|
|
|
MIRA
INFORM REPORT
|
Report No. : |
510165 |
|
Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
YANGZHOU FORWIN TECHNOLOGY CO., LTD. |
|
|
|
|
Registered Office : |
Room 1-711, Jinma Mansion, Yangzhou City |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
20.07.2005 |
|
|
|
|
Unified Social
Credit Code : |
9132100377800095X9 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject is engaged in sales of light emitting diodes and other
products. |
|
|
|
|
No. of Employees : |
Not available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
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 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.
|
Source : CIA |
INVESTIGATION RECORD
|
Name of Interviewee |
Gentleman (who refused to disclose his name or position) |
|
Tel |
(86) 13912148642 |
|
Investigation Way |
Telephone |
|
Note |
The effective communication with subject is unavailable after checking
with all the channels accessible during the investigation. |
ORDER DETAILS & INVESTIGATION RESULTS
|
- |
Order Information |
Verification |
|
Name(English) |
YANGZHOU FORWIN TECHNOLOGY CO.,LTD |
Correct |
|
Address (English) |
88SUIYANG ROAD,HUAISI TOWN, YANGZHOU CHINA |
SC's staff was contacted but refused to verify the given address. |
|
Investigation Note |
Effective communication with subject is unavailable and the investigation
process is as follows: 1. Through the phone number (86) 13912148642 obtained from official
channel, SC’s staff was contacted but refused to disclose any information.
The phone number (86 514) 87878716 obtained from official channel cannot be
connected. 2. No contact information can be found from local phone number inquiry
system. 3. The phone numbers "(86 514) 85109272", "(86 514)
85101032" and "(86) 13511760007" obtained from public channels
were dead numbers and not working. 4. No contact information of SC’s registered address can be found. 5. SC’s shareholders are natural persons. Hence, no contact
information or operation information can be obtained from its shareholders. 6. Subject's subsidiary Yangzhou Hongjun International Media Co., Ltd.
cannot be contacted through all possible channels. Hence subject's
information is unavailable from its subsidiary. 7. The effective communication with subject is unavailable and no
detailed information was found in public channels. Hence the company’s
business address, fixed-line phone number and fax number, purchase
information, sales information, employee number and bank information etc
cannot be provided in the report. The information provided in the report is
obtained from public and official channels for reference only. |
|
ABSTRACT
|
Name (English) |
YANGZHOU FORWIN TECHNOLOGY CO., LTD. (Given by Official Sources) |
|
Unified Social Credit Code |
9132100377800095X9 |
|
AIC registration No. |
321000000035743 |
|
National Organization Code |
77800095X |
|
Company Status |
Operational |
|
Executive |
Gu Hongjun |
|
Registered Capital |
CNY 3,000,000.00 |
|
Date of Establishment |
2005-07-20 |
|
Company Size |
Small |
|
SIC (China) |
5179,Wholesale of Other Mechanical Equipment and Electronic Products |
|
Import and Export Enterprise Code |
320077800095X |
|
Import/Export Permit |
Yes |
CONTACTS
|
Mobile |
(86)13912148642 |
GENERAL COMMENTS
|
RISK ANALYSIS |
|
Established in July of 2005 with the registered capital of CNY
3,000,000.00, SC is known from official channel to be mainly engaged in sales
of light emitting diodes and other products. The company has a long history.
