MIRA
INFORM REPORT
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Report Date : |
18.08.2012 |
IDENTIFICATION DETAILS
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Name : |
GUANGDONG FORWARD METAL SUPPLY CHAIN CO., LTD. |
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Registered Office : |
Room 805, 806, 807, Block 1, No. 2 Jihua 5th Road,
Chancheng District, Foshan, Guangdong Province, 528000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.07.2007 |
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Com. Reg. No.: |
440602000038271 |
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Legal Form : |
Limited Liabilities Company |
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line of business
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Selling metal materials. |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
|
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 and Address
GUANGDONG FORWARD METAL SUPPLY CHAIN CO., LTD.
ROOM 805, 806, 807, BLOCK 1, NO. 2 JIHUA 5TH
ROAD, CHANCHENG DISTRICT, FOSHAN, GUANGDONG province, 528000 PR CHINA
TEL: 86 (0) 757-82900088/82902757 FAX: 86 (0) 757-83034444
EXECUTIVE SUMMARY
INCORPORATION DATE : july 19, 2007
REGISTRATION NO. : 440602000038271
REGISTERED LEGAL FORM : Limited liabilities
company
chief executive :
MR. XING DAIPING (CHAIRMAN)
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 497,590,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY -38,640,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : Fair
OPERATIONAL TREND : fair
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.3613 = 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 current fax number should be the heading one, while the given
number (86 757 82900099) was the former one.
SC was registered as a One-person Limited Liability Company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on July 19, 2007, and has been under present
legal form since 2012.
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 Iron and steel processing,
domestic trade; importing and exporting goods and technology, own property
rental, storage, and enterprise management services.
SC is mainly engaged in selling metal materials.
Mr. Xing Daiping is legal representative and chairman of SC at present.
SC is known to have approx. 30 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Foshan. SC’s employee refused to release the detailed information
of the premise.
Note: The address (P29 1st Floor, No.23, LiMing 1st Road, Chancheng
Dist., Foshan, China) on http://fsguangyu.metalfirst.com/ was the
former one.
http://www.gdbygroup.com/
The website belongs to Guangdong Baoyu Group Co., Ltd. (广东宝裕集团有限公司). It includes the
introduction about SC and its related companies. The design is professional and
the content is well organized. At present it is in both Chinese and English
versions.
Note: You can also enter this website – http://fsguangyu.metalfirst.com/
for reference.
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2012 |
Company’s name |
Foshan Guang Yu Stainless Steel Co., Ltd. |
Present one |
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Registered capital |
CNY 5,000,000 |
Present amount |
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Shareholders |
Xing Daiping 100% |
Present ones |
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Legal form |
One-person Limited Liability Company |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xing Daiping 99
Liu Jiajia 1
Legal
representative and chairman:
Mr. Xing Daiping is currently responsible for the overall management of
SC.
Working Experience(s):
At present
Working in SC as legal representative and chairman.
Supervisor:
Chen Jie
SC is mainly engaged in selling metal materials.
SC’s products mainly include: stainless steel coils and plates of
various specifications, covering cold-rolled and hot-rolled steel plates of 300
and 400 series, etc.
SC sources its materials 100% from domestic market. SC sells 70% of its
products in domestic market, and 30% to overseas 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, L/C and Credit of 30-60 days.
Note: SC’s management refused to release its supplier and client
details.
According to http://www.gdbygroup.com/
Foshan Jiutai Stainless Steel Co., Ltd. (in Chinese pinyin)
Foshan Yunli Stainless Steel Co., Ltd. (in Chinese pinyin)
Foshan Gangji Stainless Steel Co., Ltd. (in Chinese pinyin)
Foshan Caida Stainless Steel Co., Ltd. (in Chinese pinyin)
Foshan Xifa Stainless Steel Co., Ltd. (in Chinese pinyin)
Foshan Zhixincheng Iron & Steel Trading Co., Ltd. (in Chinese
pinyin)
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.
SC declined to release its banking details.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2011 |
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Cash & bank |
26,760 |
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Inventory |
670 |
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Bills receivable |
0 |
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Accounts receivable |
0 |
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Other Accounts receivable |
37,560 |
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Advances to suppliers |
-14,700 |
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To be apportioned expense |
0 |
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Other current assets |
40 |
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------------------ |
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Current assets |
50,330 |
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Fixed assets net value |
1,340 |
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Long-term investment |
0 |
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Intangible and other assets |
70 |
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------------------ |
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Total assets |
51,740 |
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============= |
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Short loans |
103,700 |
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Accounts payable |
0 |
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Advance from customers |
-9,560 |
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Accrued payroll |
70 |
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Other Accounts payable |
1,050 |
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Notes payable |
0 |
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Taxes payable |
-4,880 |
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Withdraw the expenses in advance |
0 |
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Other current liabilities |
0 |
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------------------ |
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90,380 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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------------------ |
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Total liabilities |
90,380 |
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Equities |
-38,640 |
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------------------ |
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51,740 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2011 |
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Turnover |
497,590 |
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Cost of goods sold |
508,160 |
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Taxes and additional of main operation |
100 |
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Sales expense |
890 |
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Management expense |
3,670 |
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Finance expense |
7,730 |
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Non-operating income |
4 |
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Non-operating expense |
5 |
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Profit before tax |
-22,980 |
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Less: profit tax |
0 |
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Profits |
-22,980 |
Important Ratios
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As
of Dec. 31, 2011 |
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*Current ratio |
0.56 |
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*Quick ratio |
0.55 |
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*Liabilities to assets |
1.75 |
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*Net profit margin (%) |
-4.62 |
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*Return on total assets (%) |
-44.41 |
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*Inventory /Turnover ×365 |
1 day |
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*Accounts receivable/Turnover ×365 |
/ |
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*Turnover/Total assets |
9.62 |
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* Cost of goods sold/Turnover |
1.02 |
PROFITABILITY:
FAIR
The turnover of SC appears fairly good in its line.
SC’s net profit margin is fair.
SC’s return on total assets is poor.
SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC is maintained in a small level.
SC has no accounts receivable in 2011.
SC’s short-term loan appears LARGE in 2011.
SC’s turnover is in a good level, comparing with the size of its total
assets.
LEVERAGE: POOR
The debt ratio of SC is too high.
The risk for SC to go bankrupt is high.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
The large amount of short loans could be a
threat to SC’s financial condition. Caution is required in providing
credit to SC & C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
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UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
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Report Prepared
by : |
SDA |
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 |
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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.