MIRA
INFORM REPORT
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Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
15-18f, Unit 101, 202, Guangdong Foreign Economic & Trade Building, No.
351, Tianhe Road, Guangzhou, Guangdong Province 510620 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.08.1984 |
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Com. Reg. No.: |
440000000081588 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
International Trade mainly include Garden furniture series, Park bench
series, Sun umbrella base series, Cast iron series |
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No. of Employees : |
300 |
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 FOREIGN TRADE IMP. & EXP. CORP.
15
no. 351, tianhe
road, guangzhou, GUANGDONG PROVINCE 510620 PR CHINA
TEL: 86 (0)
20-38819021/3881
EXECUTIVE SUMMARY
INCORPORATION DATE : aug. 25, 1984
REGISTRATION NO. : 440000000081588
REGISTERED LEGAL FORM :
STATE-OWNED ENTERPRISE
STAFF STRENGTH :
300
REGISTERED CAPITAL : CNY 29,430,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
CNY 2,740,150,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES :
CNY 164,120,000 (UNaudited, AS OF DEC. 31,
2010)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well known
EXCHANGE RATE :
CNY
6.30 =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
SC was registered as a state-owned enterprise at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Aug. 25, 1984.
Company Status: State-owned enterprise
This form of business in PR
China is defined as a commodity production or operational units of a
socialist character which in accordance with the law, have autonomy in
management, takes full responsibility for its profits and losses and
practices independent business accounting. It is a legal person established
directly by central / local government or enterprise owned by central or
local government. In theory, the liabilities of this form of enterprise are
ultimately borne by the government, since the adoption of company law in
mid-1994, the Chinese government has planned to separate the ownership from
management and liabilities bearing.
SC’s registered
business scope includes importing and exporting goods and technologies; leasing
owned offices, realty management and house property agency; wholesaling and
retailing goods; foreign economic consultation service and transportation
service; selling cars and imported timber, software, hardware and accessories,
household appliances, communication equipment, stereo equipment and office
supplies.
SC is mainly
engaged in international trade.
Mr. Huang
Tieming is the legal representative,
chairman and general manager of SC at present.
SC is known
to have approx. 300 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
owns the total premise about 7,000 square meters.
http://www.e-bargainer.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: info@e-bargainer.com
Changes
of SC’s registered information:
|
Date |
Item |
Before changed |
After changed |
|
Unknown |
Registered no. |
4400001003909 |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Guangdong Guangxin Holdings Group Ltd. 100
The former name of SC’s shareholder was
Guangdong Foreign Trade Group Co., Ltd.
Registered no.: 440000000045367
Registered capital: CNY 1,600,000,000
Establishment date: 6 September 2000
Tel: 86 020- 89203226
Fax: 86 020- 89203021
E-mail: zhb@gdfct.com
Website: http://www.gdftc.com
l
Legal Representative, Chairman and General Manager:
Mr. Huang Tieming , in his
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
l
Vice General Manager:
Mr. Li Yuehai , in his
Working Experience(s):
From 2002 to present Working
in SC as vice general manager.
SC is mainly
engaged in international trade.
SC’s products mainly include:
Garden furniture series
Park bench series
Sun umbrella base series
Cast iron series
Wooden series
Aluminum chair series
Beach series
Camping series
School series
Plastic and steel line-chair series
Student table set series
Canteen series
Gymnasium chair series
Fitting series
Children series
Office series
Office chair
Multifunctional desk series
PVC table cloth non-woven back
Transparent printed PVC table cloth
Catalogue
Shower curtain
Non-slip mat
SC sources its materials 70% from domestic
market, and 30% from the overseas market, mainly Southeast Asia and Europe. SC
sells 30% of its products in domestic market, and 70% to the overseas market,
mainly Southeast Asia and Europe.
The buying terms of SC include Check, T/T, L/C 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 declined to release its major suppliers and clients.
SC is known to have the following subsidiary, office, and branches:
Guangdong Shengyi Sci. Tech Co., Ltd.
==============================
Add: No. 411, Guansui Road, Wanjiang District, Dongguan, Guangdong
Province 523039
Tel: 86 (0) 769-22271828
Fax: 86 (0) 769-22174183
Guangdong Foreign Trade Import and Export
Corporation Beijing Office
Guangdong Foreign Trade Import and Export
Corporation Huizhou Branch
Guangdong Foreign Trade Import and Export
Corporation Huazhou Branch
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 Guangdong Branch
AC#
800100640108091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
356,810 |
194,260 |
|
Inventory |
102,090 |
111,170 |
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Accounts
receivable |
83,680 |
70,970 |
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Advances to
suppliers |
66,290 |
77,890 |
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Other
receivables |
50,990 |
44,290 |
|
Other current
assets |
1,900 |
9,050 |
|
|
------------------ |
------------------ |
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Current assets |
661,760 |
507,630 |
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Fixed assets net
value |
21,580 |
22,710 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
84,100 |
88,530 |
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Other assets |
81,120 |
87,410 |
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|
------------------ |
------------------ |
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Total assets |
848,560 |
706,280 |
|
|
============= |
============= |
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Short loans |
60,000 |
85,150 |
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Accounts payable |
160,890 |
165,510 |
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Advances from
clients |
120,670 |
179,090 |
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Bills payable |
58,460 |
24,030 |
|
Taxes payable |
-1,180 |
11,170 |
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Salaries payable |
17,260 |
54,100 |
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Other payable |
285,610 |
23,060 |
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Other current
liabilities |
0 |
50 |
|
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------------------ |
------------------ |
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Current
liabilities |
701,710 |
542,160 |
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Long term
liabilities |
3,310 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
705,020 |
542,160 |
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Equities |
143,540 |
164,120 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
848,560 |
706,280 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
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Turnover |
2,697,590 |
2,740,150 |
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Cost of goods
sold |
2,584,740 |
2,608,770 |
|
Sales expense |
71,980 |
76,070 |
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Management expense |
25,250 |
26,210 |
|
Finance expense |
-50 |
-4,580 |
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Investment
income |
21,940 |
10,350 |
|
Profit before
tax |
37,330 |
48,090 |
|
Less: profit tax |
6,750 |
10,180 |
|
Profits |
30,580 |
37,910 |
Important Ratios
=============
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|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current ratio |
0.94 |
0.94 |
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*Quick ratio |
0.80 |
0.73 |
|
*Liabilities
to assets |
0.83 |
0.77 |
|
*Net profit
margin (%) |
1.13 |
1.38 |
|
*Return on total
assets (%) |
3.60 |
5.37 |
|
*Inventory
/Turnover ×365 |
14 days |
15 days |
|
*Accounts
receivable/Turnover ×365 |
11 days |
9 days |
|
*Turnover/Total
assets |
3.18 |
3.88 |
|
* Cost of
goods sold/Turnover |
0.96 |
0.95 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in 2009, and it
increased in 2010.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The accounts receivable of SC is average.
l
The inventory of SC is average.
l
The short loans of SC are average.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered a medium-sized company in its line with favorable
background and fairly stable financial condition. A credit line up to USD 800,000
appears to be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.23 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
|
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.