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Report Date : |
12.02.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
12/F, No. 88 Wanyue Road, Nanyuan Street, Linping, Yuhang District,
Hangzhou City, Zhejiang Province, 311100 PR |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
18.06.1998 |
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Com. Reg. No.: |
330184000069033 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is engaged in wholesaling and retailing prepackaged food,
dairy products and wines; wholesaling without storage; chlorodifluormethane,
cryogenic gas R134a, R406a, chlorodifluoroethanes, isobutene and 1,1- difluoroethane.
Selling textiles, arts and crafts (excluding gold and silver), general
merchandise, hardware, general machines, animal by-products, building
materials, garments, instruments and meters; importing and
exporting commodities and technologies |
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No of Employees : |
89 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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6-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1,000,000 |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 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 |
HANGZHOU YUHANG INTERNATIONAL TRADING INC.
12/F, NO. 88 WANYUE ROAD, NANYUAN STREET, LINPING, YUHANG DISTRICT,
HANGZHOU CITY, ZHEJIANG PROVINCE, 311100 PR CHINA
TEL: 86 (0) 571-86192083/86232292
FAX: 86 (0) 571-89232292
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUN. 18, 1998
REGISTRATION NO. :
330184000069033
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MS. MENG WEIJING (CHAIRMAN)
STAFF STRENGTH :
89
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,526,550,000 (UNaudited, AS OF DEC. 31, 2013)
EQUITIES :
CNY 204,240,000 (UNaudited, AS OF
DEC. 31, 2013)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 1,000,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.06= 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 Renminbi
Note: SC’s correct company name should be the
heading one.
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 Jun. 18, 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, dairy products and wines; wholesaling without
storage; chlorodifluormethane, cryogenic gas R134a, R406a, chlorodifluoroethanes,
isobutene and 1,1- difluoroethane. Selling textiles, arts and crafts (excluding
gold and silver), general merchandise, hardware, general machines, animal
by-products, building materials, garments, instruments and meters; importing and exporting commodities and technologies (items which are prohibited by law and
restricted under government regulation are exceptional. Special permit is
required prior to execution for restricted item).
SC is
mainly engaged in international trade.
Ms. Meng
Weijing is legal representative and chairman of SC at present.
SC is known to have approx. 89 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.
Our checks reveal that SC owns the total premise, but the gross area of the
premise is unspecified.
http://www.yhiti.com The design is
professional and the content is well organized. At present it is in Chinese
version.
E-mail: yhiti@yahoo.cn
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Shareholders |
Meng Weijing 50% Xin Yaping 10% Wu Jun 10% Pan Fenglei 10% Other 6 individuals 20% |
Meng Weijing 44% Xin Yaping 10% Wu Jun 10% Pan Fenglei 10% Ding Fengyun 6% Wang Ming 5% Zhong Rongbao 5% Ge Weihong 4% Cao Min 2% Cao Zhiwei 2% Wang Xiaoping 2% |
|
2013-7 |
Shareholders |
Meng Weijing 44% Xin Yaping 10% Wu Jun 10% Pan Fenglei 10% Ding Fengyun 6% Wang Ming 5% Zhong Rongbao 5% Ge Weihong 4% Cao Min 2% Cao Zhiwei 2% Wang Xiaoping 2% |
Present ones |
Subject passed the annual inspection of 2012 with
Administration for Industry & Commerce.
Organization Code: 704304045
For
the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Meng Weijing 45
Xin Yaping 10
Wu Jun 10
Pan Fenglei
5
Ding Fengyun
6
Wang Ming
5
Zhong Rongbao 5
Ge Weihong
4
Cao Min
2
Cao Zhiwei
4
Wang Xiaoping 2
Gong Weiyin
2
l
Legal representative and
chairman:
Ms. Meng Weijing ID# 33012519601023XXXX, born in 1960, with
university education. She is currently responsible for the overall management
of SC.
Working Experience(s):
At present Working
in SC as chairman and legal representative.
SC is
mainly engaged in international trade.
SC’s products mainly include: hardware, machinery, garments,
textiles, etc.
SC sources its merchandises 90% from the overseas market and
10% from domestic market. SC sells 10% of its merchandises in domestic market,
and 90% 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, T/T, L/C, and Credit of
30-60 days.
Note: SC’s employee Ms. Gao declined to release its customer and
supplier details although we
released the name of LAFAYETTE S.A. COLOMBIA.
SC
is known to have a branch at present:
Hangzhou Yuhang International Trading Inc. 1st Branch
--------------------------------------------------------------------
Registered no.: 3301032014659
Principal: Zhang Jianfei
Date of incorporation: 2006-5-19
SC is said to have subsidiaries, but the detail is unspecified.
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 declined to
release its banking details.
Balance Sheet
Unit: CNY’000
|
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as
of Dec. 31, 2013 |
|
Cash
& bank |
18,110 |
|
Inventory |
3,080 |
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Accounts
receivable |
327,310 |
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Other
receivables |
62,180 |
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Advances to
suppliers |
2,750 |
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Receivable
drawback for export |
99,490 |
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Other
current assets |
650 |
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|
------------------ |
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Current
assets |
513,570 |
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Fixed
assets net value |
12,950 |
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Projects
under construction |
0 |
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Long
term investment |
72,670 |
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Investment real
estate |
220,710 |
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Intangible
assets |
2,800 |
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Other
assets |
420 |
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------------------ |
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Total
assets |
823,120 |
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============= |
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Short
loans |
150,000 |
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Bills
payable |
610 |
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Accounts
payable |
153,790 |
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Advances from
clients |
278,120 |
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Tax
payable |
930 |
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Other
payable |
15,710 |
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Other
current liabilities |
0 |
|
|
------------------ |
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Current
liabilities |
599,160 |
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Long
term liabilities |
19,720 |
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------------------ |
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Total
liabilities |
618,880 |
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Equities |
204,240 |
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|
------------------ |
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Total
liabilities & equities |
823,120 |
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|
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2013 |
|
Turnover |
1,526,550 |
|
Cost of goods
sold |
1,491,870 |
|
Taxes
and additional of main operation |
100 |
|
Sales expense |
4,530 |
|
Management expense |
12,050 |
|
Finance expense |
22,140 |
|
Non-operating
income |
300 |
|
Non-operating expense |
1,360 |
|
Investment
income |
7,910 |
|
Subsidy income |
1,410 |
|
Profit before
tax |
4,120 |
|
Less: profit tax |
250 |
|
Profits |
3,870 |
Note:
The above financial have not been audited.
Important Ratios
=============
|
|
as
of Dec. 31, 2013 |
|
*Current ratio |
0.86 |
|
*Quick ratio |
0.85 |
|
*Liabilities
to assets |
0.75 |
|
*Net profit
margin (%) |
0.25 |
|
*Return on
total assets (%) |
0.47 |
|
*Inventory
/Turnover ×365 |
1 day |
|
*Accounts
receivable/Turnover ×365 |
79 days |
|
*Turnover/Total
assets |
1.85 |
|
* Cost of
goods sold/Turnover |
0.98 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large in
2013.
l
SC’s short-term loan appears fairly large.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable
financial conditions. The large amount of accounts receivable and short-term
loan could be a threat to SC’s financial condition. A credit line up to USD
1,000,000 would appear to be within SC’s capacities upon a periodical review
basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.43 |
|
|
1 |
Rs. 102.48 |
|
Euro |
1 |
Rs. 85.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.