%20-%20156582%2017-Oct-2011_files/image002.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
GUANGDONG NATIVE PRODUCE IMPORT & EXPORT
CORPORATION (GROUP) |
|
|
|
|
Registered Office : |
No. 108, Jiangnan Avenue Central, Haizhu
District, Guangzhou, Guangdong
Province 510405 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
13.02.1984 |
|
|
|
|
Com. Reg. No.: |
440000000052228 |
|
|
|
|
Legal Form : |
Sole State-Owned Enterprise |
|
|
|
|
Line of Business : |
International
Trade |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1,000,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
GUANGDONG NATIVE PRODUCE IMPORT & EXPORT
CORPORATION (GROUP)
NO. 108, JIANGNAN
AVENUE CENTRAL, HAIZHU DISTRICT
GUANGZHOU, GUANGDONG
PROVINCE 510405 PR CHINA
TEL: 86 (0)
20-84241575
FAX: 86 (0)
20-84423095
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 13, 1984
REGISTRATION NO. : 440000000052228
LEGAL FORM : SOLE STATE-OWNED ENTERPRISE
REGISTERED CAPITAL : CNY 170,260,000
staff : 170
BUSINESS CATEGORY : trading
Revenue :
CNY 1,050,442,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 147,898,000 (AS OF DEC. 31, 2010)
WEBSITE : www.gdnp.com.cn
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 1,000,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = 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 sole state-owned
enterprise of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 440000000052228.
SC’s Organization Code Certificate No.:
19034120-0
%20-%20156582%2017-Oct-2011_files/image004.jpg)
SC’s registered capital: CNY
170,260,000
SC’s paid-in capital: CNY
170,260,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
-- |
Registration No. |
4400001000621 |
440000000052228 |
|
Legal Representative |
Li Bin |
Deng Qiuhua |
|
|
2011 |
Shareholder’s Name |
Guangdong
Foreign Trade Group Co., Ltd. |
Guangdong
Guangxin Holdings Group Ltd. |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Guangdong Guangxin Holdings
Group Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Deng Qiuhua |
|
General Manager Assistant |
Lei Lei |
|
Deputy General Manager |
Mo Wei |
|
Kang Jiandong |
RECENT DEVELOPMENT
SC has got the certificate ISO9001.
%20-%20156582%2017-Oct-2011_files/image006.jpg)
SHAREHOLDER CHART &
BACKGROUND
Name % of
Shareholding
Guangdong Guangxin Holdings
Group Ltd. 100
===============================
Date of Registration: September 6, 2000
Registration No.: 440000000045367
Legal Form: Limited Liabilities Company
Registered Capital: CNY 1,600,000,000
Address: Haizhu District of Guangzhou to
build road base
66 of the Guangdong Foreign Trade Plaza
Tel: 86-20-89306582
Fax: 86-20-89306812
Web Site: www.gdftg.com.cn
E-Mall: zhb@gdftc.com
MANAGEMENT
Deng Qiuhua, Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
%20-%20156582%2017-Oct-2011_files/image008.jpg){kind=small}
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Also
working in Guangdong Linhua Technology Co., Ltd. as legal representative and
chairman
Mo Wei, Deputy General Manager
------------------------------------------------------
Ø
%20-%20156582%2017-Oct-2011_files/image010.jpg){kind=small}
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager
Kang Jiandong, Deputy General Manager
------------------------------------------------------------------
Ø
%20-%20156582%2017-Oct-2011_files/image012.jpg){kind=small}
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager
Lei Lei, General Manager Assistant
-------------------------------------------------------
Ø
%20-%20156582%2017-Oct-2011_files/image014.jpg){kind=small}
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager assistant
BUSINESS OPERATION
SC’s registered business scope includes expiring native
produce, grain, textiles, light industrial products, handicrafts and other
commodities, importing food, steel, timber and other commodities, affecting
compensation trade and transiting trade, purchasing agricultural and sideline
products, loading and unloading, retail of fertilizer, wholesale of dangerous
chemicals, selling photosensitive material.
SC is
mainly engaged in international trade.
Brand: “Sailing
Boat”, “Horse Brand”, “Double Happiness Brand”, and “Lion Brand”.
