MIRA INFORM REPORT
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Report Date : |
01.12.2014 |
IDENTIFICATION DETAILS
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Name : |
Wuxi Xishan
Electric Furnace Plant |
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Registered Office : |
No.
53 Xigang Road, Bashi, Xibei Town, Xishan District, Wuxi Jiangsu Province 214192
Pr |
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Country : |
China |
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Date of Incorporation : |
12.01.1998 |
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Com. Reg. No.: |
320205000028704 |
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Legal Form : |
Sole Proprietorship Enterprise |
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Line of Business : |
Manufacturing and Selling of Transformers and Industrial Furnace. |
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No. of Employees : |
78 |
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 1, 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 |
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, 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.
|
Source
: CIA |
Company
Name and Address
Wuxi Xishan Electric Furnace Plant
no. 53 xigang road,
bashi, xibei town, xishan district, wuxi
jiangsu PROVINCE
214192 PR CHINA
TEL: 86 (0) 510-83787211/83782131
FAX: 86 (0)
510-83781247
EXECUTIVE
SUMMARY
Date of Registration : January 12, 1998
REGISTRATION NO. : 320205000028704
LEGAL FORM : Sole Proprietorship enterprise
REGISTERED CAPITAL : CNY 1,500,000
staff : 78
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue : N/A
EQUITIES : N/A
WEBSITE : www.byqdl.com
E-MAIL : web@byqdl.com
PAYMENT : AVERAGE
MARKET CONDITION : FAIR
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.14 = 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 sole proprietorship enterprise
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 320205000028704
on January 12, 1998.
SC’s Organization Code Certificate No.:
A8064002-6
SC’s Tax No.:
SC’s registered 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 |
|
Sun Qizhu |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Manager |
Sun Qizhu |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Sun Qizhu 100
MANAGEMENT
Sun Qizhu, Factory Manager
--------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Mobile: 86 (0)
13906177910
Ø Working experience
(s):
From 1998 to present, working in SC as
factory manager
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing,
processing an selling transformers, industrial furnace, non-standard metal
structural parts, molds, metallurgical machinery and equipment; appliance
repair; exporting its products and technology; importing materials, instrument,
machinery and equipment, parts and technology needed for its production,
excluding the goods forbidden by the government.
SC is mainly
engaged in manufacturing and selling transformers and industrial furnace.
SC’s products
mainly include: power frequency (medium frequency) core copper melting furnace,
vacuum melting furnace, holding furnace, three-strand copper pipe blank
horizontal continuous casting unit, copper strip blank horizontal continuous
casting unit, bell type protective atmosphere bright annealing furnace, servo
control up-draw continuous casting unit, etc.
SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 60% of its products in domestic market, and 40% to overseas market.
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. 78 staff at
present.
SC rents an area
as its operating office & factory of approx. 2,000 sq. meters at the
heading address.
RELATED
COMPANY
SC
is not known to have any subsidiary at present.
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
Registered as a sole proprietorship
enterprise, SC is not required to submit its financials to local SAIC,
so its financials are not available at present.
CONCLUSIONS
SC is considered small-sized in its line with a development history of
16 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.97 |
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1 |
Rs.97.37 |
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Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.