MIRA
INFORM REPORT
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Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CECEP LATTICE LIgHTING Co., Ltd. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
20.04.2009 |
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Com. Reg. No.: |
360100219412684 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Subject includes LED chips, LED components, LED lamps and other LED
lighting products, LED backlit displays, R & D, production of solar
photovoltaic lighting products, sales and technical advisory services and
related installation engineering, energy management and services;
construction of urban and road lighting; production, sales of streetlights
pole |
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No. of Employees : |
400 |
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 : |
Slow but correct |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 and address
CECEP LATTICE LIgHTING Co., Ltd.
No. 689 North Aixihu Road, National Hi-Tech Industrial Development Zone,
Nanchang, Jiangxi PROVINCE, 330029 PR CHINA
TEL: 86 (0) 791-88157038
FAX: 86 (0) 791-88152890
EXECUTIVE SUMMARY
INCORPORATION DATE : apr. 20, 2009
REGISTRATION NO. : 360100219412684
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH :
400
REGISTERED CAPITAL : cny 100,000,000
BUSINESS LINE :
R & D, Manufacturing, SELLING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.12 = 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 Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Apr. 20, 2009.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes LED chips, LED components, LED lamps and other LED
lighting products, LED backlit displays, R & D, production of solar
photovoltaic lighting products, sales and technical advisory services and
related installation engineering, energy management and services; construction
of urban and road lighting; production, sales of streetlights pole. (excluding
the above items need country special provisions).
SC is mainly
engaged in R & D, manufacturing and selling of LED lighting.
Mr. Zhou Kang has
been legal representative and chairman of SC since Feb. of 2014.
SC is known
to have approx. 400 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the national hi-tech industrial development
zone of Nanchang. Detailed information of the premise is unspecified.
http://www.latticelighting.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: info@latticelighting.com
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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Legal Rep. |
Liu Dajun |
Present one |
Subject passed the annual inspection of 2012 with
Administration for Industry & Commerce.
Organization Code: 685998159
Honors
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For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
CECEP Environment Protection Investment
Development (
Jinsha River Joint Venture Capital
Enterprise (literal translation) 27.27
Nanchang Xiangrui Investment Management Co.,
Ltd. (literal translation) 24.24
Nanchang Xinming Investment Consulting Co.,
Ltd. (literal translation) 15.15
CECEP Environment Protection Investment
Development (Jiangxi) Co., Ltd.
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Registration No.: 360106110002491
Chairman: Zhou Kang
Tel.: 0791-88156500
Fax: 0791-88156508
Website: http://www.jxcecep.cn/
l
Legal Representative and Chairman:
Mr. Zhou Kang is currently responsible for
the overall management of SC.
Working Experience(s):
From
Feb. of 2014 to present Working in SC
as legal representative and chairman.
Also working in
CECEP Environment Protection Investment Development (Jiangxi) Co., Ltd. as
legal representative.
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President & General Manager:
Mr. Chen Xin , EMBA, he is currently responsible for
the daily management of SC.
Working Experience(s):
At
present Working in SC as president and general manager.
Also working in Nanchang
Xinming Investment Consulting Co., Ltd. (literal translation), Shenzhen
Xiangmei Lighting Co., Ltd. (literal translation) as legal representative, etc.
*Officials:
=======
Name Title
Wang Peng Director
Wang Min Director
Pan Xiaofeng Director
Han Siting Supervisor
Tong Tujun Supervisor
Jiang Jianfang Supervisor
SC is mainly
engaged in R & D, manufacturing and selling of LED lighting.
SC’s products mainly include: various kinds of LED lighting and LED
system, etc.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 90% of its products in domestic
market, and 10% 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’s management declined to release its major clients and suppliers.
Subsidiary:
Shenzhen
Xiangmei Lighting Co., Ltd. (literal translation)
======================
Registration No.: 440301108441424
Incorporation Date:
Legal Representative: Chen Xin
Etc.
According
to SC’s website, it also has several offices in Shenyang, Jinan, Beijing,
Lanzhou, Yangzhou, Shanghai, and Hangzhou, 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.
SC declined to
release its bank details.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with 5 years development
history. Taking into consideration of SC’s market conditions and operation size,
we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.94 |
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1 |
Rs.103.31 |
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Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
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Report Prepared
by : |
NIS |
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.