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MIRA INFORM REPORT
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Report No. : |
507663 |
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Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
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Name : |
FUJIAN QUNFENG MACHINERY CO., LTD. |
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Registered Office : |
No. 18, Binjiang Avenue, Binjiang Mechanical Equipment Industrial
Base, Xiamei Town, Nan’an, Quanzhou, Fujian Province, 362302 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2015 |
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Date of Incorporation : |
14.04.2008 |
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Credibility Code: |
913505836740087461 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
Subject registered business scope includes R&D,
manufacture and sales of concrete block molding machine, road surface machine,
road edge stone hydraulic molding machine, concrete mixer, testing machine,
construction waste disposal equipment, building materials machinery,
industrial manipulator, environmental protection complete set machinery, road
cleaning vehicle, road cleaning vehicle, sprinkler, waste transfer vehicle
and other special vehicles related to urban environmental sanitation,
supporting machinery and equipment related to environmental sanitation,
electric patrol vehicles, new energy sanitation vehicles, electric sanitation
cleaning machines and other electric vehicles related to environmental
sanitation; sales of loaders, forklifts, excavators and mechanical equipment;
vehicle rental business; import and export of goods and technology, excluding
those limited or prohibited by the state (if needed with permit). |
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No. of Employees : |
405 |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 early 2015, 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 and address
FUJIAN QUNFENG MACHINERY CO., LTD.
NO.
18, BINJIANG AVENUE, BINJIANG MECHANICAL EQUIPMENT INDUSTRIAL BASE, XIAMEI
TOWN, NAN’AN, QUANZHOU, FUJIAN PROVINCE, 362302 PR CHINA
TEL:
86 (0) 595-22356779 FAX: 86 (0)
595-22356788
EXECUTIVE
SUMMARY
INCORPORATION DATE :
Apr. 14, 2008
Credibility Code :
913505836740087461
REGISTERED LEGAL FORM : One-person Limited
Liability Company
CHIEF EXECUTIVE :
Mr. xu jinshan (legal
representative)
STAFF STRENGTH :
405
REGISTERED CAPITAL :
CNY 50,000,000
BUSINESS LINE :
TRADING and manufacturing
TURNOVER :
CNY 93,028,000 (AS OF DEC. 31, 2015)
EQUITIES :
CNY 69,320,000 (AS OF DEC. 31, 2015)
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION :
AVERAGE (AS
OF DEC. 31, 2015)
FINANCIAL CONDITION :
fairly STABLE (AS
OF DEC. 31, 2015)
OPERATIONAL TREND :
steady (AS OF
DEC. 31, 2015)
GENERAL REPUTATION :
AVERAGE
Adopted abbreviations:
ANS
- amount not stated
NS
- not stated
SC
- subject company (the company inquired by you)
NA
- not available
CNY
- China Yuan Renminbi
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person LLC has no shareholder
meeting.
SC’s registered business scope includes R&D, manufacture and
sales of concrete block molding machine, road surface machine, road edge stone
hydraulic molding machine, concrete mixer, testing machine, construction waste
disposal equipment, building materials machinery, industrial manipulator,
environmental protection complete set machinery, road cleaning vehicle, road
cleaning vehicle, sprinkler, waste transfer vehicle and other special vehicles
related to urban environmental sanitation, supporting machinery and equipment
related to environmental sanitation, electric patrol vehicles, new energy
sanitation vehicles, electric sanitation cleaning machines and other electric
vehicles related to environmental sanitation; sales of loaders, forklifts,
excavators and mechanical equipment; vehicle rental business; import and export
of goods and technology, excluding those limited or prohibited by the state (if
needed with permit).
SC
is mainly engaged in manufacturing and selling machinery equipment.
Mr.
Xu Jinshan is legal representative and executive director of SC at present.
SC
is known to have approx. 405 employees
at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the Binjiang mechanical equipment industrial
base of Quanzhou. Detailed premise information is not available at present.
http://www.qunfeng.com The website belongs to Qunfeng Intelligent
Machinery Co., Ltd. The design is professional and the content is well organized.
At present it is in English, Chinese and Russian versions, etc.
Email:
qfjob@163.com
Note:
We sent an email to the given e-mail address, but we did not receive any reply.
