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MIRA
INFORM REPORT
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Report No. : |
487733 |
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Report Date : |
27.01.2018 |
IDENTIFICATION DETAILS
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Name : |
YIBIN HIEST FIBRE LIMITED CORPORATION |
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Registered Office : |
Yanpingba Nanguang Yibin
Sichuan Province, Pr China |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
24.07.2002 |
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Credibility Code.: |
915115007400336685 |
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Legal Form : |
Limited liabilities co. |
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Line of Business : |
Manufacturing and selling viscose fiber products such as
viscose filament; processing imported materials; three processing industries
and one compensation; importing and exporting goods and technologies; selling
all kinds of goods; entrepot trade; manufacturing and selling embroidery
thread (with permit if needed) |
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No. of Employees : |
4662 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Company Name
Company Name : YIBIN HIEST FIBRE LIMITED CORPORATION
Address : YANPINGBA NANGUANG YIBIN SICHUAN PROVINCE, PR CHINA
Telephone : 0086-831-2400818
Facsimile : --
Website : --
Email : 48379868@qq.com
REGISTRATION INFORMATION
Established Date : 2002-07-24
Credibility
Code : 915115007400336685
Legal Form : Limited liabilities co.
Issuing Authority : Administration for Industry & Commerce (AIC) – Yibin
Status : Active
Registered Capital : RMB 982,050,000
Paid Up Capital : RMB
982,050,000
Turnover : RMB 6,034,027,000 (as of Dec. 31, 2016)
Equities : RMB 1,528,716,000 (as of
Dec. 31, 2016)
Chief Executive : Deng Chuandong
Business Line : Manufacturer
Manpower : 4662
Tax Registration
Certificate No. : 915115007400336685
Credit rating :
A(Y2016)
Organization Code : 74003366-8
HS
code : 5114911365
Import
& Export code: 5100740033668
Financial Condition : Fairly
Stable
Business Size : Large
Enterprise
Payment : Average
Registered Address
YANPINGBA
NANGUANG YIBIN SICHUAN PROVINCE, PR CHINA
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 RMB 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.
Premise
The subject operates from
premises located at the heading address, and this address houses its operating
office and factory in Yibin. Our checks reveal that the subject owns the total
premise, but the square meters are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Legal representative, Chairman |
Deng Chuandong |
Chinese |
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General Manager |
He Min |
Chinese |
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Directors |
Tian Qibing Zhang Zhigang He Min Liang Jianjun Li Rongling Deng Hua Fan Xianzhen Liao Zhourong Deng Ming |
Chinese |
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Supervisors |
Zhang Hao Li Runmei Lai Xiaogang |
Chinese |
MAJOR SHAREHOLDERS
Name %
Shareholding
Yibin Grace Co.,Ltd 56.97%
Yibin Grace Group Co.,Ltd 39.71%
Yibin Xinya Co.,Ltd 3.02%
Sichuan Development Holding Co., Ltd. 0.21%
Li Ling 0.09%
Yibin Grace Co.,Ltd
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Credibility Code: 91511500711897897G
Legal representative: Feng Tao 冯涛
Registered Capital: RMB 700,000,000
Established Date: 2000-05-25
KEY EVENTS
Changes of its registered information
are as follows:
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Date of
change |
Item |
Before the
change |
After the
change |
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2014-04-17 |
Legal representative |
Feng Tao |
Present one |
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2014-09-02 |
Registered capital |
RMB 482,050,000 |
Present one |
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2013-05-31 |
Registered capital |
RMB 480,000,000 |
RMB 482,050,000 |
BUSINESS
OPERATIONS
The subject’s registered business scope includes
manufacturing and selling viscose fiber products such as viscose filament;
processing imported materials; three processing industries and one
compensation; importing and exporting goods and technologies; selling all kinds
of goods; entrepot trade; manufacturing and selling embroidery thread (with
permit if needed)
The subject is mainly engaged in
manufacturing and selling viscose fiber products.
Products:
Viscose fiber filament
Embroidery thread
Other yarns
Etc.
