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MIRA INFORM REPORT
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Report No. : |
487712 |
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Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
HUZHOU BLUE OCEAN TEXTILE CO.,LTD |
|
|
|
|
Registered Office : |
Room 212, Building 1, Yifeng International Building Materials
City, Huzhou City |
|
|
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Country : |
China |
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|
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
09.01.2007 |
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Com. Reg. No.: |
91330501797629825Q |
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Legal Form : |
Limited Liabilities Company |
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|
|
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Line of Business : |
Subject is mainly Engaged In Sales Of Textile Fabrics. |
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No. of Employees : |
10 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Poor |
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|
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Payment Behaviour : |
Slow |
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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 |
|
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 |
INVESTIGATION
RECORD
|
Name of Interviewee |
Ms Niu |
|
Tel |
(86 572)2593919 |
|
Investigation Way |
Telephone |
ABSTRACT
|
Name (English) |
HUZHOU BLUE OCEAN TEXTILE CO.,LTD.(Given by Official
Sources) |
|
Unified Social Credit Code |
91330501797629825Q |
|
AIC registration No. |
330508000006612 |
|
National Organization Code |
797629825 |
|
Company Status |
Operational |
|
Executive |
Wen Jianfeng |
|
Registered Capital |
CNY 360,000.00 |
|
Date of Establishment |
2007-01-09 |
|
Employee |
10 (2018-01-22) |
|
Website |
www.blueoceantex.com |
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Company Size |
Small |
|
SIC (China) |
5131,Wholesale of Textile, Knitwear and Materials |
|
Import/Export Permit |
Yes |
|
Judicial |
1 |
CONTACTS
|
Tel |
(86 572)2593919 |
|
E-mail |
info@blueoceantex.com |
|
Address |
Room 212, Building 1, Yifeng International Building
Materials City, Wuxing Dist, Huzhou City, Zhejiang Province(Office) |
|
Address Post code |
313001 |
|
Ownership |
Rented |
GENERAL COMMENTS
|
RISK ANALYSIS |
|
Established in Jan.2007, subject is mainly engaged in
sales of textile fabrics. With a long history, subject has accumulated
certain experience in the industry. Subject has relatively poor capability of
financing and resisting risks with natural individuals as shareholders.
Subject faces certain competitors in the industry. According to subject's current financial information,
subject's operating income of 2016 increases over that of 2015, which
suggests subject's business was expanded well in 2016. The company's net
profit margin of 2016 is low, which suggests subject's profitability is poor.
The company's turnover of total assets of 2016 is high, which suggests
subject's capital operating capability is good. The company's liabilities to
assets ratios of 2015 and 2016 are over 100%, which suggests subject was in
insolvent state and its long-term debt paying pressure is high. Credit
transactions with subject are not recommended in the report. |
REGISTRATION
INFORMATION
REGISTRATION
INFORMATION
|
Unified Social Credit Code |
91330501797629825Q |
|
AIC registration No. |
330508000006612 |
|
Date of Establishment |
2007-01-09 |
|
Registered Address |
Room 212, Building 1, Yifeng International Building
Materials City, Huzhou City |
|
Registry |
Administration Bureau for Industry and Commerce - Huzhou
City |
|
Legal Representative |
Wen Jianfeng |
|
Legal Form |
Limited Liabilities Company |
|
Registered Capital |
CNY 360,000.00 |
|
Paid-in Capital |
CNY 360,000.00 |
|
Latest Year of Annual Report |
2016 |
|
Operation duration |
2007-01-09 to 2027-01-08 |
|
Business Scope |
Sales of textiles and raw materials (except cotton,
cocoon), clothing, shoes, hats, bags, crafts, daily use, hardware, wood, and
building materials; import and export of goods and technologies. |
SHAREHOLDER INFORMATION
|
- |
Name |
% Ownership |
Capital Contributed |
Currency |
Investment Way |
Paid-in % |
Country |
|
1 |
Wen Jianfeng |
70.00 |
252,000.00 |
CNY |
Capital |
100 |
China |
|
2 |
Niu Lina |
30.00 |
108,000.00 |
CNY |
Capital |
100 |
China |
|
Total |
|
100.0 |
360,000 |
|
|
|
|
ULTIMATE HOLDING
|
- |
Ultimate Shareholder |
Investment Way |
|
1 |
Wen
Jianfeng |
Capital |
|
English Name |
Wen Jianfeng |
|
Country |
China |
|
Type |
Natural individuals |
|
Investment Way |
Capital |
|
Note |
Wen Jianfeng -->70.00% HUZHOU BLUE OCEAN TEXTILE 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
LEGAL REPRESENTATIVE
|
Name |
Wen Jianfeng |
|
Country |
China |
|
Position |
Executive Director; General Manager |
|
Gender |
Male |
INVOLVEMENT IN OTHER COMPANIES
No other involvement information of subject's legal
representative is searched from database.
