MIRA INFORM REPORT
|
Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SANMENXIA HUAYANG FOODSTUFF
CO., LTD. |
|
|
|
|
Registered Office : |
No. 16 Dongda Street, Lushi County, Sanmenxia City, Henan Province, 472200 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
30.04.1999 |
|
|
|
|
Com. Reg. No.: |
411224100001033 |
|
|
|
|
Legal Form : |
Limited Liabilities Co. |
|
|
|
|
Line of Business : |
Subject is engaged in processing and selling walnut kernel and so on
mainly include: walnut kernel, honey, edible fungi, etc. |
|
|
|
|
No. of Employees : |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 2012 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 under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
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.
|
Source
: CIA |
Company name and address
SANMENXIA HUAYANG FOODSTUFF CO., LTD.
NO. 16 DONGDA STREET, LUSHI COUNTY, SANMENXIA CITY, HENAN PROVINCE, 472200 PR CHINA
TEL: 86
(0) 398-7881588 FAX: 86
(0) 398-7881955
EXECUTIVE SUMMARY
INCORPORATION DATE :
APR. 30, 1999
REGISTRATION NO. :
411224100001033
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
YANG YU (CHAIRMAN)
STAFF STRENGTH : 80
REGISTERED CAPITAL : CNY 6,000,000
BUSINESS LINE :
PROCESSING AND TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.14=USD 1
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
– China Yuan Ren Min Bi
Note: the correct company name of SC should be the heading one instead
of the given one “Sanmenxia Huang Foodstuff Co., Ltd.”.
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. 30,
1999.
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 purchasing and
selling agricultural and sideline products; processing and selling walnut
kernel, dry, fresh fruits and vegetables; import and export of self-made
products and related technology, excluding the goods and technology prohibited
or limited by the country.
SC is mainly engaged in processing and selling walnut kernel and so on.
Yang Yu is the legal
representative, chairman and general manager of SC at present.
SC is known to have approx. 80 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 Lushi County.
Detailed information of the premise is unknown.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with the
local AIC.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of shareholdings
Chen Xinbo 2.500
Yang Wei 2.500
Chen Hongbo 15.835
Feng Tiande 7.915
Yang Yu 39.585
Yang Lin 7.915
Chen Shumao 7.915
Cui Jingfeng 15.835
Legal Representative, Chairman and General
manager:
Yang Yu 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
Directors:
…………
Chen Hongbo
Feng Quande
Yang Lin
Chen Shumao
Supervisor:
……………
Cui Jingfeng
SC is mainly engaged in processing and selling walnut kernel and so on.
SC’s products mainly include: walnut kernel, honey, edible fungi, etc.
SC sources its materials 70% from domestic market, and 30% from overseas
markets. SC sells 70% of its products in domestic market, and 30% to overseas
market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s
employee refused to release its major customers or suppliers.
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 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 its bank details.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with 14 years development
history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.