MIRA INFORM REPORT
|
Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
GUANGZHOU DUOWO TRADE CO., LTD. |
|
|
|
|
Registered Office : |
Suite 701, Building R1 A, No. 1, Konggang Avenue, Huadu District,
Guangzhou City, Guangdong Province 510890 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
01.03.2004 |
|
|
|
|
Com. Reg. No.: |
440106000226829 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Selling
Leather Billet and Finished Cow Leather |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1,000 |
|
Status : |
Small Company |
|
Payment
Behaviour : |
Usually Correct |
|
Litigation : |
--- |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
guangzhou duowo trade co., ltd.
trade name:-
(hong kong TOURO
GROUP COMPANY LIMITED guangzhou office)
suite 701, building r
guangzhou city,
guangdong PROVINCE 510890 PR CHINA
TEL: 86 (0)
20-38851736/15360062596
FAX: 86 (0)
20-38851736
EXECUTIVE SUMMARY
Date of Registration : march 1, 2004
REGISTRATION NO. : 440106000226829
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 500,000
staff : 6
BUSINESS CATEGORY : TRADING
Revenue : CNY 6,172,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 341,000 (AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
1,000
MARKET CONDITION : FAIR
FINANCIAL CONDITION : FAIR
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
***Note: SC’s name should be the heading one, while
the given name-Hong Kong Touro Group Company Limited Guangzhou Office is SC’s
trade name.
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 440106000226829 on March 1, 2004.
SC’s Organization Code Certificate
No.: 75940178-2
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 |
|
Huang Jimin |
60 |
|
Liang Secui |
40 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Huang Jimin 黄继敏 |
|
Supervisor |
Liang Secui梁色翠 |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Huang Jimin 60
Liang Secui 40
MANAGEMENT
Huang Jimin, Legal Representative, Chairman, and General
Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 47
Ø
ID# 450122196411091010
Ø
Qualification:
University
Ø
Working
experience (s):
From 2004 to present, working in SC as legal representative,
chairman, and general manager
Liang
Secui, Supervisor
-------------------------------------------
Ø
Gender: F
Ø
Qualification: University
Liang Xiaoyu, Sales
Manager
-------------------------------------------------
Ø
Gender: F
Ø
Qualification: University
BUSINESS OPERATION
SC’s registered business scope includes
wholesaling and retailing trade; importing and exporting commodities.
SC is
mainly engaged in selling leather billet and finished cow leather.
SC’s
products mainly include: leather billet & finished cow leather used for
producing leather sofas, leather shoes and leather bags.
SC sources its materials 30% from domestic market, mainly Shanghai, Zhejiang, Fujian, etc., and 70% from overseas market, mainly Hong Kong, Europe, etc. SC sells 100% of its products in domestic market, mainly Guangzhou, etc.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T and Credit of 30-60 days.
*Major Supplier:
============
Hong
Kong Touro Group Company Limited
Staff & Office:
--------------------------
SC is
known to have approx. 6 staff at present.
SC rents an area
as its operating office of approx. 100 sq. meters at the heading address.
RELATED COMPANY
l
Hong Kong Touro Group Company Limited
Registration No.: 1272939
Date of Registration: September 16, 2008
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’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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
40 |
67 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
10 |
505 |
|
Advances to
suppliers |
172 |
26 |
|
Other receivable |
0 |
7 |
|
Inventory |
515 |
799 |
|
Non-current
assets within one year |
0 |
0 |
|
Deferred
expense |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
737 |
1,404 |
|
Fixed assets |
16 |
7 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investment |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
753 |
1,411 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
382 |
724 |
|
Salaries payable |
0 |
0 |
|
Welfare payable |
37 |
35 |
|
Taxes payable |
5 |
45 |
|
Advances from
clients |
68 |
49 |
|
Other payable |
9 |
24 |
|
Other unpaid
expenses |
0 |
0 |
|
Accrued expenses |
0 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
501 |
877 |
|
Non-current
liabilities |
0 |
193 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
501 |
1,070 |
|
Equities |
252 |
341 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
753 |
1,411 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
6,172 |
|
Cost of sales |
5,596 |
|
Sales expense |
0 |
|
Management expense |
417 |
|
Finance expense |
75 |
|
Profit before
tax |
78 |
|
Less: profit tax |
0 |
|
78 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.47 |
1.60 |
|
*Quick ratio |
0.44 |
0.69 |
|
*Liabilities
to assets |
0.67 |
0.76 |
|
*Net profit
margin (%) |
-- |
1.26 |
|
*Return on
total assets (%) |
-- |
5.53 |
|
*Inventory /
Revenue ×365 |
-- |
48 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
30 days |
|
* Revenue/Total
assets |
-- |
4.37 |
|
* Cost of
sales / Revenue |
-- |
0.91 |
FINANCIAL COMMENTS
***Special Note:
----------------------
The balance of
accounts payable is CNY 724,000 as of December 31, 2010, and the most amounts (CNY
488,270) should pay to SC’s major supplier-Hong Kong Touro Group Company
Limited. According to information from local SAIC, this amount has been settled
at the end of March 2011.
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with
fair financial conditions. A credit line up to USD 1,000 would appear to
be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.13 |
|
UK Pound |
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
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.