MIRA INFORM REPORT
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Report No. : |
348639 |
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Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
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Name : |
FEIYA GROUP CO., LTD. |
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Registered Office : |
Industrial Garden, Zhongxin Road, Jinqing, Luqiao District, Taizhou,
Zhejiang Province 318050 Pr |
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Country : |
China |
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Date of Incorporation : |
12.04.1998 |
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Com. Reg. No.: |
331004000016293 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing sewing machine parts, computer embroidery machines and
parts, machine tool parts, automotive parts, festival lighting, Christmas
trees; importing and exporting various goods and technology. |
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No. of Employees : |
550 |
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 : |
Unknown |
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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
Name & address
FEIYA GROUP CO., LTD.
INDUSTRIAL GARDEN, ZHONGXIN ROAD, JINQING, LUQIAO DISTRICT
TAIZHOU, ZHEJIANG PROVINCE 318050 PR CHINA
TEL: 86 (0) 576-82707099/82707108/82707007
FAX: 86 (0) 576-82707097/82707020
EXECUTIVE
SUMMARY
DATE OF REGISTRATION :
APRIL 2, 1998
REGISTRATION NO. :
331004000016293
LEGAL FORM :
LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
YE LIANFU (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 51,000,000
STAFF :
550
BUSINESS CATEGORY : MANUFACTURING & TRADING
REVENUE :
N/A (AS OF DEC. 31, 2014)
EQUITIES :
N/A (AS OF DEC. 31, 2014)
WEBSITE : WWW.FEIYA.COM
E-MAIL :
FEIYA@FEIYA.COM.CN
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.34 = 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.:
331004000016293 on April 2, 1998.
SC’s Organization Code Certificate No.: 71619188-5
SC’s Tax No.: 331004716191885
SC’s registered capital: CNY 51,000,000
SC’s paid-in capital: CNY 51,000,000
Registration Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the change |
|
-- |
Registration No. |
3310042004887 |
331004000016293 |
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-- |
Shareholder (s) (% of Shareholding) |
Ye Xueqin 34% Tao Yunzhao 33% Lin Caizhao 33% |
Lin Caizhao 9% Wang Ziyu 24% Tao Yuzhao 33% Ye Xueqin .34% |
|
2015-7-15 |
Shareholder (s) (% of Shareholding) |
Lin Caizhao 9% Wang Ziyu 24% Tao Yuzhao 33% Ye Xueqin .34% |
Tao Yuzhao 33% Wang Ziyu 33% Ye Xueqin 34% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of
Shareholder (s) |
% of
Shareholding |
|
Tao Yunzhao |
33 |
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Wang Ziyu |
33 |
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Ye Xueqin |
34 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative, Chairman and General Manager |
Ye Lianfu |
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Supervisor |
Ye Xueqin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Ye Xueqin 34
Tao Yunzhao 33
Lin Caizhao 33
MANAGEMENT
Ye Lianfu, Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Gender: M
Age: 60
ID# 332622550911511
Qualification: University
Working experience (s):
From 1998 to present, working in SC as legal representative, chairman
and general manager
Also working in Taizhou Feiya Electric Appliance Machinery Co., Ltd. as
legal representative
Ye Xueqin Supervisor
-----------------------------------------
Gender: F
Age: 53
ID# 332603621222512
BUSINESS OPERATION
SC’s registered business scope includes manufacturing sewing machine
parts, computer embroidery machines and parts, machine tool parts, automotive
parts, festival lighting, Christmas trees; importing and exporting various
goods and technology.
SC is mainly engaged in manufacturing and selling computer embroidery
machines.
Brand: FEIYA
SC’s products mainly include: high speed machine, sequin embroidery
machine, quilting embroidery machine, cording device, coiling series, double
deck shuttle embroidery machine, computerized knitting machine, single head
machine, chenille combination machine, machine accessory and tuftstitch
embroidery machine.
SC sources its materials 80% from domestic market, and 20% from the overseas market, mainly European countries. SC sells 70% of its products in domestic market, and 30% to the overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Qingdao Embroidery Machine Factory
Multi Trade Del Caribe S.A.
M Y M Import. Export. S.A.
Staff & Office:
--------------------------
SC is known to have approx. 550 staff at present.
SC owns an area as its operating office & factory of approx. 80,000
sq. meters at the heading address.
RELATED COMPANY
SC is known to have 5 subsidiaries at present:
Zhejiang Feiya Electric Appliance Import and Export Co., Ltd.
---------------------------------------------------------------------------------
Date of Registration: September 23, 2004
Registration No.: 3310042004878
Legal Form: Limited Liabilities Company
Chief Executive: Hong Mingde
Registered Capital: CNY 17,000,000
Taizhou Jinlongding Plastic Products Co., Ltd.
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Date of Registration: July 22, 2003
Registration No.: 3310042004080
Legal Form: Limited Liabilities Company
Chief Executive: Wang Huaxi
Registered Capital: CNY 5,500,000
Zhejiang Feiya Real Estate Development Co., Ltd.
-------------------------------------------------------------------
Date of Registration: September 13, 2006
Registration No.: 3310042006446
Legal Form: Limited Liabilities Company
Chief Executive: Tao Yunzhao
Registered Capital: CNY 10,080,000
Taizhou Benke Electric Appliance Machinery Co., Ltd.
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Date of Registration: June 9, 2005
Registration No.: 3310042005438
Legal Form: Limited Liabilities Company
Chief Executive: Tao Yunzhao
Registered Capital: CNY 5,000,000
Taizhou Feiya Electric Appliance Machinery Co., Ltd.
-------------------------------------------------------------------------
Date of Registration: December 20, 1988
Registration No.: 3310042004959
Legal Form: Limited Liabilities Company
Chief Executive: Ye Lianfu
Registered Capital: CNY 13,800,000
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
Basic Bank:
Taizhou
City Commercial Bank
AC#: 100125926200039
FINANCIALS
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered medium-sized in its line with 17 years history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
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|
1 |
Rs.99.95 |
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Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
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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.