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Report No. : |
306919 |
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Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU MINGXIN ELECTRONIC CO., LTD. |
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Registered Office : |
2/F, No. 105, Hetai Road, Hebian Village, Jiahe Street, Baiyun
District, Guangzhou, Guangdong Province, 510660 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
18.11.2009 |
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Com. Reg. No.: |
440111000066424 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing, processing and selling mobile phone and parts, hardware
parts and computer parts; import and export of goods and technologies
(excluding the hazard chemicals). |
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No. of Employee : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. 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.
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Source
: CIA |
Guangzhou Mingxin Electronic Co., Ltd.
2/f, no. 105, hetai
road, hebian village, jiahe street, baiyun district, guangzhou, GUANGDONG
PROVINCE, 510660 PR CHINA
TEL: 86 (0)
20-26274480
FAX: 86 (0)
20-26274480
INCORPORATION DATE : November 18, 2009
REGISTRATION NO. : 440111000066424
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
processing and TRADING
TURNOVER :
CNY 110,000 (UNaudited, AS OF
DEC. 31, 2013)
EQUITIES :
CNY 440,000 (UNaudited, AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.25 = 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: we dialed the given tel. no. and fax no.
many times, but there is no one answered during the past days.
SC’s correct company name should be the
heading one, while the given name belongs to its related company 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 Nov. 18, 2009.
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 manufacturing, processing and selling
mobile phone and parts, hardware parts and computer parts; import and export of
goods and technologies (excluding the hazard chemicals).
SC is mainly
engaged in processing and selling mobile phone parts.
Mr. Zhuang Yue is
legal representative, chairman and general manager of SC at present.
SC is known
to have approx. 5 employees at present.
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.
EB SITE
http://www.gzmx8.com the website belongs to Guangzhou Mingxin Industrial Limited (Hong Kong) and SC. The design is professional and the content is well organized. At present it is in both Chinese and English versions.
Email: monkey@gzmx8.com
No significant events or changes were found during our checks with the local Administration for Industry and Commerce.
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 696927014
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhuang Ying 20
Zhuang Yue 80
Legal representative, Chairman and General manager:
Mr. Zhuang Yue is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Supervisor:
Zhuang Ying
SC is mainly engaged in processing and selling mobile phone parts.
SC’s products mainly include: power bank, battery protection board, and so on.
SC sources its materials 90% from domestic market, and 10% from overseas market. SC sells 70% of its products in domestic market, and 30% 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.
Note: SC’s management declined to release its customer and supplier details.
Guangzhou Mingxin
Industrial Limited (Hong Kong)
------------------------------
CR No.: 1700556
Date of Incorporation:
Company Status: Private
company limited by shares
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.
SC’s management declined to release its bank details.
Balance Sheet
Unit: CNY’000
|
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as of Dec. 31, 2013 |
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Cash & bank |
420 |
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Inventory |
10 |
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Accounts receivable |
0 |
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Advances to suppliers |
0 |
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Other receivables |
0 |
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Other current assets |
10 |
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------------------ |
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Current assets |
440 |
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Fixed assets net value |
0 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Other assets |
0 |
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------------------ |
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Total assets |
440 |
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============= |
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Short loans |
0 |
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Accounts payable |
0 |
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Other payable |
0 |
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Taxes payable |
0 |
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Advances from clients |
0 |
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Other current liabilities |
0 |
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------------------ |
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Current liabilities |
0 |
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Long term liabilities |
0 |
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------------------ |
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Total liabilities |
0 |
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Equities |
440 |
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------------------ |
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Total liabilities & equities |
440 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2013 |
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Turnover |
110 |
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Cost of goods sold |
86 |
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Sales expense |
2 |
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Management expense |
36 |
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Finance expense |
0 |
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Profit before tax |
-11 |
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Less: profit tax |
2 |
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Profits |
-13 |
Note: The above financial
have not been audited.
Important Ratios
=============
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as of Dec. 31, 2013 |
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*Current ratio |
/ |
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*Quick ratio |
/ |
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*Liabilities to assets |
/ |
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*Net profit margin (%) |
-11.82 |
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*Return on total assets (%) |
-2.95 |
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*Inventory /Turnover ×365 |
34 days |
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*Accounts receivable/Turnover ×365 |
/ |
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*Turnover/Total assets |
0.25 |
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* Cost of goods sold/Turnover |
0.78 |
PROFITABILITY: FAIR
The turnover of SC appears fair in its line.
SC’s net profit margin is poor.
SC’s return on total assets is fair.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The inventory of SC is maintained in an average level.
SC has no accounts receivable in 2013.
SC has no short-term loan in 2013.
SC’s turnover is in a fair level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions. Credit dealings with SC should be confined into C.O.D. at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
ANK |
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 |
|
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 |
|
-- |
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.