MANAGEMENT
|
- |
Name |
Position |
Gender |
|
1 |
Wen
Jianfeng |
Executive
Director; General Manager |
Male |
DIRECTORS AND SUPERVISORS
|
- |
Name |
Position |
Gender |
|
1 |
Wen
Jianfeng |
Executive
Director; General Manager |
Male |
|
2 |
Niu
Lina |
Supervisor |
Female |
JUDICIAL
INFORMATION
DEFAULT 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;
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;
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;
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;
ADMINISTRATIVE ILLEGAL RECORDS
|
Name |
HUZHOU BLUE OCEAN TEXTILE CO.,LTD. |
|
Government ID. / AIC Registration No. |
91330501797629825q |
|
File No. |
HU Wu Jing An Chu 2007431 |
|
Enforcement/Reconsideration/Judicial Authority /
Information Source |
Administration Bureau for Industry and Commerce - Nanxun
District, Huzhou City, Zhejiang Province |
|
Date |
2007-12-04 |
OPERATION
& TRENDS
|
Main Business |
Sales of textile fabrics |
|
Products & Service |
SC is mainly engaged in sales of textile fabrics. Its products include dyed fabrics, printed fabrics, carved
printed fabrics, frosted fabrics, two-color fabrics, rayon fabrics, crumpled fabrics,
jacquard fabrics, plain fabrics, poplin fabrics, gauze fabrics, corduroy
fabrics, etc. Its products are widely used in garments and home textile etc. |
OPERATION FACILITIES
|
Business Address |
Room 212, Building 1, Yifeng International Building Materials
City, Wuxing Dist, Huzhou City, Zhejiang Province(Office) |
|
Tel |
(86 572)2593919 |
|
E-mail |
info@blueoceantex.com |
|
Post code |
313001 |
|
Environment |
Downtown district |
|
Ownership |
Rented |
|
Traffic Condition |
Convenient |
|
Region |
Products |
Customer Type |
Number of Customers |
Payment Terms |
Region |
Percentage |
|
|
Domestic |
Textile
fabrics |
Garment factories etc |
More than 10 |
Credit payment and prompt payment etc |
All
over China |
20 |
|
|
International |
Textile fabrics |
Traders etc |
More than 10 |
L/C;T/T etc |
Southeast Asia, Europe, America etc |
80 |
|
|
OTHER INFORMATION |
SC's products are sold at home and abroad. Minority of its
products are sold in the domestic markets all over China. Majority of its
products are sold in the international markets like United Arab Emirates,
Portugal, Germany, Morocco, Vietnam, etc. Its clients are mainly garments
factories and traders. Its products are mainly sold directly. |
||||||
PURCHASE INFORMATION
|
Region |
Main Products Purchased |
Number of Suppliers |
Payment Terms |
Region |
Percentage |
|
|
Domestic |
Textile fabrics and office supplies etc |
More than 10 |
Credit payment and prompt payment etc |
Eastern China etc |
100 |
|
|
OTHER INFORMATION |
SC's purchase business is wholly developed in the domestic
markets like Jiangsu Province and its surrounding places. Its suppliers are
mainly manufacturers of textile fabrics and traders. Currently subject has
stable purchase channels and has established stable cooperative relationship
with partial of its suppliers. |
|||||
NOTE TO CREDIT RECORD
|
Note |
Subject's staff refused to disclose its suppliers’ information.
