MIRA INFORM REPORT
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Report No. : |
353646 |
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Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
Sunvim Group Co.,
Ltd. |
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|
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Registered Office : |
No. 1 Furi Street, Gaomi City, Weifang City, Shandong Province, 261500
Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2015 |
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Date of Incorporation : |
11.08.1999 |
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Com. Reg. No.: |
370000228016476 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling towel series products, textiles, bedding,
and garments products mainly include: towel
series, bedding series, decorative cloth series. |
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Employees: |
17,880 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
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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 |
|
Insignificant |
A1 |
|
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
|
Source
: CIA |
company name and address
Sunvim Group Co., Ltd.
No. 1 Furi Street, Gaomi City, Weifang City,
Shandong Province, 261500 PR China
TEL: 86 (0) 536-2308043/2303761 FAX: 86 (0) 536-5828777
EXECUTIVE
SUMMARY
INCORPORATION DATE : Aug. 11, 1999
REGISTRATION NO. : 370000228016476
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. Sun rigui (CHAIRMAN)
STAFF STRENGTH :
17,880
REGISTERED CAPITAL : CNY 908,000,000
BUSINESS LINE :
Manufacturing & Trade
TURNOVER :
CNY 3,190,079,000 (CONSOLIDATED, JAN. 1 TO SEP. 30, 2015)
EQUITIES :
CNY 2,895,704,000 (CONSOLIDATED, AS OF SEP. 30, 2015)
PAYMENT :
REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : Fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.4173 = 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: The correct fax number is the heading one.
SC was registered as a Shares limited co. at local Administration for
Industry & Commerce (AIC-The official body of issuing and renewing business
license).
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in China. Natural person are allowed to
serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the
co. raises capital by public offer, the promoters must not subscribe less
than 35% of the total shares. the promoters’ shares are restricted to
transfer- within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes manufacture and sales of towel
series products, textiles, knitwear, bedding, clothing, arts and crafts; export
of own products and technology; import of
raw and auxiliary materials, instrumentation, mechanical equipment,
spare parts and technology (excluding those limited or prohibited by the
state); processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement (if needed
with permit).
SC is mainly engaged in manufacturing and selling towel series products,
textiles, bedding, and garments.
Mr. Sun Rigui has been legal representative and chairman of SC since
1999.
SC is known to have approx. 17,880 employees at present,
including 342 researching staffs, 15,844 workers, 432 sales representatives,
and etc.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Gaomi. Our
checks reveal that SC owns the total premise about 580,000 square meters.
http://www.sunvim.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
Email: furigufen@126.com
See below for SC as executive party (defendant).
|
Executed Party |
Sunvim Group Co., Ltd. |
|
Court |
Gaomi City People's Court |
|
Date of Case |
May 4, 2010 |
|
Case Number |
(2010) 00479 |
|
Claim Amount |
RMB 60,000 |
|
Executed Party |
Sunvim Group Co., Ltd. |
|
Court |
Gaomi City People's Court |
|
Date of Case |
Oct. 19, 2011 |
|
Case Number |
(2011) 00462 |
|
Claim Amount |
RMB 50,000 |
|
Executed Party |
Sunvim Group Co., Ltd. |
|
Court |
Gaomi City People's Court |
|
Date of Case |
May 21, 2011 |
|
Case Number |
(2011) 00361 |
|
Claim Amount |
RMB 48,000 |
Etc.
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
SC is a listed company in Shenzhen Stock Exchange Market with the code
002083.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
3700002801647 |
Present one |
|
Legal form |
Limited Liabilities Co. |
Present one |
|
|
2007-12-31 |
Registered capital |
CNY 525,655,319 |
CNY 625,655,319 |
|
2008-12-31 |
Registered capital |
CNY 625,655,319 |
CNY 938,482,980 |
|
2013-11 |
Registered capital |
CNY 938,482,980 |
Present amount |
Note: SC was formerly named Shandong Jieyu Textile Co., Ltd. (山东洁玉纺织有限公司), after numerous
changes, the company name was changed to the present one.