The subject sources its materials 70% from domestic market, and 30% from
overseas market. the subject sells 30% of its products in domestic market, and
70% to overseas market, mainly India, etc.
The buying terms of the subject include Check, T/T, L/C and Credit of
30-60 days. The payment terms of the subject include Check, T/T, L/C and Credit
of 30-60 days.
SUPPLIER & CUSTOMER
*Major customer:
Nandini Texcom India Ltd.
Etc.
RELATED COMPANIES
Subsidiaries
Yibin
Changxin Thread Co., Ltd.
========================
Credibility
Code: 91511503054145459B
Legal
representative: Liang Jianjun
Registered
Capital: RMB 5,000,000
Established
Date: 2012-10-15
Yibin
Haixiang Chemical Co., Ltd.
========================
Credibility
Code: 915115006948139292
Legal
representative: Yin Jiguo
Registered
Capital: RMB 15,000,000
Established
Date: 2009-09-17
Etc.
NEGATIVE INFORMATION
Lawsuit
Record:
|
Date |
Case No. |
Petitioner |
Defendant |
Executive court |
Status |
|
2017-09-11 |
2017-4669 |
Dai
Wuyun |
The subject company. |
Yibin
City Cuiping Dist. People's court |
Concluded |
|
2016-11-07 |
2016-1088 |
Cao Min |
The subject company. |
People's
Court of Nanxi District, Yibin |
Concluded |
Etc.
Trade payment experience: The subject 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 the subject was placed to
us for collection within the last 6 years.
Customs administrative penalty: No record.
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage
information at present.
TRADEMARK
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Registration No. |
Registration Date |
Trademark Design |
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7370322 |
2009-05-04 |
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7370331 |
2009-05-04 |
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Etc.
PATENT
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Patent name |
Published Application Number |
Application number |
Date of publication |
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An air source ball valve switch
head device |
CN206846137U |
CN201620995131.2 |
2018-01-05 |
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An automatic silk - fetching
device for viscose filament |
CN105438823B |
CN201510959838.8 |
2018-01-05 |
Etc.
BANKING
Agricultural Bank of China Yibin City Cuiping Dist. Sales Department
Account No.: 22470201040006533
ABBREVIATED
FINANCIAL STATEMENT
Financial
Summary
===============
Unit: RMB’000
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As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
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Total assets |
5,312,868 |
5,551,618 |
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========= |
========= |
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Total liabilities |
3,957,669 |
4,022,902 |
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Equities |
1,355,199 |
1,528,716 |
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-------------- |
-------------- |
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Total liabilities & equities |
5,312,868 |
5,551,618 |
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========= |
========= |
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Turnover |
4,639,312 |
6,034,027 |
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Profits before
tax |
46,100 |
183,338 |
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Less: tax |
11,053 |
9,822 |
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Profits |
35,047 |
173,516 |
Important
Ratios
=============
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As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
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*Liabilities to assets |
0.74
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0.72
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*Net profit margin (%) |
0.76
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2.88
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*Return on total assets (%) |
0.66
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3.13
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*Turnover/Total assets |
0.87
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1.09
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PROFITABILITY:
AVERAGE
l The
turnover of the subject appears good in its line.
l the
subject’s net profit margin is average.
l the
subject’s return on total assets is average.
l the
subject’s turnover is in a fair level in 2015 and average in 2016, comparing
with the size of its total assets.
LEVERAGE:
FAIR
l The
debt ratio of the subject is fairly high.
l The
risk for the subject to go bankrupt is average.
TREND ANALYSIS
===========
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2014 |
2015 |
2016 |
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Sales
Trend |
-- |
-- |
Ç |
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Profit
margin |
-- |
-- |
Ç |
|
Debt to
assets ratio |
-- |
-- |
È |
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Overall Financial Condition |
□Good □Fairly Good □Stable ■Fairly
Stable □Fair □Poor |
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COMMENT
The subject was registered as a
Limited liabilities co. at local Administration for Industry & Commerce (AIC
- The official body of issuing and renewing business license).
The subject is considered
large-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.64 |
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|
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.45 |
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CNY |
1 |
INR 10.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.