MIRA
INFORM REPORT
|
Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
GUANGDONG WANSHIDA HOLDING CORP. |
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Registered Office : |
Jianshan Technological & Industrial Park Hi-Tech Development
Zone Yangjiang, Guangdong Province 529500 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.09.2005 |
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Com. Reg. No.: |
441700000010716 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject engaged in processing and selling seafood. |
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No. of Employees : |
1,580 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
GUANGDONG WANSHIDA HOLDING CORP.
JIANSHAN TECHNOLOGICAL & INDUSTRIAL PARK
HI-TECH DEVELOPMENT ZONE
YANGJIANG, GUANGDONG PROVINCE 529500 PR CHINA
TEL: 86 (0) 662-2208230/2208835/2208829
FAX: 86 (0) 662-2208230
EXECUTIVE SUMMARY
Date of Registration : september 20, 2005
REGISTRATION NO. : 441700000010716
LEGAL FORM : Shares limited company
REGISTERED CAPITAL : CNY 90,000,000
staff :
1,580
BUSINESS CATEGORY : PROCESSING &
TRADING
Revenue :
CNY 979,570,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 362,157,000 (AS OF DEC. 31, 2012)
WEBSITE : www.wsdgf.com
E-MAIL :
n/a
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRly steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.15 = 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
SC was established
as a limited liabilities company of PRC on September 20, 2005. However, SC changed to present legal form, and was
registered as a Shares limited company of PRC with State Administration for
Industry & Commerce (SAIC) under registration No.: 441700000010716.
SC’s Organization Code Certificate No.:
77999370-3
SC’s registered capital: CNY 90,000,000
SC’s paid-in capital: CNY 90,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2012 |
Legal Form |
Limited liabilities company |
Shares limited company |
|
Registered Capital |
CNY 30,281,698 |
CNY 90,000,000 |
|
|
Company Name |
Yangjiang Wanshida Seafood Co., Ltd. |
Guangdong Wanshida Holding Corp. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yangjiang Yuhe Investment Consulting
Service Co., Ltd. |
3.83 |
|
Yuan Tian |
3.63 |
|
Shenzhen Lingxiu Venture Capital
Enterprise (Limited Partnership) |
4.57 |
|
Shenzhen Sanghaitong Investment Co., Ltd. |
4.43 |
|
Zhao Shaoying |
10.90 |
|
Zhejiang Hongcheng Agricultural Technology
Development Co., Ltd. |
4.50 |
|
Guangzhou Chengxin Venture Capital Co.,
Ltd. |
10.00 |
|
Yangjiang Bubugao Aquatic Products Co., Ltd. |
58.14 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Liang Guiqi |
|
Director/Supervisor |
Bu Gongtao |
|
Xia Jun |
|
|
Zhang Min |
|
|
Wang Mengbai |
|
|
Bao Dandan |
|
|
Mo Xianjiu |
|
|
Wang Lei |
|
|
Wang Limin |
|
|
Zhao Shaoying |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Yangjiang Yuhe Investment Consulting Service
Co., Ltd. 3.83
Yuan Tian 3.63
Shenzhen Lingxiu Venture Capital Enterprise
(Limited Partnership) 4.57
Shenzhen Sanghaitong Investment Co., Ltd. 4.43
Zhao Shaoying 10.90
Zhejiang Hongcheng Agricultural Technology
Development Co., Ltd. 4.50
Guangzhou Chengxin Venture Capital Co., Ltd. 10.00
Yangjiang Bubugao Aquatic Products Co., Ltd. 58.14
l
Yangjiang Yuhe Investment Consulting Service Co.,
Ltd.
--------------------------------------------------------------------------
Registration No.: 441702000031782
Legal Form: Limited Liabilities Company
Registered Capital: CNY 1,000,000
Legal Representative: Liang Guiqi
l
Shenzhen Sanghaitong Investment Co., Ltd.
---------------------------------------------------------
Registration No.: 440301103377268
Legal Form: Limited Liabilities Company
Registered Capital: CNY 10,000,000
Legal Representative: Gu Xin
l
Guangzhou Chengxin Venture Capital Co., Ltd.
--------------------------------------------------------------
Registration No.: 440101000169232
Legal Form: Limited Liabilities Company
Registered Capital: CNY 382,410,000
Legal Representative: Xiong Haitao
Web: www.chengxinvc.com
l
Yangjiang Bubugao Aquatic Products Co., Ltd.
