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Report Date : |
26.05.2012 |
IDENTIFICATION DETAILS
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Name : |
ShenZhen Homei Furniture Co., Ltd |
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Registered Office : |
3rd Floor, No.221,Gucangxia, Shabo community, Pingshan New Zone, |
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Country : |
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Financials (as on) : |
2010 |
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Date of Incorporation : |
04.08.2009 |
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Com. Reg. No.: |
440307104195384 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacture and sales of furnitures |
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No. of Employees : |
80 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
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 |
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ShenZhen Homei Furniture Co., Ltd |
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GTM Reference No. |
G120522101 |
Currency in this report is
Chinese Yuan unless otherwise stated.
Exchange Rate: 1 USD=6.33
Chinese Yuan
"--"in this report
indicates "unavailable" due to insufficient information or "no
comments"
|
name |
Shenzhen Homei Forniture Co Ltd. |
|
address |
No.2,Gucancxia Shabo Pingshan New Zone
Guangdong |
|
tel. |
86 755 27809900 |
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fax |
86 755 89626538 |
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e-mail |
-- |
|
website |
-- |
|
contact person |
-- |
Note:
1. The given telephone No. is invalid.
Subject's telephone No. is as listed in the report.
2. The given fax No doesn't belong to
subject according to its staff.
|
DATE OF establishment |
Aug.4th,
2009 |
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Aic Registration No. |
440307104195384 |
|
REGISTERED LEGAL FORM |
limited liabilities
company |
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REGISTERED CAPITAL |
500,000.00 |
|
main BUSINESS |
Manufacture
and sales of furnitures |
|
employees |
80 |
|
import and export permits |
yes |
|
EXCHANGE RATE |
1 Usd=6.33CNY (MAY.25rd, 2012) |
|
Registered Address |
3rd Floor, No.221,Gucangxia, Shabo community, Pingshan New Zone, Shenzhen City, Guangdong |
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Zip Code |
518118 |
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Business Address |
No.2,Gucangxia, Shabo community, Pingshan New Zone, Shenzhen City, Guangdong |
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Zip Code |
518118 |
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Telephone |
86 755 89454858 |
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Fax |
86 755 89937848 |
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SIC Code (China) |
2190 manufacture of other furnitures |
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Name (English) |
ShenZhen Homei Furniture Co., Ltd |
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Date of Establishment |
Aug.4th, 2009 |
|
Registry |
Administration Bureau for Industry and Commerce – Shenzhen City |
|
Legal Representative |
Kang Qing |
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AIC Registration Number |
440307104195384 |
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Registered Legal Form |
limited liabilities company |
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Registered Capital |
500,000.00 |
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Operating Duration |
Aug.4th, 2009 to Aug.4th, 2019 |
|
Business Scope |
Processing and sales
of upholstered furnitures (excluding wooden); domestic trading; import and
export of commodities and technologies |
|
Changes in Registration |
1. May 31st, 2011 Subject's Chinese name was changed from "深圳市美邦创艺家私有限公司" to "深圳市家美家具有限公司". 2. Dec.28th, 2010 Subject's registered
address was changed to the current address. |
Limited liabilities co.
This form of business in PR China is
defined as a legal person. Its registered capital is contributed jointly by at
least two shareholders and no more than fifty. 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 listed as follows:
-manufacturing co. :
RMB 500,000.00
-trading &wholesaling co. :
RMB 500,000.00
-retailing co. : RMB 300,000.00
-consultancy & service co. : RMB 100,000.00
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 50% of the registered capital while contribution by
intangible assets must not exceed 20% 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.
REGISTRATION INFO: AVAILABLE
FINANCIAL REPORTS: AVAILABLE
Subject's income comes mainly from sales of leather sofa, sofa bed and
related furnitures. Its products are all exported through direct sales to the
international furniture sales companies and home accessory stores. The industry
of furniture manufacture is an industry with fierce competition. There are a
lot of similar enterprises in the local place being subject's competitors.
However, as subject has accumulated certain popularity in the international
market, its competitiveness is average in the local industry.
As the first cities opened to the world in China
and the first special economic zone, Shenzhen City has already developed into
the base of Chinese hi-tech industry and the financial and information center
of Southern China. Real estate, insurance, brokering service industry etc are
also well developed here. With open culture environment and convenient traffic
condition, Shenzhen has become a modernized international city. As a
domestically invested company dealing with manufacture of furnitures, subject
enjoys no favorable policies provided by the local government.
As indicated in the following
table:
|
Shareholder |
Capital
Subscribed |
Percentage |
|
Li
Xifeng |
255,000.00 |
51% |
|
Kang
Ping |
245,000.00 |
49% |
|
Total |
500,000.00 |
100% |
No affiliates of subject company is found after checking.
|
Name |
Kang Qing |
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Gender |
Male |
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Title |
Executive director;
general manger |
|
Working experience |
Industry experience:
more than 10 years; Management experience:
more than 5 years |
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|
|
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Name |
Kang Ping |
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Gender |
Female |
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Title |
Supervisor |
Employees: 80
Management Staff: 15
Recent recruitment: Yes
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Job-hunting websites |
Job title |
Number |
|
http://www.jjrw.com/company/229063 |
International trade
staff; order supervisor; sampling maker |
-- |
|
Bank name |
Bank of China -
Shenzhen Branch |
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Account No. (CNY) |
-- |
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Tel. |
86 755 22331155 |
|
Comment |
The above information is
provided by subject's staff, but the bank staff refused to disclose any
information. |
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Geographic Location |
No.2,Gucangxia, Shabo community, Pingshan New Zone, Shenzhen City, Guangdong |
|
Area |
7,000
square meters |
|
Environment |
Industrial zone |
|
Traffic condition |
Normal |
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Purpose |
Office; warehouse; plant |
|
Property Ownership |
Rented |
|
Website |
No. |
After checking with the Trademark Office of Chinese Administration
Bureau of Industry and Commerce and the State Intellectual Office, no
trademarks or patents of SC were found.
