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MIRA INFORM REPORT
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Report No. : |
490330 |
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Report Date : |
19.02.2018 |
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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Financials (as on) : |
30.09.2017 |
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Date of Incorporation : |
19.10.2000 |
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Com. Reg. No.: |
913100006074226723 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject 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 (except particular commodity); commission
agent (excluding auction); import and export business; providing related
supporting service. |
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No. of Employees : |
2,273 (Including Subsidiaries) (As of Dec. 31, 2016) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
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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) 21-67742902/ 57746633
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 19, 2000
Credibility Code : 913100006074226723
REGISTERED LEGAL FORM : Shares
limited company
STAFF STRENGTH :
2,273 (Including
Subsidiaries) (As of Dec. 31,
2016)
REGISTERED CAPITAL : CNY 728,000,000
BUSINESS LINE :
R&D, MANUFACTURING & selLING
TURNOVER :
CNY 2,594,950,000 (Consolidated, Jan. 1 to
Sep. 30, 2017)
EQUITIES :
CNY 2,079,340,000 (Consolidated, As of Sep.
30, 2017)
PAYMENT :
REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
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 (except particular commodity); commission agent (excluding
auction); import and export business; providing related supporting service (if
the trade of the goods is governed by the quota or special rule, relevant
regulations shall be followed). [with permit if needed]
SC is mainly engaged in researching, developing, manufacturing and selling copper-clad plate.
Mr. Han Tao is legal representative, president and chairman of SC at present.
SC is known to have approx. 2,273 employees (including subsidiaries) as of Dec. 31, 2016, including 160 sales staff, 1,458 production staff, 236 technical staff, 42 financial staff and 377 administrative staff.
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: gdmir@goldenmax.cn
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 |
|
2015-8-10 |
Registered capital |
CNY 280,000,000 |
Present amount |
HS code: 3118930404
Honors:
Etc.
See below records
for SC as executive party (defendant).
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Executed Party |
SC |
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Court |
Shanghai City Songjiang District People's
Court |
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Date of Case |
2011-9-9 |
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Case Number |
(2011) 03977 |
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Claim Amount |
RMB 3,444.04 |
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Executed Party |
SC |
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Court |
Shanghai City Songjiang District People's
Court |
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Date of Case |
2012-11-20 |
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Case Number |
(2012) 06316 |
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Claim Amount |
RMB 48,794.6 |
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Executed Party |
SC |
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Court |
Shanghai City No. 1 Intermediate People's
Court |
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Date of Case |
|
|
Case Number |
(2015) 00015 |
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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 Sep. 30, 2017)
Name %
of Shareholding
Shanghai Donglin Investment Development Co.,
Ltd. 39.83
Goldenmax International Technology Group
Limited (Hong Kong) 25.65
Pingxiang Zhian Electronic Co., Ltd. 2.03
Shanghai Donglin Industrial Co., Ltd. 0.99
Han Tao 0.9
Hu Jun 0.36
Shaanxi International Trust Co., Ltd. 0.23
Bank of China Limited- Huatai Bairui
Quantitative First Mixed Securities
Investment
Fund 0.14
China Construction Bank Corp.- CSI Bosera
Jutao Big Data Strategy100
Index Securities Investment Fund 0.13
Lin Ronghai 0.11
Other Shareholders 29.63
Shanghai Donglin Investment Development Co.,
Ltd.
-----------------------------------------------------------------
Credibility code: 91310115791480548J
Legal representative: Cheng Aixian
Goldenmax International Technology Group
Limited (Hong Kong)
-----------------------------------------------------------------
Registered no.: 1090269
Legal form: Private company limited by
shares
Active Status: Live
l Legal
Representative, Chairman and President:
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, chairman and president.
Also
working in Shanghai Guoji Electronics Co., Ltd., (etc.) as legal
representative, Goldenmax International Technology (Zhuhai) Ltd. as director.
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.
Also working in Goldenmax International Technology
(Hangzhou) Ltd. as legal representative, Goldenmax International Technology
(Zhuhai) Ltd. as vice chairman.
l
Vice presidents:
Mr. Zhu Chenggang, born in 1957, with junior
college education
Mr. Hu Ruiping, born in 1964, with junior
college education, engineer
Mr.
Cheng Jing, born in 1964, with university education
They are currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice presidents.
*Officials:
=======
Name Title
Yao Chaohao Director
Cheng Jing Director
Cheng Aixian Director
Etc.
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 95%
of its products in domestic market, and 5% 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.