Tax Registration Certificate No.: 370785165840155
Organization Code: 16584015-5
Honors:
SC has been honoured “The Most Advanced Country Enterprise in Earning
Foreign Exchange”, “The Steady-Going Quality Enterprise in Chinese Export
Industry”, “The Best Credit Enterprise in China”, “Advanced Private Enterprise
in Shandong Province”, and SC’s products have been awarded “Chinese Famous
Brand”, “Quality Medal of Shandong Province”, “Famous Brand in Shandong
Province”, etc.
MAIN SHAREHOLDERS: (As of Sep. 30, 2015)
Name % of Shareholding
Sunvim Holdings Group Co., Ltd. 25.42
Sun Rigui 6.91
P&A Asset-China Minsheng Bank-P&A-Zhifu No. 1
Special Asset Management Plan (In Chinese Pinyin) 2.2
Shan Qiujuan 1.54
Central Huijin Investment Ltd. 1.32
Sun Yong 1.19
Han Shuhua 0.93
Yang Baokun 0.77
Zhang Wuxian 0.63
Liu Shihui 0.48
Other shareholders 58.61
Sunvim Holdings Group Co., Ltd.
=========================
Registered no.: 370700228069149
Legal representative: Sun Rigui
Incorporation Date: 2006-06-26
The said company was formerly known as Shandong Sunvim Holdings Co., Ltd.
Legal
representative & Chairman:
Mr. Sun Rigui, senior economist, born in 1955, with junior college
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1975 to 1987 Worked in Weifang Electrical Machine Factory as department chief and
vice general manager;
From 1987 to 1999 Worked in Gaomi Towel Factory as factory manager;
From 1999 to 2002 Worked in Shandong Jieyu Textile Co., Ltd. as chairman and general
manager;
From 2002 to 2005 Worked in Sunvim Hometextiles Co., Ltd. as chairman;
From 1999 to present Working in SC as legal representative and chairman
Also working in Sunvim
Holdings Group Co., Ltd. as legal representative.
General manager,
Director & Finance director:
Ms. Wu Mingfeng, born in 1961, with Master’s Degree. She is currently
responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as director, general
manager and finance director.
Directors:
Lin Cunji
Zhang Guohua
Yu Conghai
Etc.
Supervisors:
Qi Zongzhong
Qin Bo
Zhang Shuming
SC is mainly engaged in manufacturing and selling towel series products,
textiles, bedding, and garments.
SC’s products mainly include: towel
series, bedding series, decorative cloth series.
SC’s brand is “SUNVIM”.
SC sources its materials 100% from domestic market, mainly Shandong
province. SC sells 30% of its products in domestic market, and 70% to overseas
market, mainly Japan, USA and Europe.
The buying terms of SC include Check, T/T and Credit of 30 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its customer and supplier
details.
Trademark &
Patents
|
Registration No. |
10128644 |
10128643 |
10128645 |
|
Registration Date |
2013-4-14 |
2013-3-7 |
2013-4-14 |
|
Trademark Design |
|
|
|
SC is known to have the following subsidiaries:
Gaomi Sunvim Real Estate Co., Ltd.
----------------------------------------
Registered no.: 370785228020061
Legal representative: Fu Peilin
Date of incorporation: 2006-04-26
Gaomi Wanren Thermal Power Co., Ltd.
--------------------------------------------
Registered no.: 370785018019757
Legal representative: Zhang Guohua
Date of incorporation: 2006-08-11
Shanghai Sunvim Home Textiles Technology Co., Ltd.
-----------------------------------------------------------
Registered no.: 310110000467330
Legal representative: Sun Rixu
Date of incorporation: 2008-08-14
Gaomi Sunvim Water Supply Co., Ltd.
------------------------------------------
Registered no.: 370785228010437
Legal representative: Ge Xiaoxin
Date of incorporation: 2003-03-31
Etc.
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.
Agricultural Bank of China Gaomi Sub-Branch
AC#：15-453001040006553
Relationship: Normal.
