MIRA
INFORM REPORT
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Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
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Name : |
INNUOVO INTERNATIONAL TRADE CO., LTD. HENGDIAN GROUP |
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Registered Office : |
Hengdian Electronic Industrial Park, |
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Country : |
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Date of Incorporation : |
17.12.2003 |
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Com. Reg. No.: |
330783000048088 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Subject is engaged in importing and exporting of goods |
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No of Employees : |
30 |
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 |
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
INNUOVO INTERNATIONAL TRADE CO., LTD. HENGDIAN
GROUP
Hengdian Electronic Industrial
Park,
dongyang, zhejiang PROVINCE, 322118 PR CHINA
TEL: 86 (0) 579-86636499/86630197/86312021 FAX: 86 (0) 579-86630757
EXECUTIVE SUMMARY
INCORPORATION DATE : dec. 17, 2003
REGISTRATION NO. : 330783000048088
REGISTERED LEGAL FORM : Limited liabilities co.
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE :
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 6.1582 = 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: The given name is incomplete.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing and
renewing business license) on Dec.
17, 2003.
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 wholesale and retail of pre
packaged food (the food circulation license is valid until Dec. 18, 2014). Import
and export business.
SC is mainly engaged in importing and exporting of goods.
Mr. Wang Songwei
is legal representative, chairman and general manager of SC at present.
SC is known to
have approx. 30 employees at
present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Dongyang. Detailed premise
information is not available at present.
Note:
SC has another office in No. 96 Renmin Road, Dongyang.
http://www.eastsources.com/
The design is professional and the content is well organized. At present it is
in English version.
Email: 044@linix.com.cn
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:
757084736
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hengdian Group Innuovo Electric Co., Ltd. 90
Hengdian Group Holding Co., Ltd. 10
Hengdian Group Innuovo Electric Co., Ltd.
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Incorporation Date: 2003-09-09
Registration No.: 330783000069966
Legal representative: Wang Songwei
Website: http://cninnuovo.1688.com/
Hengdian Group Holding Co., Ltd.
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Incorporation Date: 1999-11-22
Registration No.: 330783000049656
Legal representative: Xu Yong’an
Website: http://www.hengdian.com/
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Legal Representative, Chairman and General Manager:
Mr. Wang Songwei is currently responsible for the overall and daily
management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
Also working in Hengdian Group Innuovo Electric Co., Ltd. as
legal representative.
l
Directors:
Xu Wencai
Wang Runying
Hu Tiangao
Etc.
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Supervisors:
Huang Guimiao
Wang Kai
Lou Rongfu
SC is mainly engaged in importing and exporting of goods.
SC’s products
mainly include: Bags, Speaker, Magnet, Pharmaceuticals & Intermediates,
etc.
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.
According
to the information from the internet:
Hengdian Group
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Incorporation Date: 1994-06-30
Registration No.: 330783000075370
Legal representative: Xiang Zhengjun
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Incorporation Date: 1997-06-03
Registration No.: 330783000046130
Legal representative: Wei Yuqiao
Hnegdian
Group Shanghai Innuovo Electric Co., Ltd.
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Incorporation Date: 2004-04-07
Registration No.: 3102252023999
Legal representative: Xu Xiaohua
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.
Bank of China Jinhua Dongyang Sub-branch
AC#: N/A
Relationship: Normal
SC’s accountant
refused to release the financial information.
SC is considered small-sized in its line with a development history of 11
years. Due to lack of financial statements, we are unable to determine the
maximum credit limit for SC. Taking into consideration of all the factors
above, credit up to moderate amount appears acceptable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 61.18 |
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1 |
Rs. 102.55 |
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Euro |
1 |
Rs. 81.77 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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.