |
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Other receivable |
450 |
|
Inventory |
3 |
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Non-current
assets within one year |
0 |
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Other current
assets |
740 |
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------------------ |
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Current assets |
1,602 |
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Fixed assets |
60 |
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Construction in
progress |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
9 |
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------------------ |
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Total assets |
1,671 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
841 |
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Wages payable |
0 |
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Other payable |
0 |
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Other current
liabilities |
298 |
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------------------ |
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Current
liabilities |
1,139 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
1,139 |
|
Equities |
532 |
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------------------ |
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Total
liabilities & equities |
1,671 |
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============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
811 |
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Cost of sales |
592 |
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Sales expense |
41 |
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Management expense |
188 |
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Finance expense |
19 |
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Profit before
tax |
11 |
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Less: profit tax |
3 |
|
8 |
Important Ratios
=============
|
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As
of Dec. 31, 2010 |
|
*Current ratio |
1.41 |
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*Quick ratio |
1.40 |
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*Liabilities
to assets |
0.68 |
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*Net profit
margin (%) |
0.99 |
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*Return on
total assets (%) |
0.48 |
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*Inventory /
Revenue ×365 |
2 days |
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*Accounts
receivable/ Revenue ×365 |
53 days |
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*
Revenue/Total assets |
0.49 |
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* Cost of sales
/ Revenue |
0.73 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fair in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
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 has no short-term loans in 2010.
l
SC’s revenue is in a fair level, comparing 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.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 2,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.92 |
|
|
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.64 |
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 |
|
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 |
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-- |
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.