MIRA INFORM REPORT
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Report No. : |
309316 |
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Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
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Name : |
HOSHEN (FUJIAN) IMPORT AND EXPORT TRADE CO., LTD. |
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Registered Office : |
Xidong Industrial Area, Luoyang, Huian Quanzhou, Fujian Province
362100 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
10.09.2013 |
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Com. Reg. No.: |
350500100077948 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject includes importing and exporting commodities and technology;
selling textile machinery, textile machinery components, furniture, shoe
materials, bags, shoes, garment, arts & crafts, and porcelain. |
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No. of Employee : |
5 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. 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 and expanded the daily trading band within
which the RMB is permitted to fluctuate. 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 2013 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. 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%20IMPORT%20AND%20EXPORT%20TRADE%20CO%20,%20LTD%20%20-%20309316%2028-Feb-2015_files/image008.gif){kind=small}
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 2011 more than 250 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.
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Source
: CIA |
Company
name and address
HOSHEN (FUJIAN)
IMPORT AND EXPORT TRADE CO., LTD.
XIDONG INDUSTRIAL AREA, LUOYANG, HUIAN
QUANZHOU, FUJIAN PROVINCE 362100 PR CHINA
TEL: 86 (0) 595-87805675/87867075
FAX: 86 (0) 595-87867075
EXECUTIVE
SUMMARY
Date of Registration : SEPTEMBER 10, 2013
REGISTRATION NO. : 350500100077948
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 5,000,000
staff : 5
BUSINESS CATEGORY :
trading
Revenue : CNY 5,450,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 5,000,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : FAIR
FINANCIAL CONDITION : fair
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.25 = USD
1
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 a limited liabilities company of PRC
with State Administration of Industry & Commerce (SAIC) under registration
No.: 350500100077948 on September 10, 2013.
SC’s Organization Code Certificate
No.: 07742456-5
%20IMPORT%20AND%20EXPORT%20TRADE%20CO%20,%20LTD%20%20-%20309316%2028-Feb-2015_files/image009.jpg)
SC’s Tax No.: 350521077424565
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
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 |
|
Lin Liangbin |
50 |
|
Zhang Yinhui |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Lin Liangbin |
|
Supervisor |
Zhang Yinhui |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Lin Liangbin 50
Zhang Yinhui 50
MANAGEMENT
Lin
Liangbin, Legal Representative,
Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø Working experience
(s):
At present, working in SC as legal representative,
chairman and general manager
Supervisor
------------
Zhang Yinhui
BUSINESS
OPERATION
SC
started its normal business in July 2014.
SC’s registered
business scope includes importing and exporting commodities and technology;
selling textile machinery, textile machinery components, furniture, shoe
materials, bags, shoes, garment, arts & crafts, and porcelain.
SC
is mainly engaged in international trade.
SC sources its products 70% from domestic market, and 30% from
overseas market. SC sells 100% of its products to the 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,
according to different customers.
Staff & Office:
--------------------------
SC is
known to have approx. 5 staff
at present.
SC
rents an area as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC
is not known to have any subsidiary at present.
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’s suppliers
declined to make any comments.
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, 2013 |
As
of Dec. 31, 2014 |
|
Total assets |
5,010 |
6,070 |
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------------- |
------------- |
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Total
liabilities |
10 |
1,070 |
|
Equities |
5,000 |
5,000 |
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|
------------- |
------------- |
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Revenue |
0 |
5,450 |
|
Profits |
0 |
-40 |
Important Ratios
=============
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|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.002 |
0.18 |
|
*Net profit
margin (%) |
-- |
-0.73 |
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*Return on
total assets (%) |
-- |
-0.66 |
|
*Revenue /
Total assets |
-- |
0.90 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
l The revenue of SC appears fair in its line in 2014.
l SC’s net profit
margin is fair in 2014.
l SC’s return on
total assets is fair in 2014.
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 low.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with
fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.79 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared by
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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 |
|
-- |
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.