MIRA INFORM REPORT
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Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
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Name : |
CHONGQING SENCI IMPORT & EXPORT TRADE
CO., LTD. |
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Registered Office : |
No. 200 Tongxing North Road, Tongjiaxi Town, Beibei District,
Chongqing 400707 Pr |
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Country : |
China |
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Date of Incorporation : |
09.02.2002 |
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Com. Reg. No.: |
500109000020051 |
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Legal Form : |
ONE-PERSON LIMITED LIABILITY COMPANY |
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Line of Business : |
Subject is engaged in international trade products mainly include:
generators. |
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No. of Employees : |
10 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 AND ADDRESS
CHONGQING SENCI IMPORT & EXPORT TRADE CO., LTD.
NO. 200 TONGXING NORTH ROAD, TONGJIAXI TOWN, BEIBEI DISTRICT, CHONGQING
400707 PR CHINA
TEL: 86 (0) 23-88028769 FAX: 86 (0) 23-68256678
EXECUTIVE
SUMMARY
INCORPORATION DATE :
FEBRUARY 9, 2002
REGISTRATION NO. :
500109000020051
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. XIE ANYUAN (CHAIRMAN)
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 2,000,000
BUSINESS LINE :
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 6.0918= 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 phone number (8623 6032326) is not correct, and the
given address (No. 7, Fengqi, No. 11 Jinyun Road, Beibei, Chongqing) was SC’s
former address.
SC was registered as one-person limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes importing and exporting
commodities and technology, (excluding the items prohibited or limited by the
country, with permit if needed).
SC is mainly engaged in international trade.
Mr. Xie Anyuan is the legal representative and chairman of SC at
present.
SC is known to have approx. 10 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the industrial zone of Chongqing. SC’s
management refused to release the detailed premise information.
http://www.senci.cn
The website belongs to Senci Group, and it includes the introduction about SC
and its related companies. The design is professional and the content is well
organized. At present it is in both Chinese and English versions.
Changes of its
registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Legal representative |
Ai Chun艾纯 |
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Shareholder’s name |
Chongqing Senci Electric Machinery Co., Ltd. |
Present one |
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Senci Electric Machinery Co., Ltd. 100
Registration no.: 500109000005763
Registered capital: CNY 110,000,000
Incorporation date:
Legal representative: Ai Chun
Tel: 023-68290000
Fax: 023-68256678
Legal representative and chairman:
Mr. Xie Anyuan is currently responsible for the overall management of
SC.
Working
Experience(s):
At present Working
in SC as chairman and legal representative.
Also working in Chongqing Ampride Power & Machinery Co., Ltd. as
legal representative
Supervisor:
Ai Li
SC is mainly engaged in international trade.
SC’s products mainly include: generators.
SC sources its materials 85% from domestic market, and 15% from the
overseas market. SC sells 100% to overseas market, mainly
American and European countries.
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, L/C, and Credit of 30-60 days.
Note: SC’s management declined to release its main suppliers and
clients.
According to http://www.senci.cn
Chongqing Ampride Power & Machinery Co., Ltd.
Registration no.: 500109000009531
Registered capital: CNY 10,000,000
Incorporation date: 2007-4-17
Legal representative: Xie Anyuan
Chongqing Beibei Fire Feng Machinery Co., Ltd.
Registration no.: 500109000018149
Registered capital: CNY 2,200,000
Incorporation date: 2004-7-15
Legal representative: Ai Gang
Chongqing Beiquan Flour Industry Co., Ltd. (literal translation)
Registration no.: 500109000016508
Registered capital: CNY 1,000,000
Incorporation date:
Legal representative: Ai Li
Jiangsu Senci Electric Machinery Co., Ltd.
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 records 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 Chongqing Beibei Sub-branch
AC#：390101040002602
Relationship: Normal.
SC’s management refused to release its financial information.
SC is considered small-sized in its line with a development history of
11 years. Taking into consideration of SC’s development history and operation
size
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
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|
1 |
Rs.101.15 |
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Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.