MIRA INFORM REPORT
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Report No. : |
355230 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
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Name : |
High Hope Int'l Group Jiangsu Champion Holdings Ltd. |
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Registered Office : |
20-25/F, High Hope Building, No. 91, Baixia Road, Baixia
District, Nanjing, Jiangsu Province, 210001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
10.10.1992 |
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Com. Reg. No.: |
320000000004063 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in trading different kinds of products. Products mainly include: Garments, Textiles. |
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No. of Employee : |
160 |
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. 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
anme and Address
High Hope Int'l Group Jiangsu Champion Holdings Ltd.
20-25/F, high hope building, no. 91, baixia
road, baixia DISTRICT,
nanjing, jiangsu PROVINCE, 210001 PR CHINA
TEL: 86 (0)
25-84691099/84691402/84691411/84691098
FAX: 86 (0) 25-84572567/84572545
EXECUTIVE
SUMMARY
INCORPORATION DATE : oct. 10, 1992
REGISTRATION NO. : 320000000004063
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
160
REGISTERED CAPITAL : CNY 129,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 3,727,505,000 (AS OF DEC.
31, 2014)
EQUITIES :
CNY 564,890,000 (AS OF DEC. 31, 2014)
PAYMENT :
NO COMPLAINTS
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY
6.38 = 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
SC was registered as a Limited
liabilities co. at local Administration for industry & commerce (AIC
- the official body of issuing and renewing business license).
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 import and export of various goods and technologies;
affecting Chinese foreign equity joint venture enterprise and Chinese foreign
contractual joint venture enterprise; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement; transfer trade and barter trade; organization
of production of raw and auxiliary materials, clothing and textiles for SC
exports commodity production enterprises; domestic trading; industry
investment, leasing in kind, storage (excluding hazardous products), realty
management, indoor and outdoor decoration, economic information consulting
services; international freight forwarding business. (with permit if needed)
SC is mainly
engaged in trading different kinds of products.
Mr.
Xu Jiuyin has been legal representative and
chairman of SC since November of 2002.
SC is known to have approx. 160 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Nanjing. Our checks reveal that SC
owns the total premise, but SC’s accountant refused to release the gross area
of the premise.
http://www.hhchampion.com/en/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Email: info@hhchampion.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
1994-4-1 |
Company name |
Jiangsu High Hope Int’l Group Knitwear
Import and Export Co., Ltd. |
Jiangsu Knitwear Import and Export (Group)
Co. |
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1997-12-4 |
Jiangsu Knitwear Import and Export (Group)
Co. |
Jiangsu High Hope Int’l Group Knitwear
Import and Export Co., Ltd. |
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|
2001-1-19 |
Shareholders and shareholding |
Jiangsu High Hope International Group Co., Ltd. 100% |
Jiangsu High Hope International Group Co., Ltd. 57%; Labor Union of Jiangsu High
Hope Int’l Group Knitwear Import and Export Co., Ltd. 40%; Jiangsu High Hope Int’l Group Wool Knitwear
Import and Export Co., Ltd. 3% |
|
Legal form |
Sole state-owned enterprise |
Present one |
|
|
2002-10-11 |
Registered capital |
CNY 54,560,000 |
CNY 100,000,000 |
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2002-11-22 |
Legal rep. |
Xu Bingjian |
Present one |
|
2007-11-27 |
Registered capital |
CNY 100,000,000 |
Present amount |
|
2011-1-10 |
Company name |
Jiangsu High Hope Int’l Group Knitwear
Import and Export Co., Ltd. |
Present one |
|
2011-6-30 |
Shareholders and shareholding |
Jiangsu High Hope International Group Co., Ltd. 57%; Labor Union of Jiangsu High
Hope Int’l Group Knitwear Import and Export Co., Ltd. 40%; Jiangsu High Hope Int’l Group Wool Knitwear
Import and Export Co., Ltd. 3% |
Jiangsu High Hope International Group Co., Ltd. 57%; Labor Union of High Hope Int'l Group
Jiangsu Champion Holdings Ltd. 40%; High Hope Aglory Ltd. 3% |
|
2014-9-30 |
Jiangsu High Hope International Group Co., Ltd. 57%; Labor Union of High Hope Int'l Group
Jiangsu Champion Holdings Ltd. 40%; High Hope Aglory Ltd. 3% |
Jiangsu High Hope International Group Co.,
Ltd. 63.5% Labor Union of High Hope Int'l Group Jiangsu
Champion Holdings Ltd.江 36.5% |
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|
2014-12-9 |
Registered capital |
CNY130,000,000 |
Present one |
|
2014-12-8 |
Shareholders and shareholding |
Jiangsu High Hope International Group Co., Ltd. 63.5% Labor Union of High Hope Int'l Group Jiangsu Champion Holdings Ltd.江
36.5% |
Jiangsu High Hope International Group Co.,
Ltd.63.5% Jiangsu Zhongjin Jinhe Equity Investment
Partnership (Literal translation) 36.5% |
|
2015-9-1 |
Shareholders |
Jiangsu High Hope International Group Co.,
Ltd. 63.5% Jiangsu Zhongjin Jinhe Equity Investment
Partnership (Literal translation) 36.5% |
Present ones |
SC’s quality system meets the international standards of ISO 9001 and
ISO 14001.
