MIRA INFORM REPORT
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Report No. : |
354649 |
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Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
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Name : |
YIWU WATT IMPORT AND EXPORT
CO., LTD. |
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Registered Office : |
Room 310, Building 3, Jiahe Flat, Beiyuan Street, Yiwu, Zhejiang
Province, 322000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
17.01.2007 |
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Com. Reg. No.: |
330782000174204 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Importing and exporting goods and technologies; physical site wholesale,
online sales: general merchandise, jewelry, handicrafts, electronic products
(excluding electronic publication), bags, household appliances, clothing,
shoes, socks, hats, clothing accessories, cosmetics (excluding hazardous
chemicals), plastic products, rubber products, needles textiles, furniture,
toys, decorative materials (excluding wood materials, dangerous chemicals,
precursor chemicals and controlled chemicals), office supplies, small
hardware, bedding, lamps. |
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No. of Employees : |
7 |
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 : |
Small Company |
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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
|
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.
|
Source
: CIA |
Company
Name & address
YIWU WATT IMPORT AND EXPORT CO., LTD.
ROOM 310, BUILDING 3, JIAHE FLAT, beiyuan
street,
yiwu,
zhejiang province, 322000 PR CHINA
TEL: 86 (0) 579-85590048/85590038 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE : JAN. 17, 2007
REGISTRATION NO. : 330782000174204
REGISTERED LEGAL FORM : ONE-PERSON LIMITED
LIABILITY COMPANY
CHIEF EXECUTIVE :
Ms. tong yanzhen (CHAIRMAN)
STAFF STRENGTH :
7
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 10,236,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 34,000 (AS OF DEC. 31, 2014)
PAYMENT :
No Complaints
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.4595= 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: SC’s correct name should be the heading
one, while the given name belongs to SC’s related company registered in HK.
The given tel. no. “86 576
SC was registered as a One-person
Limited Liability Company at local Administration for Industry &
Commerce (AIC - The official body of issuing and renewing business license) on
Jan. 17, 2007.
Company Status: One-person Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes importing and exporting goods
and technologies; physical site wholesale, online sales: general merchandise,
jewelry, handicrafts, electronic products (excluding electronic publication),
bags, household appliances, clothing, shoes, socks, hats, clothing accessories,
cosmetics (excluding hazardous chemicals), plastic products, rubber products,
needles textiles, furniture, toys, decorative materials (excluding wood
materials, dangerous chemicals, precursor chemicals and controlled chemicals),
office supplies, small hardware, bedding, lamps.
SC is mainly engaged in exporting fitness clothing and mechanical
equipment.
Ms. Tong Yanzhen is legal representative, chairman and general manager
of SC at present.
SC is known to have approx. 7 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Yiwu. SC’s management
declined to release detailed information of the premise.
SC is not known to host website of its own at present.
E-mail: 1290541415@qq.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2010.12.6 |
Registration no. |
3307822016382 |
Present one |
Tax registration no.: 330725797643440
Organization code: 797643440
See below for SC as executive party (defendant).
|
Executed Party |
SC |
|
Court |
Shaoxing County People's Court |
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Date of Case |
Sep. 8, 2008 |
|
Case Number |
(2008) 01469 |
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Claim Amount |
RMB 52,956.37 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Tong Yanzhen
ID#330721198206****** 100
Legal Representative, Chairman and General Manager:
Ms. Tong Yanzhen, ID#330721198206******, born in 1982. She is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager
Supervisor:
Tong Lizhen
SC is mainly engaged in exporting fitness clothing and mechanical
equipment.
SC’s products mainly include: fitness clothing, industrial mill.
SC sources its materials 100% from domestic market. SC sells 100% of its
products to overseas market, mainly America, Europe, etc.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, L/C and Credit of 30-60 days.
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TRADEMARKS & PATENTS |
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Registration No. |
10394485 |
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Registration Date |
May 7, 2013 |
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Trademark Design |
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Note: SC’s
management declined to release its major suppliers and clients.
TYZ Watt Import & Export Co., Limited (Hong Kong)
========================================
CR No.: 1605723
Company Type: Private company
limited by shares
Date of Incorporation: 24-MAY-2011
Active Status: Live
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 the bank information of SC.
Balance
Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2014 |
as of Dec. 31, 2013 |
|
Cash & bank |
54 |
318 |
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Inventory |
3 |
0 |
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Accounts receivable |
0 |
0 |
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Advances to suppliers |
0 |
0 |
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Other receivables |
2,976 |
3,319 |
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Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
3,033 |
3,637 |
|
Long-term investments |
0 |
0 |
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Fixed assets net value |
0 |
0 |
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Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
3,033 |
3,637 |
|
|
============= |
============= |
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Short loans |
/ |
/ |
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Notes payable |
/ |
/ |
|
Accounts payable |
2,224 |
1,479 |
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Advances from customers |
/ |
/ |
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Accrued payroll |
/ |
/ |
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Taxes payable |
/ |
/ |
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Other accounts payable |
186 |
0 |
|
Other current liabilities |
/ |
/ |
|
|
----------------- |
----------------- |
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Current liabilities |
2,999 |
3,612 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
2,999 |
3,612 |
|
Shareholders equities |
34 |
25 |
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|
------------------ |
------------------ |
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Total liabilities & equities |
3,033 |
3,637 |
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|
============= |
============= |
Income
Statement
Unit: CNY’000
|
|
as of Dec. 31, 2014 |
as of Dec. 31, 2013 |
|
Turnover |
10,236 |
13,620 |
|
Cost of goods sold |
/ |
/ |
|
Taxes and additional of main operation |
/ |
/ |
|
Sales expense |
/ |
/ |
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Management expense |
/ |
/ |
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Finance expense |
/ |
/ |
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Non-operating income |
/ |
/ |
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Non-operating expense |
/ |
/ |
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Profit before tax |
30 |
49 |
|
Less: profit tax |
21 |
28 |
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Net profit |
9 |
21 |
Note:
SC’s accountant refused to release the detailed financial reports for Yr2014
and Yr2013.
Important
Ratios
=============
|
|
as of Dec. 31,
2014 |
as of Dec. 31,
2013 |
|
*Current ratio |
1.01 |
1.01 |
|
*Quick ratio |
1.01 |
1.01 |
|
*Liabilities to assets |
0.99 |
0.99 |
|
*Net profit margin (%) |
0.09 |
0.15 |
|
*Return on total assets (%) |
0.30 |
0.58 |
|
*Inventory /Turnover ×365 |
1 day |
/
|
|
*Accounts receivable/Turnover ×365 |
/ |
/ |
|
*Turnover/Total assets |
3.37 |
3.74 |
|
* Cost of goods sold/Turnover |
/ |
/ |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in its line in both years, but it
declined in 2014.
SC’s net profit margin is average in both years.
SC’s return on total assets is average in both years.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fair level in both years.
SC’s quick ratio is maintained in a normal level in both years.
SC has no inventory in 2013 but small in 2014.
SC has no accounts receivable in both years.
SC’s turnover is in a fairly good level in both years, comparing with
the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
CNY |
1 |
Rs.10.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
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Report Prepared
by : |
TPT |
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 |
|
|
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.