MIRA
INFORM REPORT
|
Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG FIRSD GROUP co., ltd. |
|
|
|
|
Registered Office : |
No. 218, Tiyuchang Road, Xiacheng District, Hangzhou, Zhejiang
Province, 310003 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
02.07.1981 |
|
|
|
|
Com. Reg. No.: |
330000000029293 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject is engaged in international trade business mainly include tea,
garment, ark & bag, footwear & headwear, mechanical product, chemical
product and light industry. |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 and address
ZHEJIANG FIRSD GROUP co.,
ltd.
NO. 218, TIYUCHANG ROAD, XIACHENG DISTRICT,
HANGZHOU, ZHEJIANG PROVINCE, 310003 PR CHINA
TEL: 86 (0) 571-85053448/85053496 FAX: 86 (0) 571-85053638
EXECUTIVE SUMMARY
INCORPORATION DATE : july
2, 1981
REGISTRATION NO. :
330000000029293
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. SHI JIANQIANG (CHAIRMAN)
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 180,000,000
BUSINESS LINE : TRADING
TURNOVER :
n/a
EQUITIES :
n/a
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2198 = 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 co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license).
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 wholesaling prepackaged food.
(<Food Circulation Permit> validity period as of Mar. 8, 2013). Selling
clothing, knitwear and textiles, agricultural products and local products (excluding
food), arts and crafts, metal materials, building materials, general
merchandise, hardware, chemical raw materials and products (excluding dangerous
goods and precursor chemicals), communications equipment, instrumentation,
electrical and mechanical equipment, industrial investment, warehousing
services (including dangerous goods), technical advisory services, importing
and exporting business.
SC is mainly engaged in international trade business.
Mr. Shi Jianqiang is legal representative and chairman of SC at present.
SC is known to have approx. 200 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Hangzhou. Our checks
reveal that SC rents the total premise, but the gross area of the premise is
unspecific.
http://zjfsd.com The design is professional and the content is
well organized. At present it is in Chinese and English versions.
E-mail: admin@zjfsd.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered capital |
CNY 100,000,000 |
CNY 150,000,000 |
|
CNY 150,000,000 |
Present amount |
||
|
Shareholders |
Zhejiang Xinghe Group Co., Ltd. Zhejiang Jiuyu Venture Capital Co., Ltd. (in
Chinese Pinyin) Shi Jianqiang Huang Guosong Wang Jian |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhejiang Xinghe Group Co., Ltd. 53
Zhejiang Jiuyu Venture Capital Co., Ltd. (in
Chinese Pinyin) 47
Zhejiang Xinghe Group Co., Ltd.
======================
Zhejiang Xinghe Group Co., Ltd. is the supply and marketing cooperatives
wholly-owned enterprises in Zhejiang Province and Zhejiang Province key
distribution companies. It is primarily responsible for the operational
management of the provincial supply and marketing cooperatives in this class
asset. In recent years, the group has learned the economic growth momentum in
China and Zhejiang, the implementation of trade-oriented, limited
diversification strategy. It has developed into a combination of domestic and foreign
trade, industry and trade integration, product management and capital
management combined with trans-regional, modern large-scale integrated
enterprise.
Incorporation date: Jan. 1, 1950
Registration no.: 330000000052102
Registered capital: CNY 1,000,000,000
Legal rep.: Ma Bowei
Legal form: Collective-owned enterprise
E-mail: xhjtzhb@yahoo.cn
Tel: 86-571-87032510
Add: No. 312, Yan’an Road, Hangzhou, Zhejiang Province
Zhejiang Jiuyu Venture Capital Co., Ltd. (in
Chinese Pinyin)
============================================
Registration no.: 330000000045488
Registered capital: CNY 28,500,000
Legal rep.: Hua Yong
Legal form: Shares limited co.
Legal
Representative and Chairman:
Mr. Shi Jianqiang, ID# 33010319650905131X, born in 1965, 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 Zhejiang Tea Group Co., Ltd., Zhejiang Better Long Real
Estate Co., Ltd., Zhejiang Huada Tea Processing Co., Ltd. as legal
representative, Zhejiang Better Long Real Estate Co., Ltd. Sales Department as
principal, etc.
SC is mainly engaged in international trade business.
SC’s products mainly include: tea, garment, ark & bag, footwear
& headwear, mechanical product, chemical product and light industry.
SC sources its materials 100% from domestic market. SC sells 35% of its
products in domestic market, and 65% to overseas market, mainly Europe,
America, etc.
The buying terms of SC include Check, T/T, 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’s management declined to release its main clients and
suppliers.
According to SC’s website, SC is known to have the following
subsidiaries:
Zhejiang Tea Group Co., Ltd.
=======================
Incorporation date: Sep. 10, 2000
Registration no.: 330000000007478
Registered capital: CNY 100,000,000
Legal rep.: Shi Jianqiang
Legal form: Shares limited co.
Web: http://www.zjtea.com
E-mail: admin@zjtea.com
Tel: 86-571-85053527
Fax: 86-571-85170056
Zhejiang Better Long Real Estate Co., Ltd.
==============================
Incorporation date: Dec. 23, 2005
Registration no.: 330184000021664
Registered capital: CNY 170,000,000
Legal rep.: Shi Jianqiang
Legal form: Limited liabilities co.
Zhejiang Huada Tea Processing Co., Ltd.
==============================
Incorporation date: Nov. 17, 2006
Registration no.: 330523000008859
Registered capital: CNY 20,000,000
Legal rep.: Shi Jianqiang
Legal form: Limited liabilities co.
Hangzhou Jiurong Trading Co., Ltd.
==========================
Incorporation date: Sep. 30, 2006
Registration no.: 330100000011358
Registered capital: CNY 2,500,000
Legal rep.: Wu Rui
Legal form: Limited liabilities co.
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.
Bank of China Zhejiang Branch
AC#：N/A
Relationship: Normal.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a long development
history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.88.17 |
|
Euro |
1 |
Rs.73.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
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 |
|
<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.