MIRA
INFORM REPORT
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Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN LUCKCOME TECHNOLOGY INC., LTD. |
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Registered Office : |
2/f,
Bldg. 1, Zhongjian Industry Building, No. 18, Yanshan Road, Shekou, Nanshan District,
Shenzhen, Guangdong Province, 518067 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.12.2003 |
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Com. Reg. No.: |
440301103121161 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject engaged
in researching and assembling invigilator |
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No. of Employees : |
25 employees |
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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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned
system to a more market-oriented one that plays a major global role - in 2010
China became the world's largest exporter. Reforms began with the phasing out
of collectivized agriculture, and expanded to include the gradual
liberalization of prices, fiscal decentralization, increased autonomy for state
enterprises, creation of a diversified banking system, development of stock
markets, rapid growth of the private sector, and opening to foreign trade and
investment. China has implemented reforms in a gradualist fashion. In recent
years, China has renewed its support for state-owned enterprises in sectors it
considers important to "economic security," explicitly looking to
foster globally competitive national champions. After keeping its currency
tightly linked to the US dollar for years, in July 2005 China revalued its
currency by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. From mid 2005 to late 2008 cumulative
appreciation of the renminbi against the US dollar was more than 20%, but the
exchange rate remained virtually pegged to the dollar from the onset of the
global financial crisis until June 2010, when Beijing allowed resumption of a
gradual appreciation. The restructuring of the economy and resulting efficiency
gains have contributed to a more than tenfold increase in GDP since 1978.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2010 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to near 9% for 2011. An economic slowdown in Europe is expected to
further drag Chinese growth in 2012. Debt overhang from the stimulus program,
particularly among local governments, and a property price bubble challenge
policy makers currently. The government's 12th Five-Year Plan, adopted in March
2011, emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent on exports in the
future. However, China has made only marginal progress toward these rebalancing
goals.
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Source : CIA |
Company name & address
ShenZhen Luckcome Technology INC., LTD.
2/F, BLDG. 1, ZHONGJIAN
INDUSTRY BUILDING, NO. 18, YANSHAN ROAD, SHEKOU, NANSHAN DISTRICT, SHENZHEN,
GUANGDONG PROVINCE, 518067 PR CHINA
TEL: 86 (0)
755-26853526 FAX: 86 (0)
755-26833076
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 10, 2003
REGISTRATION NO. : 440301103121161
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 25
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE : RESEARCHING AND
ASSEMBLING
TURNOVER : CNY 8,790,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 510,000 (AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.25 = 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: the is SC’s registered address and former operating address, while SC is now operating at the heading address.
SC was registered as a limited liabilities co. at local Administration for industry & commerce (AIC - the official body of issuing and renewing business license) on Dec. 10, 2003.
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 researching, assembling,
manufacturing and selling invigilator; domestic trading (excluding the products
privileged, prohibited or franchised); developing and selling computer
software; import and export business.
SC is mainly
engaged in researching and assembling invigilator.
Mr.
Huang Dequan is legal representative and chairman of SC at present.
SC is known to have approx. 25 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and storage in the commercial zone of
Shenzhen. Our checks reveal that SC rents the total premise about 900 square
meters.
http://www.luckcome.com The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
Email: info@luckcome.com
SC’s former registered no. was 4403012128917, in Jan. of
2008, it was changed to the present one.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Huang Dequan 99
Hu Pinggao 1
Legal
representative and Chairman:
Mr. Huang Dequan, in his
Working
Experience(s):
At present Working in SC as legal representative and chairman.
General Manager:
Mr. Huang Ping , in his
Working
Experience(s):
At present Working in SC as general manager.
Supervisor:
Hu Pinggao
SC is mainly
engaged in researching and assembling invigilator.
SC’s products
mainly include: fetal monitor, LED display and so on.
SC sources its materials 100%
from domestic market. SC sells 40% of its products in domestic market, and 60%
to overseas market, mainly Europe.
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 declined to release its customer and supplier
details.
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 : 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.
Bank of China
AC#：769257939043
Relationship:
Normal
Balance Sheet (as of Dec. 31, 2011)
Unit: CNY’000
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Cash & bank |
750 |
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Inventory |
0 |
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Accounts
receivable |
-580 |
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Advances to
suppliers |
20 |
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Other
receivables |
20 |
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Short-term
investments |
500 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
710 |
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Fixed assets net
value |
0 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
710 |
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============= |
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Short loans |
0 |
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Accounts payable |
340 |
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Other payable |
-140 |
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Taxes payable |
0 |
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Other current
liabilities |
0 |
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Current
liabilities |
200 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
200 |
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Equities |
510 |
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------------------ |
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Total
liabilities & equities |
710 |
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Income Statement (as of Dec. 31, 2011)
Unit: CNY’000
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Turnover |
8,790 |
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Cost of goods
sold |
6,530 |
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Taxes
and additional of main operation |
70 |
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Sales expense |
220 |
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Management expense |
2,110 |
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Finance expense |
-10 |
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Non-operating
income |
110 |
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Profit before
tax |
-20 |
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Less: profit tax |
0 |
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Profits |
-20 |
Important Ratios
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as
of Dec. 31, 2011 |
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*Current ratio |
3.55 |
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*Quick ratio |
3.55 |
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*Liabilities
to assets |
0.28 |
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*Net profit
margin (%) |
-0.23 |
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*Return on
total assets (%) |
-2.82 |
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*Inventory
/Turnover ×365 |
/ |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
12.38 |
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* Cost of goods
sold/Turnover |
0.74 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is average, 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 normal level.
l
SC has no inventory in 2011.
l
SC has no short-term loan in
2011.
l
SC’s turnover is in a good level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
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UK Pound |
1 |
Rs.87.43 |
|
Euro |
1 |
Rs.70.55 |
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 |
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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.