MIRA INFORM REPORT
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Report No. : |
338822 |
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Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
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Name : |
WUXI HUAMEI PLATES PROCESSING CO., LTD. |
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Registered Office : |
No. 113, Huaqing Road, Economic
Development Zone, Wuxi, Jiangsu
Province, 214131 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
24.05.2002 |
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Com. Reg. No.: |
320200400012111 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is mainly engaged in design,
manufacturing and selling stainless steel plates. |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – 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 & ADDRESS
WUXI HUAMEI PLATES
PROCESSING CO., LTD.
NO. 113, HUAQING ROAD, ECONOMIC DEVELOPMENT ZONE,
WUXI,
JIANGSU PROVINCE, 214131 PR CHINA
TEL: 86 (0) 510-85620697/85620721 FAX:
86 (0) 510-85620723
EXECUTIVE
SUMMARY
INCORPORATION DATE :
MAY 24, 2002
REGISTRATION NO. :
320200400012111
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
100
REGISTERED CAPITAL : CNY 42,543,330
BUSINESS LINE :
DESIGN, MANUFACTURING AND TRADING
TURNOVER :
CNY 52,020,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 23,960,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3691
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 Limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on May 24, 2002.
Company Status:
Limited liabilities co.
This form of business in PR China is defined as a legal person. No more than fifty shareholders contribute its registered capital jointly. Shareholders bear limited liability to the extent of shareholding, and the co. is liable for its debts only to extent of its total assets. The characteristics of this form of co. are as follows:
Upon the establishment of the co., an investment certificate is issued to the each of shareholders.
The board of directors is comprised of three to thirteen members.
The minimum registered capital for a co. is CNY 30,000.
Shareholders may take their capital contributions in cash or by means of tangible assets or intangible assets such as industrial property and non-patented technology.
Cash contributed by all shareholders must account for at least 30% of the registered capital.
Existing shareholders have pre-exemption right to purchase shares of the co. offered for sale by the other shareholders and to subscribe for the newly increased registered capital of the co.
SC’s registered business scope includes: design and manufacturing non-metallic products mold, stainless steel template, embossed plate, architectural hardware, stainless steel decorative panels and special equipment, elevators with stainless steel decoration materials; realtor services; warehousing services (excluding dangerous goods); self-employed the import and export business of all kinds of goods and technology (excluding the business and technology limited or prohibited by state.) (with permit, if needed.)
SC is mainly engaged in design, manufacturing and selling stainless steel plates.
Mr. Wang Jinglun is the legal representative, executive director and general manager of SC at present.
SC is known to have approx. 100 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the economic development zone of Wuxi. The detailed premise information is unknown.
http://www.whmmould.com The design is professional and the content is well organized. At present it is in English version.
E-mail: export@wxhuamei.com
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Organization Code: 738284855
MAIN
SHAREHOLDERS:
Name % of Shareholding
Wuxi Huamei Group Co., Ltd.
96.11
Wuxi Huamei Elevator Decoration Co.,
Ltd.
3.89
Wuxi Huamei Group Co., Ltd.
====================
Incorporation Date: 2002-11-28
Registration No.: 320211000062919
Registered Capital: CNY 12,000,000
Chief Executive: Wang Jinglun
Website: http://www.wxhuamei.com/
Wuxi Huamei Elevator Decoration Co., Ltd.
====================================
Incorporation Date: 2000-11-23
Registration No.: 320211000064668
Registered Capital: CNY 5,000,000
Chief Executive: Gong Renyuan
l
Legal
Representative, Executive Director and General Manager:
Mr. Wang Jinglun, born in 1957, is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as legal representative,
executive director and general manager.
Also working in Wuxi Huamei Group Co., Ltd.,
Wuxi Huamei Science & Technology Co., Ltd. as legal representative.
l
Supervisor:
Wang Zhong
SC is mainly engaged in design,
manufacturing and selling stainless steel plates.
SC’s products mainly include: stainless steel
plates
SC sources its
materials 90% from domestic market and 10% from overseas market. SC sells 90% of
its products in domestic market and 10% 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, Check and Credit of 30-60 days.
Note: SC declined
to release its major suppliers and clients.
Trademark &
Patents
|
Registration No. |
3348546 |
4103972 |
4103970 |
|
Registration Date |
2004-02-07 |
2006-09-14 |
2007-04-28 |
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Trademark Design |
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Wuxi Huamei Steel Processing Co., Ltd.
=============================
Incorporation Date: 2002-9-10
Registration No.: 320200400013405
Registered Capital: USD 500,000
Chief Executive: Wang Jingda
Wuxi
Huamei Science & Technology Co., Ltd.
=========================
Incorporation Date: 2002-12-3
Registration No.: 320200400030883
Registered Capital: USD 5,500,000
Chief Executive: Wang Jinglun
Etc.
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.
The banking
information of SC is unknown.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2014 |
|
Cash & bank |
12,100 |
|
Inventory |
25,760 |
|
Accounts
receivable |
1,280 |
|
Notes receivable |
6,620 |
|
Advances to
suppliers |
1,120 |
|
Other
receivables |
50 |
|
|
------------------ |
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Current assets |
46,930 |
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Fixed assets net
value |
5,410 |
|
Projects under
construction |
5,530 |
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Intangible
assets |
29,630 |
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|
------------------ |
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Total assets |
87,500 |
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|
============= |
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Short loans |
0 |
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Accounts payable |
45,990 |
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Notes payable |
0 |
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Taxes payable |
270 |
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Advances from
customers |
6,140 |
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Other Accounts
payable |
1,600 |
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Dividends
payable |
9,540 |
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|
------------------ |
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Current liabilities |
63,540 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
63,540 |
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Equities |
23,960 |
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------------------ |
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Total
liabilities & equities |
87,500 |
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|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2014 |
|
Turnover |
52,020 |
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Cost of goods sold |
46,330 |
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Taxes and additional of main operation |
210 |
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Sales expense |
1,370 |
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Management expense |
2,590 |
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Finance expense |
-30 |
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Non-operating
income |
10 |
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Non-operating expense |
130 |
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Profit before
tax |
1,430 |
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Less: profit tax |
380 |
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Profits |
1,050 |
Important Ratios
=============
|
|
As
of Dec. 31, 2014 |
|
*Current ratio |
0.74 |
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*Quick ratio |
0.33 |
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*Liabilities
to assets |
0.73 |
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*Net profit margin
(%) |
2.02 |
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*Return on
total assets (%) |
1.20 |
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*Inventory
/Turnover ×365 |
181 days |
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*Accounts
receivable/Turnover ×365 |
9 days |
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*Turnover/Total
assets |
0.59 |
|
* Cost of
goods sold/Turnover |
0.89 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears small.
l
There is no short-term loan of SC in 2014.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average
l
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 inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
UK Pound |
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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Report Prepared
by : |
SMN |
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 |
|
|
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 |
|
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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 |
|
|
<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.