MIRA INFORM REPORT
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Report No. : |
343473 |
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Report Date : |
10.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
hangzhou jiafeng
down-feather products co., ltd. |
|
|
|
|
Registered Office : |
No. 1368 Tonghui South Road, Zengjiaqiao Village, Xintang Street,
Xiaoshan District, Hangzhou City, Zhejiang Province, 311201 Pr |
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|
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|
Country : |
China |
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|
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
29.09.2000 |
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Com. Reg. No.: |
330181400001567 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Subject is engaged in manufacturing and selling down-feather products and
other related products. |
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|
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No. of Employee : |
152 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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|
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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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 foreignTRADE 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 globalFINANCIAL crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the dailyTRADING 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 andOIL, 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
hangzhou
jiafeng down-feather products co., ltd.
no.
1368 tonghui south road, zengjiaqiao village, xintang street, xiaoshan
district, hangzhou city, zhejiang province, 311201 PR CHINA
TEL:
86 (0) 571-82362168/22812165/22812166 FAX:
86 (0) 571-82369355
EXECUTIVE
SUMMARY
INCORPORATION DATE : SEPTEMBER 29, 2000
REGISTRATION NO. : 330181400001567
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
CHIEF EXECUTIVE :
MR. WANG LEMIN (LEGAL REPRESENTATIVE)
STAFF STRENGTH : 152
REGISTERED CAPITAL : USD 150,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER : CNY
114,280,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 7,030,000 (AS OF DEC. 31, 2014)
PAYMENT : SLOW BUT CORRECT
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION
: FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3467 =
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 Chinese-Foreign equity joint
venture enterprise at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on September
29, 2000.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing and selling feathers, down-feather
products, bedding, clothing, bags, packaging products, quilted products,
curtains, sofa sets, and decorative products.
SC is mainly
engaged in manufacturing and selling down-feather products and other related
products.
Mr. Wang Lemin has
been legal representative and chairman of SC since 2006.
SC is known to have
approx. 152 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating office
and factory in Hangzhou. The detailed information of the premise is
unspecified.
http://www.featherware.com/ The design
is professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: sales@featherware.com
Changes of its registered information are as
follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Legal
representative |
Guan Lifeng |
Wang Lemin |
|
|
Shareholder’s
name |
Xiaoshan Jiafeng
Down-feather Products Co., Ltd. (literal translation) |
Hangzhou Xiaoshan
Jiafeng Down-feather Products Co., Ltd. (literal translation) |
|
|
Registration
number |
003497 |
330181400001567 |
Organization code:
724503957
There is no
litigation record of SC for the past two years.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Huamei Industry
& Trade Co., Ltd. (America) (literal
translation) 53
Hangzhou
Xiaoshan Jiafeng Down-feather Products Co., Ltd. (literal translation) 47
Hangzhou
Xiaoshan Jiafeng Down-feather Products Co., Ltd.
============================================
Registration
number: 330181000004046
Legal
representative: Wang Lemin
Incorporation date:
Legal Representative and
chairman:
Mr. Wang Lemin is
currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to
present
Working in SC as legal representative and chairman.
Also working in Hangzhou
Xiaoshan Jiafeng Down-feather Products Co., Ltd. as executive director and
legal representative.
General manager:
Mr. Guan Lifeng管利锋is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
Also working in
Hangzhou Xiaoshan Jiafeng Down-feather Products Co., Ltd. as general manager.
Directors:
Chen Ying
Guan Lifeng
SC is mainly
engaged in manufacturing & selling down and feather products and other
related products.
SC’s products
mainly include: pillow, quilt, mattress
SC sources its
materials 90% from domestic market, 10% from overseas market. SC sells 40% of its
products in domestic market, and 60% to overseas market.
The buying terms of
SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC
include Check, T/T, L/C and Credit of 30-60 days.
Note: SC refused to
release its major clients and suppliers.
Trademarks:
|
Trademark |
|
|
Registration No. |
7263430 |
|
Registration Date |
|
SC is not known to have
any subsidiary at present.
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.
N/A
Financial
Summary
Unit: CNY’000
|
|
As of Dec. 31, 2013 |
|
Total liabilities |
41,287 |
|
Equities |
7,798 |
|
|
-------------------- |
|
Total assets |
49,085 |
|
|
============= |
|
Turnover |
99,466 |
|
Profit before tax |
-1,722 |
|
Less: income tax |
362 |
|
Net Profits |
-2,084 |
Note: we didn’t find SC’s detailed financial
report for year 2013.
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Cash & bank |
9,960 |
|
Inventory |
8,510 |
|
Accounts
receivable |
10,280 |
|
A receivable tax
rebate of export |
2,380 |
|
Advanced to
suppliers |
2,310 |
|
|
------------------ |
|
|
33,440 |
|
Fixed assets net
value |
2,670 |
|
|
------------------ |
|
Total assets |
36,110 |
|
|
=========== |
|
Short loans |
20,100 |
|
Accounts payable |
6,220 |
|
Accounts advanced
from customers |
540 |
|
Dividends payable |
1,300 |
|
Other accounts
payable |
150 |
|
Other current liabilities |
770 |
|
|
------------------ |
|
Current
liabilities |
29,080 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
29,080 |
|
Equities |
7,030 |
|
|
------------------ |
|
Total liabilities
& equities |
36,110 |
|
|
=========== |
Income
Statement
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Turnover |
114,280 |
|
Cost of goods
sold |
107,160 |
|
Taxes and additional of main operation |
520 |
|
Sales expense |
2,990 |
|
Management expense |
4,510 |
|
Finance expense |
580 |
|
Subsidiary
revenue |
460 |
|
Non-operating expenses |
110 |
|
Profit before tax |
-1,130 |
|
Less: profit tax |
0 |
|
Profits |
-1,130 |
Important
Ratios
|
|
As of Dec. 31, 2013 |
As of Dec.31, 2014 |
|
*Current ratio |
/ |
1.15 |
|
*Quick ratio |
/ |
0.86 |
|
*Liabilities to
assets |
0.84 |
0.81 |
|
*Net profit
margin (%) |
-2.10 |
-0.99 |
|
*Return on total
assets (%) |
-4.25 |
-3.13 |
|
*Inventory
/Turnover ×365 |
/ |
28 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
33 days |
|
*Turnover/Total
assets |
2.03 |
3.16 |
|
* Cost of goods
sold/Turnover |
/ |
0.94 |
PROFITABILITY:
FAIR
The turnover of SC
appears average in 2013 and rise to fairly good in 2014.
SC’s net profit margin
is fair in both years.
SC’s return on
total assets is fair in both years.
SC’s cost of goods
sold is average in 2014.
LIQUIDITY:
AVERAGE
The current ratio
of SC is maintained in a fair level in 2014.
SC’s quick ratio is
maintained in a normal level in 2014.
The inventory of SC
appears average in 2014.
SC’s accounts
receivable is average in 2014.
SC’s short-term
loan is large in 2014.
SC’s turnover is
average in 2013 but improved to fairly good in 2014, comparing with the size of
its total assets.
LEVERAGE: FAIR
The debt ratio of
SC is high in both years.
The risk for SC to
go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC is considered
medium-sized in its line with fairly stable financial conditions. The large
amount of short-term loan could be a threat to SC’s financial condition. After
our research and based on the information obtained, we suggest a credit
line up to USD 40,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<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.