MIRA INFORM REPORT
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Report No. : |
343284 |
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Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
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Name : |
HAIYAN HONGMAO HARDWARE PRODUCTS CO., LTD. |
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Registered Office : |
Xuyouche Village, Qinshan Street Haiyan County, Zhejiang Province 314318 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
12.10.2011 |
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Com. Reg. No.: |
330424000055407 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject engaged in manufacturing, processing and selling
hardware products. |
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No. of Employees : |
60 |
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 : |
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 and address
HAIYAN HONGMAO
HARDWARE PRODUCTS CO., LTD.
XUYOUCHE VILLAGE, QINSHAN STREET
HAIYAN COUNTY, ZHEJIANG PROVINCE 314318 PR CHINA
TEL: 86 (0) 573-86643088/86647788/86644023
FAX: 86 (0) 573-86647786
EXECUTIVE
SUMMARY
Date of Registration :
october 12, 2011
REGISTRATION NO. :
330424000055407
LEGAL FORM : Limited Liability Company
CHIEF EXECUTIVE :
xu shengying (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 6,800,000
staff :
60
BUSINESS CATEGORY : MANUFACTURING &
PROCESSING & TRADING
Revenue :
cny 61,280,000 (AS OF DEC. 31,
2014)
EQUITIES :
cny 8,010,000 (AS OF DEC. 31, 2014)
WEBSITE : www.hmfastener.com
E-MAIL :
manager@hmfastener.com
PAYMENT :
NO COMPLAINTS
MARKET CONDITION :
average
FINANCIAL CONDITION :
fairly stable
OPERATIONAL TREND :
ordinary
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.37 = 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.: 330424000055407 on October 12, 2011.
SC’s Organization Code Certificate No.: 58358341-1
SC’s Tax No.: 330424583583411
SC’s registered capital: CNY
6,800,000
SC’s paid-in capital: CNY 6,800,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011-12-8 |
Registered Capital |
CNY 2,100,000 |
CNY 6,800,000 |
|
2011-12-19 |
Shareholder (s) |
Xu Shengying 30.88% Zhejiang Qinshan Rubber Engineering Shares Co., Ltd. 69.12% |
Xu Shengying 30.88% Feng Jianhua 69.12% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xu Shengying |
30.88 |
|
Feng Jianhua |
69.12 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Xu Shengying |
|
Supervisor |
Feng Jianhua |
RECENT
DEVELOPMENT
No
recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Xu
Shengying 30.88
Feng
Jianhua 69.12
MANAGEMENT
Xu Shengying , Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Gender:
F
Nationality:
China
Qualification:
University
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Supervisor
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Feng
Jianhua
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and
processing hardware components and fastener; wholesaling and retailing steel
materials, building materials, hardware, and machinery; importing and exporting
commodities and technology.
SC
is mainly engaged in manufacturing, processing and selling hardware products.
SC’s
products mainly include: Half high nut, Guardrail nut.
SC sources its materials 100% from domestic market. SC sells 40% of its products in domestic market, and 60% to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 60
staff at present.
SC
rents an area as its operating office and factory, 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 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 SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2014 |
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Total assets |
39,050 |
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Total liabilities |
31,040 |
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Equities |
8,010 |
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Revenue |
61,280 |
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Profits |
500 |
Important Ratios
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As of Dec. 31, 2014 |
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*Liabilities to assets |
0.79 |
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*Net profit margin (%) |
0.82 |
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*Return on total assets (%) |
1.28 |
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*Revenue / Total assets |
1.57 |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
The
revenue of SC appears average in its line.
SC’s
net profit margin is average.
SC’s
return on total assets is average.
LIQUIDITY: AVERAGE
SC’s
revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The
debt ratio of SC is average.
The
risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC
is considered small-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.26 |
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UK Pound |
1 |
Rs.99.53 |
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Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TRU |
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.