MIRA
INFORM REPORT
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Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN ONE MAGNET ELECTRONIC CO., LTD. |
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Registered Office : |
Room 906 & 907, 9/F, Lixin Plaza, No. 90 South Hubin Road, Xiamen, Fujian Province, 361004 Pr |
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Country : |
China |
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Date of Incorporation : |
10.11.1997 |
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Com. Reg. No.: |
350203200022322 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
trading of various kinds of magnets including NdFeB
Rare Earth Magnet, Permanent Ferrite Magnet |
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No. of Employees : |
60 |
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 & address
XIAMEN ONE MAGNET ELECTRONIC Co., Ltd.
room 906 & 907,
9/F, Lixin Plaza, No. 90 South Hubin Road,
Xiamen, fujian
PROVINCE, 361004 PR CHINA
TEL: 86 (0) 592-2397378/2387738 FAX: 86 (0) 592-2397381/2396476
EXECUTIVE SUMMARY
INCORPORATION DATE : nov. 10, 1997
REGISTRATION NO. : 350203200022322
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE : mr. shi shibin (CHAIRMAN)
STAFF STRENGTH : 60
REGISTERED CAPITAL : cny 10,000,000
BUSINESS LINE : 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 6.12 = 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
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 Nov. 10, 1997.
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 import and export of various types of
goods and technology, but excluding those limited products.
SC is mainly engaged
in trading of various kinds of magnets.
Mr.
Shi Shibin is legal representative and chairman of SC at present.
SC is
known to have approx. 60 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Xiamen. Detailed information of the premise is unspecified.
http://www.one-magnet.com/ The design
is professional and the content is well organized. At present it is in both
Chinese and English versions.
E-mail: onemagnet@one-magnet.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Shi Shibin 65
Shi Shiwen 20
Wang Zefei 15
Legal
Representative and Chairman:
Mr. Shi Shibin 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 Suzhou One Magnet Electronic Co., Ltd., Dongguan One Magnet Electronic Co., Ltd. as legal representative, etc.
Supervisor:
Wang Youshe
SC is mainly
engaged in trading of various kinds of magnets.
SC’s products mainly include: NdFeB Rare Earth
Magnet, Permanent Ferrite Magnet.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 40% of its products in domestic
market, and 60% 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 declined to release its major clients and suppliers.
Suzhou One Magnet
Electronic Co., Ltd.
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Add: 11/F, Kaixiang International Plaza,
No. 789, Xiangcheng Avenue, Suzhou
City, Jiangsu
Tel: 86-512-67500507 67502796
Fax: 86-512-67249156
E-mail: suzhou@one-magnet.com
Dongguan One Magnet
Electronic Co., Ltd.
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Registration No.: 441900000073404
Incorporation Date: 2007-09-10
Chairman: Shi Shibin
Add: F/13A, Block B, Fortune Plaza, Nancheng
District, Dongguan City
Tel: 86-769-82068078/82068079
Fax: 86-769-82068067/82068068
E-mail: dongguang@one-magnet.com
Etc.
Qingdao Branch
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Add: 5F, Unit 1, B Building, Shengwen
Trade Mansion, No. 187, Helongjiang Mid. Rd., Chengyang Dist., Qingdao City,
Shandong
Tel: 86-532-89655530 89655270 89655572 89655560
Fax: 86-532-89655281 89655582
E-mail: qingdao@one-magnet.com
Chongqing Branch
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Add: 3F, Building A1, Zone A, Fulicheng,
No. 46, University Town Middle Road, Shapingba
District, Chongqing City
Tel: 86-23-88625988
Fax: 86-23-88102588
E-mail: vincent@one-magnet.com
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.
SC declined to
release its bank details.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with 16 years
development history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.30 |
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UK Pound |
1 |
Rs.97.99 |
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Euro |
1 |
Rs.83.15 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.