MIRA INFORM REPORT
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Report No. : |
355369 |
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Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
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Name : |
GUANGZHOU HAOQIJIA HARDWARE CO., LTD. |
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Registered Office : |
Room 501, Jincheng Building, No. 850 Dongfeng East Road, Yuexiu District, Guangzhou, Guangdong Province, 510000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
04.12.2009 |
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Com. Reg. No.: |
440104000048365 |
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Legal Form : |
Limited
Liabilities Company |
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Line of Business : |
Subject is engaged in selling clothing accessories. Products mainly include
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No. of Employee : |
10 |
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 : |
Slow but correct |
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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.
|
Source
: CIA |
company
name and address
GUANGZHOU
HAOQIJIA HARDWARE CO., LTD.
ROOM 501,
JINCHENG BUILDING, NO. 850 DONGFENG EAST ROAD, YUEXIU DISTRICT, GUANGZHOU,
GUANGDONG PROVINCE, 510000 PR CHINA
TEL: 86
(0) 20-86529999/86-18818410121 FAX:
86 (0) 20-87327288
EXECUTIVE
SUMMARY
INCORPORATION
DATE : DEC.
4, 2009
REGISTRATION
NO. :
440104000048365
REGISTERED
LEGAL FORM : LIMITED
LIABILITIES COMPANY
CHIEF
EXECUTIVE : MR. HUANG XIANGDAO (CHAIRMAN)
STAFF
STRENGTH :
10
REGISTERED
CAPITAL : CNY 500,000
BUSINESS
LINE :
TRADING
TURNOVER : CNY
315,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 150,000 (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
6.4825 = 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
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 Dec. 4, 2009.
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 hardware products
wholesale; hardware retail; clothing accessories wholesale;
clothing accessories retail; wholesale trade; retail trade.
SC is
mainly engaged in selling clothing accessories.
Mr. Huang Xiangdao is legal representative, chairman and general manager of SC
at present.
SC is known to have approx. 10 employees at present.
SC is currently operating at the above stated address, and
this address houses its operating office in the commercial zone of Guangzhou. SC’s employee
refused to release the detailed information of the premise.
http://www.haoqijia.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: hqj@haoqijia.com zmdwjlsd@163.com
No significant changes were found during our checks with the
local AIC.
Tax Registration Certificate No.: 440104698652499
Organization Code: 698652499
Credibility Code: 91440104698652499N
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Huang Xiangmao 45
Huang
Xiangdao 55
Legal representative, chairman and general manager:
Mr. Huang Xiangdao 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:
Huang Xiangmao
SC is mainly engaged in selling clothing accessories.
SC’s products mainly include
Garment Accessories
Button, Garment Cord Lock, Metal Label, Zipper Slider,
Pendants, Pin Buckle, D ring, Square Ring, Loop & Ring, Rivet, Ring,
stopper
Fashion Buckle
Fashion Buckle, belt buckle
Belt Buckle
Women's Buckle, Man's Buckle
Shoes Accessories
Brass Buckles, Buckle Sets, Rhinestone Buckles, Chains,
shoes buckles
Swimwear Buckle
swimwear buckle
SC sources its materials 100% from domestic market. SC sells
100% of its products in domestic 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 and Credit of 30-60
days.
Note: SC refused to release its main suppliers and clients.
Shishi Zhongmaodao Hardware
Fashion Co., Ltd.
=========================================
Registration no.:
350581100020319
Legal representative: Huang Jinzhong
Incorporation date: 1996-11-4
Dongguan Changan Guixingdeng Hardware Co., Ltd.
======================================
Registration no.: 441900001557514
Principal: Huang Xiangmao
Incorporation date: 2013-04-03
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 declined to release its banking details.
Balance Sheet
Unit:
CNY’000
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As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
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Cash & bank |
113 |
151 |
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Inventory |
8 |
0 |
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Accounts receivable |
0 |
0 |
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Other Accounts receivable |
27 |
0 |
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Advances to suppliers |
0 |
0 |
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To be apportioned expense |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
148 |
151 |
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Fixed assets net value |
0 |
0 |
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Long-term investment |
0 |
0 |
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Intangible and other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
148 |
151 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
0 |
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Advance from customers |
0 |
0 |
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Other Accounts payable |
0 |
0 |
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Taxes payable |
4 |
1 |
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Withdraw the expenses in advance |
0 |
0 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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4 |
1 |
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Long term liabilities |
0 |
0 |
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Other liabilities |
0 |
0 |
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Total liabilities |
4 |
1 |
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Equities |
144 |
150 |
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------------------ |
------------------ |
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148 |
151 |
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Income Statement
Unit:
CNY’000
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As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
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Turnover |
299 |
315 |
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Cost of goods sold |
59 |
58 |
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Taxes and additional of main operation |
1 |
0.2 |
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Sales expense |
0 |
0 |
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Management
expense |
378 |
246 |
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Finance expense |
1 |
1 |
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Profit before tax |
-140 |
11 |
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Less: profit tax |
9 |
0 |
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Profits |
-149 |
11 |
Important Ratios
=============
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As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
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*Current ratio |
37.00 |
151.00 |
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*Quick ratio |
35.00 |
151.00 |
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*Liabilities to assets |
0.03 |
0.01 |
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*Net profit margin (%) |
-49.83 |
3.49 |
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*Return on total assets (%) |
-100.68 |
7.28 |
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*Inventory /Turnover ×365 |
10
days |
/ |
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*Accounts receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total assets |
2.02 |
2.09 |
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* Cost of goods sold/Turnover |
0.20 |
0.18 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fair in its line.
SC’s net profit margin is poor in 2013, and average in 2014.
SC’s return on total assets is poor in 2013, and fairly good
in 2014.
SC’s cost of goods sold is low, comparing with its turnover.
LIQUIDITY:
AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is average in 2013 and SC has no
inventory in 2014.
SC has no accounts receivable in both years.
SC has no short-term loan in both years.
SC’s turnover is in a fairly good level, comparing with the
size of its total assets.
LEVERAGE:
AVERAGE
The debt ratio of SC is low.
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.66.32 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.72.13 |
|
CNY |
1 |
Rs.10.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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.