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MIRA INFORM REPORT
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Report No. : |
489085 |
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Report Date : |
01.02.2018 |
IDENTIFICATION DETAILS
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Name : |
HAINING YUNRUI IMPORT AND EXPORT CO.,LTD. |
|
|
|
|
Registered Office : |
No. 28 Minfeng Road, Shuangfeng Village, Yuanhua Town, Haining City,
Jiaxing City, Zhejiang Province |
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Country : |
China |
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|
|
|
Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
28.03.2013 |
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Unified Social Credit
Code : |
91330481065608420G |
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Legal Form : |
Limited Liabilities Company |
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|
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Line of Business : |
Known from public and official channels, subject is mainly engaged in sales
of solar electric appliance. Its products include solar water heaters, solar
air conditioners, solar refrigerators, solar lamps and accessories, etc. |
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|
|
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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. China has
implemented reforms in a gradualist fashion, resulting in efficiency gains that
have contributed to a more than tenfold increase in GDP since 1978. Reforms
began with the phaseout 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 continues to pursue an industrial policy, state support of
key sectors, and a restrictive investment regime. Measured on a purchasing
power parity (PPP) basis that adjusts for price differences, China in 2016 stood
as the largest economy in the world, surpassing the US in 2014 for the first
time in modern history. China became the world's largest exporter in 2010, and
the largest trading nation in 2013. Still, China's per capita income is below
the world average.
After keeping its currency tightly linked to the US dollar for years,
China in July 2005 moved to an exchange rate system that references a basket of
currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against
the US dollar, but the exchange rate remained virtually pegged to the dollar
from the onset of the global financial crisis until June 2010, when Beijing
announced it would allow a resumption of gradual liberalization. From 2013
until early2015, the renminbi (RMB) appreciated roughly 2% against the dollar,
but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital
outflows in part stemming from the August 2015 official devaluation; in 2017
the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016
to end-of-2017. From 2013 to 2017, China had one of the fastest growing
economies in the world, averaging slightly more than 7% real growth per year.
In 2015, the People’s Bank of China announced it would continue to carefully
push for full convertibility of the renminbi, after the currency was accepted
as part of the IMF’s special drawing rights basket. However, since late 2015
the Chinese Government has strengthened capital controls and oversight of
overseas investments to better manage the exchange rate and maintain financial
stability.
The Chinese Government faces numerous economic challenges including: (a)
reducing its high domestic savings rate and correspondingly low domestic
household consumption; (b) managing its high corporate debt burden to maintain
financial stability; (c) controlling off-balance sheet local government debt
used to finance infrastructure stimulus; (d) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
college graduates, while maintaining competitiveness; (e) dampening speculative
investment in the real estate sector without sharply slowing the economy; (f)
reducing industrial overcapacity; and (g) raising productivity growth rates
through the more efficient allocation of capital and state-support for
innovation. Economic development has progressed further in coastal provinces
than in the interior, and by 2016 more than 169.3 million migrant workers and
their dependents had relocated to urban areas to find work. One consequence of
China’s population control policy known as the “one-child policy” - which was
relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese
Government is seeking to add energy production capacity from sources other than
coal and oil, focusing on natural gas, nuclear, and clean energy development.
In 2016, China ratified the Paris Agreement, a multilateral agreement to combat
climate change, and committed to peak its carbon dioxide emissions between 2025
and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes
the need to increase innovation and boost domestic consumption to make the
economy less dependent on government investment, exports, and heavy industry.
However, China has made more progress on subsidizing innovation than
rebalancing the economy. Beijing has committed to giving the market a more
decisive role in allocating resources, but the Chinese Government’s policies
continue to favor state-owned enterprises and emphasize stability. Chinese
leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year
Plan includes annual economic growth targets of at least 6.5% through 2020 to
achieve that goal. 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.
