MIRA INFORM REPORT
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Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
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Name : |
CHINA ELECTRONICS SHENZHEN COMPANY |
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Registered Office : |
36/F, 35/F, Block A, Electronic Science & Technology Building, No. 2070 Shennan Middle Road, Shenzhen Guangdong Province 518031 PR |
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Country : |
China |
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Date of Incorporation : |
19.05.1982 |
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Com. Reg. No.: |
440000000029684 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in the import and export of goods and technologies
(according to the related regulations), foreign economic cooperation business
(according to the related regulations), selling textiles, general
merchandise, industrial goods (excluding gold, silver, cars, dangerous
chemicals), petroleum products (excluding oil), hardware, chemical industry
(excluding dangerous chemicals), building materials, arts and crafts goods
(excluding jewelry), selling its own import and export commodities in
domestic market; labor services, information consulting, packaging services |
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No. of Employees : |
304 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 2013 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 consumption; (b)
facilitating higher-wage job opportunities for the aspiring middle class,
including rural migrants and increasing numbers of college graduates; (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. Debt overhang from its
credit-fueled stimulus program in 2008-10, particularly among local
governments, and soaring property prices challenge policy makers currently.
Their efforts to cool a red-hot property market in 2011 appear to have curbed
inflation, but contributed to slower GDP growth in 2012 and 2013. Slow recovery
in Europe and other key export markets have also retarded growth. 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 fixed investments and exports in the future.
However, China has made only marginal progress toward these rebalancing goals.
The new government of President XI Jinping has signaled a greater willingness
to undertake reforms that focus on China's long-term economic health, including
giving the market a more decisive role in allocating resources.
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Source
: CIA |
Company
name and address
CHINA ELECTRONICS SHENZHEN
COMPANY
36/F, 35/F, BLOCK A, ELECTRONIC SCIENCE & TECHNOLOGY BUILDING
NO. 2070 SHENNAN MIDDLE ROAD, SHENZHEN
GUANGDONG PROVINCE 518031 PR CHINA
TEL: 86 (0) 755-83783262/83783269
FAX: 86 (0) 755-83783284/83240236
EXECUTIVE
SUMMARY
Date of Registration : MAY 19, 1982
REGISTRATION NO. : 440000000029684
LEGAL FORM : shares limited coMPANY
CHIEF EXECUTIVE :
chen xu (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 175,000,000
staff :
304
BUSINESS CATEGORY : TRADE &
investment & management
Revenue :
n/a (AS
OF DEC. 31, 2013)
EQUITIES :
n/a (AS
OF DEC. 31, 2013)
WEBSITE : www.ceiecsz.com.cn
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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 shares limited company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
440000000029684.
SC’s Organization Code Certificate No.:
61743968-9
SC’s Tax No.: 440301617439689
SC’s registered capital: cny 175,000,000
SC’s paid-in capital: cny 175,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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Legal Representative |
Cong Yadong |
Chen Xu |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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China National Electronics Import and Export Corporation |
97.5 |
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Other individuals |
2.5 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Chen Xu |
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General Manager and Director |
Guo Jian |
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Director |
Hong Guanqi |
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Liu Sizhang |
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Qu Huimin |
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Li Jinghe |
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Song Jian |
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Supervisor |
Wang Qiuping |
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Xiao Yuan |
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Wang Lianyang |
RECENT DEVELOPMENT
As an advanced enterprise of national foreign economy and trade, quality
and benefit, SC has ranked the 43rd position in the 100 top exported
state-owned enterprises in China, the 235th position in the 500 top Chinese
services enterprises and the 49th position in the 100 top Shenzhen enterprises.
It is an enterprise with AAA bank credit rating and a provincial and municipal
civilization unit for many years. SC takes the lead in the electronics industry
association, import and export industry and related industry associations, and
it is a membership unit of Shenzhen Chamber of Commerce for Import& Export.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
China National Electronics Import and Export Corporation 97.5
Other individuals 2.5
China National Electronics Import and Export Corporation
-----------------------------------------------------------------------
Registration No.: 100000000001068
Date of Registration: April 15, 1980
Legal Form: State-owned Enterprise
Registered Capital: CNY 694,216,000
Legal Representative: Qu Huimin
Web: www.ceiec.com.cn
MANAGEMENT
Chen Xu, Legal
Representative and Chairman
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Gender: M
Qualification: University
Working experience
(s):
At present, working in SC as legal representative and chairman
Guo Jian, General
Manager and Director
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Gender: M
Qualification: University
Working experience
(s):
At present, working in SC as general manager and director
Director
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Hong Guanqi
Liu Sizhang
Qu Huimin (Also working in China
National Electronics Import and Export Corporation as legal representative)
Li Jinghe
Song Jian
Supervisor
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Wang Qiuping
Xiao Yuan
Wang Lianyang
BUSINESS OPERATION
SC’s registered business scope includes import and export of goods and
technologies (according to the related regulations), foreign economic cooperation
business (according to the related regulations), selling textiles, general
merchandise, industrial goods (excluding gold, silver, cars, dangerous
chemicals), petroleum products (excluding oil), hardware, chemical industry
(excluding dangerous chemicals), building materials, arts and crafts goods
(excluding jewelry), selling its own import and export commodities in domestic
market; labor services, information consulting, packaging services, property
management, leasing, selling its own property.
SC is mainly engaged in international trade, investment and management
of its subsidiaries.
SC’s products mainly include: electrical and mechanical products,
household appliances, digital
electronics, computer fitting, magnetic material, etc.
SC sources its materials 95% from domestic markets and 5% from overseas
market. SC sells 10% of its products in domestic markets and 90% to overseas
market.
The buying terms of SC include T/T, Check, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
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Curtis International
Club Electronics
Staff &
Office:
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SC is known to have approx. 304
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED COMPANY
Subsidiaries:
==========
Shenzhen CE Lighting Co., Ltd.
China National Electronics Import &
Export Zhuhai Co., Ltd.
CEIEC Shenzhen Kaituo Enterprises Corp. Ltd.
Shenzhen CEIEC Ether Electronics Co., Ltd.
Shenzhen Development Bank Co., Ltd.
CEIEC Shenzhen Electric Technology Co., Ltd.
Jiangsu Guoguang Electronic Information Technology Co., Ltd.
Shenzhen Jingwah Electronics Co., Ltd.
CEIEC Shenzhen Customs Brokers Co., Ltd.
CEIEC Shenzhen Storage & Transportation
Co., Ltd.
Shenzhen Tri-link Logistics Ltd.
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
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered medium-sized in its line with 32 years history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.23 |
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1 |
Rs.100.79 |
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Euro |
1 |
Rs.83.29 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NNA |
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.