However, known from its financial information, its operating income of 2016
decreased from that of 2015. The future development needs to be further
observed. According to its current financial information, SC’s operating income
of 2016 decreased from that of 2015, indicating its business was developed
poorly in 2016. Subject's profit indices of 2016 decreased from those of
2015, showing its profitability is weakened in 2016. The company’s turnover
of total of 2016 decreased from that of 2015, indicating its assets operation
capability is weakened in 2016. As a whole, with low liabilities to assets
ratio of 2016, subject’s long-term solvency is good. |
REGISTRATION INFORMATION
|
Unified Social Credit Code |
9132100377800095X9 |
|
AIC registration No. |
321000000035743 |
|
Date of Establishment |
2005-07-20 |
|
Registered Address |
Room 1-711, Jinma Mansion, Yangzhou City |
|
Registry |
Market Supervision Administration – Hanjiang District, Yangzhou City |
|
Legal Representative |
Gu Hongjun |
|
Legal Form |
Limited Liabilities Company |
|
Registered Capital |
CNY 3,000,000.00 |
|
Paid-in Capital |
CNY 3,000,000.00 |
|
Latest Year of Annual Report |
2017 |
|
Operation duration |
Perpetual |
|
Business Scope |
Research, development, design, processing, sales and related technical
services of LED (light emitting diode) and other new electric light source
products; Sales of light industrial products, stylistic articles, hardware and
electrical products, chemical products (excluding hazardous chemicals),
textiles and textile materials, cotton knitwear, clothing and clothing
accessories, toys, shoes and hats; Self-run and agents of import and export of goods and technologies
(except items limited or prohibited by the state government); (Of the above business projects where a permit is required, permit
shall be obtained) |
REGISTRATION CHANGES
|
- |
Date |
Item Changed |
From |
To |
|
1 |
2014-11-13 |
Registered capital |
CNY500,000.00 |
CNY3,000,000.00 |
SHAREHOLDER INFORMATION
|
- |
Name |
% Ownership |
Capital Contributed |
Currency |
Investment Way |
Paid-in % |
Country |
|
1 |
Gu Hongjun |
98.33 |
2,950,000.00 |
CNY |
Capital |
100 |
China |
|
2 |
Gu Xiaojun |
1.67 |
50,000.00 |
CNY |
Capital |
100 |
China |
|
Total |
|
100.0 |
3,000,000 |
|
|
|
|
ULTIMATE HOLDING
|
- |
Ultimate Shareholder |
Investment Way |
|
1 |
Gu Hongjun |
Capital |
|
English Name |
Gu Hongjun |
|
Country |
China |
|
Type |
Natural person shareholder |
|
Investment Way |
Capital |
|
Note |
Gu Hongjun -->98.33% YANGZHOU FORWIN TECHNOLOGY CO., LTD. |
No branch information of subject is searched out from database.
INVESTMENT IN OTHER COMPANIES
|
- |
Name |
License Status |
Share Holding |
Currency |
% Ownership |
|
1 |
Yangzhou Hongjun International Media Co.,
Ltd. |
Operational |
90,000.00 |
CNY |
30.00% |
|
Name (English) |
Yangzhou Hongjun International Media Co., Ltd. |
|
Unified Social Credit Code |
91321003680543497K |
|
License Status |
Operational |
|
Registration No. |
321091000027970 |
|
Name Of Legal Representative |
Gu Hongjun |
|
Legal Form |
Limited Liabilities Company |
|
Country |
China |
|
Registered Capital |
CNY 300,000.00 |
|
Type |
Minority Shareholding |
|
Date of Establishment |
2008-09-27 |
|
Share Holding |
90,000.00 |
|
Currency |
CNY |
|
Way of Investment |
Capital |
|
% Ownership |
30.00% |
MANAGEMENT
|
Name |
Gu Hongjun |
|
Country |
China |
|
Position |
Executive Director; General Manager |
|
Gender |
Male |
|
Age |
47 |
INVOLVEMENT IN
OTHER COMPANIES
|
- |
Name (English) |
License Status |
Legal Representative |
Position |
Type of Engagement |
|
1 |
Yangzhou Hongjun International Media Co.,
Ltd. |
Operational |
YES |
Executive director and general manager |
Directorship; Investment(70.00%) |
|
Name (English) |
Yangzhou Hongjun International Media Co., Ltd. |
|
License Status |
Operational |
|
Name Of Legal Representative |
Gu Hongjun |
|
Registered Capital |
CNY 300,000.00 |
|
Country |
China |
|
Registration No. |
321091000027970 |
|
Unified Social Credit Code |
91321003680543497K |
|
Legal Form |
Limited Liabilities Company |
|
Share Holding |
210,000.00 |
|
Currency Of Share Holding |
CNY |
|
Way of Investment |
Capital |
|
% Ownership |
70.00 |
|
Position |
Executive director and general manager |
|
Date of Establishment |
2008-09-27 |
MANAGEMENT
|
- |
Name |
Position |
Gender |
|
1 |
Gu Hongjun |
Executive Director; General Manager |
Male |
DIRECTORS AND SUPERVISORS
|
- |
Name |
Position |
Gender |
|
1 |
Gu Hongjun |
Executive Director; General Manager |
Male |
|
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.
