MIRA INFORM REPORT
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Report No. : |
356224 |
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Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN ONETOUCH BUSINESS SERVICE CO., LTD. |
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Registered Office : |
6/F & 46/F, Hongchang Plaza, No. 2001 Shennan East
Road, Luohu District, Shenzhen,
Guangdong Province, 518001 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
05.12.2001 |
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Com. Reg. No.: |
440301103275393 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject engaged in domestic trade, import
and export of goods and technology (with permit if needed); economic information
consulting (excluding personnel intermediary services, securities, limited
items); selling goods online (excluding the franchise, the control and
monopoly of goods); international freight forwarding. |
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No. of Employee : |
700 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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 and address
SHENZHEN ONETOUCH BUSINESS SERVICE CO., LTD.
6/F
& 46/F, HONGCHANG PLAZA, NO. 2001 SHENNAN EAST ROAD,
LUOHU
DISTRICT, SHENZHEN, GUANGDONG PROVINCE, 518001 PR CHINA
TEL: 86 (0)
755-22163680/25882590 FAX:
86 (0) 755-25836329
EXECUTIVE
SUMMARY
INCORPORATION
DATE : DEC. 5, 2001
REGISTRATION
NO. : 440301103275393
REGISTERED
LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF
EXECUTIVE : MR. WEI QIANG (LEGAL REPRESENTATIVE)
STAFF
STRENGTH : 700
REGISTERED
CAPITAL : CNY 3,300,000,000
BUSINESS
LINE : TRADE &
LOGISTICS
TURNOVER : CNY 6,668,800,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 290,730,000
(AS OF DEC. 31, 2014)
PAYMENT
: SLOW
BUT CORRECT
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRLY STABLE
OPERATIONAL
TREND : FAIRLY STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.40 = 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 Ren Min Bi
Note:
SC is also known as Shenzhen 1-Touch Business Service Ltd. and Shenzhen OneTouch
Enterprise Service Co., Ltd.
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 Dec. 5, 2001, and
has been under present legal form since 2014.
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 domestic trade, import and export of goods
and technology (with permit if needed); economic information consulting
(excluding personnel intermediary services, securities, limited items); selling
goods online (excluding the franchise, the control and monopoly of goods);
international freight forwarding.
SC
is mainly engaged in importing and exporting commodities and freight forwarding
business.
Mr.
Wei Qiang is legal representative, director and general manager of SC at
present.
SC is
known to have approx. 700
employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shenzhen. Our checks reveal that SC
rents the total premise, but the gross area is unspecific.
http://www.onetouch.cn/ This website
belongs to Alibaba.com. The design is professional and the content is well
organized. At present it is in Chinese version.
Email:
wangjun@onetouch.cn
; leads@onetouch.cn
Honors:
AAA
Credit Enterprise
China
enterprise innovation
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2011-01-18 |
Registered capital |
CNY 13,500,000 |
CNY 21,782,977 |
|
Shareholders |
Xiong Ronghui 4.0744% Xiao Feng 10.3704% Wei Qiang 64.6296% Zhen Huawei 8.7408% Du Lixia 9.1848% Zhang Wensong 3.0000% |
Alibaba (China) Network Technology Co., Ltd. 65.0000% Xiong Ronghui 1.4259% Zhang Wensong 1.0500% Wei Qiang 22.6204% Du Lixia 3.2148% Xiao Feng 3.6296% Zhen Huawei 3.0593% |
|
|
2012-2-13 |
Chairman |
Wei Zhe |
Lu Zhaoxi |
|
2013-8-13 |
Chairman |
Lu Zhaoxi |
Wu Minzhi |
|
2014-5-15 |
Shareholders |
Alibaba (China) Network Technology Co., Ltd. 65.0000% Xiong Ronghui 1.4259% Zhang Wensong 1.0500% Wei Qiang 22.6204% Du Lixia 3.2148% Xiao Feng 3.6296% Zhen Huawei 3.0593% |
Alibaba (China) Network Technology Co., Ltd. 100.0000% |
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Enterprise form |
Limited liabilities co. |
One-person Limited Liability Company |
|
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Chairman |
Wu Minzhi |
Zhang Yong |
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|
2014-10-22 |
Registered capital |
CNY 21,782,977 |
CNY 300,000,000 |
|
2015-3-10 |
Registered capital |
CNY 300,000,000 |
Present amount |
Organization
Code: 734141160
Export
Credit Insurance Amount Assessment
SC’s
management refused to release whether SC has purchased export credit insurance.
For
the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of shareholdings
Alibaba
(China) Network Technology Co., Ltd. 100
Registration
no.: 330100400015575
Legal
representative: Lu Zhaoxi
Incorporation
date:
Website:
http://china.alibaba.com/
Chairman:
Zhang
Yong is currently responsible for the overall management of SC.
Working
Experience(s):
From
2014 to present Working in
SC as chairman.
Legal Representative, Director and General Manager:
Mr.
Wei Qiang, in his 30’s, he is currently responsible for the daily management of
SC.
Working
Experience(s):
At
present Working in SC as legal representative, director and
general manager.
Director:
Ms.
Wu Minzhi, about 41 years old, with EMBA degree
Supervisor:
Liu
Zheng
SC
is mainly engaged in importing and exporting commodities and freight forwarding
business.
