MIRA INFORM REPORT
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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
QUANZHOU HUIAN PANYE STONE CO., LTD. |
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Registered Office : |
Jiangwu Industrial Area, Luoyang Town, Huian County, Quanzhou, Fujian
Province, 362100 Pr |
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Country : |
China |
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Date of Incorporation : |
10.07.2000 |
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Com. Reg. No.: |
350500400014831 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Subject is engaged in manufacturing and selling Japanese-style
tombstones. |
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No. of Employees : |
50 |
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
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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
Quanzhou Huian Panye Stone co., ltd.
JIANGWU INDUSTRIAL AREA, LUOYANG TOWN, HUIAN COUNTY, QUANZHOU, FUJIAN
PROVINCE, 362100 PR CHINA
TEL: 86 (0) 595-87333918 FAX: 86 (0) 595-87332918
EXECUTIVE SUMMARY
INCORPORATION DATE :
JULY 10, 2000
REGISTRATION NO. :
350500400014831
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
CHIEF EXECUTIVE :
MR. CHEN JINGRONG (CHAIRMAN)
STAFF STRENGTH :
50
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
MANUFACTURING & 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 6.12 = 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: SC’s complete name should be the heading one.
SC was registered as a Chinese-foreign
equity joint venture enterprise at local Administration for Industry
& Commerce (AIC-The official body of issuing and renewing business license)
on July 10, 2000.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing Japanese-style
tombstones, stone carvings, architectural stone (excluding blocks of stone,
agalmatolite).
SC is mainly engaged in manufacturing and selling Japanese-style
tombstones.
Mr. Chen Jingrong is legal
representative, chairman and general manager of SC at present.
SC is known to have approx. 50
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 Quanzhou.
Detailed premise information is not available at present.
http://www.panyestone.com/
The website could not be opened at present.
No significant events or changes were found during our checks with local
AIC.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
Japan Chongshi Corp. (in Chinese pinyin) 40
Fujian Huian Panwei Stone Co., Ltd. 60
Fujian Huian Panwei Stone Co., Ltd.
==========================
Registration
No.: 350521100007766
Legal
representative: Chen Jingrong
Legal
representative, chairman and general manager:
Mr. Chen Jingrong 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 Fujian Huian Panwei Stone Co., Ltd. as legal
representative.
Vice-chairman and
vice general manager:
Lvjian Haoshi (in Chinese pinyin) is currently responsible for the daily
management of SC.
Working
Experience(s):
At present Working in SC as
vice-chairman and vice general manager.
Director and vice
general manager:
Li Huizong is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as
director and vice general manager.
SC is mainly engaged in manufacturing and selling Japanese-style
tombstones.
SC’s products mainly include: Japanese-style tombstones.
SC sources its materials 95% from domestic market, and 5% from overseas
market. SC sells its products 100% 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.
Note: SC’s management refused to release its main suppliers and clients.
SC is not known to have any subsidiary at present.
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 declined to release its banking details.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with 13 years operation
history. Taking into consideration of SC’s operation size we would rate SC as
an above average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.14 |
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1 |
Rs.99.02 |
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Euro |
1 |
Rs.83.87 |
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 |
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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 |
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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.