MIRA
INFORM REPORT
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Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
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Name : |
DESMI
Pumping Technology ( |
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Registered Office : |
no. |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.05.2005 |
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Com. Reg. No.: |
320594400011922 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Engaged in manufacturing and selling pumps |
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No. of Employees : |
184 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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 - in 2010 China became the world's largest exporter. Reforms began
with the phasing out of collectivized agriculture, and expanded to include the
gradual liberalization of prices, fiscal decentralization, increased autonomy
for state enterprises, creation of a diversified banking system, development of
stock markets, rapid growth of the private sector, and opening to foreign trade
and investment. China has implemented reforms in a gradualist fashion. In
recent years, China has renewed its support for state-owned enterprises in
sectors it considers important to "economic security," explicitly
looking to foster globally competitive national champions. After keeping its
currency tightly linked to the US dollar for years, in July 2005 China revalued
its currency by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. From mid 2005 to late 2008 cumulative
appreciation of the renminbi against the US dollar was more than 20%, but the
exchange rate remained virtually pegged to the dollar from the onset of the
global financial crisis until June 2010, when Beijing allowed resumption of a
gradual appreciation. The restructuring of the economy and resulting efficiency
gains have contributed to a more than tenfold increase in GDP since 1978.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2010 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy 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
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to near 9% for 2011. An economic slowdown in Europe is expected to
further drag Chinese growth in 2012. Debt overhang from the stimulus program,
particularly among local governments, and a property price bubble challenge
policy makers currently. The government's 12th Five-Year Plan, adopted in March
2011, emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent on exports in the
future. However, China has made only marginal progress toward these rebalancing
goals
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Source
: CIA |
Company name and address
DESMI Pumping Technology (Suzhou)
Co., Ltd.
no. 740 fengting
avenue, industrial park of suzhou
jiangsu
province 215122 PR CHINA
TEL: 86
(0) 512-62740400
FAX: 86
(0) 512-62740418
EXECUTIVE SUMMARY
Date of Registration : may 10, 2005
REGISTRATION NO. : 320594400011922
LEGAL FORM : Wholly
foreign-owned enterprise
REGISTERED CAPITAL :
usd 2,225,000
staff : 184
BUSINESS CATEGORY :
manufacturing & trading
Revenue : CNY 190,320,000 (AS OF DEC. 31, 2011)
Total assets : CNY 154,620,000 (AS OF DEC. 31, 2011)
WEBSITE : www.desmi.cn
E-MAIL : rji@desmi.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.24 = USD
Adopted abbreviations (as follows)
SC -
Subject Company (the company inquired by you)
N/A – Not
available
CNY –
China Yuan Ren Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC
in respect of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a wholly foreign-owned
enterprise of PRC with State Administration of Industry & Commerce
(SAIC) under registration No.: 320594400011922
on May 10, 2005.
SC’s Organization Code Certificate
No.: 77375958-8
%20CO%20,%20LTD%20%20-%20199610%2010-Nov-2012_files/image003.jpg)
SC’s registered capital: usd 2,225,000
SC’s paid-in capital: usd 2,225,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Desmi China Holding A/S
(Denmark) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Henrik
Sorensen |
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General Manager |
Petersen
Kaare |
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Director |
Peter
Norregaard Rasmussen |
|
Henrik
Sorensen |
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|
Kurt
Bech Christensen |
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Supervisor |
Jan
Thaarup |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Desmi China Holding A/S
(Denmark) 100
MANAGEMENT
Henrik
Sorensen, Legal Representative
and Chairman
---------------------------------------------------------------------
Ø
Gender: M
Ø
Passport No.: 100488681
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as legal
representative and chairman
Also as director of SC
Petersen Kaare,
General Manager
--------------------------------------------
Ø
Gender: M
Ø
Passport No.: 201328205
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as general manager
Director
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Peter Norregaard Rasmussen Passport
No.: 100151608
Kurt Bech Christensen Passport
No.: 200164903
Supervisor
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Jan Thaarup Passport
No.: 200008008
BUSINESS OPERATION
SC’s
registered business scope includes researching & developing, and
manufacturing petroleum chemical pumps, marine pump, district heating pump,
adjusting water pump, high viscosity pump & various types of pump, marine
fire fighting system, spilled oil recovery equipment and related products;
selling its products, providing technology consulting service; wholesales,
import & export, commission agency, and related service.
SC is
mainly engaged in manufacturing and selling pumps.
SC’s
products mainly include:
Marine
pump
Industrial
pump
Etc.
%20CO%20,%20LTD%20%20-%20199610%2010-Nov-2012_files/image005.jpg)
SC sources its materials 100%
from domestic market. SC sells 60% of its products in domestic market, and 40%
to overseas market.
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 184
staff at present.
SC
rents an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
SC is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( )
Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The
bank information of SC is not filed in SAIC.
FINANCIALS
Financial
Summary
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Unit:
CNY’000 |
As of Dec. 31, 2011 |
|
Cash |
11,080 |
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Accounts
receivable |
30,270 |
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Other
receivable |
11,900 |
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Inventory |
81,820 |
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Current
assets |
138,150 |
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Total
assets |
154,620 |
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Revenue |
190,320 |
Note: The detailed financials for Y2011 are not available in
SAIC.
Overall
financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
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|
1 |
Rs.86.96 |
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Euro |
1 |
Rs.69.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.