MIRA INFORM REPORT
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Report Date : |
03.11.2014 |
IDENTIFICATION DETAILS
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Name : |
Hebei Textile Import and Export Co., Ltd. |
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Registered Office : |
No.
42, Xisanzhuang Street, Xinhua District, Shijiazhuang City, Hebei Province, 050070 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.03.1999 |
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Com. Reg. No.: |
130000000009093 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Subject is mainly
engaged in trading of various kinds of products mainly include: basic
bedding, home fashions, baby kitchen, home products, new fiber, and special
treatment. |
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No. of Employees : |
150 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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, 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
Hebei Textile Import and Export Co., Ltd.
No. 42, Xisanzhuang
Street, xinhua district,
Shijiazhuang City,
Hebei Province, 050070 PR CHINA
TEL: 86 (0) 311-83868628 FAX:
86 (0) 311-83868779
EXECUTIVE
SUMMARY
INCORPORATION DATE : mar. 19, 1999
REGISTRATION NO. : 130000000009093
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH : 150
REGISTERED CAPITAL : cny 20,000,000
BUSINESS LINE :
trading
TURNOVER : CNY 233,654,000
(AS OF DEC. 31, 2012)
EQUITIES : CNY 17,624,000
(AS OF DEC. 31, 2012)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE
RATE : CNY 6.12 = 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 Shares limited co. at
provincial Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license).
Company
Status: Shares limited co. This form of business in PR China is defined as a legal person. Its
registered capital is divided into shares of equal par value and the co.
raises capital by issuing share certificates by promotion or by public
offer. Shareholders bear limited liability to the extent of shareholding,
and the co. is liable for its debts only to the extent of its total assets.
The co has independent property of legal person and enjoys property rights
of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co. requires at least two promoters and no
more than 200, half of whom shall be domiciled in China.. Natural person
are allowed to serve as promoters. The minimum registered capital of a co. is CNY The board of directors must consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that is restructured into a shares limited
co. must comply with the conditions & requirements specified under the
law & administrative rule.
SC’s registered business scope includes importing and exporting commodities and technology, excluding export commodities under state-unified operation and import commodities
operated by the state-designated companies; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement; counter trade &
transit trade; foreign aid programs (Class B) business; various types of service
personnel dispatched to overseas (excluding seafarers).
SC is mainly
engaged in trading of various kinds of products.
Mr. Kong Aimin has been the legal representative, chairman and general manager of SC since 2008.
SC is known to have approx. 150 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Shijiazhuang. Detailed information of the premise is unspecified.
http://www.hbbed.com/
The design is professional and the content is well organized. At present it is
only in English version.
E-mail: info@hbbed.com
Changes
of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2006-8-10 |
Legal Rep. |
He Zhongqiang |
Guo Xiaowu |
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2008-09-03 |
Legal Rep. |
Guo Xiaowu |
Kong Aimin |
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Registered capital |
CNY 40,000,000 |
CNY 20,000,000 |
Organization Code: 700716464
For the past two years there is no record of litigation.
Note: The shareholder of SC is not available
in local AIC at present.
l Legal
Representative, Chairman and General Manager:
Mr. Kong Aimin is currently responsible for the overall and daily management of SC.
Working Experience(s):
From
2008 to present Working in SC as legal representative, chairman and general
manager.
*Officials:
=======
Name Title
Zhang Yugen Director
Liu Yabin Director
Zhang Yanhua Director
Yang Jianzhuo Director
Wang Guohua Supervisor
Li Heqiang Supervisor
Su Yuhong Supervisor
SC is mainly
engaged in trading of various kinds of products.
SC’s products mainly include: basic bedding, home fashions, baby
kitchen, home products, new fiber, and special treatment, etc.
Trademarks &
Patents
Registration No.: 4807675 4807677 4807678
Registration Date: Jul. 7, 2009 Apr.
21, 2009 Feb. 14, 2009
Trademark Design: 
SC sources its materials 80% from domestic
market and 20% from overseas market. SC sells 10% of its products in domestic
market, and 90% 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 Check, T/T, L/C and Credit of 30-60 days.
Note:
SC’s management declined to release its major suppliers.
Major Clients
(according to SC’s website)
================================
According to SC’s website,
Europe
Office
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Add.:
JC Unique 55A Derby Street, Manchester M8 8HW
Attn:
Kevin Cao
Mobile:
+44(0)7429096980
E-mail:
kcao@hbbed.com
SC is known to invest in other companies, but the details are not available.
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 bank details.
Financial Summary
Unit: CNY’000
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As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
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Long-term
investment |
122 |
122 |
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Total
liabilities |
97,020 |
86,930 |
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Equity |
17,413 |
17,624 |
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------------ |
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Total
assets |
114,433 |
104,554 |
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========= |
========= |
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Turnover |
335,707 |
233,654 |
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Profit
before tax |
360 |
211 |
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Profits |
360 |
211 |
Note: SC’s
management refused to release its detailed financial reports for Yr 2011 &
2012 or the latest financial reports.
Important
Ratios
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As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
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*Liabilities to assets |
0.85 |
0.83 |
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*Net profit margin (%) |
0.11 |
0.09 |
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*Return on total assets (%) |
0.31 |
0.20 |
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*Turnover/Total assets |
2.93 |
2.23 |
PROFITABILITY:
AVERAGE
l The turnover of SC
appears fairly good in both years, but appears a declining trend.
l SC’s net profit
margin appears average in both years.
l SC’s return on
total assets appears average in both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.41 |
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1 |
Rs.98.06 |
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Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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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.