MIRA
INFORM REPORT
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Report Date : |
01.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Xuejia Village, Gulin Town, Yinzhou
District, Ningbo, Zhejiang
Province, 315176 PR |
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Country : |
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Date of Incorporation : |
25.04.1983 |
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Com. Reg. No.: |
330212000167122 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged as General Freight Service (with permit); manufacturing and processing of Washing Machine,
Dewatering Machine, Ventilator, Heating and Cooling Fan, Automobile
Instrument, Mould, Electric Water Heater, Electrical Accessories, Plastic
Products, Air Conditioner, Refrigerator, Freezer, Television and Vacuum
Cleaner; Dusting (Spray-Paint) Processing; Wholesale and retail of Plastic Raw Materials,
Household Appliances, Sanitary Ware and Kitchen Equipment as well as import and export of goods
and technology (excluding those
limited or prohibited by the state). Subject Product Ranges includes Full Automatic Washing Machine, Semi Automatic Washing Machine and Monocular Washing Machine. |
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No of Employees : |
Not Available |
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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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, growth of the private sector,
development of stock markets and a modern banking system, 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 considered important to "economic security,"
explicitly looking to foster globally competitive industries. After keeping its
currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading
band within which the RMB is permitted to fluctuate. 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. Several factors are converging to slow China's growth, including
debt overhang from its credit-fueled stimulus program, industrial overcapacity,
inefficient allocation of capital by state-owned banks, and the slow recovery
of China's trading partners. The government's 12th Five-Year Plan, adopted in
March 2011 and reiterated at the Communist Party's "Third Plenum"
meeting in November 2013, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent in
the future on fixed investments, exports, and heavy industry. 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 & ADDRESS
Ningbo South Electrical Appliance Co., Ltd.
Xuejia
village, gulin town, yinzhou district, ningbo,
zhejiang PROVINCE,
315176 PR CHINA
TEL: 86 (0)
574-88028059/88028888 FAX: 86 (0)
574-88027968
EXECUTIVE SUMMARY
INCORPORATION DATE : april 25, 1983
REGISTRATION NO. : 330212000167122
REGISTERED LEGAL
FORM : Limited liabilities co.
STAFF STRENGTH : n/a
REGISTERED CAPITAL :
CNY 6,000,000
BUSINESS LINE : TRADING
and manufacturing
TURNOVER : N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION
: N/A
OPERATIONAL TREND :
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.2082 =
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 company at local
Administration for Industry & Commerce (AIC - The official body of issuing and
renewing business license).
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 general freight service (with
permit); manufacture and processing of washing machine, dewatering machine, ventilator,
heating and cooling fan, automobile instrument, mould, electric water heater,
electrical accessories, plastic products, air conditioner, refrigerator,
freezer, television and vacuum cleaner; dusting (spray-paint) processing;
wholesale and retail of plastic raw materials, household appliances, sanitary
ware and kitchen equipment as well as import and export of goods and technology
(excluding those limited or prohibited by the state).
SC is mainly engaged in manufacturing and
sales of electrical appliance.
Mr. Fang Yimin is legal representative, executive director and general
manager of SC at present.
SC’s employee’s
information is unavailable at present.
SC is currently operating
at the above stated address, and this address houses its operating office and
factory in Ningbo. Detailed premise information is not available at present.
http://www.china-south.nett
The design is professional and the
content is well organized. At present it is in English and Chinese versions.
Email: south@china-south.net
For the past two years there is no record of
litigation.
No significant
changes were found during our checks with the local Administration for Industry
and Commerce.
Subject passed the
annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code:
144406771
MAIN SHAREHOLDERS:
Name % of Shareholding
Fang Yimin 60
Fang Leilei 38
Cai Cuiyue 2
l
Legal Representative, Executive Director and
General Manager:
Mr. Fang Yimin, born in 1954. He is currently
responsible for the overall and daily management of SC.
Working Experience(s):
At present Working in SC as legal representative,
executive director and general manager.
l
Supervisor:
Cai Cuiyue
SC is mainly engaged in manufacturing and
sales of electrical appliance.
SC’s products mainly include: full automatic washing machine, semi
automatic washing machine and monocular washing machine.
SC sources its materials
from domestic market and overseas market. SC sells its products in domestic
market, and 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 declined
to release its major suppliers and clients.
Ningbo Reyilang Electrical Appliance Co., Ltd. (In Chinese Pinyin)
================================================
Incorporation Date:
Registration No.: 330212000196343
Legal representative: Fang Leilei
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’s bank details are not available at
present.
SC’s accountant refused to release the
financial information.
SC has developed for 31 years. Due to lack of financial statements, we
are unable to determine the maximum credit limit for SC.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.25 |
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1 |
Rs.101.92 |
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Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.