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MIRA INFORM REPORT
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Report No. : |
507901 |
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Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
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Name : |
DONGGUAN HOVESIN INDUSTRIAL COMPANY LIMITED |
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Registered Office : |
Room 101 1st Floor Building 1 Hua Wei Ke Gu
Industrial Park Xiangshan Road Jichiling Village Dalingshan Town Dongguan
Guangdong Province, Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
16.08.2012 |
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Credibility Code : |
91441900052460914R |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
The subject’s registered business scope includes R & D, design,
production and marketing of mold, plastic products, precision hardware parts,
auto parts, electronic products, sheet metal and stamping parts,
communication equipment, electronic cigarette, product display rack,
accessories; importing and exporting goods (with permit if needed) |
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No. of Employees : |
85 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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
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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 & address
Company Name : DONGGUAN HOVESIN INDUSTRIAL COMPANY LIMITED
Address : ROOM 101
1st Floor Building 1 Hua Wei Ke gU Industrial Park
XIANGSHAN ROAD JICHILING VILLAGE DALINGSHAN TOWN DONGGUAN GUANGDONG
PROVINCE, PR CHINA
Telephone : 0086 769 81880625
Facsimile : --
Website : http://www.hovesinmould.com/
Email : hovesin-mkti@well.smart.com
Note: The given number 18625504896 is powered off.
REGISTRATION INFORMATION
Established Date : 2012-08-16
Credibility Code : 91441900052460914R
Legal Form : Limited
Liabilities Co.
Registration Authority: Administration for Industry & Commerce (AIC) – Dongguan
Guangdong
Status : Active
Registered Capital : RMB 500,000
Paid Up Capital : RMB 500,000
Turnover : RMB 2,885,000 (as of Dec. 31, 2017)
Equities : RMB 78,000 (as of Dec.
31, 2017)
Chief Executive : Sun Huisheng
Business Line : Manufacturer
Manpower : 85
Tax Registration
Certificate No. : 91441900052460914R
Organization Code : 05246091-4
HS code :
44199639CW
Import &
Export code: 4400052460914
Financial Condition : Fairly
Stable
Business Size : Small Enterprise
Payment : Slow
Registered Address
ROOM 101 1ST FLOOR BUILDING 1 HUA WEI KE GU INDUSTRIAL
PARK XIANGSHAN ROAD JICHILING VILLAGE DALINGSHAN TOWN DONGGUAN GUANGDONG
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 Dongguan. Our checks reveal that the subject rents the total premise, but
the square meters are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Legal representative, General Manager
Executive Director |
Sun Huisheng |
Chinese |
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Supervisors |
Sun Wei |
Chinese |
MAJOR SHAREHOLDERS
Name % Shareholding
Sun Huisheng 40
Sun Wei 60
KEY EVENTS
Changes of its registered information are as
follows:
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Date of change |
Item |
Before the change |
After the change |
|
2017-09-06 |
Legal representative |
Hu Ailing |
Present one |
BUSINESS OPERATIONS
The subject’s registered business scope includes R & D, design,
production and marketing of mold, plastic products, precision hardware parts,
auto parts, electronic products, sheet metal and stamping parts, communication equipment,
electronic cigarette, product display rack, accessories; importing and
exporting goods (with permit if needed)
The subject is mainly engaged in
manufacturing and selling plastic mold and Injection.
Products:
Extrusion tooling
Stamping mould
Die casting mould
Plastic injection mould
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.
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
No record.
RELATED COMPANIES
No Subsidiary
NEGATIVE INFORMATION
Lawsuit Record: No record.
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 Date |
Trademark Design |
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21809559 |
2016-11-07 |
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21810416 |
2016-11-07 |
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PATENT
No record.
BANKING
The subject declined to release its banking details.
ABBREVIATED FINANCIAL STATEMENT
Financial Summary
===============
Unit: RMB’000
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As
of Dec. 31, 2016 |
As
of Dec. 31, 2017 |
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Total assets |
1,623 |
1,986 |
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========= |
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Total liabilities |
1,546 |
1,908 |
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Equities |
77 |
78 |
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-------------- |
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Total liabilities & equities |
1,623 |
1,986 |
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========= |
========= |
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Turnover |
2,006 |
2,885 |
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Profits before tax |
-93 |
5 |
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Less: tax |
4 |
4 |
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Profits |
-97 |
1 |
Important Ratios
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As
of Dec. 31, 2016 |
As
of Dec. 31, 2017 |
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*Liabilities to assets |
0.95 |
0.96 |
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*Net profit margin (%) |
-4.84 |
0.03 |
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*Return on total assets (%) |
-5.98 |
0.05 |
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*Turnover/Total assets |
1.24 |
1.45 |
PROFITABILITY:
AVERAGE
l The turnover of
the subject appears average in its line.
l the subject’s net
profit margin is fair in 2016 and average in 2017.
l the subject’s
return on total assets is fair in 2016 and average
in 2017.
l the subject’s
turnover is average, comparing with the size of its total
assets.
LEVERAGE: FAIR
l The debt ratio of
the subject is high.
l The risk for the
subject to go bankrupt is average.
TREND ANALYSIS
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2015 |
2016 |
2017 |
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Sales Trend |
-- |
-- |
Ç |
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Profit margin |
-- |
-- |
Ç |
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Debt to assets ratio |
-- |
-- |
Ç |
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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 small-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.08 |
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1 |
INR 91.14 |
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Euro |
1 |
INR 80.00 |
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CNY |
1 |
INR 10.56 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIS |
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Report Prepared
by : |
TPT |
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.