MIRA INFORM REPORT
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Report No. : |
346466 |
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Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
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Name : |
WELFULL GROUP CO., LTD. |
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Registered Office : |
10-12/F Jinjiang Mansion, No. 111 Hushu South Road, Hangzhou Zhejiang Province 310005 P.R. |
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Country : |
China |
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Date of Incorporation : |
06.12.2000 |
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Com. Reg. No.: |
330000000008920 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in international trade; selling textiles, clothing, hardware and building materials, machinery and electronics, livestock products, medical equipment, steel, nonferrous metals, precious metals, gold products, mineral products, household items, luggage, outdoor products, paper and paper products, base material film, chemical raw materials and products , rubber and plastic materials; product design and technology development, exhibition services, industrial investment, investment management. |
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No. of Employees : |
150 |
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
WELFULL GROUP CO.,
LTD.
10-12/F JINJIANG
MANSION, NO. 111 HUSHU SOUTH ROAD, HANGZHOU
ZHEJIANG PROVINCE
310005 P.R. CHINA
TEL: 86 (0)
571-88389560/28957734
FAX: 86 (0)
571-88389486
EXECUTIVE
SUMMARY
Date of Registration : DECEMBER 6, 2000
REGISTRATION NO. : 330000000008920
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 80,000,000
staff : 150
BUSINESS CATEGORY : TRADING
Revenue :
n/a
EQUITIES :
n/a
WEBSITE : www.zjsl.com
E-MAIL :
service@welfull.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.35 = 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.: 330000000008920 on December 6, 2000.
SC’s Organization Code Certificate
No.: 72277050-9
SC’s registered capital: CNY 80,000,000
SC’s paid-in capital: CNY 80,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
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Registered
Capital |
CNY 5,000,000 |
CNY 5,600,000 |
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Registered
Capital |
CNY 5,600,000 |
CNY 10,000,000 |
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Registered
Capital |
CNY 10,000,000 |
CNY 15,000,000 |
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Registered
Capital |
CNY 15,000,000 |
CNY 20,000,000 |
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Registration No. |
3300001007421 |
330000000008920 |
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Registered
Capital |
CNY 20,000,000 |
CNY 30,000,000 |
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Registered
Capital |
CNY 30,000,000 |
CNY 40,000,000 |
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Registered
Capital |
CNY 40,000,000 |
CNY 50,000,000 |
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Company Name |
Zhejiang Provincial Second Light Industry
Enterprises Group Import & Export Co., Ltd. |
Welfull Group Co., Ltd. |
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-- |
Registered
Capital |
CNY 50,000,000 |
CNY 80,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
He Yongsen |
25 |
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Zhejiang Handicraft Cooperatives
Association |
22.5 |
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Huang Baomiao |
21.45 |
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Shao Longhe |
16.2 |
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Other Shareholders |
14.85 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Huang Baomiao |
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General Manager |
Shao Longhe |
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Director |
Zhang Cheng |
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Supervisor |
Qiu Guozhong |
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Gu Licheng |
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|
Wu Miaolong |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
He Yongsen 25
Zhejiang Handicraft Cooperatives
Association 22.5
Huang Baomiao 21.45
Shao Longhe 16.2
Other Shareholders 14.85
Zhejiang
Handicraft Cooperatives Association
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Date of Registration: September 19, 1990
Registration No.: 330000000052098
Registered Capital: CNY 102,350,000
MANAGEMENT
Huang Baomiao, Legal
Representative and Chairman
--------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 59
Ø Qualification:
University
Ø Working experience
(s):
From
2000 to present, working in SC as legal representative and chairman
Also
working in Zhejiang Asart Textile Development Co., Ltd., Hainan Jinxiu Jiangnan
Real Estate Development Co., Ltd., Zhejiang Asart Fashion Co., Ltd. as legal
representative, etc
Shao Longhe, General Manager
----------------------------------------------------
Ø
Gender: M
Ø
Age: 51
Ø
ID# 34010419640417301X
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general manager
Director
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Zhang Cheng
Supervisor
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Qiu Guozhong
Gu Licheng
Wu Miaolong
BUSINESS
OPERATION
SC’s registered business scope includes international
trade; selling textiles, clothing, hardware and building materials, machinery and
electronics, livestock products, medical equipment, steel, nonferrous metals,
precious metals, gold products, mineral products, household items, luggage,
outdoor products, paper and paper products, base material film, chemical raw
materials and products , rubber and plastic materials; product design and
technology development, exhibition services, industrial investment, investment
management.
SC is
mainly engaged in international trade.
SC’s
products mainly include: garments and textile, bags, hardware, furniture,
curtains, building materials, leisure goods, arts and crafts, toy and grocery,
electron and electric apparatus and machinery equipment, etc.
SC sources the products 80% from domestic market, and 20% from overseas market. SC sells 20% of its products in domestic market, and 80% 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 T/T, L/C and Credit of 30-60 days.
*Major Customers*
----------------------
Torkia Apparel
& Pet Inc
Efulfillment
Service Inc.
Modinsa Mexico SA
De Cv
Rubie's Costume
Co. Inc.
Debsmar General
Trading Llc
Dolce Cabo Inc.
Br Quimica, S.A.
De C.V.
Design Ideas Ltd.
Almacen Boyaca
Cia. Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 150 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is known to invest in
the following companies at present.
Uruguay
Suolarui Company (in Chinese pinyin)
Shanghai
Asart Garment Co., Ltd.
Zhejiang
Baochen Machinery Co., Ltd.
Zhejiang
Asart Textile Development Co., Ltd. (literal translation)
Hainan
Jinxiu Jiangnan Real Estate Development Co., Ltd.
Zhejiang
Deqing Asart Living Goods Co., Ltd. (literal translation)
Zhejiang
Asart Fashion 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
Basic Bank:
Shanghai Pudong Development Bank Baochu Sub-branch
AC#
6254291013883
FINANCIALS
The financials of SC is not available in
local SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered medium-sized in its
line with 15 years development history. Credit up to moderate amount may be
considered.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.88 |
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1 |
Rs.99.88 |
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Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
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Analysis Done by
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KIN |
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Report Prepared
by : |
DPT |
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.