MIRA INFORM REPORT
|
Report Date : |
18.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
GUANGZHOU
BEGOL HOLDINGS LIMITED |
|
|
|
|
Registered Office : |
No. 158 Dongfeng Road, Yuexiu District,
Guangzhou, Guangdong Province 510000 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
13.03.1985 |
|
|
|
|
Com. Reg. No.: |
440101000011953 |
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
|
Line of Business : |
Subject includes selling medical
apparatus; wholesale and retail goods; importing and exporting goods and
technology; other warehouse business |
|
|
|
|
No. of Employees : |
60 |
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 : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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) |
|
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, 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 and address
GUANGZHOU BEGOL HOLDINGS LIMITED
no. 158
dongfeng road, yuexiu district, guangzhou
guangdong
PROVINCE 510000 PR CHINA
TEL: 86
(0) 20-88903430
FAX: 86
(0) 20-81074785
EXECUTIVE
SUMMARY
Date of Registration : march 13, 1985
REGISTRATION NO. : 440101000011953
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : CNY 30,000,000
staff : 60
BUSINESS CATEGORY : TRADING
Revenue :
CNY 1,551,141,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 42,761,000 (AS OF DEC. 31, 2013)
WEBSITE : www.begol.com
E-MAIL :
linqi@begol.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.13 = 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 one-person limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 440101000011953.
SC’s Organization Code Certificate
No.: 19047124-0
SC’s registered capital: CNY 30,000,000
SC’s paid-in capital: CNY 30,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2013 |
Paid-in
Capital |
CNY 17,095,000 |
CNY 30,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Guangzhou Textiles Industry
& Trade Holdings Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Chen
Wenming |
|
Director |
Wang Yi |
|
Wen Dejun |
|
|
Su Danhua |
|
|
Chen Jianwen |
|
|
Supervisor |
Xiao Yingchun |
|
Feng Wenzhan |
|
|
Chen Huiqiong |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Guangzhou Textiles Industry
& Trade Holdings Ltd. 100
------------------------------------------
Date of Registration: January 20, 2004
Registration No.: 440101000197356
Registered Capital: CNY 734,833,000
MANAGEMENT
Chen
Wenming, 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
Director
-----------
Wang Yi
Wen Dejun
Su Danhua
Chen Jianwen
Supervisor
--------------
Xiao Yingchun
Feng Wenzhan
Chen Huiqiong
BUSINESS
OPERATION
SC’s registered business scope includes selling medical apparatus;
wholesale and retail goods; importing and exporting goods and technology; other
warehouse business.
SC is
mainly engaged in international trade.
SC’s
products mainly include: LED lighting, fabric, fashion jeans, medical supplies,
etc.
SC sources its products 100% from domestic market, mainly Guangdong. SC sells 70% of its products in domestic market, and 30% to overseas market, mainly USA, Europe, Mid East, Southeast Asia, etc.
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.
*Major Customers:
==============
Graceful Peace
World Inc.
Zipz Inc.
I Fe Apparel Inc.
Importadora
Mundial Ferretera Ltda.
Tropical Music
Export Enterprise
Hobert Peru SAC
Staff & Office:
--------------------------
SC is
known to have approx. 60 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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
21,169 |
36,648 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
10,785 |
126,006 |
|
Advances to suppliers |
235,155 |
155,365 |
|
Other receivable |
18,002 |
75,205 |
|
Inventory |
7,335 |
3,701 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
292,446 |
396,925 |
|
Fixed assets |
12,750 |
12,879 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
41 |
21 |
|
Deferred income
tax assets |
4,246 |
2,776 |
|
Other
non-current assets |
6,098 |
6,031 |
|
|
------------------ |
------------------ |
|
Total assets |
315,581 |
418,632 |
|
|
============= |
============= |
|
Short-term loans |
25,961 |
34,800 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
8,518 |
280,495 |
|
Wages payable |
36 |
207 |
|
Taxes payable |
-1,952 |
-1,408 |
|
Advances from
clients |
238,595 |
56,239 |
|
Other payable |
16,151 |
5,538 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
287,309 |
375,871 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
287,309 |
375,871 |
|
Equities |
28,272 |
42,761 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
315,581 |
418,632 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Revenue |
1,019,460 |
1,551,141 |
|
Cost of sales |
1,000,590 |
1,525,955 |
|
Taxes and additional |
333 |
306 |
|
Sales expense |
6,832 |
7,382 |
|
Management expense |
13,486 |
15,776 |
|
Finance expense |
-1,209 |
-663 |
|
Non-business
income |
17 |
4,485 |
|
Non-business expenditure |
320 |
4 |
|
Profit before
tax |
63 |
5,958 |
|
Less: profit tax |
18 |
1,470 |
|
45 |
4,488 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
1.02 |
1.06 |
|
*Quick ratio |
0.99 |
1.05 |
|
*Liabilities
to assets |
0.91 |
0.90 |
|
*Net profit
margin (%) |
0.004 |
0.29 |
|
*Return on
total assets (%) |
0.01 |
1.07 |
|
*Inventory /
Revenue ×365 |
3 days |
1 day |
|
*Accounts
receivable/ Revenue ×365 |
4 days |
30 days |
|
*Revenue/Total
assets |
3.23 |
3.71 |
|
*Cost of sales
/ Revenue |
0.98 |
0.98 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears fairly good 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 normal level.
l
The inventory of SC appears small.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an
average 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: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.99.11 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
PDT |
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.