MIRA
INFORM REPORT
|
Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHENZHEN 1-TOUCH BUSINESS SERVICE LTD. |
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Registered Office : |
46/F & 6/F Hongchang Plaza, No. 2001 Shennan East Road
Luohu District, Shenzhen, Guangdong Province 518001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.12. 2001 |
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Com. Reg. No.: |
440301103275393 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject engaged in providing trade service, including customs, tax, foreign exchange, finance, logistics and etc |
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No. of Employees : |
421 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 2012 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 under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
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
SHENZHEN 1-TOUCH BUSINESS SERVICE LTD.
46/F & 6/F HONGCHANG PLAZA, NO. 2001 SHENNAN EAST ROAD
LUOHU DISTRICT, SHENZHEN, GUANGDONG PROVINCE 518001 PR CHINA
TEL: 86 (0) 755-25830167/22163680/25830329
FAX: 86 (0) 755-25830475
EXECUTIVE SUMMARY
Date of Registration : december 5, 2001
REGISTRATION NO. : 440301103275393
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 21,782,977
staff :
421
BUSINESS CATEGORY : trading service
Revenue :
CNY 2,738,290,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 43,850,000 (AS OF DEC. 31, 2011)
WEBSITE : www.ydt35.com
E-MAIL :
service@ydt35.com
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.18 = 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
current address should be the heading one, while the (Room 709-715 Diwang
Commercial Centre, Shun Hing Square, No. 5002 Shennan East Road, Luohu
District, Shenzhen, Guangdong Province 518000 PR China) was the former one.
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 440301103275393 on December 5, 2001.
SC’s Organization Code Certificate No.:
73414116-0
SC’s registered capital: cny 21,782,977
SC’s paid-in capital: cny 21,782,977
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2002-2-26 |
Legal Representative |
Wei Qiang |
Cui Wei |
|
2003-2-17 |
Registered Capital |
CNY 3,000,000 |
CNY 10,000,000 |
|
2003-8-1 |
Company Name |
Shenzhen Badatong Import & Export Trade
Co., Ltd. |
Shenzhen Badatong Import & Export Co.,
Ltd. |
|
Legal Representative |
Cui Wei |
Wei Qiang |
|
|
2004-2-9 |
Registered Capital |
CNY 10,000,000 |
CNY 11,000,000 |
|
2004-9-6 |
Company Name |
Shenzhen Badatong Import & Export Co.,
Ltd. |
Shenzhen 1-Touch Business Service Ltd. |
|
2008-4-8 |
Registration No. |
4403012078614 |
440301103275393 |
|
Registered Capital |
CNY 11,000,000 |
CNY 12,100,000 |
|
|
2009-6-10 |
Registered Capital |
CNY 12,100,000 |
CNY 13,500,000 |
|
2010-4-23 |
Shareholder (s) (% of Shareholding) |
Guo Atuo 0.4646% Lin Junhui 0.3703% Zhen Huawei 8.7408% Zhao Shuqiu 0.4646% Luo Meiying 0.4646% Chen Jirong 0.4646% Chen Hanchao0.5590% Xiao Feng 10.3704% Du Lixia霞4.0741% Liang Wanping 0.4646% Xu Wenfang0.4646% Wu Zhijun 0.4646% Wei Qiang 71.7040% Zhang Hui0.4646% Dai Jing 0.4646% |
Xiao Feng10.3704% Zhen Huawei 8.7408% Wei Qiang 71.7040% Du Lixia 9.1848% |
|
2010-11-2 |
Shareholder (s) (% of Shareholding) |
Xiao Feng 10.3704% Zhen Huawei 8.7408% Wei Qiang 71.7040% Du Lixia 9.1848% |
Xiong Ronghui 4.0744% Xiao Feng 10.3704% Wei Qiang 64.6296% Zhen Huawei 8.7408% Du Lixia 9.1848% Zhang Wensong 3.0000% |
|
2011-1-18 |
Shareholder (s) (% of Shareholding) |
Xiong Ronghui 4.0744% Xiao Fen锋10.3704% Wei Qiang 64.6296% Zhen Huawei 8.7408% Du Lixia 9.1848% Zhang Wensong 3.0000% |
Xiong Ronghui 1.43% Zhang Wensong 1.05% Wei Qiang 22.62% Du Lixia 3.21% Xiao Feng锋 3.63% Alibaba (China) Network Technology Co., Ltd. 65.00% Zhen Huawei 3.06% |
|
Registered Capital |
CNY 13,500,000 |
cny 21,782,977 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xiong Ronghui |
1.43 |
|
Zhang Wensong |
1.05 |
|
Wei Qiang |
22.62 |
|
Du Lixia |
3.21 |
|
Xiao Feng |
3.63 |
|
Alibaba (China) Network Technology Co.,
Ltd. |
65.00 |
|
Zhen Huawei |
3.06 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and General Manager |
Wei Qiang |
|
Chairman |
Lu Zhaoxi |
|
Directors |
Ji Gang |
|
Xiao Feng |
|
|
Peng Yijie |
|
|
Supervisor |
Liu Zheng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Xiong Ronghui 1.43
Zhang Wensong 1.05
Wei Qiang 22.62
Du Lixia 3.21
Xiao Feng 3.63
Alibaba (China) Network Technology Co., Ltd. 65.00
Zhen Huawei 3.06
Alibaba (China) Network Technology Co., Ltd.
