MIRA INFORM REPORT
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Report No. : |
325916 |
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Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
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Name : |
GOLDENMAX
INTERNATIONAL TECHNOLOGY LTD. |
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Registered Office : |
No. 33, Baosheng Road,
Songjiang Industrial Zone, Shanghai, 201613 Pr |
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Country : |
China |
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Date of Incorporation : |
19.10.2000 |
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Com. Reg. No.: |
310000400249129 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is mainly
engaged in researching, developing, manufacturing and selling copper-clad
plate. |
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No. of Employees : |
2,156 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 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 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 and address
GOLDENMAX INTERNATIONAL TECHNOLOGY LTD.
NO. 33, BAOSHENG
ROAD, SONGJIANG INDUSTRIAL ZONE,
SHANGHAI, 201613 PR
CHINA
TEL: 86 (0)
21-57747138 FAX: 86 (0)
21-57746633
EXECUTIVE
SUMMARY
INCORPORATION DATE : OCT. 19, 2000
REGISTRATION NO. : 310000400249129
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH : 2,156
REGISTERED CAPITAL : CNY
728,000,000
BUSINESS LINE :
R&D, MANUFACTURING & selLING
TURNOVER : CNY
2,261,191,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
EQUITIES : CNY
1,335,683,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY 6.21 = 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 shares limited company
at the local Administration for Industry & Commerce (The official body of
issuing and renewing business license).
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scopes include researching and developing copper-clad plate, insulation
materials, half cured and related products; developing new products;
researching and developing related technology, equipment and facilities;
manufacturing copper-clad plate, insulation materials, half cured and related
products; selling self-made products; wholesaling the above products and the
similar products; commission agent; import and export business; providing
related supporting service (with permit if needed)
SC is mainly
engaged in researching, developing, manufacturing and selling copper-clad
plate.
Mr. Han Tao is
legal representative and chairman of SC at present.
SC is known
to have approx. 2,156 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Shanghai. The detailed
premise information is unspecified.
http://www.goldenmax.cn/ The design is professional and the content is
well organized. At present the web site is in Chinese version.
E-mail: GDM@263.com
SC is a listed company in Shenzhen Stock Exchange Market and its stock
code is: 002636.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2008-4 |
Company name |
Shanghai Guoji Electronic Materials Co., Ltd. |
Present one |
|
2015-5 |
Registered capital |
CNY 280,000,000 |
Present amount |
Organization code: 60742267-2
See below for SC as executive party (defendant).
|
Executed Party |
SC |
|
Court |
Shanghai City No. 1 Intermediate People's
Court |
|
Date of Case |
|
|
Case Number |
(2015) 00015 |
|
Claim Amount |
RMB 26,196 |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN
SHAREHOLDERS: (As of Mar. 31, 2015)
Name %
of Shareholding
Shanghai Donglin Investment Development Co.,
Ltd. 39.83
(Hong Kong) Goldenmax International
Technology Group Limited 25.65
Shanghai Zhian Electronic Co., Ltd. 2.03
Shanghai Donglin Industrial Co., Ltd. 0.99
Han Tao 0.9
China Foreign Economy And Trade Trust Co.,
Ltd.-Foreign Trade Trust•Huijin
Jufu (IX) Security Investment Assembled
Funds Trust 0.75
Guangdong Finance Trust Co., Ltd.- Finance
Trust•Suifu No. 9 Structured
Securities Investment Assembled Funds Trust
Plan 0.53
Golden Eagle Fund- Industrial and Commercial
Bank of China- Golden
Eagle•Suifu No. 1 Assets Management Plan 0.4
Shi Xuehua 0.38
Zhongrong International Trust Co.,
Ltd.-Rongda Wenying Security Investment
Assembled Funds Trust Plan 0.36
Other Shareholders 28.18
Shanghai Donglin Investment Development Co.,
Ltd.
-----------------------------------------------------------------
Registered no.: 310115000964230
Establishment date:
Legal representative: Cheng Aixian
Goldenmax International Technology Group
Limited
-----------------------------------------------------------------
Registered no.: 1090269
Establishment date:
Legal form: Private company limited by
shares
l Legal Representative
and Chairman:
Mr. Han Tao, born in 1960, with Master’s degree. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal
representative and chairman
Also
working in Shanghai Guoji Electronics Co., Ltd., Goldenmax International
Technology (Zhuhai) Ltd. (etc.) as legal representative
l
Vice chairman:
Ms. Han Wei, born in 1964, with junior college education. She is
currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman.
