|
Report No. : |
321636 |
|
Report Date : |
11.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUANGZHOU KINDWIN TRADING LTD. |
|
|
|
|
Registered Office : |
West Section, 2/F, A1 Building, No. 1/3, Shawan 2nd Street Qingnian Road,
Economic & Technical Development Zone Guangzhou, Guangdong Province
510635 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.12.2001 |
|
|
|
|
Com. Reg. No.: |
440108400000965 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
|
|
|
|
Line of Business : |
Importing and exporting commodities; wholesaling food additives,
chemical products, flavors and spices. |
|
|
|
|
No. of Employee : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small company |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 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. In 2014 China agreed to begin limiting carbon dioxide emissions by
2030. China implemented several economic reforms in 2014, including legislation
allowing local governments to issue bonds, further opening several state-owned
enterprises to private investment, loosening the one-child policy, passing
harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
GUANGZHOU KINDWIN TRADING LTD.
WEST SECTION, 2/F,
A1 BUILDING, NO. 1/3, SHAWAN 2ND STREET
QINGNIAN ROAD,
ECONOMIC & TECHNICAL DEVELOPMENT ZONE
GUANGZHOU,
GUANGDONG PROVINCE 510635 PR CHINA
TEL: 86 (0)
20-82208282/82229683
FAX: 86 (0)
20-82089070
Date
of Registration :
DECEMBER 14, 2001
REGISTRATION
NO. : 440108400000965
LEGAL
FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED
CAPITAL : USD 200,000
staff :
10
BUSINESS
CATEGORY : TRADING
Revenue :
CNY 12,190,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 2,199,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT
:
AVERAGE
MARKET
CONDITION :
average
FINANCIAL
CONDITION : FAIRly
stable
OPERATIONAL
TREND : ORDINARY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
6.20 = USD 1 AS
ADOPTED ABBREVIATIONS (AS FOLLOWS)
SC - Subject Company (the company inquired by you)
N/A – Not available
CNY – China Yuan Ren Min Bi
This section aims
at indicating the relative positions of SC in respect of its operational trend
& general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be
determined
SC was established as a Chinese-foreign
contractual joint venture enterprise of PRC on December 14, 2001. However, SC changed to present legal form, and was
registered as a Chinese-foreign equity
joint venture enterprise of PRC with State Administration for Industry
& Commerce (SAIC) under registration No.: 440108400000965 on November 7,
2007.
SC’s Organization Code Certificate No.: 73297517-X
SC’s Tax No.: 44010173297517X
SC’s registered capital: USD 200,000
SC’s paid-in capital: USD 200,000
Registration
Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the
change |
|
|
Legal Form |
Chinese-foreign
contractual joint venture enterprise |
Chinese-foreign equity joint venture
enterprise |
|
|
Legal Representative |
Chen Renmin |
Shen Chun |
Current Co
search indicates SC’s shareholders & chief executives are as follows:-
|
Name of
Shareholder (s) |
% of
Shareholding |
|
Guangzhou Baolikai Trading Co., Ltd. |
10 |
|
Chen Renmin |
90 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Shen Chun |
|
Director |
Zhong Zhifen |
|
Chen Renmin |
No recent
development was found during our checks at present.
Guangzhou Baolikai Trading Co., Ltd. 10
Chen Renmin 90
Guangzhou Baolikai Trading
Co., Ltd.
---------------------------------------------
Registration No.: 440108000019351
Date of Registration: May 12, 2000
Legal Form: Limited Liabilities Company
Registered Capital: USD 200,000
Legal Representative: Shen Chun
Shen Chun, Legal Representative, Chairman
and General Manager
------------------------------------------------------------------------------------------------
Ø Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also working in Guangzhou Baolikai Trading Co., Ltd. as legal
representative
Director
------------
Zhong Zhifen
Chen Renmin
SC’s registered business scope
includes importing and exporting commodities; wholesaling food additives,
chemical products, flavors and spices.
SC is mainly engaged in international trade.
SC’s products mainly include:
Edible pigment
Synthetic pigment
Natural pigment
Colorant
SC sources its products 40% from domestic
market, and 60% from overseas market. SC sells 60% in domestic market, and 40%
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.
Staff
& Office:
--------------------------
SC is known to have approx. 10 staff at present.
SC rents an area as its operating office,
but the detailed information is unknown.
SC is not known to have any subsidiary at present.
Overall payment
appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
The bank information
of SC is not filed in SAIC.
Balance
Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
|
Cash |
176 |
406 |
|
Short-term investment |
100 |
100 |
|
Notes receivable |
0 |
0 |
|
Accounts receivable |
1,472 |
957 |
|
Advances to suppliers |
7 |
16 |
|
Other receivable |
52 |
41 |
|
Inventory |
3,049 |
3,874 |
|
Prepaid expenses |
5 |
0 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
4,861 |
5,394 |
|
Fixed assets |
78 |
59 |
|
Construction in progress |
0 |
0 |
|
Intangible assets |
0 |
0 |
|
Long-term prepaid expenses |
0 |
0 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
4,939 |
5,453 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
3,015 |
2,794 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-11 |
104 |
|
Advances from clients |
114 |
323 |
|
Other payable |
28 |
29 |
|
Accrued expenses |
0 |
0 |
|
Other current liabilities |
6 |
4 |
|
|
------------------ |
------------------ |
|
Current liabilities |
3,152 |
3,254 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
3,152 |
3,254 |
|
Equities |
1,787 |
2,199 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
4,939 |
5,453 |
|
|
============= |
============= |
Income
Statement
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
|
Revenue |
12,190 |
|
Cost of sales |
8,862 |
|
Taxes and surcharges |
48 |
|
Sales expense |
1,768 |
|
Management expense |
1,132 |
|
Finance expense |
-87 |
|
Profit before tax |
467 |
|
Less: profit tax |
56 |
|
Profits |
411 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
1.54 |
1.66 |
|
*Quick ratio |
0.57 |
0.47 |
|
*Liabilities
to assets |
0.64 |
0.60 |
|
*Net profit
margin (%) |
-- |
3.37 |
|
*Return on
total assets (%) |
-- |
7.54 |
|
*Inventory /
Revenue ×365 |
-- |
116 days |
|
*Accounts
receivable / Revenue ×365 |
-- |
29 days |
|
*Revenue /
Total assets |
-- |
2.24 |
|
*Cost of sales
/ Revenue |
-- |
0.73 |
PROFITABILITY: AVERAGE
l
The
revenue of SC appears average 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 sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
l The current ratio of SC is maintained in a
normal level.
l SC’s quick ratio is maintained in a fair
level.
l The inventory of SC appears large.
l The accounts receivable of SC appears
average.
l SC has no short-term loans.
l SC’s revenue is in a fairly good level,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l The debt ratio of SC is average.
l The risk for SC to go bankrupt is above
average.
Overall financial condition of the SC:
Fairly Stable.
SC is considered
small-sized in its line with fairly stable financial conditions
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.