MIRA INFORM REPORT
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Report No. : |
336789 |
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Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
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Name : |
LINYI
DONGYUE IMPORT & EXPORT CO., LTD. |
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Registered Office : |
8th Floor, Changlong
International, No. 8 Tongda Road, Lanshan
District, Linyi, Shandong Province 276000
Pr |
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Country : |
China |
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Financials (as on) : |
30.10.2013 |
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Date of Incorporation : |
26.01.2010 |
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Com. Reg. No.: |
371321200002891 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in manufacturing, processing and selling garment, bags, ribbon, toys, arts
& crafts as well as importing and exporting goods (excluding the items
limited by the state) |
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No. of Employees : |
25 (Approximately) |
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
|
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
LINYI DONGYUE IMPORT & EXPORT
CO., LTD.
8th
Floor, changlong international, no. 8 tongda road
lanshan
district, linyi, shandong PROVINCE 276000 PR CHINA
TEL: 86
(0) 539-8036228/3800066
FAX: 86
(0) 539-8025589
***Note: SC’s address
should be the heading one, while SC’s parent company-Dongyue Machinery Group
Co., Ltd. locates in the given address (Zhuanbu Industry Area, Linyi City,
Shandong Province).
EXECUTIVE
SUMMARY
Date of Registration : january 26, 2010
REGISTRATION NO. : 371321200002891
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 2,000,000
staff : 25
BUSINESS CATEGORY : TRADING
Revenue : CNY 98,016,000 (FROM JAN. 1, 2013 TO OCT. 30, 2013)
EQUITIES : CNY 5,515,000 (AS OF OCT. 30, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.15 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
for Industry & Commerce (SAIC) under registration No.: 371321200002891.
SC’s Organization Code Certificate No.:
55090066-0
%2012-Aug-2015_files/image006.jpg)
SC’s Tax No.: 371321550900660
SC’s registered capital: CNY 2,000,000
SC’s paid-in capital: CNY 2,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
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|
Legal Form |
Limited Liabilities Company |
One-Person Limited Liabilities Company |
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Shareholder (s) (% of
Shareholding) |
Dongyue Machinery Group Co., Ltd. 60% Sun Jinghui 40% |
Sun Jinghui 100% |
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|
-- |
Legal Form |
One-Person Limited Liabilities Company |
Limited Liabilities Company |
|
Shareholder (s) (% of
Shareholding) |
Sun Jinghui 100% |
Dongyue Machinery Group Co., Ltd. 60% Sun Jinghui 40% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Dongyue Machinery Group Co., Ltd. |
60 |
|
Sun Jinghui |
40 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Sun Jinghui |
|
Supervisor |
Zhang Yuanxi |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Dongyue Machinery Group Co.,
Ltd. 60
Sun Jinghui 40
Dongyue Machinery Group Co., Ltd.
--------------------------------------------
Web:
www.furongqi.com
Registration No.: 371321228008507
Date of Registration: July 9, 2004
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 53,500,000
Legal Representative: Sun Jingwei
MANAGEMENT
Sun Jinghui, Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative, chairman and
general manager
Also working in Linyi Dongyue Import &
Export Co., Ltd. Tongda Road Branch as principal
Zhang Yuanxi, Supervisor
----------------------------------------------
Ø
Gender: M
Ø Qualification:
University
BUSINESS
OPERATION
SC’s
registered business scope includes manufacturing, processing and selling
garment, bags, ribbon, toys, arts & crafts; importing and exporting goods.
(excluding the items limited by the state)
SC is mainly
engaged in international trade.
SC’s
products mainly include: brick machine, etc.
SC sources its products 100% from domestic market. SC sells 10% in domestic market and 90% to overseas market, mainly India, etc.
The buying terms of SC include Check, 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.
Staff & Office:
--------------------------
SC is
known to have approx. 25 staff
at present.
SC rents an area as
its operating office, but the detailed information is unknown.
