MIRA
INFORM REPORT
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Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
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Name : |
ELITEK INTERNATIONAL CORPORATION |
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Registered Office : |
No. 78, Tinghe Road, Weiting Subarea, Suzhou Industrial Park Zone, Jiangsu
Province 215121 PR |
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Country : |
China |
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Date of Incorporation : |
29.05.2000 |
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Com. Reg. No.: |
320594400001988 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing computer components, computer peripheral products and
related moulds, plastic & rubber parts used for cars, injection molding
and assembly of illumination lamps and lanterns; selling self-made products. |
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No. of Employees : |
301 |
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 : |
Unknown |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 2012 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 under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
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.
Source
: CIA
COMpANY NAME AND ADDRESS
ELITEK INTERNATIONAL CORPORATION
NO. 78, TINGHE ROAD, WEITING subarea,
SUZHOU INDUSTRIAL PARK ZONE, JIANGSU PROVINCE
215121 PR CHINA
TEL: 86 (0) 512-88186699
FAX: 86 (0) 512-88186698
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 29, 2000
REGISTRATION NO. :
320594400001988
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH :
301
REGISTERED CAPITAL : USD 12,000,000
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
6.11 =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
Note: SC’s correct address and contact numbers should be the
heading ones.
SC was registered as a wholly foreign-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on May 29, 2000.
Company Status: Wholly foreign-owned
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes manufacturing computer
components, computer peripheral products and related moulds, plastic & rubber
parts used for cars, injection molding and assembly of illumination lamps and
lanterns; selling self-made products.
SC is mainly engaged in manufacturing and
selling computer components.
Mr.
Chen Wuchang is the legal representative
and chairman of SC at present.
SC is known
to have approx. 301 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 Suzhou. Our checks
reveal that SC owns the total premise, but the gross area of the premise is
unspecific.
http://www.honyigroup.com/
It includes the introduction about SC and its related companies. The design is professional and the content is
well organized. At present the web site is in Chinese and English versions.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
See below for SC as executive party (defendant).
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Executed Party |
Elitek International Corporation |
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Court |
Wujiang City People's Court |
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Date
of Case |
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Case Number |
(2009) 01027 |
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Claim
Amount |
RMB 511,676 |
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Case
Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name % of Shareholding
(Seychelles) Honest Faith Co., Ltd. 100
l
Legal representative and Chairman:
Mr. Chen Wuchang (Michael Chen), Passport# 0016384703. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and
chairman.
Also working in Honyi Precision Industry Co., Ltd., Eljtek Tooling and
Injection Molding Technology (Kunshan) Corporation as chairman.
l
General manager:
Mr. Chen Junhong, Passport# 03149860. He is currently responsible for
the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
l
Directors:
Cai Shenghan
Chen Xinqin
Lin Yuanchang
Fan Bingqi
l
Supervisor:
Lin Zhengxiong
SC is mainly engaged in manufacturing and
selling computer components.
SC’s products mainly include: computer components, computer
peripheral products and related moulds, etc.
SC sources its
materials 60% from domestic market and 40% 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 T/T, L/C, Check and Credit of 30-60 days.
Note: SC declined
to release its major suppliers and clients.
Eljtek Tooling and Injection Molding Technology (Kunshan) Corporation
Legal representative: Chen Wuchang
According to http://www.honyigroup.com/
Honyi Precision Industry Co., Ltd.
Add: No. 1, Gung 2nd Rd., 2nd
Ind. Park, Linkou Shiang, Taipei Hsien, Taiwan 244, R.O.C
Tel: +886 2 2601 7955
Fax: +886 2 2601 7933
H.P.I.
North America Inc.
Add: 2206 SW 52nd St. Cape Coral, FL 44914
Tel: +1 502 644 3267
Etc.
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.
The banking
information of SC is unknown.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a development history of
13 years. Due to lack of financial status, we are unable to recommend accurate
credit limit for SC. Taking into consideration of SC’s general performance, reputation
as well as market conditions we would rate SC as an average credit risk
company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.46 |
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|
1 |
Rs. 99.42 |
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Euro |
1 |
Rs. 85.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.