MIRA
INFORM REPORT
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Report Date : |
17.12.2012 |
IDENTIFICATION DETAILS
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Name : |
GOLD LOYAL INTERNATIONAL INVESTMENT HOLDINGS
LTD. |
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Registered Office : |
17e, Times
Fortune Building, No. 88, Fuhua 3rd Road, Futian Central District,
Shenzhen, Guangdong Province, 518026 Pr |
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Country : |
China |
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Financials (as on) : |
30.11.2012 |
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Date of Incorporation : |
26.01.2011 |
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Com. Reg. No.: |
440301105189932 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject will be
engaged in selling rubber products and projects investment |
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No. of Employees : |
05 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 : |
Moderate |
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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
gold loyal international investment holdings Ltd.
17e, times fortune
building, no. 88, fuhua 3rd road, futian central district, SHENZHEN,
GUANGDONG PROVINCE, 518026 PR CHINA
TEL: 86 (0)
755-83251896 / 83252068 FAX: 86 (0)
755-82782505 / 82252505
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 26, 2011
REGISTRATION NO. : 440301105189932
REGISTERED LEGAL
FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 5
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 0 (JAN. 1 TO NOV. 30, 2012)
EQUITIES :
CNY 340,000 (AS OF NOV. 30, 2012)
PAYMENT :
NOT YET DETERMINED
MARKET CONDITION :
FAIR
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : SUBJECT TO LONGER PERIOD OF OBSERVATION
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 (1st St., Huangbei Road, Shenzhen China) was SC’s former address.
SC was registered as
a Limited Liabilities Company at local Administration for industry &
commerce (AIC - the official body of issuing and renewing business license) on
Jan. 26, 2011.
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 industry development
(projects need to be reported for authorization); domestic trading; import and export
business (items which are prohibited by law and restricted under government
regulation are exceptional. Special permit is required prior to execution for
restricted item); investment management and enterprise management consultation.
SC has not started its normal
operation yet. According to the management of SC, SC will be mainly engaged in
selling rubber products and investment business.
Mr. Xu Hongwei is legal representative and chairman of SC at present.
SC is known to have approx. 5 employees at present.
SC
is currently operating at the above stated address,
and this address houses its operating office in the commercial zone of
Shenzhen. Our checks reveal that SC rents the total premise about 100 square
meters.
SC is not known to host website of its own at present.
E-mail: hejing@sunrayint.com
No significant events or changes were found during our checks
with the local Administration for Industry and Commerce.
SC’s paid-up capital reached CNY 2,000,000.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xu Xiaohong 20.0
Xu Hongwei 62.5
Xu Qiuping 10.0
Chen Xiaowei 7.5
Legal
representative, Chairman & General Manager:
Mr. Xu Hongwei is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative, chairman and general manager;
Also working in Shenzhen Mega Capital Enterprise Co., Ltd. and Shanghai Mega Capital Industrial Development Co., Ltd. as legal representative
Supervisor:
========
Xu Xiaohong
SC has not started its normal
operation yet. According to the management of SC, SC will be mainly engaged in
selling rubber products and projects investment.
Shenzhen Mega Capital Enterprise Co., Ltd.
………………………………………………
Incorporation Date : Mar.
11, 2003
Registration No. :
440301102989549
Registered Legal Form : Limited
Liabilities Co.
Registered Capital : CNY
2,000,000
Website:
http://www.sunrayintl.com/
Email:
info@sunrayintl.com
Tel: 86 (0) 755-23963999
Fax:
86 (0) 755-82197028
Shanghai Mega Capital Industrial Development Co., Ltd.
……………………………………………………………
Legal
representative: Xu Hongwei
Registration
No.: 310105000297716
Incorporation
date: Feb. 14, 2006
Overall payment appraisal:
( ) Excellent (
) Good ( ) Average (
) Fair ( ) Poor
(X) 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: N/A
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.
China Everbright Bank Shenzhen Fortune Sub-branch
AC#78200188000105324
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
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as
of Dec. 31, 2011 |
as of Nov. 30, 2012 |
|
Cash
& bank |
3,920 |
1,300 |
|
Inventory |
0 |
0 |
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Accounts
receivable |
0 |
0 |
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Other
receivables |
0 |
0 |
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Advances to
suppliers |
0 |
0 |
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Other
current assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current
assets |
3,920 |
1,300 |
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Fixed
assets net value |
0 |
0 |
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Projects
under construction |
0 |
0 |
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Long
term investment |
0 |
0 |
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Other
assets |
0 |
440 |
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------------------ |
------------------ |
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Total
assets |
3,920 |
1,740 |
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============= |
============= |
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Short
loans |
0 |
0 |
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Bills
payable |
0 |
0 |
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Accounts
payable |
0 |
0 |
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Welfare
payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Accrued
payroll |
0 |
0 |
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Tax
payable |
0 |
0 |
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Other
payable |
2,270 |
1,400 |
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Other
current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
2,270 |
1,400 |
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Long
term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
2,270 |
1,400 |
|
Equities |
1,650 |
340 |
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------------------ |
------------------ |
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Total
liabilities & equities |
3,920 |
1,740 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2011 |
Jan.
1 to Nov. 30, 2012 |
|
Turnover |
0 |
0 |
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Cost of goods
sold |
0 |
0 |
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Taxes
and additional of main operation |
0 |
0 |
|
Sales expense |
0 |
0 |
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Management expense |
360 |
1,320 |
|
Finance expense |
0 |
-10 |
|
Profit before
tax |
-360 |
-1,310 |
|
Less: profit tax |
0 |
0 |
|
Profits |
-360 |
-1,310 |
Important Ratios
=============
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as of Dec. 31, 2011 |
as
of Nov. 30, 2012 |
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*Current ratio |
1.73 |
0.93 |
|
*Quick ratio |
1.73 |
0.93 |
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*Liabilities
to assets |
0.58 |
0.80 |
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*Net profit
margin (%) |
/ |
/ |
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*Return on
total assets (%) |
-9.18 |
-75.29 |
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*Inventory
/Turnover ×365 |
/ |
/ |
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*Accounts
receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total
assets |
/ |
/ |
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* Cost of
goods sold/Turnover |
/ |
/ |
PROFITABILITY:
FAIR
l
SC’s return on total assets is fair in
2011, but poor as of Nov. 30, 2012.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a normal level in 2011 but in a fair level as of Nov. 30, 2012.
l
SC’s quick ratio is maintained in a
normal level.
l There
is no short-term loan of SC in 2011.
LEVERAGE:
FAIR
l
The debt ratio of SC is average in 2011
but fairly high as of Nov. 30, 2012.
l
The risk for SC to go bankrupt is
average.
Overall
financial condition of the SC: Fair.
SC was established in 2011 but has not started
its normal operation, so its credit has not been established yet.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
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 |
|
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 |
|
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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.