MIRA INFORM REPORT
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Report No. : |
335497 |
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Report Date : |
08.08.2015 |
IDENTIFICATION DETAILS
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Name : |
YANGO GROUP (FUJIAN) INTERNATIONAL TRADING CO., LTD. |
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Registered Office : |
18/F, Mingliu Building, No. 56, Gutian Road, Fuzhou City, Fujian Province, 350003 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
26.09.2013 |
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Com. Reg. No.: |
350105100095727 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subjects is engaged in trading of goods |
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No. of Employees : |
38 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. In 2014 the People’s Bank
of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that
year... 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 2014 more than 274 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. In 2014 China agreed to begin
limiting carbon dioxide emissions by 2030. China implemented several economic
reforms in 2014, including passing legislation to allow local governments to
issue bonds, opening several state-owned enterprises to further private
investment, loosening the one-child policy, passing harsher pollution fines,
and cutting administrative red tape.
|
Source
: CIA |
Company
Name and address
YANGO
GROUP (FUJIAN) INTERNATIONAL TRADING CO., LTD.
18/F, MINGLIU BUILDING, NO. 56,
GUTIAN ROAD, FUZHOU CITY,
FUJIAN PROVINCE, 350003 PR CHINA
TEL: 86 (0) 591-88089233/88089232
FAX: 86 (0) 591-87119320
EXECUTIVE
SUMMARY
INCORPORATION DATE :
SEPTEMBER 26, 2013
REGISTRATION NO. :
350105100095727
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. LIN XIANG (LEGAL REPRESENTATIVE)
STAFF STRENGTH :
38
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 177,200,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 50,030,000 (AS OF DEC. 31,
2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2113
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image017.gif){kind=small}
SC was registered as a
Limited liabilities company at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on September
26, 2013.
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 self-management and
agent of import and export business of all kinds of goods and technology, but
excluding the goods and technology limited or prohibited by state. Wholesaling
of steel, building materials, daily provisions, minerals (excluding special
approval), arts and crafts, chemical
products (excluding hazardous article), chemical fertilizers, the elevator,
machinery and electronics equipment, sporting goods, cultural goods, plastic
products, clothing shoes and hats, needles textiles, communications equipment,
hardware, auto parts, feeds, cokes, metal materials, coals, lubricating oil,
fuel oil (excluding product oil), wholesale and retail pre-packaged food. (With
permit to operate if needed)
SC is mainly engaged in trading of goods.
Mr.
Lin Xiang has been the legal representative and general manager of SC since
September, 2014.
SC is known to have approx. 38 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. The
detailed premise information is unspecified.
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image002.gif){kind=small}
SC is not known to host website of its own at present.
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image003.gif){kind=small}
Changes of its registered information are as
follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2014-8-13 |
Registered capital |
CNY 10,000,000 |
Present amount |
|
Shareholdings |
Fujian Sunshine Group Co., Ltd. 90%; Fuzhou Gulou Tengxiang Investment Management
Co., Ltd. (Literal Translation) 10% |
Fujian Sunshine Group Co., Ltd. 98%; Fuzhou Gulou Tengxiang Investment Management
Co., Ltd. (Literal Translation) 2% |
|
|
2014-9-22 |
Legal rep. |
Lin Xian |
Present one |
|
2015-3-9 |
Shareholder and shareholdings |
Fujian Sunshine Group Co., Ltd. 98%; Fuzhou Gulou Tengxiang Investment Management
Co., Ltd. (Literal Translation) 2% |
Present ones |
Organization Code: 079771974
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image018.gif){kind=small}
For the past two years there is no record of litigation.
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image005.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
Fujian Sunshine
Group Co., Ltd. 1
Fuzhou Gulou
Tengxiang Investment Management Co., Ltd. (Literal Translation) 2
Sunshine
International Trade Group Co., Ltd. (Literal Translation) 97
Fujian Sunshine
Group Co., Ltd.
========================
Incorporation date: 2002-2-6
Registration no.: 350000100007528
Registered capital: CNY 3,760,000,000
Legal rep.: Wu Jie
Fuzhou Gulou
Tengxiang Investment Management Co., Ltd. (Literal Translation)
===================================
Incorporation date: 2013-7-5
Registration no.: 350102100143410
Registered capital: CNY 50,000
Legal rep.: Wang Qingfeng
Sunshine
International Trade Group Co., Ltd. (Literal Translation)
===================================
Incorporation date: 2013-8-6
Registration no.: 350105100038218
Registered capital: CNY 300,000,000
Legal rep.: Wu Jing
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image006.gif){kind=small}
l
Legal representative and General
manager:
Mr. Lin Xiang is currently responsible for the overall and
daily management of SC.
Working Experience(s):
From September, 2014 to
present Working in SC as legal
representative and general manager.