*Officials:
=======
Name Title
Cheng Yan Director
Yao Chaohao Director
Cheng Jing Director
Zhou Li Director
Shuai Xinmiao Supervisor
Fang Ya’nan Supervisor
Xia Wenyu Supervisor
SC is mainly
engaged in researching, developing, manufacturing and selling copper-clad
plate.
SC’s products
mainly include: copper-clad plate, etc.
Trademarks & patents
Registration no.:
4051262
Registration date:
Trademark design: 
Registration no.:
7383269
Registration date:
Trademark design: 
Registration no.:
7383268
Registration date:
Trademark design: 
SC sources its
materials 75% from domestic market, and 25% from overseas market. SC sells 80%
of its products in domestic market, and 20% 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.
SC
is known to have the following subsidiaries:
Shanghai
Guoji Electronics Co., Ltd.
Goldenmax
International Technology (Zhuhai) Ltd.
Goldenmax
International Technology (Hangzhou) Ltd.
Anhui
Jinrui Electronic Glass Fiber Co., Ltd.
Jinlian
Technology (Jinzhai) Co., Ltd.
Goldenmax
International Holding Limited
Oriental
Golden Investment Limited
Etc.
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 dialed the
tel. number of the given bank branch 021-53211752, a male answered. He released
that the bank branch located at No. 26, Zhongshan East 1st Road,
Shanghai was closed in 2014 and the given information can’t be confirmed. SC’s
management refused to confirm the given banking information.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
Cash & bank |
305,342 |
118,858 |
|
Inventory |
141,543 |
185,254 |
|
Accounts receivable |
616,712 |
553,445 |
|
Notes receivable |
332,793 |
319,393 |
|
Advances to supplies |
62,800 |
14,553 |
|
Other receivables |
1,599 |
4,979 |
|
Other current assets |
271,276 |
283,427 |
|
|
------------------ |
------------------ |
|
Current assets |
1,732,065 |
1,479,909 |
|
Fixed assets net value |
458,585 |
536,906 |
|
Projects under construction |
169,564 |
219,043 |
|
Projects materials |
0 |
2,051 |
|
Long-term investments |
0 |
0 |
|
Intangible assets |
48,112 |
57,268 |
|
Long-term deferred expenses |
376 |
247 |
|
Deferred tax assets |
2,904 |
5,386 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
2,411,606 |
2,300,810 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
487,751 |
469,148 |
|
Other Accounts payable |
33,059 |
63,601 |
|
Notes payable |
389,092 |
370,822 |
|
Advances from clients |
20,783 |
19,651 |
|
Taxes payable |
17,193 |
15,772 |
|
Accrued payroll |
11,485 |
13,235 |
|
Other current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current liabilities |
959,363 |
952,229 |
|
Long term liabilities |
10,752 |
12,898 |
|
|
------------------ |
------------------ |
|
Total liabilities |
970,115 |
965,127 |
|
Shareholders equities |
1,441,491 |
1,335,683 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
2,411,606 |
2,300,810 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
Turnover |
2,374,145 |
2,261,191 |
|
Cost of goods sold |
2,149,614 |
2,011,813 |
|
Sales expense |
57,479 |
68,596 |
|
Management expense |
127,456 |
135,885 |
|
Finance expense |
-8,504 |
-890 |
|
Asset
impairment loss |
7,223 |
15,908 |
|
Investment income |
1,938 |
12,715 |
|
Profit |
43,825 |
47,001 |
|
Less: profit tax |
6,535 |
5,706 |
|
Net profit |
37,290 |
41,295 |
Important Ratios
=============
|
|
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
*Current ratio |
1.81 |
1.55 |
|
*Quick ratio |
1.66 |
1.36 |
|
*Liabilities to assets |
0.40 |
0.42 |
|
*Net profit margin (%) |
1.57 |
1.83 |
|
*Return on total assets (%) |
1.55 |
1.79 |
|
*Inventory /Turnover ×365 |
22 days |
30 days |
|
*Accounts receivable/Turnover ×365 |
95 days |
90 days |
|
*Turnover/Total assets |
0.98 |
0.98 |
|
* Cost of goods sold/Turnover |
0.91 |
0.89 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
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 is maintained in an average
level.
l
The accounts receivable of SC is maintained in a
fairly large level.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered large-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.09 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.