MIRA INFORM REPORT
|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
FUJIAN
FURNITURE IMPORT & EXPORT CORPORATION |
|
|
|
|
Registered Office : |
NO. 31 Wuyi North Road, Gulou District,
Fuzhou, Fujian Province, 350001 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
08.04.1981 |
|
|
|
|
Com. Reg. No.: |
350000100001999 |
|
|
|
|
Legal Form : |
State-Owned Enterprise |
|
|
|
|
Line of Business : |
Engaged in export of furniture |
|
|
|
|
No. of Employees |
35 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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
|
Source
: CIA |
Company
name and address
FUJIAN
FURNITURE IMPORT & EXPORT CORPORATION
NO. 31 WUYI NORTH ROAD, GULOU
DISTRICT, FUZHOU,
FUJIAN PROVINCE, 350001 PR CHINA
TEL: 86 (0) 591-87552760/87506064/87606451 FAX: 86 (0) 591-87506060
EXECUTIVE
SUMMARY
INCORPORATION DATE :
APR. 8, 1981
REGISTRATION NO. :
350000100001999
REGISTERED LEGAL FORM : STATE-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. CHEN JIAN (LEGAL REPRESENTATIVE)
STAFF STRENGTH : 35
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : moderate amount
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.22 = 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
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 Apr. 8, 1981.
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, has autonomy in management, takes 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 trade; wholesale, retail furniture,
plates, bamboo products, animal feed, fertilizer, metal materials, chemical
products (excluding dangerous chemicals), fuel oil (excluding oil), daily
sundries, hardware tools, paint, furniture stick mixture, wallpaper, carpet,
steel, arts and crafts, woodworking machinery, wood processing machinery,
plywood and wood fiber processing equipment; furniture industry technology
consulting, technology services. (with permit if needed)
SC is
mainly engaged in export of furniture.
Mr. Chen Jian is the
legal representative and general manager of SC at present.
SC is known to have approx. 35 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.
http://www.furniturefujian.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
Email: mail@furniturefujian.com
chenjian@furniturefujian.com
SC has passed the authentication of Quality System of ISO 9001: 2000
Standard and FSC Certificate, and was awarded as Fujian Famous Brand, Fujian
Export Famous Brand, Fujian International Well-known Brand, etc.
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
Subject passed the annual
inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 158148371
For the past two years there is no record of litigation.
MAIN SHAREHOLDER:
Name %
of Shareholding
Fujian Cities Collective Unit
Industry Cooperatives Association 100
l
Legal representative and
general manager:
Mr. Chen Jian, about 44 years
old with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as legal representative
and general manager
SC is
mainly engaged in export of furniture.
SC’s products mainly include: steel furniture, wood furniture, bamboo and
woods, wood products, etc.
SC sources its materials 100% from domestic market.
SC sells 10% of its products in domestic market, and 90% to overseas market, mainly to Europe, America and Japan.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note:
SC’s management declined to release its major clients and suppliers.
Fujian Indoor Decoration Construction-Design Co., Ltd.
==========================
Registration No.: 350000100023793
Chairman: Lin Ping
Subsidiary:
Fujian Fuqing Gongmao Pool Fitment Factory
======================
Incorporation Date:
Chairman: Shi Danying
Registered Capital: CNY 3,387,000
Branch:
Fujian Furniture Import & Export
Corporation Zhangzhou Office
==========================
Registration No.: 350600100035917
Incorporation Date:
Principal: Lin Changying
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.
Bank of China Fujian Branch
AC#：N/A
Relationship:
Normal.
SC’s management declined to release any financial information
SC is considered medium-sized in
its line with a long development history. Taking into consideration of SC’s market
conditions and development history, we would rate SC as an average credit risk
company. Credit up to moderate amount may be considered.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.