MIRA INFORM REPORT
|
Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
GUANGZHOU yesheng TRADE CO., LTD. |
|
|
|
|
Registered Office : |
Room 405 Bai Cheng Commercial Plaza, No. 584 Yingbin Road Dashi Town, Panyu District, Guangzhou Guangdong Province 511430 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.12.2011 |
|
|
|
|
Com. Reg. No.: |
440126000248720 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Mainly Engaged in International Trade |
|
|
|
|
No. of Employees : |
11 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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.
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 |
sc’s
INFO.
GUANGZHOU yesheng TRADE CO., LTD.
room 405 Bai Cheng Commercial Plaza, no. 584
yingbin road dashi town, panyu district, guangzhou guangdong PROVINCE 511430 PR
CHINA
TEL: 86 (0) 20-34796362/34796367
FAX: 86 (0) 20-34796367
EXECUTIVE
SUMMARY
Date of Registration : december 5, 2011
REGISTRATION NO. : 440126000248720
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE : zeng fen (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 500,000
staff : 11
BUSINESS CATEGORY : TRADING
Revenue :
CNY 692,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 255,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : FAIR
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : FAIR
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 a limited liabilities company of PRC
with State Administration of Industry & Commerce (SAIC) under registration
No.: 440126000248720 on December 5, 2011.
SC’s Organization Code Certificate No.:
58763501-2
SC’s Tax No.: 440100587635012
SC’s registered capital: CNY 500,000
SC’s paid-in capital: CNY 500,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal Representative |
Zeng Yuanping |
Zeng Fen |
|
Shareholder (s) |
Zeng Yuanping 90% Gu Wenbo 10% |
Lin Hua 90% Zeng Fen 0% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Lin Hua |
90 |
|
Zeng Fen |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Zeng Fen |
|
Supervisor |
Lin Hua |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Lin Hua 90
Zeng Fen 10
MANAGEMENT
Zeng Fen, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------
Gender: F
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman
and general manager
Lin
Hua , Supervisor
-----------------------------------
Gender: M
BUSINESS
OPERATION
Note: SC started its
normal business in 2013.
SC’s registered business scope includes wholesaling and retailing trade;
international trade agency; importing and exporting commodities and technology.
SC is mainly engaged in international trade.
SC’s products mainly include: agricultural products, etc.
SC sources its products 30% from domestic market, and 70% from overseas market, mainly Vietnam, Thailand, Philippines, etc. SC sells 90% in domestic market and 10% to 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 Check, T/T, L/C and Credit of 30-60
days.
Staff
& Office:
--------------------------
SC is known to have approx. 11 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 the 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:
Agricultural Bank of China
AC#: N/a
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
500 |
540 |
413 |
|
|
Notes receivable |
0 |
0 |
0 |
|
Accounts receivable |
0 |
0 |
7,800 |
|
Advances to suppliers |
0 |
0 |
0 |
|
Other receivable |
0 |
0 |
3 |
|
Inventory |
0 |
0 |
82 |
|
Deferred expenses |
0 |
0 |
0 |
|
Other current assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
500 |
540 |
8,298 |
|
Fixed assets |
0 |
0 |
0 |
|
Construction in progress |
0 |
0 |
0 |
|
Intangible assets |
0 |
0 |
0 |
|
Long-term prepaid expenses |
0 |
0 |
0 |
|
Deferred income tax assets |
0 |
0 |
0 |
|
Other non-current assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
500 |
540 |
8,298 |
|
|
============= |
============= |
============= |
|
Short-term loans |
0 |
0 |
0 |
|
Notes payable |
0 |
0 |
0 |
|
Accounts payable |
0 |
0 |
19 |
|
Wages payable |
0 |
6 |
38 |
|
Taxes payable |
0 |
0 |
0 |
|
Advances from clients |
0 |
0 |
0 |
|
Other payable |
0 |
151 |
7,986 |
|
Other current liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current liabilities |
0 |
157 |
8,043 |
|
Non-current liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total liabilities |
0 |
157 |
8,043 |
|
Equities |
500 |
383 |
255 |
|
|
------------------ |
------------------ |
------------------ |
|
Total liabilities & equities |
500 |
540 |
8,298 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
Revenue |
0 |
0 |
692 |
|
Cost of sales |
0 |
0 |
0 |
|
Taxes and surcharges |
0 |
0 |
22 |
|
Sales expense |
0 |
0 |
0 |
|
Management expense |
0 |
120 |
621 |
|
Finance expense |
0 |
-3 |
156 |
|
Profit before tax |
0 |
-117 |
-128 |
|
Less: profit tax |
0 |
0 |
0 |
|
0 |
-117 |
-128 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
-- |
3.44 |
1.03 |
|
*Quick ratio |
-- |
3.44 |
1.02 |
|
*Liabilities to assets |
0 |
0.29 |
0.97 |
|
*Net profit margin (%) |
-- |
-- |
-18.50 |
|
*Return on total assets (%) |
-- |
-21.67 |
-1.54 |
|
*Inventory / Revenue ×365 |
-- |
-- |
44 days |
|
*Accounts receivable/ Revenue ×365 |
-- |
-- |
4,115 days |
|
*Revenue/Total assets |
0 |
0 |
0.08 |
|
*Cost of sales / Revenue |
-- |
-- |
0 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears
fair in its line in 2013.
SC’s net profit margin is poor.
SC’s return on total assets is fair.
SC has no cost of sales.
LIQUIDITY:
FAIR
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in an average level in 2013.
The accounts receivable of SC appears large.
SC has no short-term loans.
SC’s revenue is in a fair
level, comparing with the size of its total assets.
LEVERAGE:
FAIR
The debt ratio of SC is fairly high.
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. Great caution is required in providing
credit to SC & C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
UK Pound |
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SHG |
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.