Organization code: 134762318
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Jiangsu High Hope International Group
Corporation 63.5
Jiangsu Zhongjin Jinhe Equity Investment
Partnership (Literal translation) 36.5
Jiangsu High Hope International Group
Corporation
===============================
Credibility Code: 91320000134762481B
Incorporated date:
Legal representative: Tang Guohai
Tel.: 86 025-84691010
Fax: 86 025-84572097
Email: mail@high-hope.com
Website: http://www.high-hope.com/
Note: This company has changed company name
from Jiangsu High Hope Corporation to Jiangsu High Hope International Group
Corporation on Aug. 18, 2015.
Jiangsu Zhongjin Jinhe Equity Investment
Partnership (Literal translation)
===================================
Registration No.: 320000000113435
Registered Legal Form: Partnership
Principal: Wu Yimin
l Legal
representative and Chairman:
Mr. Xu Jiuyin, born in 1963, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From November of 2002 to present
Working in SC as legal representative and chairman.
Also working in High Hope International
Group Jiangsu Cyberon Fashion Co., Ltd. and Jiangsu High Hope International
Group Asset Management Co., Ltd. (Literal translation) as legal representative.
l General Manager and
Director:
Mr. Wu Yimin, born in 1961. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general
manager and director.
l
Directors:
Dai Jianfeng ID#32010219641108****
Bi Jinbiao ID#34030219720702****
Fan Wenxin
Liu Ruifang ID#32010319581116****
Zhang Yuehua ID#34021119600115****
l
Supervisors:
Xue Wenlong
Yu Hui
Song Yang ID# 34030219730318****
SC is mainly
engaged in trading different kinds of products.
SC’s products
mainly include: garments, textiles.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 70% of its products in domestic
market, and 30% to overseas market.
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.
Trademark & Patents
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Registration No. |
3706919 |
8220783 |
3497353 |
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Registration Date |
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Trademark Design |
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Note: SC’s management declined to release its customer and supplier details.
Subsidiaries:
High Hope International Group Jiangsu Cyberon Fashion Co., Ltd.
=========================================
Incorporation date:
Registration No.: 320000000018787
Registered Capital: CNY 5,000,000
Legal Rep.: Xu Jiuyin
Registered Legal Form: Limited liabilities co.
Jiangsu High Hope International Group Asset Management Co., Ltd.
(Literal translation)
===============================================================
Incorporation date:
Registration No.: 320000000110822
Registered Capital: CNY 60,000,000
Legal Rep.: Xu Jiuyin
Registered Legal Form: Limited liabilities co.
Etc.
Related companies:
High
Hope Int’l Group Jiangsu Native Produce Imp. & Exp. Corp., Ltd.
====================================================
Incorporation date:
Registration No.: 320000000004670
Legal Rep.: Li Jinliang
Registered Legal Form: Shares limited co.
Tel:
86 (0) 25-84691692
Fax:
86 (0) 25-84692773
High
Hope International Group Jiangsu Foodstuffs Import & Export Corp. Ltd.
=======================================================
Incorporation date:
Registration No.: 320000000011417
Registered Capital: CNY 10,000,000
Legal Rep.: Xie Nanping
Registered Legal Form: One-person Limited
Liability Company
E-mail: hhfood@hhfood.com
Tel:
86 (0) 25-84691715
Fax:
86 (0) 25-84691800
High
Hope International Group Hua Yuan Trading Co., Ltd.
=========================================
Incorporation date:
Registration No.: 320000000005445
Registered Capital: CNY 5,000,000
Legal Rep.: Zhu Shuguang
Registered
Legal Form: One-person Limited Liability Company
High Hope Zhongding Corporation
==================================
Incorporation date:
Registration No.: 320000000000640
Registered Capital: CNY 273,592,600
Legal Rep.: Wan Huizhong
Registered Legal Form: Shares limited co.
E-mail: jsl@jslgroup.com
Tel: 86 (0) 25-58006166
Fax: 86 (0) 25-84209520
Jiangsu High Hope International Group Wuxi Co., Ltd.
High Hope International Group Jiangsu Kingfirst Trading Co., Ltd.
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.
Bank of China
AC#：N/A
Relationship:
Normal.
Financial Summary
Unit: CNY’000
|
|
As
of Dec. 31, 2014 |
As
of Dec. 31, 2013 |
|
Current assets |
1,634,632 |
1,636,119 |
|
Non-current
assets |
1,424,451 |
1,428,163 |
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Total assets |
3,059,083 |
3,064,282 |
|
|
=========== |
=========== |
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Current
liabilities |
2,428,577 |
2,555,821 |
|
Non-current
liabilities |
65,616 |
24,185 |
|
|
=========== |
=========== |
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Total
liabilities |
2,494,193 |
2,580,006 |
|
Equities |
564,890 |
484,276 |
|
Total
liabilities & equities |
3,059,083 |
3,064,282 |
|
|
=========== |
=========== |
|
Turnover |
3,727,505 |
3,242,670 |
|
Profits |
60,296 |
261,466 |
Note: We did not
find SC’s detailed financial reports.
Important
Ratios
=============
|
|
As
of Dec. 31, 2014 |
As
of Dec. 31, 2013 |
|
*Current ratio |
0.67 |
0.64 |
|
*Liabilities
to assets |
0.82 |
0.84 |
|
*Net profit
margin (%) |
1.62 |
8.06 |
|
*Return on
total assets (%) |
1.97 |
8.53 |
|
*Turnover/Total
assets |
1.22 |
1.06 |
PROFITABILITY:
AVERAGE
l The turnover of SC
appears good in its line.
l SC’s net profit
margin is fairly good in 2013 but average in 2014.
l SC’s return on total
assets is fairly good in 2013 but average in 2014.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s turnover 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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.85 |
|
UK Pound |
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
|
CNY |
1 |
Rs.10.28 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
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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 |
|
<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.