--------------------------------------------------------------
Registration No.: 440800400003234
Registered Capital: USD 280,000
Legal Representative: Liang Guiqi
MANAGEMENT
Liang Guiqi , Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC
as legal representative, chairman and general manager
Also working in Yangjiang Yuhe Investment Consulting
Service Co., Ltd. and Yangjiang Bubugao Aquatic Products Co., Ltd. as legal
representative
Director/Supervisor
-------------------------
Bu Gongtao
Xia Jun
Zhang Min
Wang Mengbai
Bao Dandan
Mo Xianjiu
Wang Lei
Wang Limin
Zhao Shaoying
BUSINESS OPERATION
SC’s registered
business scope includes purchasing, processing and selling seafood; importing
and exporting goods and technology.
SC is mainly
engaged in processing and selling seafood.
SC’s products
mainly include: shrimp, blue shell mussel meat, green shell mussel half shell,
green shell mussel, cooked short neck clam meat, cram, fish, etc.
SC sources its materials 100% from domestic
market, mainly Guangdong. SC sells 100% of its products to overseas market,
mainly Canada, Japan and Korea.
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.
*Major Supplier*
--------------------
Yangjiang Huamei Printing & Packing Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 1,580 staff
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 a subsidiary at present,
Yangjiang
Lingxian Storage & Logistics Co., Ltd.
Registration
No.: 441700400006926
Date
of Registration: October 18, 2011
Registered
Capital: CNY 100,000,000
Legal
Representative: Liang Guiqi
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:
Industrial & Commercial Bank of China Yangjiang Branch
AC#:
2014002109040053919
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
60,739 |
105,059 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
263,889 |
341,438 |
|
Advances to
suppliers |
90,603 |
234,753 |
|
Other receivable |
13,308 |
27,723 |
|
Inventory |
145,439 |
73,235 |
|
Deferred
expenses |
0 |
0 |
|
Other current
assets |
-2,638 |
-3,551 |
|
|
------------------ |
------------------ |
|
Current assets |
571,340 |
779,657 |
|
Fixed assets |
174,801 |
205,926 |
|
Construction in
progress |
48,447 |
21,730 |
|
Intangible
assets |
22,129 |
21,730 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
2,422 |
-8,764 |
|
|
------------------ |
------------------ |
|
Total assets |
819,139 |
1,020,279 |
|
|
============= |
============= |
|
Short-term loans |
338,536 |
362,270 |
|
Notes payable |
0 |
145,000 |
|
Accounts payable |
74,868 |
67,777 |
|
Wages payable |
2,690 |
7,973 |
|
Taxes payable |
9,409 |
17,900 |
|
Advances from
clients |
19,293 |
2,851 |
|
Other payable |
1,363 |
2,520 |
|
Accrued expense |
3,257 |
1,598 |
|
Other current
liabilities |
0 |
500 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
449,416 |
608,389 |
|
Non-current liabilities |
78,788 |
49,733 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
528,204 |
658,122 |
|
Equities |
290,935 |
362,157 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
819,139 |
1,020,279 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
|
Revenue |
979,570 |
|
Cost of sales |
835,856 |
|
Taxes and surcharges |
5,195 |
|
Sales expense |
7,720 |
|
Management expense |
38,932 |
|
Finance expense |
42,296 |
|
Investment
income |
276 |
|
Non-operating
income |
15,934 |
|
Non-operating expense |
1,876 |
|
Profit before
tax |
65,275 |
|
Less: profit tax |
20,278 |
|
44,997 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
1.27 |
1.28 |
|
*Quick ratio |
0.95 |
1.16 |
|
*Liabilities
to assets |
0.64 |
0.65 |
|
*Net profit
margin (%) |
-- |
4.59 |
|
*Return on
total assets (%) |
-- |
4.41 |
|
*Inventory /
Revenue ×365 |
-- |
28 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
128 days |
|
*
Revenue/Total assets |
-- |
0.96 |
|
* Cost of
sales / Revenue |
-- |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line
in 2012.
l
SC’s net profit margin is average in 2012.
l
SC’s return on total assets is average in 2012.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large.
l
SC’s short-term loans appear large.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
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. The large amount of accounts receivable & short-term loans may
be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.64 |
|
|
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.73.97 |
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.