MIRA INFORM REPORT
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Report No. : |
352942 |
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Report Date : |
07.12.2015 |
IDENTIFICATION DETAILS
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Name : |
PENSEE GROUP COMPANY LIMITED |
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Registered Office : |
South Of 7/F, Building 3, Huifu Industrial Park, Pingji Avenue, Xialilang Community, Buji Town, Longgang District, Shenzhen, Guangdong Province, 518000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
25.07.2007 |
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Com. Reg. No.: |
440301102719580 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is engaged in general business items: technology development and
sales of video equipment and electronic products; selling video camera;
information consulting; domestic trade; importing and exporting goods and
technology. Permit business items: manufacturing cameras and peripheral
support monitoring equipment |
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No. of Employees : |
12 |
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 : |
Slow but correct |
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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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name & address
PENSEE
GROUP COMPANY LIMITED
SOUTH OF 7/f, BUILDING 3, HUIFU INDUSTRIAL
PARK, PINGJI AVENUE,
XIALILANG COMMUNITY, BUJI TOWN, LONGGANG
DISTRICT,
SHENZHEN, GUANGDONG PROVINCE, 518000 PR CHINA
TEL: 86 (0)
755-28441688-8012/25933312/15999551617 FAX:
86 (0) 755-28441988
EXECUTIVE
SUMMARY
INCORPORATION DATE : JULY 25, 2007
REGISTRATION NO. : 440301102719580
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. XIE PENG (CHAIRMAN)
STAFF STRENGTH :
12
REGISTERED CAPITAL : CNY
1,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 1,920,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 620,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.3941 = 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 Renminbi
Note: the given fax no. “0086 755 2844 4988” doesn’t exist, while the
correct one should be the heading one.
SC shares the same English name with its related company registered in
Hong Kong.
SC was registered as a limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on July 25, 2007.
Company Status: Limited
liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes general business items:
technology development and sales of video equipment and electronic products;
selling video camera; information consulting; domestic trade; importing and
exporting goods and technology. Permit business items: manufacturing cameras
and peripheral support monitoring equipment
SC is mainly engaged in manufacturing and selling cameras and peripheral
support monitoring equipment.
Mr. Xie Peng has been legal representative and chairman of SC since
2012.
SC is known to have approx. 12 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial park of Shenzhen. Our
checks reveal that SC rents the total premise, but the gross area of the
premise is unspecific.
http://pscctv.com The design is professional and the content is
well organized. At present it is in Chinese and English versions.
Email: pensee@pscctv.com
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
2012-2-21 |
Registered Capital |
CNY 500,000 |
CNY 1,000,000 |
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Shareholders and shareholding |
Lv Fengying 85% Liu Xiaolin 15% |
Xie Xu 5% Li Yan’gang 6.3% Liu Xiaolin 9% Zhu Yong 10% Xie Peng 69.7% |
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2012-5-18 |
Legal rep. |
Lv Fengying |
Present one |
|
2013-3-21 |
Shareholders and shareholding |
Xie Xu 5% Li Yan’gang 6.3% Liu Xiaolin 9% Zhu Yong 10% Xie Peng 69.7% |
Li Yan’gang 6.3% Liu Xiaolin 9% Zhu Yong 10% Xie Peng 74.7% |
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2015-10-15 |
Li Yan’gang 6.3% Liu Xiaolin 9% Zhu Yong 10% Xie Peng 74.7% |
Present ones |
Tax registration no.: 440300664165879
Organization code: 664165879
Certificates:
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Li Yan’gang 6.87
Zhu Yong 10.9
Xie Peng 82.23
Legal representative and Chairman:
Mr. Xie Peng (谢澎) is currently
responsible for the overall management of SC.
Working Experience(s):
From 2012 to present Working
in SC as chairman and legal representative.
General Manager:
Ms. Lv Fengying is currently responsible for the daily management of SC.
Working Experience(s):
From 2007 to 2012 Worked
in SC as legal representative and chairman.
From 2007 to present Working
in SC as general manager.
Supervisor:
Liu Xiaolin
SC is mainly engaged in manufacturing and selling cameras and peripheral
support monitoring equipment.
SC’s products mainly include:
Auto Focus IP camera
HD IP Camera
HD IP Speed dome
HD Fish-eye IP Camera
Star light level HD IP Camera
HD NVR
IPC & NVR KIT
HD IP Camera Module
HD AiO IP Camera
AHD Camera
AHD Speed dome IP Camera
Analog Camera
Other
SC sources its materials 100% from domestic market 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 Check, T/T, L/C and Credit of 30-60 days.
TRADEMARKS & PATENTS
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Registration No. |
6282935 |
8738871 |
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Registration Date |
2010-4-14 |
2011-10-21 |
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Trademark Design |
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Note: SC refused to release its major clients and suppliers.
Pensee Group Company Limited (Hong Kong)
================================
Incorporation date: 2008-3-26
Registration no.: 1220079
Legal form: Private company limited by shares
Status: Live
Shenzhen Pensee Video Electronics Co., Ltd. (in Chinese Pinyin)
==============================================
Incorporation date: 2012-7-26
Registration no.: 440307106429064
Registered capital: CNY 30,000
Legal rep.: Li Yan’gang
Legal form: Limited liabilities co.
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.
Agricultural Bank of China Shenzhen Dongsheng Sub-branch
AC#：N/A
Relationship: Normal.
Balance Sheet
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Unit: CNY’000 |
as of Dec. 31, 2014 |
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Cash & bank |
370 |
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Inventory |
700 |
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Accounts receivable |
370 |
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Advances to supplies |
0 |
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Other receivables |
30 |
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Other current assets |
0 |
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------------------ |
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Current assets |
1,470 |
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Fixed assets net value |
520 |
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Projects under construction |
0 |
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Long-term investments |
0 |
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Long-term deferred expense |
90 |
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Intangible and other assets |
0 |
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Total assets |
2,080 |
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============= |
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Short loans |
0 |
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Accounts payable |
80 |
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Advances from customers |
0 |
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Employee pay payable |
0 |
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Taxes payable |
0 |
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Other Accounts payable |
1,380 |
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Other current liabilities |
0 |
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----------------- |
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Current liabilities |
1,460 |
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Long term liabilities |
0 |
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Total liabilities |
1,460 |
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Shareholders equities |
620 |
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------------------ |
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Total liabilities & equities |
2,080 |
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Income Statement
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Unit: CNY’000 |
as of Dec. 31, 2014 |
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Turnover |
1,920 |
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Cost of goods sold |
1,670 |
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Taxes and additional of main operation |
0 |
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Sales expense |
0 |
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Management expense |
230 |
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Finance expense |
0 |
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Non-operating income |
0 |
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Non-operating expense |
0 |
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Profit before tax |
20 |
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Less: profit tax |
0 |
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Profits |
20 |
Important Ratios
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as of Dec. 31, 2014 |
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*Current ratio |
1.01 |
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*Quick ratio |
0.53 |
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*Liabilities to assets |
0.70 |
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*Net profit margin (%) |
1.04 |
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*Return on total assets (%) |
0.96 |
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*Inventory /Turnover ×365 |
134 days |
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*Accounts receivable/Turnover ×365 |
71 days |
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*Turnover/Total assets |
0.92 |
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* Cost of goods sold/Turnover |
0.87 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC is fairly large.
The accounts receivable of SC is average.
SC has no short-term loan in 2014.
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly Stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.84 |
|
|
1 |
Rs.101.04 |
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Euro |
1 |
Rs.73.05 |
|
CNY |
1 |
Rs.10.41 |
Note :
Above are approximate rates obtained from sources believed to be correct
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 |
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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.