MIRA
INFORM REPORT
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Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 138 Pacific
Industrial Zone, Guangshen Road, Xintang Town Zengcheng,
Guangzhou, Guangdong Province 511340 Pr |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.05.2010 |
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Com. Reg. No.: |
440106000231545 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Researching, Developing, Manufacturing and Selling Inverter Equipment,
Solar Controller, Electronic Products, Lighting Appliances; Importing and Exporting
Goods and Technology. |
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No of Employees : |
20 |
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 |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and expanded the daily trading band within which the RMB
is permitted to fluctuate. 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 2013 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 consumption; (b) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including
debt overhang from its credit-fueled stimulus program, industrial overcapacity,
inefficient allocation of capital by state-owned banks, and the slow recovery
of China's trading partners. The government's 12th Five-Year Plan, adopted in
March 2011 and reiterated at the Communist Party's "Third Plenum"
meeting in November 2013, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent in
the future on fixed investments, exports, and heavy industry. However, China
has made only marginal progress toward these rebalancing goals. The new
government of President XI Jinping has signaled a
greater willingness to undertake reforms that focus on China's long-term
economic health, including giving the market a more decisive role in allocating
resources.
|
Source
: CIA |
Company Name & address
GUANGZHOU CITY POOJIN ELECTRONIC TECHNOLOGY CO.,
LTD.
NO. 138 PACIFIC INDUSTRIAL ZONE,
GUANGSHEN ROAD, XINTANG TOWN
ZENGCHENG, GUANGZHOU, GUANGDONG
PROVINCE 511340 PR CHINA
TEL: 86 (0) 20-32167051
FAX: 86 (0) 20-80720953
EXECUTIVE SUMMARY
Date of Registration : MAY 25, 2010
REGISTRATION NO. : 440106000231545
LEGAL FORM : Limited Liability Company
CHIEF EXECUTIVE :
Li Peihong (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY
1,000,000
staff :
20
BUSINESS CATEGORY : MANUFACTURING
& TRADING
Revenue :
CNY 2,342,000 (AS OF DEC. 31,
2012)
EQUITIES :
CNY 871,000 (AS OF DEC. 31, 2012)
WEBSITE : www.poojin.com
E-MAIL :
sales@poojin.com
PAYMENT :
AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : FAIR
EXCHANGE RATE :
CNY 6.21 = 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 with State
Administration of Industry & Commerce (SAIC) under registration No.: 440106000231545 on May 25, 2010.
SC’s Organization Code Certificate No.:
55666165-6
SC’s Tax No.: 440100556661656
SC’s registered capital: CNY 1,000,000
SC’s paid-in capital: CNY 1,000,000
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 |
|
Li Peihong |
80 |
|
Li Dongxing |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Li Peihong |
|
Supervisor |
Li Dongxing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Li Peihong 80
Li Dongxing 20
MANAGEMENT
Li Peihong, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
From 2010 to present, working in SC as legal representative, chairman
and general manager
Li Dongxing, Supervisor
-------------------------------------------
Gender: M
BUSINESS OPERATION
SC’s registered business scope includes researching,
developing, manufacturing and selling inverter equipment, solar controller,
electronic products, lighting appliances; importing and exporting goods and
technology.
SC is mainly engaged in manufacturing and selling inverter equipment,
and solar controller.
Brand: POOJIN
SC’s products mainly include: 3000W pure sine power inverter,
SC sources its materials 100% from domestic market, mainly Guangdong. SC
sells 60% of its products in domestic market, and 40% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Staff &
Office:
--------------------------
SC is known to have approx. 20
staff at present.
SC rents an area as its operating office & factory of approx. 5,000
sq. meters at the heading address.
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:
Industrial and Commercial Bank of China
AC#: 3602177519100012765
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
541 |
138 |
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Notes receivable |
0 |
0 |
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Accounts receivable |
0 |
0 |
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Advances to suppliers |
0 |
194 |
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Other receivable |
317 |
317 |
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Inventory |
83 |
386 |
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Non-current assets within one year |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
941 |
1,035 |
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Fixed assets |
1 |
1 |
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Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
942 |
1,036 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
0 |
0 |
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Wages payable |
0 |
0 |
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Taxes payable |
6 |
0 |
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Advances from clients |
0 |
164 |
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Other payable |
0 |
0 |
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Other current liabilities |
2 |
1 |
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------------------ |
------------------ |
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Current liabilities |
8 |
165 |
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Non-current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
8 |
165 |
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Equities |
934 |
871 |
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------------------ |
------------------ |
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Total liabilities & equities |
942 |
1,036 |
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============= |
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Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2012 |
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Revenue |
2,342 |
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Cost of sales |
1,980 |
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Taxes and surcharges |
8 |
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Sales expense |
0 |
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Management expense |
417 |
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Finance expense |
0 |
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Profit before tax |
-63 |
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Less: profit tax |
0 |
|
-63 |
Important Ratios
=============
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As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
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*Current ratio |
117.63 |
6.27 |
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*Quick ratio |
107.25 |
3.93 |
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*Liabilities to assets |
0.01 |
0.16 |
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*Net profit margin (%) |
-- |
-2.69 |
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*Return on total assets (%) |
-- |
-6.08 |
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*Inventory / Revenue ×365 |
-- |
61 days |
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*Accounts receivable/ Revenue ×365 |
-- |
-- |
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*Revenue/Total assets |
-- |
2.26 |
|
*Cost of sales / Revenue |
-- |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears fair in its line.
SC’s net profit margin is fair.
SC’s return on total assets is fair.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC is maintained in an average level.
SC has no accounts receivable in both years.
SC has no short-term loans in both years.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is low.
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
TPT |
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 |
|
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.