MIRA INFORM REPORT
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Report No. : |
356831 |
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Report Date : |
26.12.2015 |
IDENTIFICATION DETAILS
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Name : |
NINGBO HUAYI IMP. & EXP. CO., LTD. |
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Registered Office : |
Room 12-7/8 Huahong International Center, No. 717 Zhongxing Road
Jiangdong District, Ningbo, Zhejiang Province 315021 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
11.03.1997 |
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Com. Reg. No.: |
330200000008604 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Importing and exporting commodities and technology; processing with
imported materials, processing with imported samples, assemblying with
imported parts, and compensation trade in agreement; counter trade & transit trade; wholesaling and retailing textile
materials & products, and garment. |
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No. of Employee : |
80 |
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 : |
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
|
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
NINGBO HUAYI IMP. & EXP. CO., LTD.
ROOM 12-7/8 HUAHONG
INTERNATIONAL CENTER, NO. 717 ZHONGXING ROAD
JIANGDONG DISTRICT,
NINGBO, ZHEJIANG PROVINCE 315021 PR CHINA
TEL: 86 (0)
574-83013815
FAX: 86 (0)
574-88373110
EXECUTIVE
SUMMARY
Date
of Registration :
march 11, 1997
REGISTRATION
NO. :
330200000008604
LEGAL
FORM : one-person Limited Liabilities Company
REGISTERED
CAPITAL : CNY 10,000,000
staff :
80
BUSINESS
CATEGORY : trading
Revenue : CNY 399,290,000
(AS OF DEC. 31, 2014)
EQUITIES : CNY 18,120,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT
:
AVERAGE
MARKET
CONDITION :
average
FINANCIAL
CONDITION : fairly
stable
OPERATIONAL
TREND : fairly STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
6.45 = USD
ADOPTED ABBREVIATIONS (AS FOLLOWS)
SC - Subject Company (the company inquired by you)
N/A – Not available
CNY – China Yuan Ren Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims
at indicating the relative positions of SC in respect of its operational trend
& general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be
determined
LEGAL
STATUS & HISTORY
SC was established as one-person limited liabilities company
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 330200000008604.
SC’s Organization Code Certificate No.: 70484854-4
SC’s registered capital: CNY 10,000,000
SC’s paid-in capital: CNY 10,000,000
Registration
Change Record:-
No significant changes of SC have been noted in SAIC since its
incorporation.
Current Co
search indicates SC’s shareholders & chief executives are as follows:-
|
Name of
Shareholder (s) |
% of
Shareholding |
|
FIOCCO Group Co., Ltd. |
100 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Shi Yun |
|
Supervisor |
Zhou Lina |
RECENT
DEVELOPMENT
No recent
development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
FIOCCO Group Co., Ltd. 100
-------------------------------
Registration No.: 330200000009927
Legal Form: Shares Limited Company
Registered Capital: CNY 77,000,000
Legal Representative: Shi Yun
ADD: NO.11 Dongqian Lake Area, Yinxian Avenue, Ningbo, China
TEL: +86-574-88373111
FAX: +86-574-88373000
MALL: cnhuayi@mail.nbptt.zj.cn
WEB: www.fiocco-group.com
MANAGEMENT
Shi Yun, Legal Representative, Chairman
and General Manager
-------------------------------------------------------------------------------------------
Ø Gender: M
Ø Qualification: University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also working in FIOCCO Group Co., Ltd. as legal representative
Supervisor
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Zhou Lina
BUSINESS
OPERATION
SC’s registered business scope
includes importing and exporting commodities and technology; processing with
imported materials, processing with imported samples, assemblying with imported
parts, and compensation trade in agreement; counter trade &
transit trade; wholesaling and retailing textile materials & products, and
garment.
SC is mainly engaged in selling textile
materials & products, and garment.
SC’s products
mainly include: woven garments, knitted garments, socks, etc.
SC sources its products 100% from domestic
market. SC sells 20% of its products in domestic market and 80% 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.
*Major Clients*
-------------------
Import Fence Direct, Inc.
Covington Engineering
Staff
& Office:
--------------------------
SC is known to have approx. 80 staff at present.
SC rents an area as its operating office,
but the detailed information is unknown.
RELATED
COMPANY
Related Companies,
-------------------------
Ningbo Huayi Garments Co., Ltd.
Ningbo Fiocco Garments.Co., Ltd.
Zhejiang Huayi Supply Chain Management Co., Ltd.
Ningbo Fiotex Garments Co., Ltd.
Ningbo Eagle International Trading Co., Ltd.
Ningbo Best Garments Co., Ltd.
SC is known to have a
subsidiary at present,
----------------------------------------
Jiangxi Huayi Garments Co., Ltd.
PAYMENT
Overall payment
appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( )
Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2014 |
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Total assets |
110,970 |
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------------- |
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Total liabilities |
92,850 |
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Equities |
18,120 |
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------------- |
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Revenue |
399,290 |
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Profit before tax |
4,340 |
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Less: profit tax |
1,120 |
|
Profits |
3,220 |
Important Ratios
=============
|
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As
of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.84 |
|
*Net profit
margin (%) |
0.81 |
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*Return on
total assets (%) |
2.90 |
|
*Revenue /
Total assets |
3.60 |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
l
The
revenue of SC appears fairly good in its line.
l
SC’s net
profit margin is average.
l
SC’s
return on total assets is average.
LIQUIDITY: AVERAGE
l SC’s revenue is in an average level,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l The debt ratio of SC is average.
l The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Fairly Stable.
CONCLUSIONS
SC is considered
medium-sized in its line with fairly stable financial conditions. Taking into
consideration of SC’s good background.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
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
: |
DIV |
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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 |
-- |
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.