MIRA INFORM REPORT
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Report Date : |
15.11.2013 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU LIGHT HOLDINGS LIMITED |
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Registered Office : |
No. 87, Changdi Dama Road, Yuexiu District, Guangzhou City, Guangdong Province, 510120 PR |
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Country : |
China |
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Date of Incorporation : |
01.06.1967 |
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Com. Reg. No.: |
440101000173575 |
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Legal Form : |
Shares limited co. |
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Line of Business : |
Subject is engaged in international trade products mainly
include: Household Appliances, Garments & Textiles, Bags, Footwear,
General Merchandise, Sports & Stationery Goods, Metals & Mechanical
and Mineral Resources. |
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No. of Employees : |
110 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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
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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
GUANGZHOU LIGHT
HOLDINGS LIMITED
NO. 87, CHANGDI DAMA
ROAD, YUEXIU DISTRICT, GUANGZHOU CITY, GUANGDONG PROVINCE, 510120 PR CHINA
TEL: 86 (0)
20-83337522/83304740/83337252
FAX: 86 (0)
20-83337981/83386755
EXECUTIVE
SUMMARY
INCORPORATION DATE : June 1, 1967
REGISTRATION NO. : 440101000173575
REGISTERED LEGAL FORM : Shares limited co.
CHIEF EXECUTIVE : MR. lu yegan (CHAIRMAN)
STAFF STRENGTH : 110
REGISTERED CAPITAL : CNY 100,000,000
BUSINESS LINE : trading
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.0938 = 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 Ren
Min Bi
SC was registered as a Shares limited co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license).
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into shares
of equal par value and the co. raises capital by issuing share certificates
by promotion or by public offer. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to the
extent of its total assets. The co has independent property of legal person
and enjoys property rights of legal person. The characteristics of the
shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes Light industrial products, arts and crafts, appliances, optical products, textiles and clothing, metals and minerals, chemical products, machinery and equipment, foodstuff, farm tools, transportation, soil and livestock agent import, re-export trade; domestic allocation, processing, acquisition, wholesale, retail of the above imported and exported commodities; undertake joint ventures, cooperative production business; processing with imported materials, processing with imported samples, assembling with imported parts, and compensation trade in agreement, warehousing and bonded business, packaging & decoration business; ground rental; coal wholesale.
SC is mainly engaged in international trade.
Mr. Lu Yegan is legal representative and chairman of SC at present.
SC is known to have approx. 110 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Guangzhou. The detailed information of the area is unspecified.
Note: The address (No. 145-1 Yanjiang West RD., Guangzhou) on SC’s website refers to the same place as the heading one.
http://www.gzli.com/ The design is professional and the content is well organized. At present it is in Chinese and English versions.
Email: gzli@gzli.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Unknown |
Company’s Chinese name |
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Legal form |
one-person limited liability company |
Present one |
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Shareholder |
Guangzhou Light Industry & Trade Group Co., Ltd. 100% |
Present ones |
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Registration on. |
4401011102413 |
Present one |
Honors and qualifications:
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2012 The Top 500 Enterprises in Guangdong (The 116th);
The Top 100 Services in Guangdong (The 28th);
Observe Contract & Keep Promise Unit for Fifteen Consecutive Years;
Guangdong Excellent Enterprise;
The Top 20 Most Competitive Service Enterprises in Guangzhou;
The Top 10 Most Integrity State-owned Enterprises in Guangzhou;
The Top 10 Most Competitive Enterprise Brand in Guangzhou.
Being awarded as Class A tax unit in Guangzhou for the years from 2010 to 2012
2011 "TRIANGLE" being awarded "The Famous Trademark in China" By SAIC;
The Top 500 Enterprises in Guangdong (The 121st);
The Top 100 Services in Guangdong (The 30th);
Guangdong Excellent Enterprise;
The Top 50 Most Competitive Service Enterprises in Guangzhou (The 2nd);
The Top 10 Most Integrity State-owned Enterprises in Guangzhou (The 3rd);
The Top 10 Most Competitive Business Model in Guangzhou.
2010 The Top 100 Enterprises in Guangdong;
The Top 100 Services in Guangdong;
The National Foreign Trade Quality & Benefit Advanced Enterprise;
Guangdong Excellent Enterprise;
Guangdong Enterprise Culture Construction Top 10 Advanced Unit;
Guangzhou Import & Export Intellectual Property Advanced Enterprise;
The Top 50 Most Competitive Service Enterprises;
The Top 10 Most Integrity State-owned Enterprises in Guangzhou;
The Top 10 Most Competitive Business Model In Guangzhou;
2009 The Top 100 Enterprises in Guangdong;
The Top 100 Services in Guangdong;
The National Foreign Trade Quality & Benefit Advanced Enterprise Special Award;
Guangzhou Advanced Collective;
Guangdong Excellent Enterprise Culture Unit;
Cultivate & Development of Export Brand in Guangdong from 2009 to 2011;
Etc.
See below for SC as executive party (defendant).
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Executed Party |
Guangzhou Light Holdings Limited |
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Court |
Jiangxi Xinjian County People's Court |
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Date of Case |
May 12, 2009 |
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Case Number |
(2009) 00045 |
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Claim Amount |
RMB 486,225.25 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of action, judgment or other information.
MAIN SHAREHOLDERS:
Name % of Shareholding
Guangzhou Light Industry & Trade Group Co., Ltd. 99
Guangzhou Packaging & Printing Group Co., Ltd. 1
Guangzhou Light Industry & Trade Group Co., Ltd.
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Registration no.: 440101000084438
Registered capital: CNY 1,984,522,000
Legal representative: Song Muxiang
Add: Suilian Building, No. 147 Yanjiang West RD., Guangzhou
Tel:（020）83361168
Fax:（020）83342800
Guangzhou Packaging & Printing Group Co., Ltd.
=================================
Registration no.: 440101000072598
Registered capital: CNY 151,700,000
Legal representative: Hu Shoubin
Add: No. 83 Yanzi Gang South Road, Haizhu District,
Guangzhou
Tel: 86-20-84358198/84358561
Fax: 86-20-84358083
Legal representative
and chairman:
Mr. Lu Yegan is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
General manager:
(according to SC’s website)
Xie Kanwu is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
Vice general managers:
(according to SC’s website)
Li Weiquan
Lin Xiaohua
SC is mainly engaged in international trade.
SC’s products mainly include: Household Appliances, Garments & Textiles, Bags, Footwear, General Merchandise, Sports & Stationery Goods, Metals & Mechanical and Mineral Resources
SC sources its materials 80% from domestic market, and 20% from overseas market. SC sells 10% of its products in domestic market, and 90% to the overseas 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, L/C and Credit of 30-60 days.
Note: SC’s management refused to release its main suppliers and clients.
Brands: (according to SC’s website)
SC is known to invest in the following companies (according to SC’s website):
Guangzhou Light Holdings General Merchandise I&E Ltd.
Guangzhou Light Holdings Home Ray Limited
Guangzhou Light Holdings Stationery & Sports Goods I&E Ltd.
Guangzhou Light Holdings Sinok I&E Limited
Guangzhou Light Holdings KOBO I&E Ltd.
Guangzhou Light Holdings Loyal Faith Limited
Etc.
Branch:
Guangzhou Light Holdings Limited Light Industrial Products Branch
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.
SC’s management declined to release its bank details.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a long operation history. Taking into consideration of SC’s development history and operation size we would rate SC as a low credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.06 |
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1 |
Rs.101.15 |
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Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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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 |
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NB |
New Business |
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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.