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MIRA INFORM REPORT
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Report No. : |
486433 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
GUANGDONG
GMT FOREIGN TRADE SERVICE CORP. |
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Registered Office : |
No. 124, Chaoshan Road, Fengxi District, Chaozhou,
Guangdong Province, 521031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
08.09.1992 |
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Credibility Code : |
91445100190351206K |
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Legal Form : |
Collective-Owned Enterprise |
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Line of Business : |
The subject’s registered
business scope includes provide
import and export customs clearance, tax rebates, logistics services for
domestic customer; importing and exporting goods
and technologies, excluding goods and technologies prohibited by the state;
enterprise management services, business information services, e-commerce
technology services. |
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No. of Employees : |
28 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 allowed resumption of a gradual liberalization. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi (RMB) after the currency was accepted as part of the IMF’s special drawing rights basket. After engaging in one-way, large-scale intervention to resist appreciation of the RMB for a decade, China’s 2016 intervention in foreign exchange markets has sought to prevent a rapid RMB depreciation that would have negative consequences for the United States, China, and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) servicing its high corporate debt burdens to maintain financial stability; (c) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (d) dampening speculative investment in the real estate sector; (e) reducing industrial overcapacity; and (f) raising productivity growth rates through the more efficient allocation of capital. 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 only marginal progress toward these rebalancing goals. Under President XI Jinping, Beijing has signaled its understanding that China's long-term economic health depends on giving the market a more decisive role in allocating resources, but has moved slowly on market-oriented reforms because of potential negative consequences for stability and short-term economic growth. He has also increased state-control over key sectors and Party control over state-owned enterprises. 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.
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Source
: CIA |
Company
Name and Address
Company Name : GUANGDONG GMT FOREIGN TRADE SERVICE CORP.
Address : NO.
124, CHAOSHAN ROAD, FENGXI DISTRICT, CHAOZHOU, GUANGDONG
PROVINCE, 521031 PR CHINA
Telephone : 0086-768-6878889
Facsimile : 0086-768-6872958
Website : http://www.gdgmt.cn/
Email : gmt@gdgmt.cn
REGISTRATION INFORMATION
Established Date : 1992-09-08
Credibility Code : 91445100190351206K
Legal Form : Collective-Owned Enterprise
Issuing Authority : Administration for Industry &
Commerce (AIC) – Guangdong Chaozhou
Status : Active
Registered Capital : RMB
19,820,000
Turnover : RMB
680,110,000 (as of Dec. 31, 2016)
Equities : RMB 27,340,000
(as of Dec. 31, 2016)
Chief Executive : Cai Chunbin
Business Line : Trade
Manpower : 28
Tax Registration
Certificate No. : 91445100190351206K
Organization Code : 19035120-6
HS code : 4421952009
Import & Export code :
4400190351206
Financial Condition : Fairly Stable
Business Size : Medium
Enterprise
Payment :
No
Complaints
Registered
Address
NO. 124,
CHAOSHAN ROAD, FENGXI DISTRICT, CHAOZHOU, GUANGDONG PROVINCE, 521031 PR CHINA
Company
Status: Collective-Owned Enterprise
This form of business in PR China is defined as a legal person. It
is a private held entity owned by a set number of private individuals (usually
employees of the co., residents of a village or town), domestic business
organizations or domestic institutions. The general manager who was appointed
by the employees representative meeting manages the co. The laboring masses
work together based on the principle of distribution according to work,
reasonably share the profit, and win certain accumulated public fund. The
collective-owned enterprise is independent economic organization and legal
corporation engaged in production & operation activities and independent
accounting, with self-management and self-responsibility for the profit and
loss.
Premise
The subject is currently operating at
the above stated address, and this address houses its operating office in the
commercial zone of Chaozhou. Our checks reveal that the
subject rents the total premise, but
the square meters are unknown.
MANAGEMENT
|
Position |
Name |
Nationality |
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Legal
representative, chairman |
Cai Chunbin |
Chinese |
MAJOR SHAREHOLDERS
Name
%
of Shareholding
Chaozhou New Porcelain City Asset
Management Co., Ltd. 100
Credibility Code: 91445100727066844Q
Legal representative: Cai Weishun
Registered capital: RMB
500,000
Established Date: 2000-06-29
KEY EVENTS
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
|
2015-05-15 |
Company’s name |
Chaozhou Fengxi Porcelain Industrial Trade
Imp. & Exp. Corp. |
Present one |
BUSINESS OPERATIONS
The subject’s registered
business scope includes provide
import and export customs clearance, tax rebates, logistics services for
domestic customer; importing and exporting goods
and technologies, excluding goods and technologies prohibited by the state;
enterprise management services, business information services, e-commerce
technology services.
The subject is mainly engaged in providing import and export customs
clearance and international trade.
Services:
Customs clearance service
Foreign currency service
Tax rebates service
Financing service
Logistics service
The subject sources its materials 50%
from domestic market, and 50%
from overseas market. The subject sells 40% of its products in domestic market,
and 60% to overseas market, mainly Peru, Vietnam, etc.
The buying terms of the subject include Check, T/T, L/C and Credit
of 30-60 days. The payment terms of the subject include Check, T/T, L/C and
Credit of 30-60 days.
SUPPLIER
& CUSTOMER
No record.
RELATED COMPANIES
No Subsidiary
NEGATIVE INFORMATION
Lawsuit Record: No record.
Trade payment
experience: The subject 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 the subject was placed
to us for collection within the last 6 years.
Customs
administrative penalty: No
record.
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage
information at present.
TRADEMARK
No record.
PATENT
No record.
BANKING
The subject declined to release its banking details.
ABBREVIATED FINANCIAL STATEMENT
Financial Summary
===============
Unit: RMB’000
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As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
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Total assets |
205,787 |
132,390 |
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Total liabilities |
178,861 |
105,050 |
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Equities |
26,926 |
27,340 |
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-------------- |
-------------- |
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Total liabilities & equities |
205,787 |
132,390 |
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========= |
========= |
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Turnover |
582,185 |
680,110 |
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Profits before tax |
582 |
560 |
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Less: tax |
151 |
150 |
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Profits |
431 |
410 |
Important Ratios
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As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
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*Liabilities to assets |
0.87
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0.79
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*Net profit margin (%) |
0.07
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0.06
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*Return on total assets (%) |
0.21
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0.31
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*Turnover/Total assets |
2.83
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5.14
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PROFITABILITY:
AVERAGE
The turnover of the subject appears fairly
good in its line.
The subject’s net profit margin is average.
The subject’s return on total assets is average.
The subject’s turnover is in an average level in 2015 and fairly
good in 2016, comparing with the size of its total assets.
LEVERAGE:
FAIR
The debt ratio of the subject is high.
The risk for the subject to go bankrupt is average.
TREND ANALYSIS
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2014 |
2015 |
2016 |
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Sales Trend |
-- |
-- |
Ç |
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Profit margin |
-- |
-- |
È |
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Debt to assets
ratio |
-- |
-- |
È |
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Overall Financial Condition |
□Good □Fairly Good □Stable ■Fairly Stable □Fair □Poor |
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COMMENT
The subject was registered as a Collective-owned enterprise at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license).
The subject is considered medium-sized in its line with fairly
stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.41 |
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1 |
INR 87.18 |
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Euro |
1 |
INR 77.45 |
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CNY |
1 |
INR 9.93 |
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 : |
TRU |
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
·
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.