Industry code:
3972
Industry name:
Printed circuit board manufacturing
The gross domestic product of China in 2016
which is 74412.72 billion that is increased 6.7% than previous year.
According to the China Semiconductor Industry Association statistics, in
2015 the integrated circuit industry sales revenue is 36.98 billion yuan,
increased by 22.4%, growth rate increased by 2 percentage points over 2014. The
main driving force of China's IC market growth in 2015 came from market segment
automotive electronics, industrial control and communications equipment.
SC is known to have
the following subsidiaries:
Shanghai Global Electronic Material Ltd.
Goldenmax International Technology (Hangzhou) Ltd.
Goldenmax International Technology (Zhuhai) Ltd.
Anhui Jinrui Electronic Glass Fiber Co., Ltd.
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 records 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.
China Minsheng Banking Corp., Ltd. Shanghai
Songjiang Sub-branch
A/C #:
0227014180000342
Relationship:
Normal
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Sep. 30, 2017 |
as of Dec. 31, 2016 |
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Cash & bank |
320,565 |
332,046 |
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Inventory |
196,346 |
176,069 |
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Accounts receivable |
651,955 |
674,805 |
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Notes receivable |
708,481 |
602,839 |
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Advances to supplies |
12,721 |
11,687 |
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Other receivables |
1,436 |
1,321 |
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Other current assets |
737,273 |
419,682 |
|
|
------------------ |
------------------ |
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Current assets |
2,628,777 |
2,218,449 |
|
Fixed assets net value |
763,026 |
825,552 |
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Projects under construction |
60,749 |
51,009 |
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Projects materials |
14 |
14 |
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Long-term investments |
0 |
0 |
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Intangible assets |
57,844 |
64,759 |
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Goodwill |
16,954 |
16,954 |
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Long-term deferred expenses |
328 |
125 |
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Deferred tax assets |
6,543 |
5,994 |
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Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
3,534,235 |
3,182,856 |
|
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============= |
============= |
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Short loans |
12,000 |
12,300 |
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Accounts payable |
679,303 |
577,463 |
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Other Accounts payable |
47,369 |
45,945 |
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Notes payable |
570,271 |
647,037 |
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Advances from clients |
47,808 |
40,528 |
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Taxes payable |
62,790 |
76,757 |
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Accrued payroll |
19,269 |
33,848 |
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Other current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
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Current liabilities |
1,438,810 |
1,433,878 |
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Long term liabilities |
16,085 |
16,630 |
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|
------------------ |
------------------ |
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Total liabilities |
1,454,895 |
1,450,508 |
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Shareholders equities |
2,079,340 |
1,732,348 |
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------------------ |
------------------ |
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Total liabilities & equities |
3,534,235 |
3,182,856 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
Jan. 1~ Sep. 30, 2017 |
as of Dec. 31, 2016 |
|
Turnover |
2,594,950 |
3,053,729 |
|
Cost of goods sold |
1,889,964 |
2,333,003 |
|
Taxes and additional of main operation |
17,995 |
14,664 |
|
Income from other operation |
3,381 |
0 |
|
Sales expense |
79,337 |
100,109 |
|
Management expense |
138,145 |
209,191 |
|
Finance expense |
10,303 |
-8,119 |
|
Asset
impairment loss |
-1,758 |
15,793 |
|
Investment income |
8,848 |
8,069 |
|
Non-operating income |
11,276 |
8,832 |
|
Non-operating
expense |
2,228 |
6,268 |
|
Profit |
482,241 |
399,721 |
|
Less: profit tax |
86,493 |
58,648 |
|
Net profit |
395,748 |
341,073 |
Important Ratios
=============
|
|
as of Sep. 30, 2017 |
as of Dec. 31, 2016 |
|
*Current ratio |
1.83 |
1.55 |
|
*Quick ratio |
1.69 |
1.42 |
|
*Liabilities to assets |
0.41 |
0.46 |
|
*Net profit margin (%) |
15.25 |
11.17 |
|
*Return on total assets (%) |
11.20 |
10.72 |
|
*Inventory /Turnover ×365 |
/ |
22 days |
|
*Accounts receivable/Turnover ×365 |
/ |
81 days |
|
*Turnover/Total assets |
0.73 |
0.96 |
|
* Cost of goods sold/Turnover |
0.73 |
0.76 |
PROFITABILITY:
GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is good.
l
SC’s return on total assets is good.
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 an
average level.
l
The short-term loan of SC appears average.
l
SC’s turnover is in a fair 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 |
INR 63.91 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.71 |
|
CNY |
1 |
INR 10.17 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
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|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.