MIRA
INFORM REPORT
|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHENZHEN
GUO WEI ELECTRONICS CO., LTD. |
|
|
|
|
Registered Office : |
NO. 3038, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
16.06.1991 |
|
|
|
|
Com. Reg. No.: |
440301501122735 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint
Venture |
|
|
|
|
Line of Business : |
Engaged
in manufacturing and selling fixed-line phones, mobile phones and other
communication terminal equipment. |
|
|
|
|
No. of Employees : |
250 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Since the late 1970s
|
Source : CIA |
Company name and address
SHENZHEN GUO WEI ELECTRONICS CO.,
LTD.
NO. 3038,
TEL: 86 (0) 755-25736666/25733388 FAX: 86 (0) 755-25732288
EXECUTIVE SUMMARY
INCORPORATION DATE : JULY 16, 1991
REGISTRATION NO. : 440301501122735
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE
STAFF STRENGTH : 250
REGISTERED CAPITAL : CNY 117,760,000
BUSINESS LINE : MANUFACTURING &
selling
TURNOVER : CNY 78,330,000 (JAN. 1 TO Sep. 30, 2012)
EQUITIES : CNY -102,660,000 (As of Sep. 30,
2012)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : fair
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.24 = USD 1
Adopted
abbreviations:
ANS -
amount not stated
NS -
not stated
SC -
subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC -
The official body of issuing and renewing business license) on July 16, 1991.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s
registered business scope includes manufacturing and operating of telephone,
GSM mobile communications mobile phones, digital Chinese / digital display pagers,
household power transformer, GPS navigation devices, notebook computers, game
consoles (only branches engaged and with a valid environmental approvals).
SC is
mainly engaged in manufacturing and selling fixed-line phones, mobile phones
and other communication terminal equipment.
Mr. Liang Xiguang is legal
representative and chairman of SC at present.
SC is
known to have approx. 250 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Shenzhen. SC’s accountant refused to release the detail information the total
premise.
http://www.sgwglobal.com/
The design is professional and the content is well organized. At present it is
in English version.
Email: enquiries@sgwglobal.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2007-11 |
Company Name |
Shenzhen Top Guowei Electronics
Co., Ltd. |
Present one |
|
Registration No. |
102259 |
Present one |
|
|
2011-3 |
Registered capital |
CNY 64,000,000 |
Present amount |
|
Shareholdings |
Xiwei Electronic ( Shenzhen
Smart Victory Investment Co., Ltd. 54% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xiwei
Electronic (
Shenzhen Smart Victory
Investment Co., Ltd. 75
Shenzhen Smart Victory
Investment Co., Ltd.
=================================
Registration No. :
440301102766883
Registered Capital :
CNY 10,000,000
l
Legal representative and
Chairman:
Mr. Liang Xiguang,
Working Experience(s):
At present Working
in SC as chairman and legal representative.
l
Vice Chairman:
Mr. Liang Jianru
is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as vice chairman.
Also working in Shenzhen Smart
Victory Investment Co., Ltd. as legal representative.
*Officials:
=======
Name Title
Tan Fang Director
Malcolm Paton Director
Zhu Xianjiu Supervisor
SC is mainly
engaged in manufacturing and selling fixed-line phones, mobile phones and other
communication terminal equipment.
SC’s products mainly include: Cordless DECT, GSM Phones, Smartphones, Tablets and Mini PC, etc.
SC sources its materials 80%
from domestic market, and 20% from overseas market. SC sells 40% of its
products in domestic market, and 60% to overseas market.
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’s management declined to release its main clients and suppliers.
SC is known to have the following branch:
Shenzhen Guowei Electronics Co., Ltd. Guanlan Branch
========================================
Registration No.: 440306506061872
Incorporation Date:
Principal: Li Kai
According to the above website, SC is known to have the
following related companies:
SGW Electronics Limited (
=============================
CR
No.: 0661925
Date
of Incorporation:
Company
Status: Private
Active
Status: Live
Add.: Unit 20-21, 12/F, Goldfield Industrial Centre,
Tel: +852 2947 0272
Fax: +852 2947 0271
SGW Europe Ltd.
