MIRA INFORM REPORT
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Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU TRUSTY INTERNATIONAL CO., LTD. |
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Registered Office : |
Room 2022, Bank Of America Plaza, No. 555 Renmin Middle
Road, Guangzhou, Guangdong
Province, 510145 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.07.2006 |
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Com. Reg. No.: |
440103000009482 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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 250,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
Slow but 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 & address
Guangzhou trusty
international co., ltd.
room 2022, bank of
america plaza, no. 555 renmin middle road,
guangzhou, guangdong
PROVINCE, 510145 PR CHINA
TEL: 86 (0)
20-81305986/81857586 FAX: 86 (0)
20-81305647/81874447
EXECUTIVE SUMMARY
INCORPORATION DATE : july 25, 2006
REGISTRATION NO. : 440103000009482
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
12
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 258,280,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES :
CNY 28,410,000 (UNaudited, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 250,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.38 = 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
Note: SC has a trade name- Guangzhou trusty international Trade co., ltd.
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 July 25, 2006.
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 importing and exporting commodities and technology,
wholesale and retail trade, goods information consultation.
SC is mainly
engaged in international trade.
Mr. Lu Wenbo has
been chairman of SC since 2006.
SC is known to
have approx. 12 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 about 50 square meters.
http://www.wanbaoet.com.cn The
design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: info@wanbaoet.com.cn
Changes of its registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
2007-6 |
Registered capital |
CNY 1,000,000 |
CNY 3,000,000 |
|
2009 |
Registration No. |
4401032006691 |
440103000009482 |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Lu Wenbo 50
Ma Ruquan 40
Lv Qiong 10
l
Chairman and General Manager:
Mr. Lu Wenbo, about 39 years old with university education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: refrigerator compressor.
SC sources its materials 100% from domestic
market, mainly Guangdong. SC sells 100% of its products to overseas market,
mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-45 days. The
payment terms of SC include L/C and Credit of 30-45 days.
*Major Supplier:
============
Guangzhou Refrigeration Co., Ltd.
Note: SC declined to release its major clients.
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 : A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: Refrigerator
compressor
Date account opened: Since 2009 to present
Line of credit: N/A
Terms: Credit
of 30-60 days
Average monthly sales: N/A
Current balance: N/A
Rating Key : 3
Any Special Comments: _______________________________________
Payment record keys :
1 = Prompt : Payment made before the credit
period expires
2 = As agreed terms : Payment made upon due
date
3 = Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond
agreed terms
5 = Poor : Payment made over 45 days beyond
agreed terms
6
= No comment : Account is newly opened & record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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.
China Merchants Bank Guangzhou Branch
AC# 200282259710001
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
Unaudited,
as of Dec. 31, 2010 |
|
Cash & bank |
9,080 |
22,840 |
|
Inventory |
5,370 |
7,880 |
|
Accounts
receivable |
54,650 |
51,780 |
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Other Accounts
receivable |
-180 |
-220 |
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To be
apportioned expense |
0 |
0 |
|
Other current
assets |
9,640 |
6,410 |
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|
------------------ |
------------------ |
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Current assets |
78,560 |
88,690 |
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Fixed assets net
value |
270 |
190 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
20 |
10 |
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------------------ |
------------------ |
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Total assets |
78,850 |
88,890 |
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============= |
============= |
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Short loans |
9,970 |
0 |
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Accounts payable |
36,450 |
51,070 |
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Other Accounts
payable |
2,700 |
7,170 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
5,910 |
2,240 |
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------------------ |
------------------ |
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Current
liabilities |
55,030 |
60,480 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
55,030 |
60,480 |
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Equities |
23,820 |
28,410 |
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------------------ |
------------------ |
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Total
liabilities & equities |
78,850 |
88,890 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2009 |
Unaudited, as of
Dec. 31, 2010 |
|
Turnover |
191,050 |
258,280 |
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Cost of goods
sold |
171,320 |
236,830 |
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Sales expense |
4,510 |
6,280 |
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Management expense |
1,310 |
1,370 |
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Finance expense |
70 |
1,970 |
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Profit before
tax |
12,580 |
13,960 |
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Less: profit tax |
3,050 |
3,240 |
|
Profits |
9,530 |
10,720 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.43 |
1.47 |
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*Quick ratio |
1.33 |
1.34 |
|
*Liabilities
to assets |
0.70 |
0.68 |
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*Net profit
margin (%) |
4.99 |
4.15 |
|
*Return on
total assets (%) |
12.09 |
12.06 |
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*Inventory
/Turnover ×365 |
11 days |
12 days |
|
*Accounts
receivable/Turnover ×365 |
105 days |
74 days |
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*Turnover/Total
assets |
2.42 |
2.91 |
|
* Cost of
goods sold/Turnover |
0.90 |
0.92 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good, and it was
rising in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is high, comparing with its
turnover.
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 appears large in both
years.
l
SC has no short-term loan in 2010.
l
SC’s turnover is in an average 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.
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 financial
condition. A credit line up to USD 250,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.03 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.66.80 |
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 |
|
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 |
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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.