MIRA
INFORM REPORT
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Report Date : |
02.05.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
29e, A Building, Guangdong International Hotel, No. 339
Huanshi East Road, Yuexiu District, Guangzhou, Guangdong Province, 510060 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
09.12.1998 |
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Com. Reg. No.: |
440000000081248 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Engaged in
selling food. |
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No. of Employees : |
7 |
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 : |
Usually correct |
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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 – September 30, 2011
|
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 SUNNY TRADE CO., LTD.
29E, A BUILDING, GUANGDONG
INTERNATIONAL HOTEL, NO. 339
HUANSHI EAST ROAD, YUEXIU DISTRICT,
GUANGZHOU,
GUANGDONG PROVINCE, 510060 PR CHINA
TEL: 86 (0) 20-83316080/83318095
FAX: 86 (0) 20-83316097
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 9, 1998
REGISTRATION NO. : 440000000081248
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
7
REGISTERED CAPITAL : CNY 6,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 250,270,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 2,090,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30=USD
Adopted abbreviations
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY – China Yuan Ren Min Bi
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. 9, 1998.
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 selling grain, feed, hardware, chemical products,
building materials, general machinery, merchandise, arts and crafts and metal
materials; wholesaling prepackaging food; importing and exporting commodities
and technologies.
SC is mainly
engaged in selling food.
Ms. Ye Weidong is
legal representative and chairman of SC at present.
SC is known to
have approx. 7 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Guangzhou. Our checks reveal that SC rents the total premise about 160
square meters.
SC is not known to host web site of its own at present.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered No. |
4400002003450 |
Present one |
|
Shareholders and % of Shareholdings |
Ye Weidong50% Jiang Xiaoming25% Wang Fugui25% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of shareholdings
Ye Weidong 95
Shang Weijin 5
l
Legal Representative and Chairman:
Ms. Ye Weidong , in her
Working Experience(s):
At present Working
in SC as legal representative and chairman.
l
General Manager:
Mr. Fang
Ping , in his
Working Experience(s):
At present
Working in SC as general manager.
SC is mainly
engaged in selling food.
SC’s products
mainly include rice, edible oil, starch, etc.
SC sources its materials
100% from overseas markets, mainly Southeast Asia. SC sells 95% of its products
in domestic market, and 5% to overseas market, mainly Southeast Asia.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
*Major Customers:
==============
Foshan Nanhai Taiguan Rice Industry Co.,
Ltd. (Literal Translation)
*Major Suppliers:
==============
CT Ltd. (Thailand)
TNR Ltd. (Thailand)
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’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.
Note:
Failing to contact the above suppliers, and SC has no domestic supplier, so the
trade reference is infeasible.
Industrial and
Commercial Bank of China Guangzhou Nanfang Sub-branch
AC#:
3602041719220126039
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
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As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
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Cash & bank |
48,850 |
134,860 |
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Notes receivable |
0 |
0 |
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Inventory |
15,930 |
20,830 |
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Accounts
receivable |
30,620 |
24,040 |
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Advances to
suppliers |
12,890 |
9,570 |
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Subsidies
receivable |
150 |
140 |
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Prepaid expenses |
50 |
0 |
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Other accounts
receivable |
1,790 |
1,840 |
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Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
110,280 |
191,280 |
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Fixed assets net
value |
250 |
230 |
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Project under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
|
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------------------ |
------------------ |
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Total assets |
110,530 |
191,510 |
|
|
============= |
============= |
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Short loans |
36,380 |
121,200 |
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Notes payable |
0 |
0 |
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Accounts payable |
32,260 |
37,380 |
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Advances from
clients |
38,180 |
28,500 |
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Welfare payable |
60 |
50 |
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Taxes payable |
-1,400 |
-40 |
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Other accounts payable |
2,440 |
2,330 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
107,920 |
189,420 |
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Long-term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
107,920 |
189,420 |
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------------------ |
------------------ |
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Paid-in capital |
6,000 |
6,000 |
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Undistributed
profit |
-3,390 |
-3,910 |
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Equities |
2,610 |
2,090 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
110,530 |
191,510 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
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|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
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Turnover |
60,470 |
250,270 |
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Cost of goods sold |
57,530 |
247,120 |
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Sales expense |
2,840 |
2,300 |
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Management expense |
610 |
590 |
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Finance expense |
160 |
960 |
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Non-operating
income |
50 |
0 |
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Non-operating expense |
20 |
0 |
|
Profit before
tax |
-640 |
-700 |
|
0 |
0 |
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Profits |
-640 |
-700 |
Important
Ratios
=============
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.02 |
1.01 |
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*Quick ratio |
0.87 |
0.90 |
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*Liabilities
to assets |
0.98 |
0.99 |
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*Net profit
margin (%) |
-1.06 |
-0.28 |
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*Return on
total assets (%) |
-0.58 |
-0.37 |
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*Inventory
/Turnover ×365 |
97 days |
31 days |
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*Accounts
receivable/Turnover ×365 |
185 days |
36 days |
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*Turnover/Total
assets |
0.55 |
1.31 |
|
* Cost of
goods sold/Turnover |
0.95 |
0.99 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line in
2009, and it appears fairly good in 2010.
l
SC’s net profit margin appears fair in both 2
years.
l
SC’s return on total assets appears fair in both 2 years.
l
SC’s cost of goods sold is high in both 2 years,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both 2 years.
l
SC’s quick ratio is maintained in a normal level in
both 2 years.
l
The inventory of SC appears average in both 2
years.
l
The accounts receivable of SC appears average in
both 2 years.
l
The short-term loan of SC appears large in both 2
years.
l
SC’s turnover is in a fair level in 2009 and in an
average level in 2010, 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 above average.
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.
A credit line up to USD 10,000 appears to be within SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.51 |
|
|
1 |
Rs.85.49 |
|
Euro |
1 |
Rs.69.61 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
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 |
-- |
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.