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Sep. 30,
2015 |
As of Dec. 31,
2014 |
|
Cash & bank |
309,292 |
863,043 |
|
Financial assets held for trading |
10,579 |
10,386 |
|
Notes receivable |
1,410 |
61,822 |
|
Inventory |
1,863,611 |
2,060,977 |
|
Accounts receivable |
428,676 |
376,846 |
|
Advances to suppliers |
91,066 |
35,228 |
|
Interest receivable |
13 |
1,044 |
|
Other accounts receivable |
60,534 |
107,361 |
|
Classified as available for sale assets |
0 |
2,650 |
|
Other current assets |
299,998 |
297,598 |
|
Short term loans and advances |
206,531 |
233,052 |
|
|
------------------ |
------------------ |
|
Current assets |
3,271,710 |
4,050,007 |
|
Long term investment |
1,409 |
1,432 |
|
Investment real estate |
6,441 |
5,374 |
|
Fixed assets |
2,857,618 |
2,962,824 |
|
Projects under construction |
116,851 |
137,418 |
|
Intangible assets |
322,619 |
332,127 |
|
Goodwill |
6,436 |
6,436 |
|
Long term prepaid expenses |
1,864 |
2,677 |
|
Deferred tax asset |
124,896 |
136,191 |
|
Other non-current assets |
126,915 |
137,346 |
|
|
------------------ |
------------------ |
|
Total assets |
6,836,759 |
7,771,832 |
|
|
============= |
============= |
|
Short loans |
2,408,563 |
2,990,113 |
|
Accounts payable |
297,190 |
597,672 |
|
Advances to suppliers |
94,351 |
52,278 |
|
Payroll payable |
73,487 |
83,032 |
|
Taxes payable |
34,261 |
46,357 |
|
Other accounts payable |
27,803 |
25,600 |
|
Non-current liabilities due within one year |
354,092 |
896,628 |
|
Other current liabilities |
15,245 |
7,266 |
|
|
------------------ |
------------------ |
|
Current liabilities |
3,304,992 |
4,698,946 |
|
Non-current liabilities |
636,063 |
300,591 |
|
|
------------------ |
------------------ |
|
Total liabilities |
3,941,055 |
4,999,537 |
|
Equities |
2,895,704 |
2,772,295 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
6,836,759 |
7,771,832 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
Jan. 1~ Sep. 30,
2015 |
As of Dec. 31,
2014 |
|
Turnover |
3,190,079 |
4,553,566 |
|
Cost of goods sold |
2,477,882 |
3,616,309 |
|
Tax and associate charge |
42,816 |
66,970 |
|
Sales expense |
117,835 |
176,388 |
|
Management expense |
150,171 |
280,373 |
|
Finance expense |
111,651 |
163,255 |
|
Assets depreciation loss |
3,982 |
16,957 |
|
Profit/loss arising from fair value changes |
477 |
-2,011 |
|
Investment income |
24,220 |
31,924 |
|
Non-operating income |
5,267 |
108,413 |
|
Non-operating expense |
13,635 |
338,665 |
|
Profit before tax |
302,071 |
32,975 |
|
Less: profit tax |
85,687 |
-42,160 |
|
Profits |
216,384 |
75,135 |
Important Ratios
=============
|
|
As of Sep. 30,
2015 |
As of Dec. 31,
2014 |
|
*Current ratio |
0.99 |
0.86 |
|
*Quick ratio |
0.43 |
0.42 |
|
*Liabilities to assets |
0.58 |
0.64 |
|
*Net profit margin (%) |
6.78 |
1.65 |
|
*Return on total assets (%) |
3.17 |
0.97 |
|
*Inventory /Turnover ×365 |
/ |
166 days |
|
*Accounts receivable/Turnover ×365 |
/ |
31 days |
|
*Turnover/Total assets |
0.47 |
0.59 |
|
* Cost of goods sold/Turnover |
0.78 |
0.79 |
PROFITABILITY:
AVERAGE
The turnover of SC appears good in its line.
SC’s net profit margin is average in 2014, but fairly good in the
1st three quarters of 2015.
SC’s return on total assets is average.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC appears large.
The accounts receivable of SC appears average.
SC’s short-term loan is large.
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of inventory and short-term loan could be a threat
to SC’s financial situation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
CNY |
1 |
Rs.10.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared by
: |
SDA |
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.