MIRA INFORM REPORT
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Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
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Name : |
Zhejiang
Haokang Steel industry Co., Ltd. |
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Registered Office : |
No. 256 Yongning Road,
Industrial Area, Songyang County, Zhejiang Province, 323400 PR |
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Country : |
China |
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Date of Incorporation : |
28.09.2007 |
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Com. Reg. No.: |
331124000000740 |
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Legal Form : |
Limited Liabilities Company |
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LINE OF BUSINESS : |
SUBJECT MAINLY ENGAGED IN
MANUFACTURING, PROCESSING & SELLING STAINLESS STEEL PRODUCTS AND VALVE. |
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No. of Employees : |
100 |
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 – 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.
|
Source
: CIA |
COMPANY NAME & ADDRESS
Zhejiang Haokang Steel industry Co., Ltd.
NO. 256
YONGNING ROAD, INDUSTRIAL AREA,
SONGYANG
COUNTY, ZHEJIANG province, 323400 PR CHINA
TEL: 86 (0) 578-8819991 FAX: 86 (0) 578-8819998
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 28, 2007
REGISTRATION NO. : 331124000000740
REGISTERED LEGAL FORM : Limited
liabilities company
STAFF STRENGTH :
100
REGISTERED CAPITAL : CNY
22,800,000
BUSINESS LINE :
MANUFACTURING, processing & TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.2422 = 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: The given tel. no. (0086 577
56756662) and fax no. (0086 577 86927892) belongs to SC’s Wenzhou Office.
SC was registered as a limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Sep. 28, 2007.
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 manufacturing, processing & selling stainless steel
products, valve (operate according to the scope of license); import and export
trade.
SC is mainly
engaged in manufacturing, processing & selling stainless steel products and
valve.
Mr. Zhang Wen is
legal representative, chairman and general manager of SC at present.
SC is known to
have approx. 100 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 Songyang County. SC’s
employee
refused to release the detailed information of the premise.
http://www.zhe-hao.com/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Email: zh@zhe-hao.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
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Registered capital |
CNY 10,800,000 |
Present amount |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhang Chongdi 12
Zhang Wen 61.5
Yang Yang 18
l
Legal representative, chairman and
general manager:
Mr. Zhang Wen (张文) is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
chairman and general manager.
Also working in Wenzhou Aomite Light Industry Machinery Co., Ltd. as
legal representative.
l
Supervisor:
Yang Yang
SC is mainly
engaged in manufacturing, processing & selling stainless steel products and
valve.
SC’s products mainly include: stainless steel seamless pipes/tubes,
sanitary stainless steel pipes/tubes, sanitary internal leveling weld
pipes/tubes, sanitary valves, sanitary pipe fittings, sanitary pump.
SC sources its materials 100% from domestic
market. SC sells 50% of its products in domestic market, and 50% to overseas
market, mainly European countries, Southeast Asia and Middle East.
The buying terms of SC include Check, T/T 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 refused to release its main suppliers and clients.
According to SC’s website:
Wenzhou Haokang Fluid Steel Tube Co., Ltd.
=====================================
Registration no.: 330303000053166
Registered capital: CNY 2,580,000
Legal representative:
Incorporation date:
Wenzhou Aomite Light Industry Machinery Co., Ltd.
=====================================
Registration no.: 330303000023133
Registered capital: CNY 5,080,000
Legal representative: Zhang Wen
Incorporation date:
Wenzhou
Office
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Add:
No.165, Fukang Road, Yongxing, Longwan District, Wenzhou, Zhejaing
Tel:
0086-577-5675 6662
Fax:
0086-577-8692 7892
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 any financial information.
SC is considered medium-sized in its line with 6 years operation
history. Taking into consideration of SC’s general performance, reputation as
well as market conditions, we would rate SC as an average credit risk company.
Credit up to moderate amount may be considered.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian
Rupees |
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US Dollar |
1 |
Rs.54.28 |
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UK Pound |
1 |
Rs.84.09 |
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Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
-- |
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.