MIRA
INFORM REPORT
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Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
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Name : |
FUJIAN EXTERNAL
LABOUR SERVICES COOPERATION CO. |
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Registered Office : |
9/F, Huamin Building, No. 165 Hudong Road, Fuzhou City, Fujian Province, 350001 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.07.1988 |
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Com. Reg. No.: |
350000100000848 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Wholesaling and retailing of commodities, knitting and
textile products, groceries, arts & crafts, hardware, chemical products (excluding
dangerous chemicals and precursor chemicals), computer and accessories;
technology information consulting; Property management (able to operating the
special items after obtained the permit by the related department |
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No. of Employees |
08 |
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 : |
No complaints |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, 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
FUJIAN EXTERNAL LABOUR SERVICES COOPERATION
CO.
9/F, HUAMIN BUILDING, NO. 165 HUDONG ROAD, FUZHOU CITY,
FUJIAN PROVINCE, 350001 PR CHINA
TEL: 86 (0)-13706951236
FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUL. 22, 1988
REGISTRATION NO. :
350000100000848
REGISTERED LEGAL FORM :
STATE-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. CHEN NAN (GENERAL MANAGER)
STAFF STRENGTH :
8
REGISTERED CAPITAL :
CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 105,662,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 24,178,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.2199 = 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: According to SC’s staff, the given tel. number and fax number belong to SC’s office in Quanzhou.
The correct address should be the heading one.
SC was registered as a State-owned enterprise at local Administration for industry & commerce (AIC - the official body of issuing and renewing business license) on Jul. 22, 1988.
Company Status: State-owned enterprise This form of business in PR China is defined as a
commodity production or operational units of a socialist character which in
accordance with the law, have autonomy in management, and take full
responsibility for its profits and losses and practices independent
business accounting. It is a legal person established directly by central /
local government or enterprise owned by central or local government. In
theory, the liabilities of this form of enterprise are ultimately borne by
the government, since the adoption of company law in mid-1994, the Chinese
government has planned to separate the ownership from management and
liabilities bearing.
SC’s registered business scope includes foreign labor service cooperation (the period of validity until Apr. 16, 2019); foreign trade; wholesaling and retailing of commodities, knitting and textile products, groceries, arts & crafts, hardware, chemical products (excluding dangerous chemicals and precursor chemicals), computer and accessories; technology information consulting; Property management (able to operating the special items after obtained the permit by the related department).
According to SC’s staff, SC is mainly engaged in import and export trade business at present.
Mr. Chen Nan has been the legal representative and general manager of SC since 2009.
SC is known to have approx. 8 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Fuzhou. SC’s management declined to release the detailed information of the premise.
www.059cg.com The website can not be landed at present for technical reason.
E-mail: admin@059cg.com
Changes of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration no. |
3500001000195 |
Present one |
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2003-11-14 |
Legal rep. |
Li Minchun |
Qian Ruizhi |
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2005-8-15 |
Registered capital |
CNY 3,220,000 |
Present amount |
|
2007-7-24 |
Legal rep. |
Qian Ruizhi |
Huang Xiaodong |
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2009-7-16 |
Huang Xiaodong |
Present one |
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|
2012-7-20 |
Superior Department |
Fujian Labor and Social Security Bureau |
Present one |
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Organization code: 158142594
See below for SC as executive party (defendant).
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Executed Party |
Fujian External Labour Services Cooperation Co. |
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Court |
Fuzhou City Gulou District People’s Court |
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Date of Case |
November 14, 2006 |
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Case Number |
(2006) 01606 |
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Claim Amount |
CNY 536,000 |
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Case Status |
Completed |
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Executed Party |
Fujian External Labour Services Cooperation Co. |
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Court |
Fuzhou City Gulou District People’s Court |
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Date of Case |
June 22, 2007 |
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Case Number |
(2007) 01653 |
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Claim Amount |
CNY 10,000 |
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Case Status |
Completed |
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Executed Party |
Fujian External Labour Services Cooperation Co. |
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Court |
Fuzhou City Gulou District People’s Court |
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Date of Case |
September 13, 2007 |
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Case Number |
(2007) 02115 |
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Claim Amount |
CNY 41,095 |
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Case Status |
In Processing |
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Executed Party |
Fujian External Labour Services Cooperation Co. |
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Court |
Fuzhou City Gulou District People’s Court |
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Date of Case |
September 13, 2007 |
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Case Number |
(2007) 02133 |
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Claim Amount |
CNY 2,100 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of action, judgment or other information.