Chinese leaders also have undermined some market-oriented reforms by
reaffirming the “dominant” role of the state in the economy, a stance that
threatens to discourage private initiative and make the economy less efficient
over time. The slight acceleration in economic growth in 2017—the first such
uptick since 2010—gives Beijing more latitude to pursue its economic reforms,
focusing on financial sector deleveraging and its Supply-Side Structural Reform
agenda, first announced in late 2015.
|
Source
: CIA |
ORDER DETAILS & INVESTIGATION RESULTS
|
- |
Order Information |
Verification |
|
Name(English) |
HAINING YUNRUI IMPORT AND EXPORT CO.,LTD |
Correct |
|
Investigation Note |
The reporter was unable to get in touch with subject, and the
investigation process is as follows: 1. Subject's registered contact numbers were "(86 573) 87871822;
(86 573) 87871823" but neither of them could be normally connected. 2. After checking with subject’s Chinese name through public channels,
several phone numbers were found, in which "(86 573) 87871890; (86 573)
87871821; (86 573) 87871892; (86 573) 87871897; (86 573) 87871891" could
not be normally connected; "(86) 15325357870" was powered off. 3. After checking, subject was not registered in the local telephone
inquiry system. 4. Known from government channel, subject’s registered address is
"No. 28 Minfeng Road, Shuangfeng Village, Yuanhua Town, Haining City,
Jiaxing City, Zhejiang Province". However, valid phone number of the
above address cannot be obtained. 5. Since subject’s shareholder is a natural individual, the reporter was
unable to obtain related business information and valid contact information
from the shareholder. 6. Registered phone numbers "(86 573) 87871821; (86 573)
87871822" of subject's affiliate HAINING SIJIWANG SOLAR ENERGY INDUSTRY
CO.,LTD.) were the same as those of subject obtained from official and public
channels which could not be normally connected. Hence subject's contact
information cannot be obtained from its affiliate. 7. The reporter was unable to figure out effective contact number of
subject after checking with all the channels accessible and no detailed
information was found in public channels. Hence the company’s business
address, contact information, employee number, sales and purchase
information, etc cannot be provided in the report. And the information
provided in the report is obtained from AIC and public channels for client’s
reference. 8. As the reporter was unable to get in touch with subject through all
channels accessible and no detailed operation information was found in public
channels, credit limit and credit rating against subject cannot be provided
in the report. |
|
ABSTRACT
|
Name (English) |
HAINING YUNRUI IMPORT AND EXPORT CO.,LTD. |
|
Unified Social Credit Code |
91330481065608420G |
|
AIC registration No. |
330481000137201 |
|
National Organization Code |
065608420 |
|
Company Status |
Unable to be contacted |
|
Executive |
Xu Xiaohui |
|
Registered Capital |
CNY 500,000.00 |
|
Date of Establishment |
2013-03-28 |
|
SIC (China) |
5137,Wholesale of Household Appliance |
|
Import and Export Enterprise Code |
3300065608420 |
|
Import/Export Permit |
Yes |
|
Exchange Rate |
CNY 1 = USD 0.16 USD 1 = CNY 6.33 CNY 1 = EUR 0.13 EUR 1 = CNY 7.83 |
GENERAL COMMENTS
|
RISK ANALYSIS |
|
Established in Mar. 2013 with the registered capital of CNY
500,000.00, subject is known from public and official channels to be mainly
engaged in sales of solar electric appliance. With years of development, the
company has accumulated certain industry experience. As a company invested by
natural individual, subject has poor capacity of financing and risk
resisting. As subject cannot be contacted, its current operation status is