SC’s
products mainly include: all kinds of commodities.
Trademarks & patents:
N/A
SC
sources its merchandise 60% from domestic market, and 40% from overseas
markets. SC sells 40% of its products in domestic market, and 60% to overseas
market.
The
buying terms of SC include Check, L/C, T/T and Credit of 30-60 days. The
payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC refused to
release its major suppliers and customers.
SC is known to invest in the following companies:
Jiangsu
One-Touch Business Service Co., Ltd.
……………………………………………….
Registration
No.: 320592000047971
Incorporation
date:
Registered
Capital: CNY 5,000,000
Legal
Representative: Ren Yan任琰
Website:
http://www.jsonetouch.com/
Tel:
0512-56366792
Fax:
0512-56366780
Zhejiang
One Touch Business Service Co., Ltd
.……………………………………………….
Registration
No.: 330108000170076
Incorporation
date: JULY 30, 2014
Registered
Capital: CNY 10,000,000
Legal
Representative: Wu Minzhi
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.
Bank
of China Shenzhen Renmin South Road Sub-branch
AC#:
N/A
Relationship:
Normal
Balance Sheet
Unit:
CNY’000
|
|
As of Dec. 31, 2013 |
As of Dec. 31,
2014 |
|
Cash & bank |
1,240,600 |
235,390 |
|
Inventory |
9,290 |
0 |
|
Accounts receivable |
537,980 |
123,280 |
|
Advances to suppliers |
6,690 |
4,690 |
|
Other accounts receivable |
1,316,650 |
2,712,430 |
|
Short term investment |
3,004,250 |
0 |
|
Interest receivable |
12,450 |
1,310 |
|
Other current assets |
0 |
174,410 |
|
|
------------------ |
------------------ |
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Current assets |
6,127,910 |
3,251,510 |
|
Fixed assets net value |
3,900 |
5,850 |
|
Project under construction |
0 |
0 |
|
Long term investment |
6,600 |
16,620 |
|
Deferred tax asset |
100 |
0 |
|
Long-term deferred expenses |
4,130 |
3,020 |
|
Intangible and other assets |
50 |
30 |
|
|
------------------ |
------------------ |
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Total assets |
6,142,690 |
3,277,030 |
|
|
============= |
============= |
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Short loans |
3,915,390 |
1,642,130 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
1281,290 |
1,020 |
|
Advances from clients |
0 |
4,750 |
|
Accrued payroll |
3,560 |
14,630 |
|
Taxes payable |
27,270 |
-13,420 |
|
Other accounts payable |
766,160 |
1,328,720 |
|
Interest payable |
10,290 |
8,420 |
|
Other current liabilities |
6,150 |
50 |
|
|
------------------ |
------------------ |
|
Current liabilities |
6,010,110 |
2,986,300 |
|
Long-term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
6,010,110 |
2,986,300 |
|
Equities |
132,580 |
290,730 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
6,142,690 |
3,277,030 |
|
|
============= |
============= |
Income Statement
Unit:
CNY’000
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Turnover |
15,416,850 |
6,668,800 |
|
Cost of goods sold |
15,243,250 |
6,542,080 |
|
Taxes and additional of main operation |
890 |
390 |
|
Sales expense |
19,830 |
71,460 |
|
Management expense |
90,430 |
154,360 |
|
Finance expense |
92,830 |
1,440 |
|
Profit from other operations |
29,030 |
0 |
|
Investment income |
125,310 |
73,920 |
|
Asset impairment loss |
/ |
30,410 |
|
Subsidy income |
0 |
0 |
|
Non-operating income |
12,170 |
7,320 |
|
Non-operation expense |
200 |
80 |
|
Profit before tax |
135,930 |
-50,180 |
|
16,670 |
||
|
Profits |
101,950 |
-66,850 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
1.02 |
1.09 |
|
*Quick ratio |
1.02 |
1.09 |
|
*Liabilities to assets |
0.98 |
0.91 |
|
*Net profit margin (%) |
0.66 |
-1.00 |
|
*Return on total assets (%) |
1.66 |
-2.04 |
|
*Inventory /Turnover ×365 |
1 day |
/ |
|
*Accounts receivable/Turnover ×365 |
13 days |
7 days |
|
*Turnover/Total assets |
2.51 |
2.04 |
|
* Cost of goods sold/Turnover |
0.99 |
0.98 |
PROFITABILITY: AVERAGE
The
turnover of SC appears good in its line, but it decreased greatly in 2014.
SC’s
net profit margin appears average in 2013, but fair in 2014.
SC’s
return on total assets appears average in 2013, but fair in 2014.
SC’s
cost of goods sold is high, comparing with its turnover in both years.
LIQUIDITY: AVERAGE
The
current ratio of SC is maintained in a normal level in both years.
SC’s
quick ratio is maintained in a normal level in both years.
SC
has no inventory in 2014.
The
accounts receivable of SC appears average.
The
short-term loan of SC appears large in both years.
SC’s
turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
The
debt ratio of SC is high.
The
risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC
is considered medium-sized in its line with fairly stable financial conditions.
The large amount of short-term loan could be a threat to SC’s financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.32 |
|
|
1 |
Rs.98.98 |
|
Euro |
1 |
Rs.72.13 |
|
CNY |
1 |
Rs.10.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
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.