MIRA
INFORM REPORT
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Report Date : |
10.12.2013 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN IDEAL JEWELLERY CO., LTD. |
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Registered Office : |
2,3/F, North Block, No. 1005 Dongxiao Road, Luohu
District, Shenzhen, Guangdong
Province, 518020 Pr |
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Country : |
China |
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Date of Incorporation : |
16.08.2001 |
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Com. Reg. No.: |
440301102776065 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
purchasing and selling of
jewellery, platinum jewelry, gold jewelry, K gold jewelry, Palladium jewelry,
silver jewelry, jadeite, diamond, ruby and sapphire, arts & crafts |
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No. of Employees : |
500 |
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 – 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.
|
Source : CIA |
Company name & address
SHENZHEN IDEAL JEWELLERY CO., LTD.
2,3/F, NORTH BLOCK,
NO. 1005 DONGXIAO ROAD, LUOHU DISTRICT,
SHENZHEN, GUANGDONG
PROVINCE, 518020 PR CHINA.
TEL: 86 (0)
755-25635988 / 13825205373 / 15986672702
FAX: 86 (0) 755-25631829 / 25798711
EXECUTIVE SUMMARY
INCORPORATION DATE : AUGUST 16, 2001
REGISTRATION NO. : 440301102776065
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. SU RIMING (CHAIRMAN)
STAFF STRENGTH : 500
REGISTERED CAPITAL :
CNY 75,000,000
BUSINESS LINE : SELLING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.0718 = 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 August 16, 2001 and has changed to a shares
limited company in August 4, 2008.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its debts
only to the extent of its total assets. The co has independent property of
legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in China.. Natural person are allowed to
serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co. raises capital by public
offer, the promoters must not subscribe less than 35% of the total shares.
The promoters’ shares are restricted to transfer- within one year of the
offer. A state-owned enterprise that
is restructured into shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes purchasing and selling of jewellery, platinum jewelry,
gold jewelry, K gold jewelry, Palladium jewelry, silver jewelry, jadeite,
diamond, ruby and sapphire, arts & crafts; domestic trade (excluding the
products privileged, prohibited or franchised); economic information consulting
(excluding the items prohibited by law, regulation and State Council and the
items need special permit); industry development (projects need to be reported
for authorization); importing business (excluding items prohibited by law,
regulation and State Council, able to operating the limited items after
obtained the permit); information service (only in internet information
service) (in accordance with the Value added telecom service operation license,
the period of validity until Feb 17, 2014)
SC is mainly
engaged in selling jewellery.
Mr. Su
Riming has been legal representative and chairman of SC since April, 2005.
SC is known to have approx. 500 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and head office in the commercial zone of
Shenzhen. Our checks reveal that SC rents the total premise, but SC’s
accountant refused to release the gross area.
www.idr.com.cn The design is
professional and the content is well organized. At present it is in Chinese
version.
Email: ideal@idr.com.cn
SC’s quality system meets the international standard of
ISO9001.
SC’s honors:
China Renowned Brand
500 Brands with Most Value in Asia
China Renowned Jewelry Brand
China Jewelry Industry Renowned Brand
Showcase Enterprise for Shenzhen of 25th Anniversary
China's Enterprise Brand of Quality and Sincerity
Award of Competitive Jewelry of Setting Sort in the 1st
China Competitive Jewelry’s Model Competition
Golden Award of the Jewellery in the12th China Art
Exposition
Golden Award of the Jewellery the 13th China Art Exposition
Etc.
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
2005-4-19 |
Legal representative |
Su Yongming |
Su Riming |
|
Registered capital |
CNY 3,000,000 |
CNY 10,000,000 |
|
|
2007-8-13 |
Registration No. |
4403012072019 |
440301102776065 |
|
2007-11-27 |
Registered capital |
CNY 10,000,000 |
CNY 30,000,000 |
|
2007-12-19 |
Registered capital |
CNY 30,000,000 |
CNY 50,000,000 |
|
2008-8-4 |
Company’s Chinese name |
深圳市爱迪尔珠宝首饰有限公司 |
深圳市爱迪尔珠宝股份有限公司 |
|
Registered Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
|
2008-9-29 |
Registered capital |
CNY 50,000,000 |
CNY 58,000,000 |
|
2010-2-3 |
Registered capital |
CNY 58,000,000 |
CNY 61,800,000 |
|
2010-11-22 |
Registered capital |
CNY 61,800,000 |
CNY 75,000,000 |
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Su Riming 34.65
Su Yongming 15.00
Shenzhen Capital Group Co., Ltd. 8.93
Di Ailing 6.8
Beijing Jiali Jiuding Investment Center
(Limited partnership)
(in Chinese Pinyin) 6.67
Zhu Xinwu 4.73
Shenzhen Aihang Investment Co.,
Ltd. (Literal translation) 4.47
Sun Lin 4
Su Qihao 3.46
Shenzhen Galaxy Investment Co.,
Ltd. 2
Other shareholders 9.29
Shenzhen Capital Group Co., Ltd.
-----------------------------------------
Registration no.:
440301103269709
Legal representative: Jin Haitao
Registered capital: CNY
3,501,874,600
Incorporation date: August 25,
1999
Tel: +86-755-82912888
Fax: +86-755-82912880
Legal
representative and chairman:
Mr. Su Riming is currently responsible for the overall management of SC.
Working
Experience(s):
From April, 2005 to present Working in SC as legal representative and chairman.
Also working in Huizhou Ideal Jewellery Co., Ltd. as legal representative.
Vice chairman:
Mr. Zhu Xinwu is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman.
General manager:
Mr. Miao Zhiguo is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager;
Directors:
Su Yongming
Su Qihao
Hua Guihong
Bi Lijun
Jin Yan
Li Tianming
Fan Xingjian
Li Chengfeng
Supervisors:
Su Jianghong
Zheng Hengyi
Liu Xue
SC is mainly
engaged in selling jewellery.
Main Products:
jewellery
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 100% of its products in domestic
market.
The buying terms of SC include Check, L/C, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T and Credit of 30-60
days.
Note: SC’s
management declined to release its major customers and suppliers
Huizhou Ideal Jewellery Co., Ltd. (literal translation)
Registration No.: 441381000003026
Legal representative: Su Riming
Incorporation date: August 6, 2007
Longyan Ideal Jewellery Co., Ltd. (literal
translation)
Registration No.: 350800100009778
Legal representative: Su Yongming
Incorporation date: Jan. 28, 2008
Tianjin Ideal Jewellery Co., Ltd. (literal
translation)
Pixian Hongguang Town Ideal
Jewellery Shop
Luojiang County Xianghe Ideal
Jewellery Shop
Dongxiang County Ideal Jewellery
Shop
Jiang’an County Jiangan Town Ideal
Jewellery Shop
Leshan City Centre Area Ideal
Jewellery Shop
Liaoyang New Century Square Ideal
Jewellery Shop
Linshui County Ideal Jewellery
Shop
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.
SC’s management
declined to release its bank details.
SC’s management declined to release its financial details.
SC is considered medium-sized in its line with a development history of
12 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.79 |
|
UK Pound |
1 |
Rs.100.01 |
|
Euro |
1 |
Rs.83.82 |
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 |
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
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 |
|
-- |
NB |
New Business |
-- |
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.