MIRA INFORM REPORT
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Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
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Name : |
shenzhen
qianmo design CO., LTD |
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Registered Office : |
No. 190 Meiliyuan, Huahui
Shijie, Hongli West Road, Futian District, Shenzhen, Guangdong Province 518000
PR |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.01.2010 |
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Com. Reg. No.: |
440301104475814 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject mainly engaged in interior design, designing and selling
handicrafts, furniture (excluding the products previlaged, prohibited or
franchised), importing and exporting goods and technology. |
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No. of Employees : |
32 |
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 : |
Small Company |
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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,
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 |
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High |
B2 |
|
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 &
address
shenzhen
qianmo design CO., LTD.
no. 190
meiliyuan, huahui shijie, hongli west road, futian district
shenzhen,
guangdong PROVINCE 518000 PR CHINA
TEL: 86 (0)
755-83522931-802
FAX: 86
(0) 755-83522931-808
EXECUTIVE SUMMARY
Date of Registration : january 19, 2010
REGISTRATION NO. : 440301104475814
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL :
CNY 500,000
staff : 32
BUSINESS CATEGORY :
DESIGN & TRADE
Revenue :
CNY 9,690,000 (AS OF DEC. 31,
2012)
EQUITIES :
CNY 520,000 (AS OF DEC. 31, 2012)
WEBSITE : www.qianmodesign.com
E-MAIL :
qianmodesign@sina.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.14 = 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 one-person limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 440301104475814 on January 19, 2010.
SC’s Organization Code Certificate
No.: 55031199-7
SC’s Tax No.: 440300550311997
SC’s Customs Registration No.:
SC’s registered capital: CNY 500,000
SC’s paid-in capital: CNY 500,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ye Pingying |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Ye
Pingying |
|
Supervisor |
Zeng
Qing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART
& BACKGROUND
Name %
of Shareholding
Ye Pingying 100
MANAGEMENT
Ye
Pingying, Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Working
experience (s):
From 2010 to present, working in SC as legal representative,
chairman and general manager
Zeng Qing, Supervisor
--------------------------------------
Ø
Gender: F
BUSINESS OPERATION
SC’s registered business scope includes interior design,
designing and selling handicrafts, furniture (excluding the products
previlaged, prohibited or franchised), importing and exporting goods and
technology.
SC is
mainly engaged in interior design, selling handicrafts, furniture.
SC’s
products mainly include: bedding, curtains,
fabric furniture, tableware, etc.
SC sources its materials 80% from domestic market, mainly Guangdong, 20% from overseas market. SC sells 100% of its products in domestic market.
The
buying terms of SC include Check, T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 32 staff
at present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
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#: N/a
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
|
8,490 |
|
|
Notes receivable |
0 |
|
Accounts
receivable |
680 |
|
Advances to
suppliers |
0 |
|
Other receivable |
190 |
|
Inventory |
240 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
960 |
|
|
------------------ |
|
Current assets |
10,560 |
|
Fixed assets |
70 |
|
Long-term
investment |
0 |
|
Deferred income
tax assets |
0 |
|
Other
non-current assets |
0 |
|
|
------------------ |
|
Total assets |
10,630 |
|
|
============= |
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Short-term loans |
0 |
|
Notes payable |
0 |
|
Accounts payable |
7,590 |
|
Advances from
clients |
0 |
|
Other payable |
1,100 |
|
Other current
liabilities |
1,420 |
|
|
------------------ |
|
Current
liabilities |
10,110 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
10,110 |
|
Equities |
520 |
|
|
------------------ |
|
Total
liabilities & equities |
10,630 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
|
Revenue |
9,690 |
|
Cost of sales |
7,840 |
|
Sales expense |
60 |
|
Management expense |
1,370 |
|
Finance expense |
280 |
|
Profit before
tax |
40 |
|
Less: profit tax |
10 |
|
30 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
|
*Current ratio |
1.04 |
|
*Quick ratio |
1.02 |
|
*Liabilities
to assets |
0.95 |
|
*Net profit margin
(%) |
0.31 |
|
*Return on
total assets (%) |
0.28 |
|
*Inventory /
Revenue ×365 |
10 days |
|
*Accounts
receivable/ Revenue ×365 |
26 days |
|
*
Revenue/Total assets |
0.91 |
|
* Cost of
sales / Revenue |
0.81 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average 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 sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
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 has no short-term loans.
l
SC’s revenue is in a
fair 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 above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.60.58 |
|
UK Pound |
1 |
Rs.92.91 |
|
Euro |
1 |
Rs.78.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.