MIRA
INFORM REPORT
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Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
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Name : |
Yongkang Yifan Leisure Products Co., Ltd. |
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Registered Office : |
Changlong Industrial Zone, |
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Country : |
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Date of Incorporation : |
12.02.2004 |
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Com. Reg. No.: |
330784000030574 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling of Tourism and Leisure Products. |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
Yongkang Yifan Leisure Products Co., Ltd.
changlong
industrial zone, longshan town,
yongkang, zhejiang PROVINCE,
321311 PR CHINA
TEL: 86 (0)
579-87553018 FAX: 86 (0)
579-87553010
EXECUTIVE SUMMARY
INCORPORATION DATE : feb. 12, 2004
REGISTRATION NO. : 330784000030574
REGISTERED LEGAL
FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 30
REGISTERED CAPITAL : CNY 2,680,000
BUSINESS LINE :
Manufacturing & TRADING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION
: N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.11 = 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 Feb. 12, 2004.
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
manufacturing, processing and selling tourism and leisure products, fitness
equipment, general merchandise (excluding hazard products) and hardware tools;
import and export business (items which are prohibited by law and restricted
under government regulation are exceptional. Special permit is required prior
to execution for restricted item) (with permit if needed).
SC is mainly
engaged in manufacturing and selling tourism and leisure products.
Ms. Lv Yinglan is legal
representative and chairman of SC at present.
SC is known to have approx. 30 employees at present.
SC is currently operating at
the above stated address, and this address houses its operating office and
factory in the industrial zone of Yongkang. The detailed information of the
premise is unspecified.
http://cn.ykyf.com/ The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: yf@ykyf.com
Changes of its registered information are as
follows:
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Date of change |
Item |
Before the change |
After the change |
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2008-6 |
Registration
No. |
3307842006994 |
Present one |
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2009-7 |
Registered
capital |
CNY 680,000 |
Present
amount |
Organization Code: 758092420
For the past two years there is no record of
litigation.
MAIN SHAREHOLDERS:
Name Investment
amount (CNY’0000) % of
Shareholding
Lv Yinglan 174.4 65.07
Lv Jinchao 93.6 34.93
l
Legal representative and Chairman:
Ms. Lv Yinglan is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and
chairman.
SC is mainly engaged
in manufacturing and selling tourism and leisure products.
SC’s products mainly include: Leisure Bed Series, Beach Chair Series,
Folding Table Series, etc.
Trademarks &
patens
Registration no.: 12057638
Registration date:
Trademark design: 
SC sources its
materials 90% from domestic market, and 10% 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 Check, T/T, L/C and
Credit of 30-60 days.
Note: SC’s management declined to release
its customer and supplier details.
SC is not known to have any
subsidiary at present.
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 Yongkang Sub-branch
AC#：387058369455
(USD account)
Relationship: Normal
Tel: 0579-87126436
Add: No. 28, Lizhou Middle Road, Yongkang
City
As our confirmation, the above bank
information is correct.
SC’s management declined to release any
financial information.
SC is considered small-sized in its line with a development history of
10 years. Taking into consideration of SC’s general performance, reputation as
well as market conditions we would rate SC as an above average credit risk
company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.35 |
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1 |
Rs.98.93 |
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Euro |
1 |
Rs.77.92 |
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.