---------------------------------------------------------------
Date of Registration: September 9, 1999
Registration No.: 330100400015575
Registered Capital: USD 158,900,000
MANAGEMENT
Wei Qiang , Legal
Representative and General Manager
---------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
general manager
Lu Zhaoxi ,
Chairman
---------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as chairman
Directors
------------
Ji Gang
Xiao Feng
Peng Yijie
Supervisor
-------------
Liu Zheng
BUSINESS OPERATION
SC’s registered business scope includes domestic commerce;
supplying and selling of commodities, economic information consultation,
international trade, online commodity services, international freight
forwarding business, marine insurance, motor vehicle insurance, cargo
insurance.
SC is mainly engaged
in providing trade service, including customs, tax, foreign exchange, finance,
logistics and etc.
In November, 2011,
SC joined ALIBABA and assisted it providing one-stop service from “find foreign
trade enterprises” to “do business with foreign trade enterprises” and making
strategic adjustment from “meet at ALIBABA” to “work at ALIBABA”, which enable
ALIBABA to offer comprehensive services for a wide range of small and
medium-sized enterprises as well as individuals.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include Check, T/T and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 421 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is known to have the
following subsidiary at present,
u
Jiangsu 1-Touch Enterprise Service Co., Ltd.
---------------------------------------------------------------
Date of Registration: July 13, 2010
Registration No.: 320592000047971
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 10,000,000
In 2010, Jiangsu
1-Touch Enterprise Service Co., Ltd was founded in Zhangjiagang Free Trade Zone
as a subsidiary of SC, and it is also the only enterprise in China that
cooperates with the government to provide import and export BPO service for
small and medium-sized enterprises.
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 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.
BANKING
Basic Bank:
Bank
of China
AC#: 4000029119200031572
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
2,240 |
7,680 |
143,270 |
|
|
Accounts
receivable |
2,760 |
15,960 |
-50,780 |
|
Advances to
suppliers |
0 |
0 |
0 |
|
Other receivable |
160 |
620 |
154,790 |
|
Inventory |
10,570 |
27,560 |
13,540 |
|
Non-current
assets within one year |
0 |
0 |
0 |
|
Other current
assets |
0 |
20 |
510 |
|
|
------------------ |
------------------ |
----------------- |
|
Current assets |
15,730 |
51,840 |
261,330 |
|
Fixed assets |
150 |
220 |
1,020 |
|
Construction in
progress |
0 |
0 |
0 |
|
Intangible
assets |
0 |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
0 |
|
Other
non-current assets |
130 |
2,070 |
2,400 |
|
|
------------------ |
------------------ |
----------------- |
|
Total assets |
16,010 |
54,130 |
264,750 |
|
|
============= |
============= |
============= |
|
Short-term loans |
4,660 |
16,880 |
278,520 |
|
Notes payable |
0 |
0 |
0 |
|
Accounts payable |
910 |
30,920 |
-61,760 |
|
Taxes payable |
-14,360 |
-35,350 |
-1,430 |
|
Advances from
clients |
11,690 |
32,970 |
3,700 |
|
Other payable |
0 |
620 |
140 |
|
Other current
liabilities |
10 |
20 |
1,730 |
|
|
------------------ |
------------------ |
----------------- |
|
Current
liabilities |
2,910 |
46,060 |
220,900 |
|
Non-current
liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
----------------- |
|
Total
liabilities |
2,910 |
46,060 |
220,900 |
|
Equities |
13,100 |
8,070 |
43,850 |
|
|
------------------ |
------------------ |
----------------- |
|
Total
liabilities & equities |
16,010 |
54,130 |
264,750 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
549,690 |
2,738,290 |
|
Cost of sales |
540,970 |
2,713,810 |
|
Sales expense |
9,730 |
18,460 |
|
Management expense |
10,960 |
11,440 |
|
Finance expense |
-1,290 |
-4,110 |
|
Profit before
tax |
-4,400 |
900 |
|
Less: profit tax |
620 |
220 |
|
-5,020 |
680 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
5.41 |
1.13 |
1.18 |
|
*Quick ratio |
1.77 |
0.53 |
1.12 |
|
*Liabilities
to assets |
0.18 |
0.85 |
0.83 |
|
*Net profit
margin (%) |
-- |
-0.91 |
0.02 |
|
*Return on
total assets (%) |
-- |
-9.27 |
0.26 |
|
*Inventory /
Revenue ×365 |
-- |
19 days |
2 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
11 days |
-- |
|
*
Revenue/Total assets |
-- |
10.15 |
10.34 |
|
* Cost of
sales / Revenue |
-- |
0.98 |
0.99 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line,
and it increased significantly in 2011.
l
SC’s net profit margin is fair in 2010, average in
2011.
l
SC’s return on total assets is poor in 2010,
average in 2011.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in 2009, normal in 2010 and 2011.
l
SC’s quick ratio is maintained in a fairly good
level in 2009 and 2011, fair in 2010.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans appear large in 2011.
l
SC’s revenue 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 in 2010 and
2011.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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.