MIRA
INFORM REPORT
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Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
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Name : |
CIXI SHUNDA INDUSTRIAL CO., LTD. |
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Registered Office : |
Western Industrial Zone Of |
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Country : |
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Date of Incorporation : |
17.01.1995 |
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Com. Reg. No.: |
330282000199827 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling different sorts of washing machines |
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No. of Employees : |
400 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
CIXI Shunda Industrial Co., Ltd.
western industrial
zone of guanhaiwei town,
cixi, zhejiang PROVINCE,
315175 PR CHINA
TEL: 86 (0)
574-63616258/63616999 FAX: 86 (0)
574-63605025
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 17, 1995
REGISTRATION NO. : 330282000199827
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 400
REGISTERED CAPITAL :
CNY 9,800,000
BUSINESS LINE : MANUFACTURING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.33 = USD 1
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a Limited Liabilities Company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on Jan. 17, 1995.
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 CNY 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.
SC’s registered business
scope includes trucking; manufacturing and processing home appliance parts,
hardware, plastics, chemical fiber cloth, washing machine, water dispenser, air
cooling machine, hand drier, disinfection cabinet, clothes dryer, air cleaner,
spin-drier and hygienic mat; wholesaling and retailing plastic materials,
building decoration materials, chemical raw materials (excluding the hazard
products) and textiles; import and export business within the limits of Ningbo
foreign trade development board No. 110 (2001); property development.
SC is mainly
engaged in manufacturing and selling different sorts of washing machines.
Mr.
Fan Jieting is legal representative, chairman and general manager of SC at
present.
SC is known to have approx. 400 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone
of Cixi. The detailed information of the premise is unspecified.
http://www.shunda-cn.com/ The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
Email: cxfkh@yahoo.com.cn fankaihui@shunda-cn.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
SC is also known as Cixi Shunda Industry Co., Ltd.
MAIN SHAREHOLDERS:
Name % of Shareholding
Fan Jieting 59.18
Fan Kaihui 40.82
Legal
representative, Chairman and General manager:
Mr. Fan Jieting is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Supervisor:
Jiang Shuifen
SC is mainly
engaged in manufacturing and selling different sorts of washing machines.
SC’s products
mainly include: drum washing machines, fully automatic washing machines,
double-tube washing machines and serial supported products for washing
machines.
SC sources its materials 80%
from domestic market, and 20% from overseas market. SC sells 70% of its
products in domestic market, and 30% to overseas market.
The buying terms of SC include Check, T/T, L/C 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’s management declined to release its customer and supplier
details.
SC
is known to have a branch at present:
Cixi
Shunda Industrial Co., Ltd. Washing Machine Factory
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’s management
declined to release its bank details.
SC’s financial
reports were not found during our checks with the local Administration for
Industry and Commerce.
SC’s management declined to release any financial information.
SC
is considered medium-sized in its line with a development history of 17 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.93 |
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UK Pound |
1 |
Rs.88.15. |
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Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.