MIRA
INFORM REPORT
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Report No. : |
307587 |
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Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
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Name : |
Great Vision
International Inc. |
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Registered Office : |
Room a1703-1705, |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
10.04.2003 |
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Com. Reg. No.: |
320202000037029 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Sales of textile raw materials (excluding cotton, silkworm cocoon),
clothing, daily necessities, electrical machinery and equipment, electronic
products, metal materials, building materials, hardware and electrical
equipment, instrumentation, chemical raw materials and products (including
dangerous goods), arts and crafts, automotive parts. |
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No. of Employees : |
10 |
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 : |
Moderate |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
|
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.
|
Source
: CIA |
Company Name and address
Great Vision International Inc.
ROOM a1703-1705,
wanda plaza, No. 51 liangxi road,
Wuxi city,
JIANGSU PROVINCE, 214061 PR CHINA
TEL: 86 (0)
510-85223186 FAX: 86 (0) 510-68930073
EXECUTIVE SUMMARY
INCORPORATION DATE : apr. 10, 2003
REGISTRATION NO. : 320202000037029
REGISTERED LEGAL FORM : Limited
liabilities co.
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 23,710,000 (unaudited, AS OF DEC. 31, 2014)
EQUITIES :
CNY 2,240,000 (unaudited, AS OF
DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2394 = 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 is SC’s previous address.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Apr.
10, 2003.
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 sales of textile raw materials (excluding
cotton, silkworm cocoon), clothing, daily necessities, electrical machinery and
equipment, electronic products, metal materials, building materials, hardware
and electrical equipment, instrumentation, chemical raw materials and products
(including dangerous goods), arts and crafts, automotive parts and office
supplies; import and export of goods and technology, excluding those limited or
prohibited by the state (if needed with permit).
SC is mainly engaged in trading of goods.
Mr. Xu Dake has
been legal representative, executive director and general manager of SC since
2003.
SC is known to
have approx. 10 employees at
present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Wuxi. Detailed premise information
is not available at present.
http://www.niranbio.com/
and http://www.protexinternational.com/
The design is professional and the content is well organized. At present it is
in English version.
Email: export@niranbio.com
For the past two years there is no record of litigation.
No significant changes were found during our
checks with the local Administration for Industry and Commerce.
Organization Code:
74816032x
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Xu Dake 75
Tang Ke 25
l
Legal Representative, executive director and
general manager:
Mr. Xu Dake, ID# 32022219721215xxxx, born in
1972. He is currently responsible for the overall and daily management of SC.
Working Experience(s):
From 2003 to present Working in SC as legal
representative, executive director and general manager.
l
Supervisor:
Wang Yuanjie (ID# 32020419840316xxxx)
SC is mainly engaged in trading of goods.
SC’s products
mainly include: Acidity Regulators & Salts
Antioxidants &
Preservatives
Amino acid
Prebiotics
Sweeteners
Thickeners &
Emulsifiers
Phosphates
Fine Chemicals
Plastic Pails
Microfiber
Cleaning Cloth
Etc.
SC sources its materials 50% from domestic
market, and 50% from overseas market. SC sells 50% of its products in domestic
market, and 50% 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 declined to
release its major suppliers and clients.
According to SC’s website:
Wuxi
Niran Investment Co., Ltd.
========================
Incorporation
Date: 2006-07-20
Registration
No.: 320200000118950
Legal
representative: Zhao Mingzhen
Niran
(Thailand) factory:
www.niran.co.th
Add:
8 Moo 2, Bankhai-Banbung Rd., Nongbua, Bankhai, Rayong 21120 Thailand
Tel:
+66-38-946038
Fax:
+66-38-946038
Protex
Korea office:
Add:
74-3 Kwangam-dong Hanam-shi, Kyounggi-do, Korea
Tel:
+ 82-2-487-0911
Fax:
+82-2-427-8437
Note: According to SC’s staff,
SC has two offshore companies (Protex International Limited and Niran
Biochemical Limited). But he declined to release the location of registration.
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 accountant
refused to release the bank details.
Balance Sheet
(unaudited)
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
Cash & bank |
720 |
|
Inventory |
50 |
|
Accounts
receivable |
7,960 |
|
Advances to
suppliers |
1,560 |
|
Prepaid expenses |
70 |
|
Other
receivables |
380 |
|
|
------------------ |
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Current assets |
10,740 |
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Fixed assets net
value |
30 |
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|
------------------ |
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Total assets |
10,770 |
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|
=========== |
|
Short loan |
0 |
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Accounts payable |
8,080 |
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Advances from
customers |
390 |
|
Taxes payable |
10 |
|
Payroll payable |
50 |
|
|
------------------ |
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Current
liabilities |
8,530 |
|
Long term
liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
8,530 |
|
Equities |
2,240 |
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|
------------------ |
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Total
liabilities & equities |
10,770 |
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|
=========== |
Income Statement
(unaudited)
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
Turnover |
23,710 |
|
Cost of goods
sold |
22,670 |
|
Taxes and additional of main operation |
10 |
|
Sales expense |
1,620 |
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Management expense |
370 |
|
Finance expense |
-80 |
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Non-operating
income |
20 |
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Non-operating expense |
10 |
|
Profit before
tax |
-870 |
|
Less: profit tax |
0 |
|
Profits |
-870 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2014 |
|
*Current ratio
|
1.26 |
|
*Quick ratio |
1.25 |
|
*Liabilities
to assets |
0.79 |
|
*Net profit
margin (%) |
-3.67 |
|
*Return on
total assets (%) |
-8.08 |
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*Inventory
/Turnover ×365 |
1 day |
|
*Accounts
receivable/Turnover ×365 |
123 days |
|
*Turnover/Total
assets |
2.20 |
|
* Cost of
goods sold/Turnover |
0.96 |
PROFITABILITY:
FAIR
l
The turnover of SC appears
average in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is fairly high.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears small.
l
The accounts receivable of SC appears large.
l
SC has no short loans in 2014.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
l
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 accounts receivable could be a threat to SC’s financial
situation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
|
|
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 |
-- |
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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.