MIRA
INFORM REPORT
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Report Date : |
03.09.2012 |
IDENTIFICATION DETAILS
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Name : |
GOLDENMAX INTERNATIONAL TECHNOLOGY LTD. |
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Registered Office : |
No. 33 Baosheng Road, Songjiang Area, Shanghai 201613 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
19.10.2000 |
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Com. Reg. No.: |
310000400249129 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling various copper clad board, insulation
material, prepreg and related products. |
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No. of Employees : |
1482 |
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 : |
Good |
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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) |
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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.
Source
: CIA
Company name and address
GOLDENMAX INTERNATIONAL TECHNOLOGY LTD.
NO. 33 BAOSHENG ROAD, SONGJIANG AREA, SHANGHAI 201613 PR CHINA.
TEL: 86 (0) 21-57747138
FAX: 86 (0) 21-67742902
EXECUTIVE SUMMARY
Date of Registration : OCTOBER 19, 2000
REGISTRATION NO. : 310000400249129
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL : cny 280,000,000
staff :
1,482
BUSINESS CATEGORY : manufacturing
REVENUE :
CNY 1,039,112,000 (CONSOLIDATED,
JAN. 1 2012 TO JUN. 30, 2012)
EQUITIES :
CNY 1,416,152,000 (CONSOLIDATED,
AS OF JUN. 30, 2012)
WEBSITE : www.goldenmax.cn
E-MAIL :
GDM@263.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : UPWARD
GENERAL REPUTATION : GOOD
EXCHANGE RATE :
CNY 6.35 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
***Note: SC’s correct name should be the above stated
one, instead of the given name - Gold Max International Technology Ltd.
SC was established
as a limited liabilities company of PRC on October 19, 2000. However, SC changed to present legal form, and was
registered as shares limited company
of PRC with State Administration of Industry & Commerce (SAIC) under registration
No.: 310000400249129 in 2008.
SC’s Organization Code Certificate No.:
60742267-2
SC’s registered capital: cny 280,000,000
SC’s paid-in capital: cny 280,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008 |
Company Name |
Shanghai Guoji Electronic Material Co., Ltd. |
Goldenmax International Technology Ltd |
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) (As of June 30, 2012) |
% of Shareholding |
|
Shanghai Donglin Investment & Development Co., Ltd. |
39.83 |
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Goldenmax International Technology Group
Co., Ltd. |
25.65 |
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Ningbo Shanshan Venture Capital Co., Ltd. |
5.25 |
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Shanghai Zhian Electronic Co., Ltd. |
2.03 |
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Shanghai Yunhao Advertisement Co., Ltd. |
0.75 |
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Shanghai Haiqi Investment Consultation Co.,
Ltd. |
0.75 |
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Shanghai Kaicheng Investment Co., Ltd. |
0.75 |
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The National Social Security Fund 401# |
0.61 |
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Nanjing Changjiang Tanker Company |
0.15 |
|
Yang Xikuan |
0.08 |
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Other Shareholders |
24.15 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative, Chairman, and
General Manager |
Han Tao |
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Vice Chairman |
Cheng Aixian |
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Deputy General Managers |
Huang Ximing |
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Hu Ruiping |
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Zhu Chenggang |
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|
Cheng Jing |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002636.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
(As
of June 30, 2012)
---------------------------------
Shanghai Donglin Investment &
Development Co., Ltd. 39.83
Goldenmax International Technology Group
Co., Ltd. 25.65
Ningbo Shanshan Venture Capital Co., Ltd. 5.25
Shanghai Zhian Electronic Co., Ltd. 2.03
Shanghai Yunhao Advertisement Co., Ltd. 0.75
Shanghai Haiqi Investment Consultation Co.,
Ltd. 0.75
Shanghai Kaicheng Investment Co., Ltd. 0.75
The National Social Security Fund 401# 0.61
Nanjing Changjiang Tanker Company 0.15
Yang Xikuan 0.08
Other Shareholders 24.15
Shanghai Donglin
Investment & Development Co., Ltd.
------------------------------------------------------------------------
Date of Registration: August 7, 2006
Registration No.: 310115000964230
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 50,000,000
Ningbo Shanshan
Venture Capital Co., Ltd.
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Date of Registration: March 30, 2007
Registration No.: 330212000036318
Legal Form: One-person Limited
Liabilities Company
Registered Capital: CNY 500,000,000
Shanghai Zhian
Electronic Co., Ltd.
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Date of Registration: November 13, 2006
Registration No.: 310227001309994
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 3,000,000
Shanghai Yunhao
Advertisement Co., Ltd.