Also working in Fuzhou Tenglong Industry Co., Ltd. (Literal Translation) as director.
l Chairman:
Wang Lin is currently responsible for the overall management
of SC.
Working Experience(s):
At present Working in SC as chairman.
Also working in Fuzhou Gulou Tengxiang Investment Management Co., Ltd. (Literal
Translation) as supervisor; and in Sunshine International Trade Group Co., Ltd.
(Literal Translation) and Xiamen Shengfuyang International Trade Co., Ltd.
(Literal Translation) as director; and in Fujian Sunshine Group Xiamen Import
and Export Co., Ltd. (Literal Translation) as chairman.
l Director:
Chen Hang
l Supervisor:
Lin Xian
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image007.gif){kind=small}
SC is mainly engaged in trading of goods.
SC’s products mainly include: fashion watches, girls’ swimwear, women’s
sandals, clogs, women’s flip-flops, bamboo cutting boards, bamboo placemats,
women’s flat casual shoes.
SC sources its materials 90%
from domestic market, and 10% 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 clients and suppliers.
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image008.gif){kind=small}
Fujian Sunshine Group Xiamen Import and Export
Co., Ltd. (Literal Translation)
=================================
Incorporation date: 2004-3-31
Registration no.: 350206200039503
Registered capital: CNY 50,000,000
Legal rep.: Deng Wenfeng
Xiamen Shengfuyang International Trade Co.,
Ltd. (Literal Translation)
=================================
Incorporation date: 2014-12-18
Registration no.: 350200200088353
Registered capital: CNY 50,000,000
Legal rep.: Wang Lei
Fuzhou Tenglong Industry Co., Ltd. (Literal
Translation)
=================================
Incorporation date: 2003-3-6
Registration no.: 350105100000364
Registered capital: CNY 50,000,000
Legal rep.: Wang Qingfeng
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image009.gif){kind=small}
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.
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image010.gif){kind=small}
SC’s bank details are not available at present.
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image011.gif){kind=small}
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2014 |
|
Cash & bank |
340 |
|
Inventory |
0 |
|
Accounts
receivable |
11,180 |
|
Advances to
suppliers |
14,280 |
|
Subsidy
receivable |
0 |
|
Other accounts
receivable |
44,820 |
|
Notes receivable |
0 |
|
|
----------------- |
|
Current assets |
70,620 |
|
Fixed assets net
value |
10 |
|
Long-term equity investment |
8,850 |
|
Intangible and
other assets |
0 |
|
|
------------------ |
|
Total assets |
79,480 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable
|
20,240 |
|
Advances from
clients |
6,450 |
|
Taxes payable |
-30 |
|
Employee pay payable |
0 |
|
Other accounts
payable |
2,790 |
|
Dividends
payable |
0 |
|
|
------------------ |
|
Current
liabilities |
29,450 |
|
Special accounts
payable |
0 |
|
|
------------------ |
|
Total
liabilities |
29,450 |
|
Equities |
50,030 |
|
|
------------------ |
|
Total
liabilities & equities |
79,480 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2014 |
|
Turnover |
177,200 |
|
Cost of goods sold |
175,750 |
|
Taxes and
additional of main operations |
10 |
|
Sales expense |
1,440 |
|
Management expense |
130 |
|
Finance expense |
-180 |
|
Non-operating
income |
0 |
|
Non-operating expense |
0 |
|
Profit before
tax |
50 |
|
Profits |
40 |
Important Ratios
=============
|
|
as of Dec. 31, 2014 |
|
*Current ratio |
2.40 |
|
*Quick ratio |
2.40 |
|
*Liabilities
to assets |
0.37 |
|
*Net profit
margin (%) |
0.02 |
|
*Return on
total assets (%) |
0.05 |
|
*Inventory
/Turnover ×365 |
/ |
|
*Accounts
receivable/Turnover ×365 |
24 days |
|
*Turnover/Total
assets |
2.23 |
|
* Cost of
goods sold/Turnover |
0.99 |
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image012.gif){kind=small}
PROFITABILITY: AVERAGE
l The turnover of SC
appears fairly 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: FAIRLY GOOD
l The current ratio of
SC is maintained in a fairly good level.
l SC’s quick ratio
is maintained in a fairly good level.
l SC has no
inventory in 2014.
l The accounts
receivable of SC is maintained in an average level.
l SC has no short
loans in 2014.
l SC’s turnover is
in an average level, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
l The debt ratio of
SC is low.
l The risk for SC to
go bankrupt is average.
Overall financial condition of the SC: Fairly Stable.
%20INTERNATIONAL%20TRADING%20CO.,%20LTD.%20-%20335497%2008-Aug-2015_files/image013.gif){kind=small}
SC is considered medium-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
UK Pound |
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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|
Report Prepared
by : |
TRU |
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.