MIRA INFORM REPORT
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Report Date : |
13.12.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 (Summaries Figure) |
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Date of Incorporation : |
27.04.2013 |
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Com. Reg. No.: |
320483000370364 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is mainly engaged in selling various electrical appliances. |
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No. of Employees : |
8 |
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 : |
Slow but correct |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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A1 |
A1 |
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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 |
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, growth of the private sector,
development of stock markets and a modern banking system, 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 considered important to "economic security,"
explicitly looking to foster globally competitive industries. After keeping its
currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading
band within which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b) facilitating higher-wage JOB
OPPORTUNITIES
for the aspiring middle class, including rural
migrants and increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including
debt overhang from its credit-fueled stimulus program, industrial overcapacity,
inefficient allocation of capital by state-owned banks, and the slow recovery
of China's trading partners. The government's 12th Five-Year Plan, adopted in
March 2011 and reiterated at the Communist Party's "Third Plenum"
meeting in November 2013, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent in
the future on fixed investments, exports, and heavy industry. However, China
has made only marginal progress toward these rebalancing goals. The new
government of President XI Jinping has signaled a greater willingness to
undertake reforms that focus on China's long-term economic health, including
giving the market a more decisive role in allocating resources.
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Source
: CIA |
Company Name and address
Changzhou Fengrun Import And Export Co., Ltd.
Lijia Village, Lijia
Town, Wujin District
Changzhou, Jiangsu
Province 213176 PR China
TEL: 86 (0)
519-68857313/86232688
FAX: 86 (0)
519-68882715
EXECUTIVE SUMMARY
Date of Registration : APRil 27, 2013
REGISTRATION NO. : 320483000370364
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : CNY 5,000,000
staff : 8
BUSINESS CATEGORY : TRADING
Revenue : CNY 276,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 4,886,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : SLOW BUT CORRECT
MARKET CONDITION : FAIR
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : FAIR
EXCHANGE RATE : CNY 6.14 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 320483000370364 on April
27, 2013.
SC’s Organization Code Certificate No.:
06761681-1
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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-- |
Shareholder’s Name |
Jiangsu Fengrun
Electrical Equipment Co., Ltd. |
Jiangsu Fengrun Electrical Equipment Group
Co., Ltd. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Jiangsu
Fengrun Electrical Equipment Group Co., Ltd. |
100 |
SC’s Chief Executives:-
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Position |
Name |
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Legal
Representative, Chairman, and General Manager |
Huang Xiaoxin |
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Supervisor |
Wu Qingping |
Recent Development
No recent development was found during our checks at present.
Shareholders Chart and
Background
Name %
of Shareholding
Jiangsu Fengrun Electrical Equipment Group
Co., Ltd. 100
------------------------------------
Date of Registration: November 16, 2001
Registration No.: 320483000049394
Legal Form: Limited Liability
Company
Registered Capital: CNY 100,000,000
Address: Industrial Park,
Tel: 86 (0) 519-86235760
Fax: 86 (0) 519-86238226
Management
Huang Xiaoxin, Legal Representative, Chairman and General
Manager
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Ø Gender: F
Ø Age: 43
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Wu
Qingping, Supervisor
---------------------------------------------
Ø
Gender: M
Ø
Age: 45
Business Operation
SC started its normal business at the end of
2013.
SC’s registered
business scope includes importing and exporting goods and technologies,
excluding the items limited or prohibited by the state.
SC is mainly
engaged in selling various electrical appliances.
SC’s main business focuses on the household/commercial AC (cabinet,
wall-hanging, mobile), dehumidifier, heater, household/commercial refrigerator,
ice box, display cabinet, dish washer, ice machine and the relevant accessory
business of this category of products, for instance: heat exchanger (various
evaporators, condensers), copper tubes, aluminum tubes, steel tubes, aluminum
plates, aluminum foil, copper-aluminum connection tube, copper tubing, heater,
powder, bowl blue, etc. It’s also gradually developing the overseas businesses
for the electronic products, such as TV (flat panel TV, LED LCD), GPS, microwave
oven, body building apparatus and the relevant accessories, for instance:
motor, wire, switch and diode, etc. It’s also engaged in the import and export
of other products and equipments, for instance: medical apparatuses, welding
equipments, plastic particles, apparel fabrics, etc.
SC sources its products 60% from domestic
market, and 40% 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 T/T, L/C and Credit of 30-60 days.
Staff & Office:
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SC is known
to have approx. 8 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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: 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.
BANKING
The bank information
of SC is not filed in SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2013 |
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Total assets |
5,297 |
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Total liabilities |
411 |
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Equities |
4,886 |
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Revenue |
276 |
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Profits |
-114 |
Important Ratios
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As of Dec. 31, 2013 |
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*Liabilities to assets |
0.08 |
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*Net profit margin (%) |
-41.30 |
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*Return on total assets (%) |
-2.15 |
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*Revenue / Total assets |
0.05 |
FINANCIAL COMMENTS
PROFITABILITY:
POOR
l SC started its
normal business at the end of 2013, so the revenue appears poor.
l SC’s net profit
margin is poor.
l SC’s return on
total assets is fair.
LIQUIDITY: POOR
l
SC’s revenue is in a poor level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with a short business history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.44 |
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1 |
Rs.98.15 |
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Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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Report Prepared
by : |
NIT |
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.