MIRA INFORM REPORT
|
Report No. : |
355228 |
|
Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUANGZHOU ROCKY GARMENT ACCESSORIES CO., LTD. |
|
|
|
|
Registered Office : |
No. 212, Jinle Building, No. 51 Yile Road, Haizhu District, Guangzhou
City, Guangdong Province, 510000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
19.09.2011 |
|
|
|
|
Com. Reg. No.: |
440105000197375 |
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in selling various kinds of buttons, lace, braid and
other garment accessories. |
|
|
|
|
No. of Employee : |
Not Available |
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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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.
|
Source
: CIA |
Company name
GUANGZHOU ROCKY GARMENT ACCESSORIES CO.,
LTD.
no. 212, jinle building, no. 51 yile road, haizhu
district, guangzhou city, guangdong province, 510000 PR CHINA
TEL: 86 (0)
13902214197
EXECUTIVE
SUMMARY
INCORPORATION DATE :
SEPTEMBER 19, 2011
REGISTRATION NO. :
440105000197375
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
NA
REGISTERED CAPITAL : CNY 100,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 37,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY -76,000 (AS OF DEC. 31, 2013)
PAYMENT :
SLOW
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION :
FAIR
FINANCIAL CONDITION :
POOR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.4812 = USD
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: According to
SC’s principal Mr. Wang, SC also uses the given name Rocky Industrial Co., Ltd.
as its trading name.
SC was registered as a One-person
Limited Liability Company at local Administration for Industry &
Commerce (AIC - The official body of issuing and renewing business license) on
September 19, 2011.
Company Status: One-person Limited Liability Company
Single person LLC
refers to a limited liability company set up by only one natural person or
legal person as the single shareholder of it.
The minimum
registered capital of Single person LLC is CNY100,000. The shareholder’s
capital contributes, as set out by the articles of associations should be a
lump-sum payment in full.
One natural person
can only invest in and set up one limited liability company, which is not
permitted to invest in and set up a new Single person LLC.
As to any
one-person limited liability company, the sole-investor nature of the natural
person or legal person shall be indicated in the registration documents of the
company and shall be indicated in the business license thereof as well.
The regulation of
Single person LLC should be set up by the shareholder
The regulation of
Single person LLC has no shareholder meeting.
SC’s registered
business scope includes wholesaling and retailing trade (except commodities
needed license approval)
SC is mainly
engaged in selling various kinds of buttons, lace, braid and other garment accessories.
Mr. Wang
Xiangbing is legal representative of SC
at present.
SC’s management
declined to disclose its employee information.
SC
is currently operating at the above stated address, and this address houses its
operating office in Guangzhou. The detailed information of the premise is
unspecified.
SC is not known to have its own website at present.
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Organization code: 581897150
Tax registration certificate no.: 440105581897150
There is no litigation
record of SC for the past two years.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Xiangbing 100
l Legal
Representative and executive director:
Mr. Wang Xiangbing is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as
legal representative and executive director.
l Supervisor:
Cai Hongmei
SC is mainly
engaged in selling various kinds of buttons, lace, braid and other garment
accessories.
SC’s products mainly include: jean button, rivet, eyelet, plastic
button, stopper, plastic buckle, imitation leather buckles, plastic pad, zipper
and slider, etc.
SC sources its materials 100% from domestic
market. SC sells its products in domestic market and 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.
Note:
SC refused to release its major clients and suppliers.
Rockman
Industrial Co., Limited (HK)
==========================
CR
No.: 1652457
Company Type: Private Company limited by shares
Date of Incorporation:
Active Status: Live
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.
We have
contacted SC’s principal Mr. Wang, he declined to disclose its banking
information. We can’t confirm whether the given account number 19648014040076043
of Agriculture Bank of China belongs to SC or not.
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2013 |
|
Cash
& bank |
51 |
|
Inventory
|
0 |
|
Accounts
receivable |
3 |
|
|
------------------ |
|
Current assets |
54 |
|
Fixed
assets net value |
0 |
|
Total
intangible and other assets |
0 |
|
|
------------------ |
|
Total
assets |
54 |
|
|
=========== |
|
Short
loans |
0 |
|
Other
accounts payable |
130 |
|
|
------------------ |
|
Current
liabilities |
130 |
|
Long
term liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
130 |
|
Equities |
-76 |
|
|
------------------ |
|
Total
liabilities & equities |
54 |
|
|
=========== |
Income Statement
|
Unit:
CNY’000 |
As of Dec. 31, 2013 |
|
Turnover |
37 |
|
Cost of goods
sold |
0 |
|
Management expense |
82 |
|
Finance expense |
1 |
|
Profit
before tax |
-46 |
|
Less:
profit tax |
0 |
|
Profits |
-46 |
Note: We did not find SC’s latest financial
reports.
Important Ratios
|
|
As of Dec. 31,
2013 |
|
*Current ratio |
0.42 |
|
*Quick ratio |
0.42 |
|
*Liabilities to assets |
2.41 |
|
*Net profit margin (%) |
-124.32 |
|
*Return on total assets (%) |
-85.19 |
|
*Inventory /Turnover ×365 |
/ |
|
*Accounts receivable/Turnover ×365 |
30 days |
|
*Turnover/Total assets |
0.69 |
|
* Cost of goods sold/Turnover |
0 |
PROFITABILITY: POOR
l The turnover of SC appears poor.
l SC’s net profit margin is poor.
l SC’s return on total assets is poor.
LIQUIDITY: FAIR
l The current ratio of SC is maintained in a poor level.
l SC’s quick ratio is maintained in a fair level.
l SC has no inventory in 2013.
l SC’s accounts receivable is average.
l SC has no short term loan in 2013.
l SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: POOR
l The debt ratio of SC is too high.
l The risk for SC to go bankrupt is high.
Overall financial
condition of the SC: poor
SC has developed for 4 years in its line. After our research and based on the information obtained, credit should
be extended under guarantee, and C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.32 |
|
UK Pound |
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.72.13 |
|
CNY |
1 |
Rs. 10.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared by
: |
ASH |
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.