RELATED
COMPANY
Branch
Linyi Dongyue Import & Export Co., Ltd. Tongda Road Branch
Registration
No.: 371300300002777
Date
of Registration: August 15, 2011
Principal:
Sun Jinghui
Related Companies,
Shandong Qingda New Energy Co., Ltd.
Registration No.: 371321228010350
Date of Registration: August 23, 2007
Legal Form: Limited Liabilities Company
Registered Capital: CNY 22,600,000
Legal Representative: Sun Chunli
Linyi Dongyue New Building Materials Co., Ltd.
Registration No.: 371321200005548
Date of Registration: August 12, 2011
Legal Form: Limited Liabilities Company
Registered Capital: CNY 82,000,000
Legal Representative: Liu Chunxia
Linyi Dongyue Shengda Machinery Manufacturer Co., Ltd.
Registration No.: 371321200006047
Date of Registration: November 14, 2011
Legal Form: Limited Liabilities Company
Registered Capital: CNY 4,000,000
Legal Representative: Sun Chunyi
Linyi Dongyue Pressure Vessel Equipment Manufacturing Co., Ltd.
Registration No.: 371321200006696
Date of Registration: April 24, 2012
Legal Form: Limited Liabilities Company
Registered Capital: CNY 10,000,000
Legal Representative: Huang Tingxun
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Bank
of China Linyi Yinan Sub-branch
AC#:
N/a
Agricultural
Bank of China Linyi Yinan County Sub-branch
AC#:
N/a
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Oct. 30, 2013 |
|
3,306 |
3,523 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
-47 |
5,721 |
|
Advances to
suppliers |
143 |
24,611 |
|
Subsidy
receivable |
2,311 |
9,739 |
|
Other receivable |
9,600 |
8,500 |
|
Inventory |
193 |
241 |
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Deferred
expenses |
0 |
0 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
15,506 |
52,335 |
|
Fixed assets |
379 |
3,929 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
15,885 |
56,264 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
-27,118 |
2,282 |
|
Wages payable |
431 |
238 |
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Taxes payable |
-79 |
-126 |
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Advances from
clients |
38,295 |
40,875 |
|
Other levies
payable |
-3 |
0 |
|
Other payable |
-191 |
1,280 |
|
Accrued expense |
1,623 |
6,200 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
12,958 |
50,749 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
12,958 |
50,749 |
|
Equities |
2,927 |
5,515 |
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------------------ |
------------------ |
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Total
liabilities & equities |
15,885 |
56,264 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
From
Jan. 1, 2013 to Oct. 30, 2013 |
|
Revenue |
39,796 |
98,016 |
|
Cost of sales |
31,939 |
82,147 |
|
Taxes and surcharges |
11 |
44 |
|
Sales expense |
6,906 |
11,616 |
|
Management expense |
482 |
1,208 |
|
Finance expense |
6 |
188 |
|
Non-operating
income |
21 |
0 |
|
Non-operating expense |
-1 |
0 |
|
Profit before
tax |
474 |
2,814 |
|
Less: profit tax |
62 |
275 |
|
412 |
2,539 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As of Oct. 30, 2013 |
|
*Current ratio |
1.20 |
1.03 |
|
*Quick ratio |
1.18 |
1.03 |
|
*Liabilities
to assets |
0.82 |
0.90 |
|
*Net profit
margin (%) |
1.04 |
2.59 |
|
*Return on total
assets (%) |
2.59 |
4.51 |
|
*Inventory /
Revenue ×365/300 |
2 days |
1 day |
|
*Accounts
receivable / Revenue ×365/300 |
-- |
18 days |
|
*Revenue /
Total assets |
2.51 |
1.74 |
|
*Cost of sales
/ Revenue |
0.80 |
0.84 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears fairly good.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears small.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans.
l
SC’s revenue is in an
average level, 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 above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.17 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.