MIRA
INFORM REPORT
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Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
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Name : |
GOLDLINK INDUSTRIES CO., LTD. |
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Formerly Known as: |
Sinochem Jiangsu Wuxi Import & Export
Corporation |
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Registered Office : |
9/F, Building A, Hongdou International Plaza, No. 531, Zhongshan Road, Wuxi, Jiangsu Province, 214002 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.10.1988 |
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Com. Reg. No.: |
320200000095193 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
importing and exporting chemical products and etc. |
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No. of Employees : |
48 |
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 : |
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 – June 30th, 2012
|
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.
|
Source : CIA |
Company name & address
GOLDLINK INDUSTRIES CO., LTD.
9/F, BUILDING A, HONGDOU INTERNATIONAL
PLAZA, NO. 531,
ZHONGSHAN ROAD, WUXI, JIANGSU PROVINCE, 214002 PR CHINA
TEL: 86 (0)
510-82714484/82715721 FAX: 86 (0)
510-
82700472
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 15, 1988
REGISTRATION NO. : 320200000095193
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : MR. HU SHIQUN (CHAIRMAN)
STAFF STRENGTH :
48
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 411,580,000 (UNAUDITED, AS
OF DEC. 31, 2010)
EQUITIES :
CNY 17,500,000 (UNAUDITED, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : MODERATE AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE (AS OF DEC. 31, 2010)
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20= 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: SC is also known as Wuxi Guolian Import & Export Co., Ltd.
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 Oct. 15, 1988 and has been under present ownership since Jul. 18, 2003.
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 permitted operating items: selling chemical products
and raw materials (operating hazardous chemicals with permit). General operating
items: importing and exporting commodities and
technology, excluding the items prohibited by the state; domestic trade.
SC is mainly
engaged in importing and exporting chemical products and etc.
Mr. Hu Shiqun has been the legal representative, chairman
and general manager of SC since 1999.
SC is known
to have approx. 48 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and head office in the commercial zone of Wuxi. Our checks
reveal that SC rents the total premise about 300 square meters.
http://www.goldlinkindustries.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: serve@goldlinkindustries.com
SC was awarded Wuxi Excellent Enterprise, Star Enterprise, Civilized Enterprise,
China Bank Credit AAA Enterprise and “Contract Honoring, Credit Keeping”
Enterprise.
SC was certified to ISO 9000: 2000 edition of the quality management
system in 2001
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2001-04-29 |
Registered Capital |
CNY 1,380,000 |
CNY 5,000,000 |
|
2003-07-18 |
Registered Name |
Sinochem Jiangsu Wuxi Import & Export
Corporation |
Goldlink Industries Co., Ltd. |
|
Registered Legal Form |
State-owned
enterprise |
Limited
Liabilities Company |
|
|
Unknown |
Registration No. |
3202002111309 |
320200000095193 |
|
Shareholders |
Hu Shiqun 25.3%; Li Ke 20%; Da Xing 10%;
Xu Zhuoxing 8%; Zhang Yimei 7%; Qiu Jun 6%; Ren Jingfang 6%;Tong Xiaobo 4.5%;
Zhou Xizhong 2.7%; Shao Yan 5%; Wu Lili 2%; Sun Rongliang 2%; Chen Fangyi 1%;
Wen Xiaodong 0.5% |
Present ones |
Note: Sinochem Jiangsu Wuxi Import & Export Corporation is a state-owned
enterprise, and its shareholder is Wuxi Guolian Development (Group) Co., Ltd.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Hu Shiqun ID# 320203195408080073 25.3
Li Ke ID# 320211195912080013 20
Da Xing ID# 320202196408080514
10
Xu Zhuoxing ID# 320204195104250316 8
Zhang Yimei ID# 32020219690605102X 7
Qiu Jun ID# 320204195508021341 6
Ren Jingfang ID# 320202195509121528 6
Zhou Xizhong ID# 320204195407131314 2.7
Shao Yan ID# 32010519660731142X 5
Sun Rongliang ID# 320203197104180015
4
Wu Lili ID# 32021119620324004X 2
Sun Jianhui ID# 320114196701150921 2
Chen Fangyi ID# 320202197011071526 1.5
Wen Xiaodong ID# 320204197212111611 0.5
Legal
representative,
chairman and
general manager:
Mr. Hu Shiqun, ID# 320203195408080073, born in 1954, with junior college education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working in SC as legal representative, chairman and general manager.
Directors:
=======
Ms. Qiu Jun, ID# 320204195508021341
Mr. Li Ke, ID# 320211195912080013
Supervisor:
========
Mr. Da Xing, ID# 320202196408080514
SC is mainly
engaged in importing and exporting chemical products and etc.
SC’s products mainly include: inorganic chemicals, organic chemicals, pigments,
dyestuff and their intermediates, farm chemicals, pharmaceuticals and their
intermediates, plastic and their products, mechanical and electronic products,
textile accessories, textile garments, etc.
SC sources its materials 80% from domestic
market, and 20% from overseas market, mainly Europe and Australia. SC sells 30%
of its products in domestic market, and 70% to overseas market, mainly Japan,
Europe, America, Middle East and etc.
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 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 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 Wuxi Branch
AC#：0180903458
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
20,230 |
15,480 |
|
|
Inventory |
10,170 |
11,600 |
|
Accounts receivable |
20,620 |
26,280 |
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Advances to supplies |
21,540 |
23,840 |
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Other receivables |
5,860 |
3,010 |
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Other current assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
78,420 |
80,210 |
|
Fixed assets net
value |
270 |
360 |
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Intangible and
other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
78,690 |
80,570 |
|
|
============= |
============= |
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Short loans |
3,000 |
4,500 |
|
Bills payable |
740 |
0 |
|
Accounts payable |
13,460 |
20,110 |
|
Advances from
clients |
38,490 |
24,150 |
|
Other Accounts
payable |
8,710 |
10,300 |
|
Taxes payable |
130 |
120 |
|
Other unplayable |
0 |
3,890 |
|
Other current
liabilities |
0 |
0 |
|
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------------------ |
------------------ |
|
64,530 |
63,070 |
|
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
64,530 |
63,070 |
|
Shareholders
equities |
14,160 |
17,500 |
|
|
------------------ |
------------------ |
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Total liabilities
& equities |
78,690 |
80,570 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
371,110 |
411,580 |
|
Cost of goods sold |
346,210 |
378,210 |
|
Sales expense |
17,290 |
19,540 |
|
Management expense |
4,320 |
5,770 |
|
Finance expense |
380 |
220 |
|
Operation Profit |
2,820 |
4,280 |
|
Less: profit tax |
800 |
930 |
|
Net profit |
2,020 |
3,350 |
Note: The above financial
for Yr2010 have not been audited. SC’s management declined to release the
latest financial information.
Important Ratios
=============
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
*Current ratio |
1.22 |
1.27 |
|
*Quick ratio |
1.06 |
1.09 |
|
*Liabilities
to assets |
0.82 |
0.78 |
|
*Net profit
margin (%) |
0.54 |
0.81 |
|
*Return on
total assets (%) |
2.57 |
4.16 |
|
*Inventory
/Turnover ×365 |
10 days |
10 days |
|
*Accounts
receivable/Turnover ×365 |
21 days |
23 days |
|
*Turnover/Total
assets |
4.72 |
5.11 |
|
* Cost of
goods sold/Turnover |
0.93 |
0.92 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line,
and it increased in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is fairly high in both
years, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
both years.
l
SC’s short-term loan appears average in both years.
l
SC’s turnover is in a fairly good level in both
years, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.