Add.:
Tel: +44 (0) 20 7403 0201
Fax: +44 (0) 20 7403 8797
SGW
Add.:
Tel: +61(0) 419 346 898
Etc.
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.
Shanghai
Pudong Development Bank Shenzhen Branch
AC#:
N/A
Relationship:
Balance
Sheet
Unit:
CNY’000
|
|
as
of Dec. 31, 2011 |
as
of Sep. 30, 2012 |
|
Cash
& bank |
121,590 |
177,240 |
|
Inventory |
50,490 |
66,440 |
|
Accounts
receivable |
124,110 |
604,880 |
|
Advances
to supplies |
0 |
0 |
|
Other
receivables |
59,160 |
65,070 |
|
Prepaid
expenses |
/ |
0 |
|
Other
current assets |
11,410 |
2,420 |
|
|
------------------ |
------------------ |
|
Current
assets |
366,760 |
916,050 |
|
Fixed
assets net value |
211,670 |
216,210 |
|
Projects
under construction |
26,780 |
22,560 |
|
Long-term
investments |
/ |
6,010 |
|
Intangible
and other assets |
6,000 |
0 |
|
|
------------------ |
------------------ |
|
Total
assets |
611,210 |
1,160,830 |
|
|
============= |
============= |
|
Short
loans |
207,550 |
203,640 |
|
Accounts
payable |
60,220 |
551,710 |
|
Advances
from customers |
0 |
0 |
|
Employee
pay payable |
/ |
6,860 |
|
Taxes
payable |
-7,070 |
-10,700 |
|
Other
Accounts payable |
385,520 |
511,980 |
|
Accrued
expenses |
/ |
0 |
|
Other
current liabilities |
3,740 |
0 |
|
|
------------------ |
----------------- |
|
Current
liabilities |
649,960 |
1,263,490 |
|
Long
term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
649,960 |
1,263,490 |
|
Shareholders
equities |
-38,750 |
-102,660 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
611,210 |
1,160,830 |
|
|
============= |
============= |
Income
Statement
Unit:
CNY’000
|
|
as
of Dec. 31, 2011 |
Jan.
1 to Sep. 30, 2012 |
|
Turnover |
1,014,130 |
78,330 |
|
Cost of goods sold |
990,770 |
134,410 |
|
Taxes and additional of main
operations |
/ |
70 |
|
Other business profit |
/ |
1,330 |
|
Sales expense |
12,640 |
1,850 |
|
Management expense |
31,360 |
2,560 |
|
Finance expense |
4,950 |
2,350 |
|
Profit
before tax |
-10,800 |
-61,580 |
|
Less:
profit tax |
0 |
0 |
|
Profits |
-10,800 |
-61,580 |
Important
Ratios
=============
|
|
as
of Dec. 31, 2011 |
as
of Sep. 30, 2012 |
|
*Current
ratio |
0.56 |
0.73
|
|
*Quick
ratio |
0.49 |
0.67
|
|
*Liabilities
to assets |
1.06 |
1.09
|
|
*Net
profit margin (%) |
-1.06 |
-78.62 |
|
*Return
on total assets (%) |
-1.77 |
-5.30 |
|
*Inventory
/Turnover ×365 |
19 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
45 days |
/ |
|
*Turnover/Total
assets |
1.66 |
0.07
|
|
*
Cost of goods sold/Turnover |
0.98 |
1.72
|
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good.
l
SC’s net profit margin is fair in 2011,
but poor in the first 3 quarters of 2012.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is high in
2011, but too high in the first 3 quarters of 2012, 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 1evel.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears
large in the first 3 quarters of 2012.
l
SC’s short-term loan appears large.
l
SC’s turnover is in an average level in
2011 but poor in the first 3 quarters of 2012, comparing with the size of its
total assets.
LEVERAGE:
POOR
l
The debt ratio of SC is too high.
l
The risk for SC to go bankrupt is high.
Overall
financial condition of the SC: Fair.
SC is considered medium-sized in its line with fair
financial conditions. The large amount of accounts receivable and short loans
should be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
-- |
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.