MIRA
INFORM REPORT
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Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
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Name : |
NATURE HOLDING GROUP HANGZHOU
IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
12/F, Building
A, Chamber Of Commerce Building, No. 185, Jincheng Road, Xiaoshan District,
Hangzhou, Zhejiang Province 311200 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.08.1998 |
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Com. Reg. No.: |
330181000043169 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Engaged
in international trade. |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Slow |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 |
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, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, 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 it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and 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. 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 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. 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 demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (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. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
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Source : CIA |
Company name and address
NATURE HOLDING GROUP HANGZHOU IMPORT AND
EXPORT CO., LTD.
12/F, BUILDING A, Chamber of
commerce building, NO. 185, JINCHENG ROAD, XIAOSHAN DISTRICT, HANGZHOU,
ZHEJIANG PROVINCE 311200 PR CHINA
TEL: 86 (0) 571-82592115 FAX: 86 (0) 571-82593665
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 2, 1998
REGISTRATION NO. : 330181000043169
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
STAFF STRENGTH : 12
REGISTERED CAPITAL :
CNY 20,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 838,340,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY -71,180,000 (AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE :
C.O.D.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND :
FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.21= USD
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 co. at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on Apr. 2, 1998.
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 wholesaling and retailing
prepackaged food; wholesale of sulphur without store; wholesaling fuel oil;
selling chemical fiber raw materials, light textile products, building
materials, metal materials, chemical products and raw materials, hardware
machinery, chemical fertilizer; importing and exporting commodities and
technologies, excluding commodities and technologies prohibited by the state.
SC is
mainly engaged in international trade.
Mr.
Song Mingliang is legal representative and chairman of SC at present.
SC is
known to have approx. 12 employees at present.
SC is currently operating at the above stated address, and
this address houses its operating office in the commercial zone of Hangzhou.
The detailed premise information is unspecified.
http://www.nature-group.com/maoyi/about.asp The design is professional and the content is
well organized. At present the web site is in Chinese and English versions.
E-mail: dzrmy@nature-group.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Nature Holding Group Co., Ltd. 90
Yu Haiying 10
Nature Holding Group Co., Ltd.
========================
Registered no.: 330181000302986
Legal representative: Song
Zuliang
Establishment date:
Add: Yinong Town, Xiaoshan
District, Hangzhou
Tel: 0571-82593180
Web: http://www.nature-group.com/
E-mail: office@nature-group.com
l
Legal representative and Chairman:
Mr. Song Mingliang is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman.
SC is
mainly engaged in international trade.
SC’s products mainly include cotton, polyester, wool, silk
cotton, home textile, rayon, deerskin flocking, etc.
SC
sources its materials 20% from domestic market and 80% from overseas market. SC
sells 90% in domestic market and 10% 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.
According to http://www.nature-group.com/
Hangzhou Nature Scientific Textile Dyeing and Finishing Co., Ltd.
Registered no.: 330181000026553
Legal representative: Ni Jinzhao
Establishment date:
Add: Xinyuan Bridge, Dangshan Town, Xiaoshan District, Hangzhou
Tel: 86-571-82533629
Email: nature-kfrz@nature-group.com
Zhejiang Maxforum Industrial Co., Ltd.
Registered no.: 330600000103098
Legal representative: Jin Hui
Establishment date:
Tel: 0575－85359002
Web: http://www.flmjgroup.com/
Email: maxforum-zj@nature-group.com
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 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
accountant refused to release the bank details.
Balance
Sheet
Unit:
CNY’000
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
Cash
& bank |
721,660 |
382,450 |
|
Inventory |
30,740 |
96,290 |
|
Accounts
receivable |
700 |
880 |
|
Other
receivables |
133,360 |
1,050 |
|
Other
current assets |
12,340 |
25,710 |
|
|
------------------ |
------------------ |
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Current
assets |
898,800 |
506,380 |
|
Fixed
assets net value |
360 |
610 |
|
Long
term investment |
0 |
0 |
|
Projects
under construction |
0 |
0 |
|
Intangible
and other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
assets |
899,160 |
506,990 |
|
|
=========== |
=========== |
|
Short
loan |
46,860 |
61,530 |
|
Accounts
payable |
58,170 |
62,010 |
|
Bills
payable |
777,200 |
327,050 |
|
Advances
from clients |
31,030 |
16,960 |
|
Taxes
payable |
-2,870 |
-12,500 |
|
Other
Accounts payable |
13,860 |
122,740 |
|
Other
current liabilities |
380 |
380 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
924,630 |
578,170 |
|
Long
term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
924,630 |
578,170 |
|
Equities |
-25,470 |
-71,180 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
899,160 |
506,990 |
|
|
=========== |
=========== |
Income
Statement
Unit:
CNY’000
|
|
As of Dec. 31, 2011 |
|
Turnover |
838,340 |
|
Cost of goods sold |
836,730 |
|
Sales expense |
12,860 |
|
Management expense |
2,670 |
|
Finance expense |
22,650 |
|
Profit before tax |
-45,710 |
|
Less: profit tax |
0 |
|
Profits |
-45,710 |
Important Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
|
*Current
ratio |
0.97
|
0.88
|
|
*Quick
ratio |
0.94
|
0.71
|
|
*Liabilities
to assets |
1.03
|
1.14
|
|
*Net
profit margin (%) |
/ |
-5.45
|
|
*Return
on total assets (%) |
/ |
-9.02
|
|
*Inventory
/Turnover ×365 |
/ |
42
days |
|
*Accounts
receivable/Turnover ×365 |
/ |
1
day |
|
*Turnover/Total
assets |
/ |
1.65
|
|
*
Cost of goods sold/Turnover |
/ |
1.00
|
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good
in 2011.
l
SC’s net profit margin is fair in 2011.
l
SC’s return on total assets is fair in
2011.
l
SC’s cost of goods sold is high,
comparing with its turnover in 2011.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a fair level.
l
SC’s quick ratio is maintained in a
normal level in 2010 but in a fair level in 2011.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears
average.
l
The short-term loan of SC appears
large.
l
SC’s turnover is in an average level,
comparing with the size of its total assets in 2011.
LEVERAGE:
POOR
l
The debt ratio of SC is too high.
l
The risk for SC to go bankrupt is high.
Overall
financial condition of the SC: Fair.
SC is considered small-sized in its line with fair financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition. Great caution is required in providing credit to SC and
C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
|
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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.