|
Main business |
Manufacture and
sales of furnitures |
|
Products and services |
Subject's business
covers design, R&D, manufacture and sales. Its major products include
sofa related furnitures like leather sofa, cloth sofa, sofa bed etc. It can
also process according to the clients' drawings. |
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Annual production capacity |
2,000 sets |
|
Plants and equipments |
Cotton filling
machine, welding machine, cotton slitting machine etc. |
|
Awards & Honors |
No |
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Certificates / licenses |
No |
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Export |
100% |
|
Regions |
Mundi X Ray Inc; Cosmos
Furniture Co. etc |
|
Major overseas clients |
Europe,
Asia, Mid-east, Australia etc. |
|
Competitors |
GALLREY FURNITURE
CO. LTD; SHENZHEN
JIAMEIRUI FURNITURE CO. LTD; GUAGZHOU JUBANG
HOUSEHOLD ARTICLES CO. LTD |
|
Payment terms |
L/C, T/T |
|
Subject's mainly accepts
orders from overseas clients including household supply stores, furniture
stores etc. It has developed certain customer network. |
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|
The above information was confirmed by SC’s
employee on MAY.25th,
2012. |
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Main Commodities Purchased |
Sponge, cotton
slitting machines etc. |
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Number of Major Suppliers |
About 5 |
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Region |
Domestic: 100% Import:0 % |
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Major suppliers |
DONGGUAN FANGDE EPE PRODUCT CO. LTD |
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Main Terms of Payment |
Local: Prompt payment; on
credit |
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Subject's
materials and equipments are all purchased from local region. |
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|
The above information was confirmed by SC’s
employee on MAY.25th,
2012. |
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Name of supplier |
DONGGUAN FANGDE EPE PRODUCT CO. LTD |
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Main
commodities and service supplied |
Sponge |
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Interviewee |
Ms Yan (sales department) |
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Telephone
of Interviewee |
86
769 88908889 |
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Payment
comment |
Good |
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Total
records |
1 |
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Name
of person subject to enforcement |
ShenZhen Homei Furniture Co., Ltd |
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Court
|
People's Court of Longgang Dist, Shenzhen |
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File
date |
Jul.12th, 2010 |
|
File
No. |
(2010) Shen Long Fa Zhi Zi 07315 |
|
Amount |
5,480.40 CNY |
|
Status |
In execution |
N/A
Subject's financial data is unavailable through
the AIC channels. According to subject's manager Mr. Kang, subject's scale is average
in the local place. Its annual sales volume of 2011 is higher than 10 million
CNY. The products are 100% exported.
|
|
2010 |
|
Return on net assets (%) |
6.62 |
|
Return on total assets (%) |
2.62 |
|
Net profit margin (%) |
2.76 |
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Turnover of total assets |
0.99 |
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Turnover of current assets |
1.28 |
|
Turnover days of account receivable |
67.64 |
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Inventory turnover days |
69.83 |
|
Asset liability ratio (%) |
55.23 |
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Current ratio |
1.32 |
|
Quick ratio |
1.03 |
Analysis of
financial indicator
The risk of other furniture manufacture industry is
not high because the products are necessaries for families. However, due to the
short history and limited experience, subject's competitiveness is not high.
Moreover, invested by individual shareholders, subject's financing ability and
risk resisting ability is weak.
Industry
SIC Code (China): 2190
manufacture of other funitures
Description: manufacture of upholstered furnitures that are
made of resilient materials, soft materials (sponge, foam etc), tighting
materials and decoration cloth or textile; manufacture of glass furnitures;
other unlisted furnitures
Status
Quo & Trend
Wood supply
decreasing and price increasing accelerates the boom of other furniture
industry. The products are developed toward diversified, personalized and
healthy. Comfortable upholstered furnitures are welcomed by the consumers.
As a new subsidiary
of furniture industry, other furniture industry is at the stage of fast growing
and has great developing potential. However, closely related to real estate
industry, under the government controlling policy, the downturn of real estate
industry would affect furniture manufacture industry to some extant. From Jan.
To Nov.2010, the total sale volume of China's other furniture manufacture
industry was56 billion CNY, increasing 27.03% y/y with the total profit
increasing 16.86% y/y.
Industry Associations
Name: China National Furniture Association; Guangdong
Furniture Association Dalian Furniture Association; Hong Kong Furniture
Association etc.
Membership of subject: None.
Established in Aug. 2009 with the registered
capital of 500,000 CNY, subject is engaged in manufacture of leather sofa, sofa
bes and other related furnitures. It mainly accepts orders from overseas
customers (USA, Australia, Europe etc.). With short history, subject's industry
experience is limited. Its risk resisting ability and financing ability is
weak.
Guangdong Province is a manufacture base of
furnitures. The external environment provides certain active factors to
subject's development. If subject could expand its domestic market while
developing the international market, its sales channels would be greatly
widened and the profit margin would certainly increase.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.73 |
|
|
1 |
Rs.87.26 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.