MIRA INFORM REPORT
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Report No. : |
353735 |
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Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
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Name : |
YINGKOU HUAFU INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
No. 1, East of Xinlian Street, Coastal Industrial Base, Yingkou,
Liaoning Province, 115004 Pr |
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Country : |
China |
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Date of Incorporation : |
28.04.2005 |
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Com. Reg. No.: |
210800004069864 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is
engaged in manufacturing and sales of household
textile products. Products mainly include: bedding, curtain, needle
textiles |
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No. of Employee : |
About 45 |
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
YINGKOU HUAFU INTERNATIONAL TRADE
CO., LTD.
NO. 1, EAST OF XINLIAN STREET, COASTAL INDUSTRIAL BASE, YINGKOU,
LIAONING PROVINCE, 115004 PR CHINA
TEL: 86 (0)
417-4816904 FAX: 86 (0) 417-4816904
EXECUTIVE
SUMMARY
INCORPORATION DATE : APR.
28, 2005
REGISTRATION NO. :
210800004069864
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
ABOUT 45
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
UNKNOWN
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.4397 = USD
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 given address was SC’s previous
address and the present address should be the heading one.
SC was registered as a Limited Liabilities Co. at local Administration
for industry & commerce (AIC - the official body of issuing and renewing
business license) on Apr. 28, 2005.
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 production and sales of needle
textiles, clothing, home textile products, textile machinery parts, chemical
products (except dangerous goods) and light industrial products. (with permit
if needed)
SC is mainly engaged in manufacturing and sales of household textile products.
Mr. Yao Tingcai is the
legal representative and executive director of SC at present.
SC is known to
have approx. 45 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in Yingkou. The detailed information of the
premise is unspecified.
www.huafusy.com It belongs to Liaoning
Huafu Industry Co., Ltd. The design is professional and the content is well
organized. At present the web site is in Chinese version.
Email: lnhf@hfyr.com.cn
Changes
of its registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2012-7-30 |
Registered Capital |
CNY 5,000,000 |
Present amount |
Organization Code: 740756997
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yao
Tingcai 9
Liaoning Huafu Industry Co., Ltd. 90
=======================
Incorporation Date: 1999-12-29
Registered No.: 210000004927992
Legal Representative: Mr. Yao Tingcai
Website: www.huafusy.com
l Legal
representative and Executive Director:
Mr. Yao Tingcai, born in 1957, with junior
college degree. He is currently responsible for the overall management and
daily management of SC.
Working Experience(s):
At present Working in SC as legal representative
and executive director.
Also working in Liaoning Huafu Industry Co.,
Ltd., Yingkou Huafu Electronic Commerce Co., Ltd. (literal translation) and
Yingkou Dafu Co., Ltd. (literal translation) as legal representative, etc.
l
Supervisor:
Liu Shengwen
SC is mainly
engaged in manufacturing and sales of household
textile products.
SC’s products
mainly include: bedding, curtain, needle textiles
SC sources its materials 100% from domestic market.
SC sells 95% of its products in domestic market, and 5% to overseas 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’s management declined to release its customer and supplier
details.
Yingkou Huafu Electronic Commerce Co., Ltd. (literal translation)
-----------------------------------------------------
Incorporation Date: 2014-3-18
Registered No.: 210800004213239
Legal Representative: Mr. Yao Tingcai
Yingkou Dafu Co.,
Ltd. (literal translation)
-------------------------------------
Incorporation Date: 1997-8-28
Registered No.: 210800004069848
Legal Representative: Mr. Yao Tingcai
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 management
declined to release its bank details.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with a development history of
10 years. Due to lack of financial statements, we are unable to determine the
maximum credit limit for SC. Taking into consideration of SC’s background and
operation size, credit up to moderate
amount appears acceptable at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.79 |
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1 |
Rs.101.10 |
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Euro |
1 |
Rs.73.10 |
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CNY |
1 |
Rs. 10.40 |
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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KIN |
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Report Prepared
by : |
ASH |
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.