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MIRA INFORM REPORT
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Report No. : |
491981 |
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Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN GBC GLORY BUSINESS CORPORATION LTD. |
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Registered Office : |
39/F, Tower B, Neo Building, No.
6009, Shennan Avenue, Futian District, Shenzhen, Guangdong Province, 518034
Pr |
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Country : |
China |
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Date of Incorporation : |
22.03.2005 |
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Credibility
Code: |
91440300772721836L |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Subject engaged in materials supply and marketing industry
(excluding franchised, controlled and monopolized goods); industrial projects
(specific items to be declared separately); importing and exporting goods and
technology (excluding items prohibited by legal, administrative rules and
regulations, and operating the limited items after obtaining the permits). |
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No. of Employees : |
39 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
SHENZHEN GBC GLORY BUSINESS CORPORATION LTD.
39/F, TOWER
B, NEO building, NO. 6009, SHENNAN avenue, futian district, shenzhen, guangdong
PROVINCE, 518034 PR CHINA
TEL: 86
(0) 755-82753300 FAX: 86 (0)
755-82753301
EXECUTIVE
SUMMARY
INCORPORATION DATE : MAR. 22, 2005
Credibility Code : 91440300772721836L
REGISTERED LEGAL FORM : Limited
liabilities co.
STAFF STRENGTH : 39
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE : TRADING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : Unknown
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
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
limited liabilities company at local administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Mar.
22, 2005.
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 domestic commerce,
materials supply and marketing industry (excluding franchised, controlled and
monopolized goods); industrial projects (specific items to be declared separately);
importing and exporting goods and technology (excluding items prohibited by
legal, administrative rules and regulations, and operating the limited items
after obtaining the permits).
SC is
mainly engaged in trading different kinds of products.
Jiang
Tao has been legal representative and
executive director of SC since May of 2012.
SC is
known to have approx. 39 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Shenzhen.
Detailed premise information is not available at present.
http://www.kids-glory.com
The design is professional and the content is well organized. At present it is in
English version.
Email: sales@kids-glory.com
Changes of its registered information
are as follows:
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Date
of change |
Item |
Before
the change |
After
the change |
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2008-10-31 |
Registration
no. |
4403012170077 |
440301103687536 |
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2012-05-07 |
Legal
rep. |
Wang
Jinsong |
Present
one |
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2017-08-25 |
Registration
no./credibility code |
440301103687536 |
91440300772721836L |
Import/ Export License Number:
4403772721836
For the past two years there is
no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Jinsong 92
Zheng Xiaoqin 2
Li Yan 4
Jiang Tao 2
l Legal representative
and executive director:
Jiang Tao is currently responsible for the
overall management of SC.
Working Experience(s):
From May of 2012 to
present Working in SC as legal representative and executive director.
l General
Manager:
Wang Jinsong is currently responsible for the daily
management of SC.
Working Experience(s):
From Mar. of 2005 to May
of 2012 Worked in SC as legal representative and executive director.
From Mar. of 2005 to
present Working in SC as general manager.
l Supervisor:
Li Yan
SC is
mainly engaged in trading different kinds of products.
SC’s
products mainly include: bicycles, children items, baby items and others.
According to SC’s website, SC
sells its products in domestic market and to overseas market.
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.
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Registration No. |
12444735 |
10879095 |
8163743 |
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Registration Date |
2014-09-21 |
2013/11/21 |
2011/04/14 |
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Trademark Design |
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Industry
code: 5100
Industry
name: Wholesale industry
The gross domestic product of
China in 2016 which is 74412.72 billion that is increased 6.7% than previous
year.
According to National Bureau of
Statistics data released, at the end of 2015, there are 91,819 wholesale
enterprises in China. In 2015, total assets of wholesale industry was 18119.854
billion Yuan, and increased by 2.81% compared with 2014; total liabilities was
13201.39 billion Yuan, and increased by 1.42% compared with 2014; main business
income was 35848.13 billion Yuan, and declined by 7.45% compared with 2014;
main business profit was 2237.612 billion Yuan, and declined by 1.49% compared
with 2014.
SC is not known to have any subsidiary
at present.
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.
SC’s management declined to release the bank information of
SC.
SC’s management declined to release any financial
information.
SC is considered medium-sized in its line with a development
history of 13 years. Taking into consideration of SC’s
operating size as well as market conditions 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 |
INR 63.81 |
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UK Pound |
1 |
INR 90.66 |
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Euro |
1 |
INR 79.94 |
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CNY |
1 |
INR 10.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Company
background and operations size
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Promoters
/ Management background
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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.