MIRA INFORM REPORT
|
Report Date : |
25.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FOSHAN SHUNDE CHEN DE PLASTICS MACHINERY CO., LTD. |
|
|
|
|
Registered Office : |
Honggang Industrial Zone, Daliang Town, Shunde District
Foshan, Guangdong Province 528300 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
06.12.1985 |
|
|
|
|
Com. Reg. No.: |
000625 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
Manufacturing and selling different sorts of plastic injection molding machine. |
|
|
|
|
No. of Employees : |
239 |
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 (31.03.2011) |
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
FOSHAN SHUNDE CHEN DE PLASTICS MACHINERY CO., LTD.
HONGGANG INDUSTRIAL ZONE, DALIANG TOWN, SHUNDE DISTRICT
FOSHAN, GUANGDONG PROVINCE 528300 PR CHINA
TEL: 86 (0) 757-22338201/22338666
FAX: 86 (0) 757-22338511
EXECUTIVE SUMMARY
Date of Registration : decEMBER 6, 1985
REGISTRATION NO. : 000625
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : usd 5,200,000
staff :
239
BUSINESS CATEGORY : manufacturing
& trading
Revenue :
N/A (AS
OF DEC. 31, 2012)
EQUITIES :
N/A (AS
OF DEC. 31, 2012)
WEBSITE : www.chende.com
E-MAIL :
chende@chende.com
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.22 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a wholly foreign-owned enterprise of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 000625 on December 6,
1985.
SC’s Organization Code Certificate No.:
61762441-1
SC’s registered capital: usd 5,200,000
SC’s paid-in capital: usd 5,200,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2003-8-11 |
Legal Representative |
Fu Jiaju |
Jiang Zhenyuan |
|
2003-11-28 |
Shareholder (s) (% of Shareholding) |
Shunde Plastic Machinery Group Corp. Hong Kong Chen Hsong (PRC) Investment Company Limited |
Chen Hsong (PRC) Investment Company Limited (Hong Kong) 100% |
|
Legal Form |
Chinese-Foreign Equity Joint Venture Enterprise |
Wholly Foreign-Owned Enterprise |
|
|
2004-5-20 |
Company Name |
Foshan Chen De Plastic Machinery Plant Co., Ltd. |
Foshan Shunde Chen De Plastic Machinery Plant Co., Ltd. |
|
2004-10-22 |
Company Name |
Foshan Shunde Chen De Plastic Machinery Plant Co., Ltd. |
Foshan Shunde Chen De Plastics Machinery Co., Ltd. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chen Hsong (PRC) Investment Company Limited (Hong Kong) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Jiang Zhenyuan |
|
Vice Chairman |
Jiang Lili |
|
Director |
Jiang Zhijian |
|
Wu Hanhua |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Chen Hsong (PRC) Investment Company Limited
(Hong Kong) 100
----------------------------------------------
Registration No.: 0224939
Legal Form: Private
Status: Live
MANAGEMENT
Jiang
Zhenyuan , Legal Representative, Chairman,
and General Manager
----------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# B570738(8)
Ø
Nationality: Hong Kong
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman, and general manager
Jiang Lili , Vice Chairman
---------------------------------------------
Ø
Gender: F
Ø
ID# C419261(1)
Ø Working experience
(s):
At present, working in SC as vice
chairman
Director
-----------
Jiang Zhijian
Wu Hanhua
BUSINESS OPERATION
SC’s registered business
scope includes manufacturing and selling plastic injection molding machine and
its components; providing after-sale services.
SC is mainly
engaged in manufacturing and selling different sorts of plastic injection
molding machine.
SC’s products
mainly include plastic injection molding machine.
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 60% of its products in domestic market,
and 40% 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 Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 239 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to
have the following offices:
Beijing
Office
Wuhan
Office
Chongqing
Office
Qingdao
Office
Ninghai
Office
Nanjing
Office
Cixi
Office
Nantong
Office
Ningbo
Office
Huangyan
Office
Chengdu
Office
Changzhou
Office
Shanghai
Office
Yuyao
Office
Dalian
Office
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
SC’s financials are not filed in local SAIC, and SC also refused to release
the details.
CONCLUSIONS
SC is considered an old-established business in medium size. Credit
dealings with SC should be confined into moderate amount at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.