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 RECORDS
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 INFORMATION
|
Main Business |
|
|
Products & Service
Known from official channel, SC is mainly engaged in sales of light
emitting diodes and other products. SC's staff was contacted but refused to
disclose its operation information. Hence no detailed
operation information can be provided in the report.
|
|
SALES
INFORMATION
|
OTHER
INFORMATION |
|
|
PURCHASE
INFORMATION
|
OTHER
INFORMATION |
|
|
NOTE TO
CREDIT RECORD
|
Note |
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 & TRENDS
|
EXPORT/IMPORT
PERMIT |
|
2016
Import / Export Volume (USD 1,000) |
|
Import
Volume |
-
1,239
|
|
|
||||||||||||
|
2015 Import / |
|
Export Volume (USD 1,000) |
|
|
|
Import Volume |
|
|
|
Export Volume |
|
|
|
2 |
|
|
|
|
|
||||||||||||
As of the
reporting date, no related record about
subject is found through below sources:
A. Website
of Tax Bureau of China;
B. Website
of local Tax Bureau of subject's
location;
C. Taxpayer
information of database.
As of the
reporting date, no related record about
subject is found through below sources:
A. Website
of Tax Bureau of China;
B. Website
of local Tax Bureau of subject's location;
C. Taxpayer
information of database.
As of the
reporting date, no related record about
subject is found through below sources:
A. Major
telecommunication operators of China;
B.
Telecommunication information of
database.
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 |
3,095 |
3,628 |
|
Liabilities |
|
|
|
Year |
2015-12-31 |
2016-12-31 |
|
Total
Liabilities |
428 |
1,128 |
|
Total
Owner’s Equity |
2,667 |
2,500 |
|
Total
Liabilities and Owner's Equity |
3,095 |
3,628 |
|
Income
Statement |
|
|
|
Year |
2015-12-31 |
2016-12-31 |
|
Operating
Income |
7,335 |
5,488 |
|
Total
Profit |
185 |
102 |
|
Income Tax |
18 |
77 |
|
Net Profit |
167 |
25 |
GROWTH RATE
OF MAJOR FINANCIAL
|
|
2015 |
Growth(%) |
2016 |
|
Operating
Income |
7,335 |
-25.18 |
5,488 |
|
Total
Assets |
3,095 |
17.22 |
3,628 |
|
Total
Profit |
185 |
-44.86 |
102 |
|
Net Profit |
167 |
-85.03 |
25 |
|
Total
Liabilities |
428 |
163.55 |
1,128 |
|
Total
Owner’s Equity |
2,667 |
-6.26 |
2,500 |
IMPORTANT
RATIO
|
Profitability |
2015 |
2016 |
|
Return on
net assets (%) |
6.26 |
1.00 |
|
Return on
total assets (%) |
5.40 |
0.69 |
|
Net profit
margin (%) |
2.28 |
0.46 |
|
Operation
capacity |
2015 |
2016 |
|
Turnover of
total assets |
2.37 |
1.51 |
|
Solvency |
2015 |
2016 |
|
Liabilities
to assets ratio (%) |
13.83 |
31.09 |
|
Development
capacity |
2015 |
2016 |
|
Yearly
Growth of Operating Income (%) |
- |
-25.18 |
|
Yearly
growth of total assets (%) |
- |
17.22 |
FINANCIALS
& ANALYSIS
