MIRA INFORM REPORT
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Report No. : |
353113 |
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Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
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Name : |
HONGFENG PRINTING AND DYEING MILL LIAONING |
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Registered Office : |
No. 15, Section 6, Jiefang Road, Linghe District Jinzhou, Liaoning Province
121000 Pr |
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Country : |
China |
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Date of Incorporation : |
07.07.2000 |
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Com. Reg. No.: |
210700004033526 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
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Employees : |
520 |
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 : |
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 – 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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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
HONGFENG PRINTING AND DYEING MILL
LIAONING
NO. 15, SECTION 6, JIEFANG ROAD, LINGHE DISTRICT JINZHOU, LIAONING
PROVINCE 121000 PR CHINA
TEL: 86 (0) 416-3567778
FAX: 86 (0) 416-3567770
***Note: SC’s address should be the heading
one, while SC’s Dalian Marketing & Sales Departments locates in the (Block
B, Room 2101, Yuanda Building, No.19 Duli Street, Dalian, Liaoning China)
EXECUTIVE
SUMMARY
Date
of Registration : july 7, 2000
REGISTRATION
NO. : 210700004033526
LEGAL
FORM : One-person Limited Liability Company
CHIEF
EXECUTIVE : wu yang (LEGAL
REPRESENTATIVE)
REGISTERED
CAPITAL : CNY 51,870,000
staff : 520
BUSINESS
CATEGORY : manufacturing & processing
& trading
Revenue : N/A (AS
OF DEC. 31, 2014)
EQUITIES : N/A (AS
OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT
: UNKNOWN
MARKET
CONDITION : average
FINANCIAL
CONDITION : N/A
OPERATIONAL
TREND : ORDINARY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.31 = 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 on July
7, 2000. However, SC changed to present legal form, and was registered
as one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 210700004033526 in 2011.
SC’s Organization Code Certificate No.: 71968688-3
SC’s Tax No.: 210703719686883
SC’s registered capital: CNY 51,870,000
SC’s paid-in capital: CNY 30,000,000
Registration
Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the
change |
|
2010 |
Registered
Capital |
CNY 20,000,000 |
CNY 30,000,000 |
|
Company Name |
Hongfeng Printing
And Dyeing Mill Co., Ltd. |
Liaoning Hongfeng
Printing & Dyeing Co., Ltd. |
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|
2011 |
Legal Form |
Limited liabilities company |
One-Person
Limited Liabilities Company |
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Registered
Capital |
CNY 30,000,000 |
CNY 51,870,000 |
Current Co
search indicates SC’s shareholders & chief executives are as follows:-
|
Name of
Shareholder (s) |
% of
Shareholding |
|
Liaoning Hongfeng
Industry Development Co., Ltd. |
100 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman and General Manager |
Wu Yang |
|
Supervisor |
Zhang Lan |
RECENT
DEVELOPMENT
No recent
development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Liaoning Hongfeng
Industry Development Co., Ltd. 100
-----------------------------------
Date of
Registration: July 14, 2004
Registration No.:
210700004042037
Legal Form: Limited Liability Company
Chief Executive: Wu
Yang 吴杨
Registered Capital:
CNY 30,000,000
MANAGEMENT
Wu Yang, Legal Representative, Chairman and
General Manager
----------------------------------------------------------------------------------------------
Gender: M
Age: 50
ID#
210202196506235916
Qualification:
University
Working experience (s):
From 2000 to
present, working in SC as legal representative, chairman and general manager
Also working in
Liaoning Hongfeng Industry Development Co., Ltd., Dalian Hongfeng Holdings Co.,
Ltd., Hongfeng (Dalian F.T.Z) International Trade Co., Ltd., Jinzhou Hongfeng
Real Estate Development Co., Ltd. and Dalian Anming Hongfeng Printing &
Dyeing Co., Ltd. as legal representative and chairman
Supervisor
-------------
Zhang Lan
BUSINESS
OPERATION
SC’s registered
business scope includes manufacturing and processing various textiles; exporting
self-made products and technologies; importing
raw materials, machinery, instruments, and relevant technology for its
production and research, excluding the imported goods controlled and forbidden
by the state; processing with imported materials, processing with
imported samples, assembling with imported parts, and compensation trade in
agreement; selling textile raw materials, dyeing chemicals and garments;
garment processing.
SC is mainly
engaged in manufacturing, processing and selling various printing and dyeing
cloth.
SC’s products
mainly include: dyeing chemicals, dyeing cloth and garments with cotton,
polyester, viscose.
SC sources its
materials 60% from domestic market, and 40% from overseas market, mainly
Europe. SC sells 30% of its products in domestic market, and 70% to overseas
market, mainly Eastern Europe.
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.
*Major Customer:
=============
Shandong D&Y
Textile & Garment Group Co., Ltd.
Shergroup Textiles
Ltd.
Rep. Medicas Jara
Fabian Jarafabi Cia Ltda.
*Major Supplier:
=============
Shaanxi Modern
Textiles Co., Ltd.
Staff & Office:
--------------------------
SC is known to
have approx. 520 staff at
present.
SC owns an area as
its operating office & factory of approx. 70,000 sq. meters at the heading
address.
RELATED
COMPANY
Dalian Hongfeng
Holdings Co., Ltd.
-------------------------------------------
Date of Registration:
September 8, 2006
Registration No.:
210231000020462
Legal Form: Limited Liability Company
Chief Executive: Wu
Yang
Registered Capital:
CNY 52,770,000
Hongfeng (Dalian
F.T.Z) International Trade Co., Ltd.
-----------------------------------------------------------------
Date of
Registration: May 18, 1999
Registration No.:
210200400016385
Chief Executive: Wu
Yang
Registered Capital:
CNY 11,800,000
Dalian Anming
Hongfeng Printing & Dyeing Co., Ltd.
-----------------------------------------------------------------
Date of
Registration: June 2, 2008
Registration No.:
210281400001771
Chief Executive: Wu
Yang
Registered Capital:
CNY 20,000,000
Jinzhou Hongfeng
Real Estate Development Co., Ltd.
----------------------------------------------------------------
Date of
Registration: April 28, 2007
Registration No.:
210700004030239
Legal Form: Limited Liability Company
Chief Executive: Wu
Yang
Registered Capital:
CNY 28,800,000
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’s suppliers
declined to make any comments.
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 Jinzhou
AC#:
402003197501018
FINANCIALS
The financials of SC is not available in local SAIC, and SC also refused
to release the details
CONCLUSIONS
SC is considered
medium-sized in its line with a development history of 15 years. Credit
dealings with SC should be confined into small amount at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.29 |
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Euro |
1 |
Rs.72.89 |
|
CNY |
1 |
Rs.10.39 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
SDA |
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 |
-- |
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.