MIRA
INFORM REPORT
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Report Date : |
02.12.2013 |
IDENTIFICATION DETAILS
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Name : |
HUZHOU NANYANG ELECTRIC MOTOR CO., LTD |
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Registered Office : |
Nianfeng Road, Nanxun Industrial Park, Huzhou City, Zhejiang Province, 313009 Pr |
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Country : |
China |
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Date of Incorporation : |
25.07.2001 |
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Com. Reg. No.: |
330500400008120 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
manufacturing and selling of electric motor including washing machine motor, tubular motor, components, enameled wires |
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No. of Employees : |
300 |
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 – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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.
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Source : CIA |
Company name & address
HUZHOU
NANYANG ELECTRIC MOTOR CO., LTD.
NIANFENG ROAD, NANXUN INDUSTRIAL PARK,
HUZHOU CITY,
ZHEJIANG PROVINCE, 313009 PR CHINA
TEL: 86 (0) 572-3033680/3033678 FAX: 86 (0) 572-3033838
EXECUTIVE SUMMARY
INCORPORATION DATE : JULY 25, 2001
REGISTRATION NO. : 330500400008120
REGISTERED LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
STAFF STRENGTH : 300
REGISTERED CAPITAL : USD 9,260,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.10 = 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 Ren Min Bi
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on July 25, 2001.
Company Status: Chinese-Foreign Equity Joint Venture
Enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing of home appliance electric motor, home appliance a products; Selling of self-made products.
SC is mainly engaged in manufacturing and selling electric motor.
Mr. Shen Zhixing has been legal representative and chairman of SC since 2001.
SC is known to have approx. 300 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 Huzhou. Our checks reveal that SC owns the total premise about 48,000 square meters.
http://www.zjnanyang.com.cn/
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
Email: info@zjnanyang.com.cn
/ sem137@yahoo.com.cn
Certificates:
=========
SC’s products have got certificates of ISO9001, CCC, TUV, SGS, CE.
Changes
of its registered information:
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Date of change |
Item |
Before the
change |
After the change |
|
2006-03-07 |
Registered Capital |
USD 1,260,000 |
USD 6,860,000 |
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Shareholders and % of Shareholdings |
Li Liancai 25% Shen Enrong 35% Shen Zhixing 40% |
Li Liancai 44.53% Shen Enrong 6.43% Shen Zhixing 49.04% |
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2006-08-24 |
Registered Capital |
USD 6,860,000 |
Present amount |
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Shareholders and % of Shareholdings |
Li Liancai 44.53% Shen Enrong 6.43% Shen Zhixing 49.04% |
Present ones |
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2008-07-23 |
Registered No. |
000814 |
Present one |
Tax Registration Certificate No.: 330501730316322
Organization Code: 73031632-2
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of shareholdings
Li Liancai (foreign individual) 48.0022
Shen Zhixing 47.2354
Shen Enrong 4.7624
Legal
Representative and Chairman:
Mr. Shen Zhixing, born in 1950, he is currently responsible for the
overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as legal representative and chairman.
Directors:
Li Liancai Passport # 0098298902(B)
Shen Enrong
SC
is mainly engaged in manufacturing and selling electric motor.
SC’s products
mainly include: washing machine motor, tubular motor, components, enameled wires.
(According to SC’s
website):
SC’s annual
capacity is 6,000,000 washing machine motor, automatic washing motor and
380,000 tubular motor.
SC sources its
materials 100% from domestic market. SC sells 50% of its products in domestic
market, and 50% to overseas market, mainly Europe, America and Southeast Asia.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s employee refused to release its
major customers or suppliers.
SC is known to invest in other companies, but the detail is unspecified
at present.
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.
China Construction Bank Huzhou Nanxun District Sub-Branch
AC#:
33001648735050000423
Industrial and
Commercial Bank of China
AC#:
1205240019200019828
Relationship:
Normal
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with 12 years development
history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.39 |
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UK Pound |
1 |
Rs.102.06 |
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Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
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.