|
Financial
Note |
SC’s
detailed financial information of 2015
and 2016 is unavailable through all
available channels. Subject’s staff was
contacted but declined to provide
relevant financial information. Only
subject’s financial summaries of 2015
and 2016 obtained from AIC source are
provided for client’s reference. |
INDUSTRY INFORMATION
|
SIC (China) |
5179,Wholesale
of Other Mechanical Equipment and
Electronic Products 【Major】 |
|
ISIC |
4652,Wholesale
of electronic and telecommunications
equipment and parts |
|
NACE |
46.52,Wholesale
of electronic and telecommunications
equipment and parts |
INDUSTRY
FINANCIAL AVERAGE
|
- |
2015 |
Subject |
Best(10%) |
Average |
Worst(10%) |
|
Solvency |
Liabilities
to Assets Ratio (%) |
13.83 |
59.95 |
70.85 |
98.10 |
|
Current
ratio |
- |
2.10 |
1.27 |
0.63 |
|
|
Quick ratio |
- |
1.31 |
0.79 |
0.40 |
|
|
Development
Capacity |
Yearly
Growth of Operating Income (%) |
- |
18.81 |
9.45 |
-20.60 |
|
Yearly
Growth of Gross Profit (%) |
- |
20.07 |
6.66 |
-21.91 |
|
|
Yearly
Growth of Total Assets (%) |
- |
16.74 |
8.64 |
-13.30 |
|
|
Profitability |
Return on
net assets (%) |
6.26 |
20.25 |
7.83 |
-9.48 |
|
Return on
total assets (%) |
5.40 |
8.28 |
4.08 |
-5.34 |
|
|
Gross
profit margin (%) |
- |
21.24 |
5.22 |
1.89 |
|
|
Operation
Capacity |
Turnover of
total assets |
2.37 |
7.20 |
2.25 |
0.09 |
|
Turnover of
current assets |
- |
8.10 |
3.06 |
0.36 |
|
|
Turnover
days of account receivable |
- |
20.23 |
54.50 |
261.60 |
|
- |
2016 |
Subject |
Best(10%) |
Average |
Worst(10%) |
|
Solvency |
Liabilities
to Assets Ratio (%) |
31.09 |
58.75 |
68.72 |
100.06 |
|
Current
ratio |
- |
2.06 |
1.23 |
0.64 |
|
|
Quick ratio |
- |
1.28 |
0.77 |
0.40 |
|
|
Development
Capacity |
Yearly
Growth of Operating Income (%) |
-25.18 |
18.43 |
9.17 |
-21.01 |
|
Yearly
Growth of Gross Profit (%) |
- |
19.67 |
6.46 |
-22.35 |
|
|
Yearly
Growth of Total Assets (%) |
17.22 |
16.41 |
8.38 |
-13.56 |
|
|
Profitability |
Return on
net assets (%) |
1.00 |
19.84 |
7.60 |
-9.67 |
|
Return on
total assets (%) |
0.69 |
8.11 |
3.96 |
-5.45 |
|
|
Gross
profit margin (%) |
- |
20.82 |
5.06 |
1.93 |
|
|
Operation
Capacity |
Turnover of
total assets |
1.51 |
7.06 |
2.18 |
0.09 |
|
Turnover of
current assets |
- |
7.94 |
2.97 |
0.37 |
|
|
Turnover
days of account receivable |
- |
19.83 |
52.87 |
266.83 |
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
INR 68.02 |
|
|
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.07 |
|
CNY |
1 |
INR 10.69 |
Note
: Above are approximate rates
obtained from sources believed to be
correct
INFORMATION
DETAILS
|
Analysis
Done by : |
NIY |
|
|
|
|
Report
Prepared by : |
SYL |
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.