unknown. According to subject's current financial information, its operating income
of 2016 increases greatly over that of 2015, indicating its business was
developed well in 2016. With low net profit margin in 2016, subject has poor
profitability. With average turnover of total assets in 2016, SC has average
operation capability. As a whole, with high liabilities to assets ratio of
2016, subject’s long-term solvency is poor. |
REGISTRATION INFORMATION
|
Unified Social Credit Code |
91330481065608420G |
|
AIC registration No. |
330481000137201 |
|
Date of Establishment |
2013-03-28 |
|
Registered Address |
No. 28 Minfeng Road, Shuangfeng Village, Yuanhua Town, Haining City,
Jiaxing City, Zhejiang Province |
|
Registry |
Market Supervision Administration – Haining City |
|
Legal Representative |
Xu Xiaohui |
|
Legal Form |
Limited Liabilities Company |
|
Registered Capital |
CNY 500,000.00 |
|
Paid-in Capital |
CNY 500,000.00 |
|
Latest Year of Annual Report |
2016 |
|
Operation duration |
2013-03-28 to 2033-03-27 |
|
Business Scope |
Import and export business of goods and technology |
SHAREHOLDER
INFORMATION
|
- |
Name |
% Ownership |
Capital Contributed |
Currency |
Investment Way |
Paid-in % |
Country |
|
1 |
Xu Xiaohui |
100.00 |
500,000.00 |
CNY |
Capital |
100 |
China |
|
Total |
|
100.0 |
500,000 |
|
|
|
|
ULTIMATE
HOLDING
|
- |
Ultimate Shareholder |
Investment Way |
|
1 |
Xu Xiaohui |
Capital |
|
English Name |
Xu Xiaohui |
|
Country |
China |
|
Type |
Natural person shareholder |
|
Investment Way |
Capital |
|
Note |
Xu Xiaohui -->100.00% HAINING YUNRUI IMPORT AND EXPORT CO.,LTD. |
No branch information of subject is searched from database.
INVESTMENT IN
OTHER COMPANIES
No investment information of subject is searched from database.
MANAGEMENT
|
Name |
Xu Xiaohui |
|
Position |
Executive Director; General Manager |
INVOLVEMENT IN OTHER COMPANIES
|
- |
Name (English) |
License Status |
Legal Representative |
Position |
Type of Engagement |
|
1 |
HAINING SIJIWANG
SOLAR ENERGY INDUSTRY CO.,LTD. |
Operational |
NO |
Supervisor |
Directorship;
Investment(55%) |
|
Name (English) |
HAINING SIJIWANG SOLAR ENERGY INDUSTRY CO.,LTD. |
|
License Status |
Operational |
|
Name Of Legal Representative |
Xu Jianming |
|
Registered Capital |
CNY 1,500,000.00 |
|
Country |
China |
|
Unified Social Credit Code |
9133048178294024XY |
|
Legal Form |
Limited Liabilities Company |
|
Share Holding |
825,000.00 |
|
Currency Of Share Holding |
CNY |
|
% Ownership |
55 |
|
Position |
Supervisor |
|
Date of Establishment |
2005-12-15 |
MANAGEMENT
|
- |
Name |
Position |
Gender |
|
1 |
Xu Xiaohui |
Executive Director; General Manager |
- |
DIRECTORS AND SUPERVISORS
|
- |
Name |
Position |
Gender |
|
1 |
Xu Xiaohui |
Executive Director;
General Manager |
- |
|
2 |
JUDICIAL INFORMATION
As of the reporting date, no related record about subject is found
through below sources:
A. Website of China Court Organization;
B. Websites of local courts of subject's location;
C. Websites of major domestic courts;
D. Judicial information of database.
SUBJECT AS EXECUTED PARTY
As of the reporting date, no related record about subject is found
through below sources:
A. Website of China Court Organization;
B. Websites of local courts of subject's location;
C. Websites of major domestic courts;
D. Judicial information of database.
CIVIL & COMMERCIAL TRIAL PROCESS
As of the reporting date, no related record about subject is found
through below sources:
A. Website of China Court Organization;
B. Websites of local courts of subject's location;
C. Websites of major domestic courts;
D. Judicial information of database.
CIVIL & COMMERCIAL JUDGMENT DOCUMENT
As of the reporting date, no related record about subject is found
through below sources:
A. Website of China Court Organization;
B. Websites of local courts of subject's location;
C. Websites of major domestic courts;
D. Judicial information of database.
ADMINISTRATIVE ILLEGAL
As of the reporting date, no related record about subject is found
through below sources:
A. Website of China Court Organization;
B. Websites of local courts of subject's location;
C. Websites of major domestic courts;
D. Judicial information of database.
OPERATION & TRENDS
|
Main Business |
|
Sales of solar electric appliance |
Products & Service
Known from public and official channels, SC is mainly engaged in sales
of solar electric appliance. Its products include solar water heaters, solar
air conditioners, solar refrigerators, solar lamps and accessories, etc.
SALES
INFORMATION
|
OTHER INFORMATIONThe reporter was unable to get in touch with subject
after checking with all the channels accessible and no detailed sales or
customer network information was found in public channels. Hence no sales
information of subject can be provided in the report. |
PURCHASE
INFORMATION
|
OTHER INFORMATIONThe reporter was unable to get in touch with subject
after checking with all the channels accessible and no detailed purchase or
supplier information was found in public channels. Hence no purchase
information of subject can be provided in the report. |
NOTE TO CREDIT RECORD
|
NoteThe reporter was unable to get in touch with subject after
checking with all the channels accessible and names of subject’s suppliers
were unavailable through public channels. Hence no payment record of subject
can be provided in the report. |
ELECTRICITY CONSUMPTION RECORD
No electricity consumption record of subject can be obtained as the
electricity consumer may not be filed with subject's name.
QUALIFICATIONS
|
EXPORT/IMPORT PERMITYes |
IMPORT / EXPORT DETAILS
|
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OTHER INFORMATION |
As subject cannot be contacted, its number of
employees cannot be obtained. |
FINANCIAL INFORMATION
DETAILED FINANCIAL INFORMATION (UNIT: CNY 1,000)
Financial Note: Due to the lack of a clear government policy regarding
the transparency of enterprise financial information, some financial items
might be missing in the financial statements, causing possible inequality
between the sum of the provided items and the provided total numbers.
|
Assets |
|
|
|
Year |
2015-12-31 |
2016-12-31 |
|
Report Type |
Annual Report |
Annual Report |
|
Statement Type |
Individual |
Individual |
|
Source |
AIC |
AIC |
|
Audited or Not |
Unknown |
Unknown |
|
Total Assets |
829 |
1,589 |
|
Liabilities |
|
|
|
Year |
2015-12-31 |
2016-12-31 |
|
Total Liabilities |
349 |
1,108 |
|
Total Owner’s Equity |
480 |
481 |
|
Total Liabilities and Owner's Equity |
829 |
1,589 |
|
Income Statement |
|
|
|
Year |
2015-12-31 |
2016-12-31 |
|
Operating Income |
572 |
2,572 |
|
Total Profit |
12 |
46 |
|
Income Tax |
0 |
7 |
|
Net Profit |
12 |
39 |
GROWTH RATE OF MAJOR
FINANCIAL
|
|
2015 |
Growth(%) |
2016 |
|
Operating Income |
572 |
349.65 |
2,572 |
|
Total Assets |
829 |
91.68 |
1,589 |
|
Total Profit |
12 |
283.33 |
46 |
|
Net Profit |
12 |
225.00 |
39 |
|
Total Liabilities |
349 |
217.48 |
1,108 |
|
Total Owner’s Equity |
480 |
0.21 |
481 |
IMPORTANT RATIO
|
Profitability |
