MIRA INFORM REPORT
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Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
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Name : |
WUXI QIANHUI BUILDING MACHINERY CO., LTD. |
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Registered Office : |
No. 18
Yanggao Road, Zone A Of Yangjian Machinery And Equipment Industry Park,
Xishan District, Wuxi, Jiangsu
Province 214107 Pr |
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Country : |
China |
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Date of Incorporation : |
30.05.2008 |
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Com. Reg. No.: |
320205000110926 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject
is engaged in manufacturing and selling construction machinery including roof suspension system, safety locks, hoists, electrical
control box, electrical cable, wire rope. |
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No. of Employees : |
20 |
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 : |
Small Company |
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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
WUXI QIANHUI BUILDING
MACHINERY CO., LTD.
no. 18
yanggao road, zone a of yangjian Machinery and equipment industry park, xishan
district, wuxi
JIANGSU
PROVINCE 214107 PR CHINA
TEL: 86
(0) 510-88732270
FAX: 86
(0) 510-88216571
***Note: SC’s address should be the heading
one, while SC’s related company (Wuxi Moresoon Industries Co., Ltd.) locates in the (Room 503
Modern International Industrial Design Mansion, No. 801 Hongqiao Road 214072
Wuxi Jiangsu), and the telephone numbers (86 510 83728668/83728678) also belong
to it.
EXECUTIVE SUMMARY
Date of Registration : may 30, 2008
REGISTRATION NO. : 320205000110926
LEGAL FORM : Limited
Liability Company
CHIEF EXECUTIVE : fan rongzhen (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL : CNY 1,500,000
staff : 20
BUSINESS CATEGORY : MANUFACTURING
Revenue :
N/A
EQUITIES :
N/A
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.12 = 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
LEGAL
STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 320205000110926 on May
30, 2008.
SC’s Organization Code Certificate
No.: 67638363-8
SC’s Tax No.: 320200676383638
SC’s registered capital: CNY 1,500,000
SC’s paid-in capital: CNY 1,500,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Fan Rongzhen |
40 |
|
Qiang Jinxing |
60 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Fan
Rongzhen |
|
Supervisor |
Qiang
Jinxing |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Fan Rongzhen 40
Qiang Jinxing 60
MANAGEMENT
Fan
Rongzhen, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 64
Ø
ID# 320211194909042222
Ø Qualification:
University
Ø Working experience
(s):
From 2008 to present, working in SC as legal
representative, chairman and general manager
Qiang Jinxing Supervisor
---------------------------------------------
Ø
Gender: F
Ø
Age: 67
Ø
ID# 320211194611152234
BUSINESS OPERATION
SC’s registered business scope includes manufacturing,
processing and selling construction machinery.
SC is
mainly engaged in manufacturing and selling construction machinery.
SC’s
products mainly include: roof suspension system,
safety locks, hoists, electrical control box, electrical cable, wire rope.
SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 30% of its products in domestic market, and 70% to overseas market, mainly Mid East, Southeast Asia, 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 and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 20
staff at present.
SC rents an area as
its operating office & factory of approx. 8,000 sq. meters at the heading
address.
RELATED
COMPANY
n Wuxi Moresoon Industries
Co., Ltd.
------------------------------------
Address:
Room 503, Modern International Industrial Design Mansion, No. 801 Hongqiao
Road, Wuxi, Jiangsu Province
Tel:
86 510-83728668
Fax:
86 510-83728678
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 SAIC.
FINANCIALS
The financials of SC is not available in
local SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered small-sized in its line with
a development history of 5 years. Credit dealings with SC should be confined
into small amount at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.04 |
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UK Pound |
1 |
Rs.103.11 |
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Euro |
1 |
Rs.86.99 |
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 |
|
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.