MIRA INFORM REPORT
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Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN BRIDGE INC. |
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Registered Office : |
No. 1, Guotai North Road, Zhangjiagang, Jiangsu Province, 215600 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
28.11.2011 |
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Com. Reg. No.: |
320582000249412 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject engaged in selling chemical materials and products. |
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No. of Employees : |
4 |
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 : |
Slow but correct |
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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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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
GOLDEN BRIDGE INC.
NO. 1, GUOTAI NORTH
ROAD, ZHANGJIAGANG,
JIANGSU PROVINCE, 215600 PR CHINA
TEL: 86 (0)
512-56766507/56766502 FAX: 86 (0)
512-56766506
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 28, 2011
REGISTRATION NO. : 320582000249412
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
4
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 20,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 890,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.1233 = 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 limited liabilities
company at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Nov. 28, 2011.
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 general business items: researching, developing biotechnology
and related technical services; purchasing and selling chemical materials and
products (excluding dangerous materials); importing and exporting goods and
technologies (excluding the items limited or prohibited by the state)
SC is mainly
engaged in selling chemical materials and products.
Mr. Tao
Xuegao has been legal representative,
chairman and general manager of SC since 2011.
SC is known to
have approx. 4 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in Zhangjiagang. Our checks reveal that SC rents the total
premise, but the gross area of the premise is unspecific.
http://www.goldenbridge-scientific.com The
design is professional and the content is well organized. At present it is in
Chinese version.
E-Mail: sales@goldenbridge-scientific.com
SC was taken into operation in June of 2012.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Gao Yuankui
ID#612325193910054036 60
Tao Xuegao
ID#330122194710312534 40
l Legal
representative, Chairman and General manager:
Mr. Tao Xuegao , ID#330122194710312534, born in 1947. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2011 to present Working in SC as legal
representative, chairman and general manager.
l Supervisor:
Gao Yuankui
ID#612325193910054036
SC is mainly
engaged in selling chemical materials and products.
SC’s products
mainly include: enzymes, bio-chemical products, pharmaceutical intermediate,
chemicals and solvents.
SC was taken into
operation in June of 2012.
SC sources its materials 100% from domestic
market. SC sells 50% of its products in domestic market, and 50% to overseas
market, mainly India.
The buying terms of SC include Check, T/T 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 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.
China CITIC Bank Zhangjiagang Sub-branch
AC#:
7323910182600070699
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
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as of Dec. 31, 2012 |
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Cash & bank |
210 |
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Inventory |
0 |
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Accounts
receivable |
0 |
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Advances to
suppliers |
0 |
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Other
receivables |
4,000 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
4,210 |
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Long-term
investments |
0 |
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Fixed assets net
value |
0 |
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Projects under
construction |
0 |
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Intangible
assets |
0 |
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Other assets |
0 |
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------------------ |
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Total assets |
4,210 |
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============= |
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Short loans |
0 |
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Accounts payable |
0 |
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Advances from
customers |
20 |
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Accrued payroll |
0 |
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Taxes payable |
0 |
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Other accounts
payable |
3,300 |
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Other current
liabilities |
0 |
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----------------- |
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Current
liabilities |
3,320 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
3,320 |
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Shareholders
equities |
890 |
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------------------ |
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Total
liabilities & equities |
4,210 |
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============= |
Income Statement
Unit: CNY’000
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|
as of Dec. 31, 2012 |
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Turnover |
20 |
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Cost of goods
sold |
0 |
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Taxes and
additional of main operation |
0 |
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Sales expense |
60 |
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Management expense |
70 |
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Finance expense |
0 |
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Profit before
tax |
-110 |
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Less: profit tax |
0 |
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Net profit |
-110 |
Important
Ratios
=============
|
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As
of Dec. 31, 2012 |
|
*Current ratio |
1.27 |
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*Quick ratio |
1.27 |
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*Liabilities
to assets |
0.79 |
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*Net profit
margin (%) |
-550.00 |
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*Return on
total assets (%) |
-2.61 |
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*Inventory
/Turnover ×365 |
/ |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
0.005 |
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* Cost of
goods sold/Turnover |
/ |
PROFITABILITY:
FAIR
l The turnover of SC
appears fair in its line.
l SC’s net profit
margin is poor.
l SC’s return on
total assets is fair.
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
SC has no inventory in 2012.
l
SC has no accounts receivable in 2012.
l
SC has no short-term loan in 2012.
l
SC’s turnover is in a poor 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: Fair.
SC is considered small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.42 |
|
|
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
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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 |
|
-- |
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.