MIRA INFORM REPORT
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Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
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Name : |
FUGUINIAO CO., LTD. |
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Registered Office : |
Fuguiniao Industrial Park, East Section Of Baqi Road,
Shishi City, Fujian Province, 362700 PR |
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Country : |
China |
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Date of Incorporation : |
20.11.1995 |
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Com. Reg. No.: |
350500400054138 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in manufacturing and selling shoes and clothing. |
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No. of Employees : |
6,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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
FUGUINIAO
CO., LTD.
FUGUINIAO INDUSTRIAL PARK, EAST
SECTION OF BAQI ROAD, SHISHI CITY, FUJIAN PROVINCE, 362700 PR CHINA
TEL: 86 (0) 595-88708999/88700618 FAX: 86 (0) 595-88732001
EXECUTIVE SUMMARY
INCORPORATION DATE :
NOV. 20, 1995
REGISTRATION NO. :
350500400054138
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH : 6,000
REGISTERED CAPITAL : CNY 400,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
CNY 6.22=USD
Adopted abbreviations
ANS -
amount not stated
NS -
not stated
SC -
subject company (the company inquired by you)
NA - not available
CNY- Yuan China Ren Min Bi
SC was registered as a shares limited company at Fujian
Provincial Administration for Industry & Commerce (AIC - 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 scope includes
manufacturing shoes, belts, leather bags and other leather products;
manufacturing clothing, clothing accessories, textile products; selling
self-made products; technology research and development of shoes and clothing.
SC is mainly engaged in manufacturing and selling shoes and
clothing.
Mr. Lin Heping is the legal representative, chairman and general
manager of SC at present.
SC is
known to have approx. 6,000 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Shishi. The detailed information of the area is unspecified.
http://www.fuguiniao.com/
The design is professional and the content is well organized. At present it is
in Chinese version.
E-mail: webmaster@fuguiniao.com
No significant events or changes were found during our
checks with local AIC.
SC is preparing to be listed in Stock Exchange Market.
MAIN SHAREHOLDERS:
Name % of shareholding
Wo Hing (China) Trading
Limited
5.0
Fuguiniao Group Limited 82.8
Shanghai Bairui Leading Chuangfu
Equity Investment Center (Limited Partnership) 0.6
Shanghai Leading Investment
Management Co., Ltd.
1.0
Suqian Zhongshan Tianrui Leading
Venture Investment Center (Limited Partnership) 0.6
Xiamen Yuncai Equity Investment
Partnership (Limited Partnership) 3.0
Shanghai Leading Wealth Growth
Venture Investment Center (Limited Partnership) 1.3
Century Wealth Investment Co.,
Ltd.
0.6
Suzhou Junding Equity Investment
Partnership (Limited Partnership) 4.0
Suqian Zhongshan Tiangui Leading
Venture Investment Center (Limited Partnership) 0.5
Beijing Century Tianfu Venture
Investment Center (Limited Partnership) 0.6
Wo Hing (China) Trading
Limited
………………………………………
CR No.: 1528990
Registered legal form: Private
Status: Live
Fuguiniao Group Limited
………………………………..
CR No.: 0753387
Registered legal form: Private
Status: Live
l Legal
representative, chairman and general manager:
Mr. Lin Heping is currently
responsible for the overall and daily management of SC.
Working Experience(s):
At
present Working in SC as
legal representative, chairman and general manager;
Also working in Fuguiniao
(Fujian) Shoes & Clothing Co., Ltd., Fujian Shishi Fuguiniao Group Co., Ltd., Quanzhou Fuguiniao
Investment Co., Ltd., etc. as legal representative
Supervisors:
…………….
Zhou Xinyu
Wang Xinhui
Directors:
…………
Lin Guoqiang
Long Xiaoning
Zhai Gang
Hong Huihuang
Han Ying
Li Yuzhong
Lin Heshi
Wang Zhiqiang
SC is mainly engaged in manufacturing and selling shoes and
clothing.
SC’s products
mainly include: shoes and clothing.
Brand:
FGN Shoes, FGN Dress, Any Walk.
SC
sources its materials 90% from domestic market, and 10% from overseas market.
SC sells 70% of its products in domestic market, and 30% 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’s management declined to release its major clients and
suppliers.
Fuguiniao (Fujian) Shoes & Clothing Co., Ltd.
Fujian Shishi Fuguiniao Group Co.,
Ltd.
Quanzhou Fuguiniao Investment 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
and our debt collection record concerning SC.
Trade payment experience: SC refused to release any information of
its suppliers and the trade reference was not available.
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
declined to release its banking details.
SC’s
management declined to release any financial information.
SC is considered well-known in its line with 18 years
development history. Taking into consideration of SC’s favorable background, reputation
as well as market conditions, we would rate SC as an 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 |
Rs.54.33 |
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1 |
Rs.82.55 |
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Euro |
1 |
Rs.70.10 |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.