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Date of Registration: October 10, 2006
Registration No.: 310226000760766
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 10,000,000
MANAGEMENT
Han Tao , Legal
Representative, Chairman and General Manager
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Ø
Gender: M
Ø
Age: 52
Ø Qualification: MBA
Ø Working experience
(s):
From 2000 to present, working in SC as legal
representative, chairman and general manager
Also working in Goldenmax International
Technology Group Co., Ltd. as director
Cheng Aixian ,
Vice Chairman
---------------------------------------------------
Ø
Gender: F
Ø
Age: 73
Ø Working experience
(s):
From 2008 to present, working in SC as vice
chairman
Also working in Goldenmax International
Technology (Zhuhai) Ltd. as vice chairman
Huang Ximing , Deputy General
Manager
-----------------------------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø Qualification:
University
Ø Working experience
(s):
From 2004 to present, working in SC as deputy
general manager
Hu Ruiping , Deputy General
Manager
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Ø
Gender: M
Ø
Age: 48
Ø Qualification:
University
Ø Working experience
(s):
Before 2008, worked in SC as director
From 2008 to present, working in SC as deputy
general manager
Zhu Chenggang , Deputy General
Manager
-------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 55
Ø Qualification:
University
Ø Working experience
(s):
From 2007 to 2008, worked in SC as director
From 2008 to present, working in SC as deputy
general manager
Cheng Jing , Deputy
General Manager
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Ø
Gender: M
Ø
Age: 48
Ø Qualification:
University
Ø Working experience
(s):
From 2008 to present, working in SC as deputy
general manager
BUSINESS OPERATION
SC’s registered
business scope includes developing various copper clad plate, insulating
materials, prepreg and related products and new products; researching and
developing related technology, equipment and facilities; manufacturing various
copper clad board, insulation material, prepreg and related products, selling
its owned products; international trade; providing related services.
SC is mainly
engaged in manufacturing and selling various copper clad board, insulation
material, prepreg and related products.
SC’s products
mainly include: copper clad laminates (CCLs) and prepregs for printed circuit
boards (PCBs).
Brand: GDM
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 70% of its products in domestic
market, and 30% 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.
Major Clients:
----------------
Meizhou Hongtai
Electronic Co., Ltd.
Huizhou Yangguang
Electronic Industry Co., Ltd.
Dongguan Yongsheng
Electronic Co., Ltd.
Global Laminates
Inc.
Staff & Office:
--------------------------
SC is known
to have approx. 1,482 staff
(including 910 production staff, 117 salesmen, 172 technical staff, 164
administrative personnel, etc.) at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to have the
following subsidiaries:
Shanghai
Guoji Electronic Co., Ltd.
International
Laminate Material Ltd.
Goldenmax
International Technology (Zhuhai) Ltd.
International
Laminate Material (Hong Kong) Limited
Goldenmax
International Holding Limited (Hong Kong)
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
China Minsheng
Bank Shanghai Songjiang Sub-branch
AC#: 0227014180000342
FINANCIALS
Consolidated Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Jun. 30, 2012 |
|
777,298 |
674,283 |
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Notes receivable |
89,861 |
119,296 |
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Accounts
receivable |
618,436 |
705,938 |
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Advances to suppliers |
6,794 |
15,734 |
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Interest
receivable |
0 |
0 |
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Other receivable |
1,828 |
11,825 |
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Inventory |
185,563 |
149,487 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
1,679,780 |
1,676,563 |
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Long term equity
investment |
0 |
0 |
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Investment real
estate |
0 |
0 |
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Fixed assets |
443,359 |
426,063 |
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Construction in
progress |
1,217 |
250 |
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Project
materials |
3,304 |
0 |
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Intangible
assets |
16,509 |
16,268 |
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Long-term
prepaid expenses |
0 |
339 |
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Deferred income
tax assets |
2,126 |
2,342 |
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Other
non-current assets |
395 |
0 |
|
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------------------ |
------------------ |
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Total assets |
2,146,690 |
2,121,825 |
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============= |
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Short-term loans |
175,900 |
0 |
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Notes payable |
76,688 |
249,263 |
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Accounts payable |
452,839 |
386,342 |
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Advances from
clients |
11,661 |
10,662 |
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Payroll payable |
5,024 |
5,374 |
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Taxes payable |
-287 |
8,276 |
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Other payable |
45,252 |
45,756 |
|
Other current
liabilities |
0 |
0 |
|
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------------------ |
------------------ |
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Current
liabilities |
767,077 |
705,673 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
767,077 |
705,673 |
|
Equities |
1,379,613 |
1,416,152 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
2,146,690 |
2,121,825 |
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============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
Jan.
1 2012 to Jun. 30, 2012 |
|
Revenue |
2,028,285 |
1,039,112 |
|
Cost of sales |
1,773,092 |
907,890 |
|
Business Taxes and Surcharges |
2,855 |
1,931 |
|
Sales expense |
46,475 |
26,900 |
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Management expense |
92,789 |
61,420 |
|
Finance expense |
19,007 |
-1,228 |
|
Assets Devaluation |
718 |
1,655 |
|
Investment
income |
0 |
0 |
|
Non-operating
income |
6,070 |
310 |
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Non-operating expense |
439 |
164 |
|
Profit before
tax |
98,978 |
40,689 |
|
Less: profit tax |
10,944 |
4,465 |
|
88,034 |
36,224 |
Important Ratios
=============
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As
of Dec. 31, 2011 |
As
of Jun. 30, 2012 |
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*Current ratio |
2.19 |
2.38 |
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*Quick ratio |
1.95 |
2.16 |
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*Liabilities
to assets |
0.36 |
0.33 |
|
*Net profit
margin (%) |
4.34 |
3.49 |
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*Return on total
assets (%) |
4.10 |
1.71 |
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*Inventory /
Revenue ×365/180 |
34 days |
26 days |
|
*Accounts
receivable/ Revenue ×365/180 |
112 days |
123 days |
|
*
Revenue/Total assets |
0.94 |
0.49 |
|
* Cost of
sales / Revenue |
0.87 |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears good in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
l
SC’s cost of goods sold is average, comparing with
its revenue in both years.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large.
l
SC has no short-term loan.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions. The large amount of accounts receivable may be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
|
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.