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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Unknown |
Registration no. |
350583100017806 |
Credibility Code: 913505836740087461 |
Import/
Export License Number:
3500674008746
For the past two years
there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Qunfeng
Intelligent Machinery Co., Ltd. 100
Incorporation
Date: 1995-8-22
Credibility
Code: 91350500611880510J
Legal
Representative: Xu Jinshan
Registration
Capital: CNY 70,000,000
Website:
http://www.qunfeng.com
Legal Representative, Executive Director:
Mr.
Xu Jinshan is currently responsible for the overall management of SC.
Working
Experience(s):
At
present Working in SC
as legal representative and executive director;
Also
working in Qunfeng Intelligent Machinery Co., Ltd. and Quanzhou Qunfeng Trading
Co., Ltd. as legal representative.
General Manager:
Mr.
Zhan Hongzhe is currently responsible for the daily management of SC.
Working
Experience(s):
At
present Working in SC
as general manager;
Also
working in Qunfeng Intelligent Machinery Co., Ltd. as general manager.
Supervisor:
Xu
Qinghui
SC
is mainly engaged in manufacturing and selling machinery equipment.
SC’s
products mainly include: concrete block molding machine, kerbstone hydraulic
molding machine, concrete mixer, testing machine, etc.
SC
sources its materials 100% from domestic market. SC sells 40% of its products
in domestic market, and 60% to overseas market.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include Check, T/T, L/C, and Credit of 30-60 days.
Note: SC declined to release its major suppliers and clients.
Industry code: 3500
Industry name: Special equipment manufacturing
The
gross domestic product of China in 2016 which is 74412.72 billion that is
increased 6.7% than previous year.
In
2015, the main business income of China's special equipment manufacturing
industry is 3559.98 billion yuan, increased by 2.9% year on year. From the
above chart we can see from 2012 to 2015, the main business income of national
special equipment manufacturing industry has maintained a rising trend, but the
main business revenue growth rate of special equipment manufacturing industry
has been in a turbulent downturn, but still
maintain positive growth.
In
2015, the total profit of special equipment manufacturing industry was 209.69
billion yuan, down by 3.4% year on year. From the above chart
we can see from 2011 to 2013, the total profit growth rate has maintained
positive growth. From 2013 to 2015, the profit growth rate has been declining,
the profit growth into negative growth in 2015.
Quanzhou
Qunfeng Trading Co., Ltd.
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Incorporation
Date: 2007-08-20
Credibility
Code: 91350502665089417Y
Legal
representative: Xu Jinshan
SC is known to invest in the following company:
Fujian
Lvzhou Mechanized Cleaning Co., Ltd. (In Chinese Pinyin)
==========================
Incorporation
Date: 2013-09-25
Credibility
Code: 91350502079751383U
Legal
representative: Hong Yan洪岩
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.
SC
refused to release the bank details. So we could not confirm the given bank
information.
Financial Summary
Unit: CNY’000
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As of Dec. 31, 2015 |
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Total liabilities |
242,754 |
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Equities |
69,320 |
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------------------ |
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Total assets |
312,074 |
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=========== |
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Turnover |
93,028 |
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Profits |
2,740 |
Note:
We did not find SC’s latest and detailed financial reports.
Important Ratios
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As of Dec. 31, 2015 |
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*Liabilities to assets |
0.78 |
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*Net profit margin (%) |
2.95 |
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*Return on total assets (%) |
0.88 |
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*Turnover/Total assets |
0.30 |
PROFITABILITY: AVERAGE
The turnover of SC appears average in its line.
SC’s
net profit margin is average.
SC’s
return on total assets is average.
SC’s
turnover is in a poor level, comparing with the size of its total assets.
LEVERAGE: FAIR
The
debt ratio of SC is fairly high.
The
risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable (as of Dec. 31, 2015)
SC is considered medium-sized in its line with a development
history of 10 years. Due to lack of the latest financial
statements, we are unable to determine the maximum credit limit for SC. Taking
into consideration of all the factors above, credit up to
moderate amount appears acceptable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.61 |
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1 |
INR 90.60 |
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Euro |
1 |
INR 79.86 |
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CNY |
1 |
INR 10.51 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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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.