MIRA
INFORM REPORT
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Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU PANYU FOOD CO., LTD. |
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Formerly Known As : |
Guangzhou Panyu Food Group Co., Ltd. |
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Registered Office : |
No. 25, Fuhua East Road, Shiqiao, Panyu District, Guangzhou, Guangdong Province, 511400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.06.1988 |
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Com. Reg. No.: |
440126000064452 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
wholesaling and selling
preserved meat products and leasing own property |
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No. of Employees : |
27 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 PANYU
FOOD CO., LTD.
NO. 25, FUHUA EAST ROAD, SHIQIAO, PANYU
DISTRICT,
GUANGZHOU, GUANGDONG PROVINCE, 511400 PR
CHINA
TEL: 86 (0) 20-84669925/84669913 FAX: 86 (0) 20-84669915
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 30, 1988
REGISTRATION NO. :
440126000064452
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. ZHOU SHUQIANG (CHAIRMAN)
STAFF STRENGTH : 27
REGISTERED CAPITAL : CNY 7,000,000
BUSINESS LINE :
TRADING AND PROPERTY LEASING
TURNOVER :
CNY 17,160,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 15,020,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3671 = 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’s correct name should be the heading one.
The given address (No. 20 Yinjian Road, Daluotang, Shiqiao Town, Panyu District, Guangzhou City, Guangdong Province) belongs to SC’s Preserved Meat Factory, while (Jinniu Food Shop No. A63 Zhi Yi Shi Yun Da) and given tel. no. (86 0 13875330208) don’t belong to SC.
SC was registered as a limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license).
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 wholesaling and retailing domestic trade (excluding state monopoly of the
control of goods); own property leasing, property management; purchasing pigs,
meat products and egg products; manufacturing and selling preserved meat
products, slaughter, storage and parking services (in branch
operation); retailing: cigarette, alcohol and food (in branch
operation). (excluding items prohibited by legal, administrative
rules and regulations, and operating the limited items after obtaining the
permits)
SC is mainly
engaged in wholesaling and selling preserved meat products
and leasing own property.
Mr. Zhou Shuqiang is
legal representative and chairman of SC at present.
SC is known to have approx. 27 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in Guangzhou. Our checks reveal that SC owns the total
premise, but the gross area of the premise is unspecific.
SC is not known to host website of its own at present.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Company name |
Guangzhou Panyu
Food Group Co., Ltd. |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Labor Union of Panyu Food Co., Ltd. 42.39
Zhou Shuqiang 21.91
Zhou Jiezhen 8.8
He Zhuoning 7.2
Kong Qingkeng 7.2
Other 7 Individuals 12.5
Legal
Representative and Chairman:
Mr. Zhou Shuqiang is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative and chairman.
General Manager:
Mr. Wu Zhihua is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager.
Vice Chairman:
Mr. Kong Qingkeng is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working
in SC as vice chairman.
Directors:
·
He
Zhisen
Xie
Yanling
Ye
Mingxing
Chen
Shaodi
He
Zhuoning
Zhou
Jiezhen
Chen
Yonghong
Li
Jianqiang
Zhou
Qihua
Supervisors:
· Wei Jinyun
Zhu
Bainian
Du
Weiqiang
Jian
Yanlin
Xian
Dilun
SC is mainly engaged in wholesaling and
selling preserved meat products and leasing own property.
SC’s products mainly include: preserved meat
products.
SC sources its products 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’s management declined to release its main clients and
suppliers.
SC is known to
have the following branches:
·
Guangzhou
Panyu Food Co., Ltd. Preserved Meat Factory
Add: No. 20 Yinjian Road, Daluotang, Shiqiao
Town, Panyu District, Guangzhou City, Guangdong Province
·
Guangzhou
Panyu Food Co., Ltd. Shilou Branch
Guangzhou Panyu Food
Co., Ltd. Shiqiao Branch
Guangzhou Panyu Food
Co., Ltd. Nansha Branch
Guangzhou Panyu Food
Co., Ltd. Dashi Branch
Guangzhou Panyu Food
Co., Ltd. Shiji Branch
Guangzhou Panyu Food
Co., Ltd. Yuwotou Branch
Guangzhou Panyu Food
Co., Ltd. Dagang Branch
Etc.
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 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 Panyu Shiqiao
Sub-branch
AC#3602061709000007330
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
|
Cash & bank |
14,200 |
5,550 |
|
Inventory |
100 |
180 |
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Accounts
receivable |
0 |
0 |
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Advances to
supplies |
0 |
0 |
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Other
receivables |
21,730 |
29,980 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
36,030 |
35,710 |
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Long-term
investments |
250 |
750 |
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Fixed assets net
value |
31,270 |
29,950 |
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Projects under
construction |
19,560 |
26,490 |
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Intangible
assets |
17,110 |
16,670 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
104,220 |
109,570 |
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============= |
============= |
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Short loans |
51,000 |
61,000 |
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Accounts payable |
400 |
1,190 |
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Advances from
customers |
350 |
0 |
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Accrued
Payroll |
0 |
0 |
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Taxes payable |
390 |
700 |
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Accrued
expenses |
250 |
0 |
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Other accounts
payable |
29,120 |
16,080 |
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Other
current liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
81,510 |
78,970 |
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Long term
liabilities |
9,000 |
15,580 |
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------------------ |
------------------ |
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Total
liabilities |
90,510 |
94,550 |
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Shareholders
equities |
13,710 |
15,020 |
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------------------ |
------------------ |
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Total
liabilities & equities |
104,220 |
109,570 |
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============= |
============= |
Income Statement
Unit: CNY’000
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|
as of Dec. 31, 2011 |
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Turnover |
17,160 |
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Cost of goods
sold |
4,580 |
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Taxes
and additional of main operation |
1,470 |
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Sales expense |
50 |
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Management expense |
9,520 |
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Finance expense |
-380 |
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Non-operating
income |
310 |
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Non-operating expense |
120 |
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Profit before
tax |
2,110 |
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Less: profit tax |
1,060 |
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Net profit |
1,050 |
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
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*Current ratio |
0.44 |
0.45 |
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*Quick ratio |
0.44 |
0.45 |
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*Liabilities
to assets |
0.87 |
0.86 |
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*Net profit
margin (%) |
/ |
6.12 |
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*Return on
total assets (%) |
/ |
0.96 |
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*Inventory
/Turnover ×365 |
/ |
4 days |
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*Accounts
receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total
assets |
/ |
0.16 |
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* Cost of
goods sold/Turnover |
/ |
0.27 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
2011.
l
SC’s net profit margin is fairly good in 2011.
l
SC’s return on total assets is average in 2011.
l
SC’s cost of goods sold is low in 2011, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in both 2 years.
l
SC’s quick ratio is maintained in a fair level in
both 2 years.
l
The inventory of
SC appears small in both 2 years.
l
SC has no accounts receivable in both 2 years.
l
The short-term loan of SC appears large in both 2
years.
l
SC’s turnover is in a poor level in 2011, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both 2 years.
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 short
loans could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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<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.