MIRA INFORM REPORT
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Report No. : |
309115 |
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Report Date : |
27.02.2015 |
IDENTIFICATION DETAILS
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Name : |
CHAMPION UNION GLASS TECHNOLOGY LTD. |
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Registered Office : |
Room 1107A, 11f, Chuangye Building, No. 215 Fenjiang Middle Road, Chancheng District, Foshan City, Guangdong Province, 528099 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
24.11.2011 |
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Com. Reg. No.: |
440602000246872 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in selling glass machinery and tools. |
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No. of Employees : |
5 |
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
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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 |
Company
name & address
CHAMPION UNION
GLASS TECHNOLOGY LTD.
ROOM
TEL: 86 (0) 757-83381589/82090596 FAX:
86 (0) 757-82281578
EXECUTIVE
SUMMARY
INCORPORATION DATE :
NOV. 24, 2011
REGISTRATION NO. :
440602000246872
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. SONG JINGXIN (CHAIRMAN)
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 680,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 2,950,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 290,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2622= 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
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 Nov. 24, 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 services: glass machinery, glass
tools, glass art and processing technology research & development;
importing and exporting goods and technologies, domestic trade.
SC is mainly engaged in selling glass machinery and tools.
Mr. Song Jingxin is the legal representative and chairman 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 the commercial zone of Foshan. Detailed premise
information is unspecified.
http://www.championunion.com/ The web belongs
to Guilin Champion Union Diamond Co., Ltd. The design is professional and the content
is well organized. At present it is in Chinese, English and other versions.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2014-3-17 |
Company’s name |
Champion Union (Foshan) Import and Export Co., Ltd. |
Present one |
Organization code: 586344352
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Guilin Champion Union Diamond Co., Ltd. 100
Reg. No.: 450300400000796
Legal representative: Song Jingxin
Incorporation date:
Web: http://www.championunion.com/
Legal
representative & chairman:
Mr. Song Jingxin is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working in SC as legal representative
& chairman
Also working in Guilin Champion Union Diamond Co., Ltd. as legal
representative
General
Manager:
Zhu Xiangdong is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager
Also working in Guilin Champion Union Diamond Co., Ltd. Foshan Branch as
principal
Supervisor:
Shao Ju
SC is mainly engaged in selling glass machinery and tools.
SC’s products mainly include various glass machinery and tools.
SC sources its materials 100% from domestic market. SC sells 20% of its
products in domestic market and 80% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, Check, L/C and Credit of 30-60 days.
Note: SC’s
management refused to release its major suppliers and clients.
Guilin Champion Union Diamond Co., Ltd. Zhuhai Branch
=============================================
Reg. No.: 440400500043428
Principal: Bai Yu白玉
Incorporation date:
Guilin Champion Union Diamond Co., Ltd. Foshan Branch
=============================================
Reg. No.: 440600500019657
Principal: Zhu Xiangdong
Incorporation date:
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 refused to release its banking information.
Balance
Sheet
Unit: CNY’000
Income
Statement
Unit: CNY’000
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As of Dec. 31, 2013 |
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Turnover |
2,950 |
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Cost of goods sold |
2,660 |
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Sales expense |
80 |
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Management expense |
350 |
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Finance expense |
20 |
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Non-operation income |
20 |
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Profit before tax |
-140 |
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0 |
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Profits |
-140 |
Important
Ratios
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As of Dec. 31,
2013 |
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*Current ratio |
1.06 |
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*Quick ratio |
1.06 |
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*Liabilities to assets |
0.82 |
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*Net profit margin (%) |
-4.75 |
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*Return on total assets (%) |
-8.92 |
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*Inventory /Turnover ×365 |
/ |
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*Accounts receivable/Turnover ×365 |
14 days |
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*Turnover/Total assets |
1.88 |
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* Cost of goods sold/Turnover |
0.90 |
PROFITABILITY:
FAIR
The turnover of SC appears average in its line.
SC’s net profit margin is fair.
SC’s return on total assets is fair.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level
SC’s quick ratio is maintained in a normal level.
SC has no inventory in 2013.
SC’s accounts receivable is average in 2013.
SC has no short loan in 2013.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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 small-sized in its line with fairly stable financial
conditions. Taking into consideration of SC’s general performance and operation
size, we would rate SC as an above average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.94 |
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|
1 |
Rs.96.24 |
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Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.