No suppliers' names can be obtained. Hence no payment information 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 PERMIT
|
EXPORT/IMPORT PERMIT |
Yes |
IMPORT / EXPORT DETAILS
|
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Date |
2017-12-19 |
|
Employee Number |
10 |
WEBSITES
|
- |
Website |
Name |
File No |
Registrant |
|
1 |
HUZHOU
BLUE OCEAN TEXTILE CO.,LTD. |
|
Website |
|
|
Country |
|
|
Status |
Normal |
|
Name |
HUZHOU
BLUE OCEAN TEXTILE CO.,LTD. |
|
Sponsor Name |
HUZHOU
BLUE OCEAN TEXTILE CO.,LTD. |
|
Hosted By |
Enterprise |
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 |
2,263 |
5,324 |
|
Liabilities |
|
|
|
Year |
2015-12-31 |
2016-12-31 |
|
Total
Liabilities |
2,638 |
5,469 |
|
Total
Owner’s Equity |
-375 |
-145 |
|
Total
Liabilities and Owner's Equity |
2,263 |
5,324 |
|
Income Statement |
|
|
|
Year |
2015-12-31 |
2016-12-31 |
|
Operating
Income |
12,031 |
16,920 |
|
Total
Profit |
85 |
230 |
|
Income
Tax |
0 |
0 |
|
Net
Profit |
85 |
230 |
GROWTH
RATE OF MAJOR FINANCIAL
|
|
2015 |
Growth(%) |
2016 |
|
Operating
Income |
12,031 |
40.64 |
16,920 |
|
Total
Assets |
2,263 |
135.26 |
5,324 |
|
Total
Profit |
85 |
170.59 |
230 |
|
Net
Profit |
85 |
170.59 |
230 |
|
Total
Liabilities |
2,638 |
107.32 |
5,469 |
|
Total
Owner’s Equity |
-375 |
61.33 |
-145 |
IMPORTANT
RATIO
|
Profitability |
2015 |
2016 |
|
Return on net assets (%) |
-22.67 |
-158.62 |
|
Return on total assets (%) |
3.76 |
4.32 |
|
Net profit margin (%) |
0.71 |
1.36 |
|
Operation
capacity |
2015 |
2016 |
|
Turnover of total assets |
5.32 |
3.18 |
|
Solvency |
2015 |
2016 |
|
Liabilities to assets ratio
(%) |
116.57 |
102.72 |
|
Development
capacity |
2015 |
2016 |
|
Yearly Growth of Operating
Income (%) |
- |
40.64 |
|
Yearly growth of total assets
(%) |
- |
135.26 |
FINANCIALS
& ANALYSIS
|
Financial Note |
Subject’s
detailed financial figures in 2016 and 2015 are unavailable through all
available sources. Only the financial highlights of the company in 2016 and
2015 obtained through AIC source are provided for client’s reference. The
company's liabilities to assets ratios of 2015 and 2016 are over 100%, which
suggests subject was in insolvent state and its long-term debt paying
pressure is high. Credit transactions with subject are not recommended in the
report. |
INDUSTRY INFORMATION
INDUSTRY CODE
|
SIC (China) |
5131,Wholesale of Textile, Knitwear and Materials 【Major】 |
|
ISIC |
4641,Wholesale of textiles, clothing and footwear |
|
NACE |
46.41,Wholesale of textiles, clothing and footwear |
INDUSTRY FINANCIAL AVERAGE
|
- |
2016 |
Subject |
Best(10%) |
Average |
Worst(10%) |
|
Solvency |
Liabilities to Assets Ratio (%) |
102.72 |
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 (%) |
40.64 |
17.46 |
10.85 |
4.59 |
|
Yearly Growth of Gross Profit (%) |
- |
16.85 |
10.58 |
3.03 |
|
|
Yearly Growth of Total Assets (%) |
135.26 |
8.90 |
5.29 |
0.92 |
|
|
Profitability |
Return on net assets (%) |
-158.62 |
9.34 |
5.82 |
1.01 |
|
Return on total assets (%) |
4.32 |
8.12 |
4.78 |
0.55 |
|
|
Gross profit margin (%) |
- |
16.33 |
7.94 |
1.19 |
|
|
Operation
Capacity |
Turnover of total assets |
3.18 |
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 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
|
CNY |
1 |
INR 9.96 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
KET |
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.