MIRA INFORM REPORT
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Report No. : |
337514 |
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Report Date : |
24.08.2015 |
IDENTIFICATION DETAILS
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Name : |
ANJI CHAOYA FURNITURE CO.,
LTD. |
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Registered Office : |
Fantan Industrial Area, Economic and Development Zone, Anji Country, Zhejiang Province, 313300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
13.12.1996 |
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Com. Reg. No.: |
330523000037372 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling of Chairs. |
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No. of Employees : |
715 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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.
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Source
: CIA |
Company
Name and address
ANJI CHAOYA FURNITURE CO., LTD.
FANTAN INDUSTRIAL AREA, ECONOMIC AND
DEVELOPMENT ZONE,
ANJI COUNTRY, Zhejiang PROVINCE, 313300 PR
CHINA
TEL: 86 (0)
572-5114987/5231152 FAX: 86 (0)
572-5231272
EXECUTIVE
SUMMARY
INCORPORATION DATE : DEC. 13, 1996
REGISTRATION NO. : 330523000037372
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 715
REGISTERED CAPITAL :
CNY 15,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER : CNY 328,646,000
(AS OF DEC. 31, 2014)
EQUITIES : CNY 61,502,000 (AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.40 = 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 Chinese-foreign equity
joint venture enterprise at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Dec. 13,
1996 and has been under present legal form since 2010.
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 and selling of
seats, chairs and office furniture; import and export of goods
SC is mainly engaged in manufacturing and selling of chairs.
Wang Caigen is
legal representative, executive director and general manager of SC at present.
SC is known to
have approx. 715 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 Anji. Detailed premise
information is not available at present.
http://www.ajcy.com The design is professional and the content
is well organized. At present it is in Chinese and English versions.
Email: chaoya-wcg@ajcy.com
For the past two years there is no record of litigation.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2010-6-23 |
Registration no. |
000570 |
330500400013791 |
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Shareholders |
Boshi Office Supplies Co., Ltd. (literal translation) 47.31% Anji Longfeng Chairs Factory (literal translation) 52.69% |
Boshi Office Supplies Co., Ltd. (literal translation) 47.31% |
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|
2010-11-10 |
Shareholders |
Boshi Office Supplies Co., Ltd. (literal translation) 47.31% Zhejiang Wuxing Furniture Co., Ltd. 52.69% |
Ou Yaping 33.33% Zhejiang Wuxing Furniture Co., Ltd. 33.33% Wang Caigen 33.34% |
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Legal form |
Chinese-foreign equity joint venture enterprise |
Present one |
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|
2012-5-24 |
Shareholders |
Ou Yaping 33.33% Zhejiang Wuxing Furniture Co., Ltd. 33.33% Wang Caigen 33.34% |
Present ones |
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Registered capital |
CNY 8,776,125 |
CNY 5,851,042 |
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2012-6-28 |
Registered capital |
CNY 5,851,042 |
Present amount |
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Unknown |
Registration no. |
330500400013791 |
Present one |
Organization Code:
609601615
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Wang Hanmin 20
Wang Hanqing 20
Wang Caigen 60
l Legal
Representative, Executive Director and General Manager:
Wang Caigen is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
executive director and general manager.
l
Supervisor:
Wang Guoxiang
SC is mainly engaged in manufacturing and selling of chairs.
SC’s products mainly
include: executive chairs, operator chairs, visitors chairs, gaming and
relaxing chairs, bar chairs, sofa, dining chairs, etc.
SC sources its materials 100% from domestic
market. SC sells 90% of its products to overseas market and 10% of its products
in domestic market.
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.
Note: SC declined to release its major
suppliers and clients.
Trademark & Patents
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Registration No. |
7958612 |
7958739 |
7958701 |
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Registration Date |
2011-9-7 |
2011-2-7 |
2011-2-7 |
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Trademark Design |
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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.
SC’s accountant
refused to release the bank details.
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31,
2014 |
As of Dec. 31,
2013 |
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Total
liabilities |
88,369 |
86,550 |
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Equities |
61,502 |
60,252 |
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-------------------- |
-------------------- |
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Total assets |
149,871 |
146,802 |
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============= |
============= |
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Turnover |
328,646 |
324,826 |
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Profit before
tax |
10,213 |
12,681 |
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Profits |
7,659 |
9,511 |
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Note:
SC’s management refused to release its detailed financial reports.
Important Ratios
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As
of Dec. 31, 2014 |
As
of Dec. 31, 2013 |
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*Liabilities
to assets |
0.59 |
0.59 |
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*Net profit
margin (%) |
2.33 |
2.93 |
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*Return on
total assets (%) |
5.11 |
6.48 |
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*Turnover/Total
assets |
2.19 |
2.21 |
PROFITABILITY:
AVERAGE
l The turnover of SC appears fairly good in
its line in both years.
l SC’s net profit
margin is average in both years.
l SC’s return on
total assets is fairly good in both years.
l
SC’s turnover is in an average level in both years, comparing with the size of
its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.83 |
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1 |
Rs.103.39 |
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Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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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.