Superior Department
Fujian Province Human Resources and Social Security Bureau
Superintendent: Mr. Zhong Weiping
Organization code: 00359123X
Website: www.fjlss.gov.cn
E-mail: fjlss@fujian.gov.c n
Tel: +86-591-87559359
Legal representative and general manager:
Mr. Chen Nan ID# 35010219580810****, born in 1958. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2009 to present Working in SC as legal representative and general manager.
Also working in Fujian Star Studying Abroad Services Centre, Fujian Shuigu Construction Engineering Service Co., Ltd. (in Chinese Pinyin) as legal representative.
According to SC’s staff, SC is mainly engaged in import and export trade business at present.
SC’s products mainly include shoes, arts & crafts, etc.
SC sources its materials 90% from domestic market and 10% from the overseas market. SC sells 90% of its products to overseas market and 10% in domestic 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 management declined to release its major clients and suppliers.
Branch
Fujian External Labour Services Cooperation Co. Pingtan
Branch
Registration no.: 350128100000179
Principal: Liu Lixian
SC is known to invest in the following companies:
Fujian Star Studying Abroad Services Centre
================================
Address: 9/F, Huamin Building, No. 165 Hudong Road, Fuzhou City, Fujian Province, 350001 PR China
Incorporation date:
Registration no.: 350000100016106
Legal representative: Chen Nan
Registered capital: CNY 430,000
Legal form: State-owned enterprise
Tel: +86-591-87511183
Fujian New Star International Business & Consultants Co., Ltd.
==============================================
Address: 9/F, Huamin Building, No. 165 Hudong Road, Fuzhou City, Fujian Province, 350001 PR China
Incorporation date:
Registration no.: 350000100022527
Legal representative: Xue Minde
Registered capital: CNY 1,000,000
Fuxing Sino-Star Overseas Employment Exchange
======================================
Address: 9/F, Huamin Building, No. 165 Hudong Road, Fuzhou City, Fujian Province, 350001 PR China
Incorporation date:
Registration no.: 350000100016528
Legal representative: Huang Xiaodong
Registered capital: CNY 1,000,000
Fujian Shuigu Construction Engineering Service Co., Ltd. (in Chinese Pinyin)
========================================================
Address: 9/F, Huamin Building, No. 165 Hudong Road, Fuzhou City, Fujian Province, 350001 PR China
Incorporation date:
Registration no.: 350000400001078
Legal representative: Chen Nan
Registered capital: USD 300,000
Xiamen Minlao Labour Service Co., Ltd.
=============================
Incorporation date:
Registration no.: 350203200090585
Legal representative: Lin Hua
Registered capital: CNY 500,000
Etc.
Overseas
F. E. L. C. (Hong Kong) Co., Limited
CR No.: 0577687
Incorporation date: December 3, 1996
Etc.
According to SC’s staff:
Quanzhou Office
Tel: +86-595-82935606
Fax: +86-595-82935626
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.
Financial Information
Unit: CNY’000
Note: SC’s accountant
refused to release the detailed financial reports for Yr2011 and Yr2012 or
the latest financial information.
Important Ratios
=============
|
|
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
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*Liabilities to assets |
0.79 |
0.78 |
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*Net profit margin (%) |
0.32 |
1.43 |
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*Return on total assets (%) |
0.42 |
1.38 |
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*Turnover/Total assets |
1.30 |
0.96 |
PROFITABILITY: AVERAGE
The turnover of SC appears fairly
good in its line in both years, but it declined in 2012.
SC’s net profit margin is average in both years.
SC’s return on total assets is
average in both years.
SC’s turnover is in an average level in 2011 but fair in 2012, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly Stable.
SC is considered small-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
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|
1 |
Rs.100.93 |
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Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIS |
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.