%20-%20156582%2017-Oct-2011_files/image016.jpg)
%20-%20156582%2017-Oct-2011_files/image018.jpg)
%20-%20156582%2017-Oct-2011_files/image020.jpg)
SC’s
products mainly include:
Gum Rosin
Tsinglee Canes
Timber
Firework
Outdoor Furniture
%20-%20156582%2017-Oct-2011_files/image022.jpg)
%20-%20156582%2017-Oct-2011_files/image024.jpg)
%20-%20156582%2017-Oct-2011_files/image026.jpg)
%20-%20156582%2017-Oct-2011_files/image028.jpg)
%20-%20156582%2017-Oct-2011_files/image030.jpg)
SC sources its materials 90%
from domestic market, and 10% from overseas market, mainly Malaysia and
Thailand. SC sells 30% of its products in domestic market, and 70% to overseas
market, mainly USA and Japan.
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:
============
China Hualiang Group
*Major Customer:
=============
Shunde Feed Sugar Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 170 staff at present.
SC owns an area as
its operating office of approx. 5,000 sq. meters at the heading address.
RELATED COMPANY
Subsidiaries:
-----------------
n
Guangdong
Forestry Chemicals Technology Co., Ltd.
n
Shixing
GDNP Forestry Chemical Technology Co., Ltd.
n
Huaiji
Xianglong Forestry & Chemical Products Ltd.
n
Guangning
Huijian Wood and Bamboo Products Co., Ltd.
n
Guangzhou
International Tea Trading Center Co., Ltd.
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 Guangdong Branch
AC#:
800100513908091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
151,470 |
69,130 |
|
|
Notes receivable |
19,200 |
0 |
|
Accounts
receivable |
144,210 |
221,460 |
|
Advances to
suppliers |
34,250 |
39,640 |
|
Other receivable |
51,380 |
50,930 |
|
Inventory |
97,910 |
79,640 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
498,420 |
460,800 |
|
Fixed assets |
44,740 |
13,510 |
|
Construction in
progress |
1,070 |
700 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investment |
53,400 |
54,930 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
7,840 |
38,930 |
|
|
------------------ |
------------------ |
|
Total assets |
605,470 |
568,870 |
|
|
============= |
============= |
|
Short-term loans |
191,020 |
70,200 |
|
Notes payable |
72,280 |
150 |
|
Accounts payable |
94,250 |
110,070 |
|
Wages payable |
5,860 |
450 |
|
Tax payable |
280 |
-4,660 |
|
Advances from
clients |
21,330 |
39,170 |
|
Other payable |
50,690 |
196,940 |
|
Other current
liabilities |
0 |
30 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
435,710 |
412,350 |
|
Non-current
liabilities |
7,500 |
7,300 |
|
|
------------------ |
------------------ |
|
Total liabilities |
443,210 |
419,650 |
|
Equities |
162,260 |
149,220 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
605,470 |
568,870 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
Revenue |
1,827,750 |
911,950 |
|
Cost of sales |
1,765,360 |
873,350 |
|
Sales expense |
22,930 |
15,080 |
|
Management expense |
20,140 |
18,660 |
|
Finance expense |
9,280 |
11,820 |
|
Profit before
tax |
64,770 |
10,900 |
|
Less: profit tax |
16,100 |
3,020 |
|
48,670 |
7,880 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
Long term investment |
33,950 |
|
Total assets |
714,120 |
|
|
------------- |
|
Long term liabilities |
68,184 |
|
Total
liabilities |
566,222 |
|
Equities |
147,898 |
|
|
------------- |
|
Revenue |
1,050,442 |
|
Profit before
tax |
9,993 |
|
Less: profit tax |
2,611 |
|
Profits |
7,382 |
Note: The detailed financials for Y2010 are not filed in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.14 |
1.12 |
-- |
|
*Quick ratio |
0.92 |
0.92 |
-- |
|
*Liabilities
to assets |
0.73 |
0.74 |
0.79 |
|
*Net profit
margin (%) |
2.66 |
0.86 |
0.70 |
|
*Return on
total assets (%) |
8.04 |
1.39 |
1.03 |
|
*Inventory /
Revenue ×365 |
20 days |
32 days |
-- |
|
*Accounts
receivable/ Revenue ×365 |
29 days |
89 days |
-- |
|
*
Revenue/Total assets |
3.02 |
1.60 |
1.47 |
|
* Cost of
sales / Revenue |
0.97 |
0.96 |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is average in three years.
l
SC’s return on total assets is fairly good in 2008
and average in 2009 and 2010.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue in 2008 and 2009.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2008 and 2009.
l
SC’s quick ratio is maintained in a normal level in
2008 and 2009.
l
The inventory of SC is maintained in an average
level in 2008 and 2009.
l
SC’s accounts receivable appears
average in 2008 but fairly large in 2009.
l
SC’s short-term loan appears large in
2008 and average in 2009.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial conditions.
A credit line up to USD 1,000,000 is recommended upon a periodical review
basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
RATING EXPLANATIONS
|
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.