2015 |
2016 |
|
Return on net assets (%) |
2.50 |
8.11 |
|
Return on total assets (%) |
1.45 |
2.45 |
|
Net profit margin (%) |
2.10 |
1.52 |
|
Operation capacity |
2015 |
2016 |
|
Turnover of total assets |
0.69 |
1.62 |
|
Solvency |
2015 |
2016 |
|
Liabilities to assets ratio (%) |
42.10 |
69.73 |
|
Development capacity |
2015 |
2016 |
|
Yearly Growth of Operating Income (%) |
- |
349.65 |
|
Yearly growth of total assets (%) |
- |
91.68 |
FINANCIALS &
ANALYSIS
|
Financial Note |
1. SC’s detailed
financial information of 2015 and 2016 is unavailable through all available
channels. Subject’s staff was unable to be contacted. Only subject’s
financial summaries of 2015 and 2016 obtained from AIC source are provided
for client’s reference. 2. Subject’s
operating income of 2016 increases greatly over that of 2015. As subject
cannot be contacted, related reasons cannot be obtained. |
|
SIC (China) |
5137,Wholesale of Household Appliance 【Major】 |
|
ISIC |
4649,Wholesale of other household goods |
|
NACE |
46.43,Wholesale of other household goods |
INDUSTRY FINANCIAL AVERAGE
|
- |
2015 |
Subject |
Best(10%) |
Average |
Worst(10%) |
|
Solvency |
Liabilities to Assets Ratio (%) |
42.10 |
59.95 |
70.85 |
98.10 |
|
Current ratio |
- |
1.73 |
1.37 |
0.99 |
|
|
Quick ratio |
- |
1.08 |
0.86 |
0.62 |
|
|
Development Capacity |
Yearly Growth of Operating Income (%) |
- |
18 |
11.07 |
4.50 |
|
Yearly Growth of Gross Profit (%) |
- |
17.37 |
10.80 |
2.97 |
|
|
Yearly Growth of Total Assets (%) |
- |
9.18 |
5.40 |
0.90 |
|
|
Profitability |
Return on net assets (%) |
2.50 |
9.63 |
5.94 |
0.99 |
|
Return on total assets (%) |
1.45 |
8.37 |
4.88 |
0.54 |
|
|
Gross profit margin (%) |
- |
16.83 |
8.10 |
1.17 |
|
|
Operation Capacity |
Turnover of total assets |
0.69 |
3.24 |
1.53 |
0.54 |
|
Turnover of current assets |
- |
5.85 |
2.25 |
0.81 |
|
|
Turnover days of account receivable |
- |
18.25 |
29.95 |
122.63 |
|
- |
2016 |
Subject |
Best(10%) |
Average |
Worst(10%) |
|
Solvency |
Liabilities to Assets Ratio (%) |
69.73 |
58.15 |
69.43 |
100.06 |
|
Current ratio |
- |
1.68 |
1.34 |
1.01 |
|
|
Quick ratio |
- |
1.05 |
0.84 |
0.63 |
|
|
Development Capacity |
Yearly Growth of Operating Income (%) |
349.65 |
17.46 |
10.85 |
4.59 |
|
Yearly Growth of Gross Profit (%) |
- |
16.85 |
10.58 |
3.03 |
|
|
Yearly Growth of Total Assets (%) |
91.68 |
8.90 |
5.29 |
0.92 |
|
|
Profitability |
Return on net assets (%) |
8.11 |
9.34 |
5.82 |
1.01 |
|
Return on total assets (%) |
2.45 |
8.12 |
4.78 |
0.55 |
|
|
Gross profit margin (%) |
- |
16.33 |
7.94 |
1.19 |
|
|
Operation Capacity |
Turnover of total assets |
1.62 |
3.14 |
1.50 |
0.55 |
|
Turnover of current assets |
- |
5.67 |
2.21 |
0.83 |
|
|
Turnover days of account receivable |
- |
17.70 |
29.35 |
125.08 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.69 |
|
|
1 |
INR 90.35 |
|
Euro |
1 |
INR 79.21 |
|
CNY |
1 |
INR 10.17 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial condition covering various ratios
·
Company background and operations size
·
Promoters / Management background
·
Payment record
·
Litigation against the subject
·
Industry scenario / competitor analysis
·
Supplier / Customer / Banker review (wherever
available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.