MIRA
INFORM REPORT
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Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI FORWARD MACHINERY CO., LTD. |
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Registered Office : |
No. 783 Chengliu Road, Xuhang Town, Jiading District, Shanghai, 201808 Pr |
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Country : |
China |
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Date of Incorporation : |
29.12.1995 |
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Com. Reg. No.: |
310000400136346 |
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Legal Form : |
Chinese-Foreign Contractual Joint Venture
Enterprise |
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Line of Business : |
Engaged in
manufacturing and selling rolling equipment and related auxiliary machinery
equipment, parts. |
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No. of Employees : |
150 |
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 : |
Exists |
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 & address
SHANGHAI
FORWARD MACHINERY CO., LTD.
NO. 783 CHENGLIU ROAD, XUHANG TOWN, JIADING
DISTRICT,
SHANGHAI, 201808 PR CHINA
TEL: 86 (0) 21-59908899/59909339 FAX: 86 (0) 21-59909139/59908207
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 29, 1995
REGISTRATION NO. : 310000400136346
REGISTERED LEGAL FORM : CHINESE-FOREIGN
CONTRACTUAL JOINT VENTURE ENTERPRISE
CHIEF EXECUTIVE :
MR. WEI DELONG (CHAIRMAN)
STAFF STRENGTH : 150
REGISTERED CAPITAL : USD 4,000,000
BUSINESS LINE : MANUFACTURING AND SELLING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.0506 = 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 Ren Min Bi
SC was registered as a Chinese-foreign contractual joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 29, 1995.
Company Status: Chinese-foreign
contractual 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. The investing parties are free to agree on the
proportion of profit and product distribution and liabilities bearing
according to the provisions of the contract. If the ownership of all fixed
assets is to be given to the Chinese party upon expiration of the term of
cooperation as agreed upon by the Chinese and foreign parties in the
contract, the foreign party may recover its investment during the term of
cooperation according to the provisions of the contract. The foreign party
may recover its investment before the venture has paid its income tax upon
examination and approval of the finance and tax authorities according to
State taxation regulations. In case the foreign party recovers its
investment within the term of cooperation according to the above
paragraphs, the foreign and Chinese parties shall be liable to the debts of
the venture in accordance with laws and the contract. The joint venture
usually has a limited duration of 10 to 50 years.
SC’s registered business scope includes manufacturing rolling production
line rolling type mechanical equipment, auxiliary equipment and accessories,
selling its products and supplying after-sales service, technology consulting,
technology service; wholesaling, importing and exporting, commission agent
(excluding auction) of the above products and the same products, supplying
related service. (excluding domestic trade management products; in accordance
with the special permit, in accordance with the license)
SC is mainly
engaged in manufacturing and selling rolling equipment and related auxiliary
machinery equipment, parts.
Mr. Wei Delong is
the legal representative and chairman at present.
SC is known
to have approx. 150 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Shanghai. SC’s
management declined to release the detailed information of the premise.
www.forwardsh.com (Exalt Group)
It includes the information on SC. The design is professional and the content
is well organized. At present the web is in both Chinese and English versions.
E-mail: forward-sale@exalt.com.tw
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
See below for SC as executive party (defendant).
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Executed Party |
Shanghai Forward Machinery
Co., Ltd. |
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Court |
Shanghai City No.2 Intermediate People’s Court |
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Date
of Case |
May 26, 2010 |
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Case Number |
(2010) 00292 |
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Claim
Amount |
RMB 11,158 |
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Case
Status |
In processing |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Aplex International Limited (Hong Kong) 90
Shanghai Xuhang Assets
Management Co., Ltd. (in Chinese Pinyin) 10
Aplex International Limited (Hong Kong)
---------------------------------------------------
CR No.: 0759416
Incorporation date: June 6, 2001
Legal form: Private
Shanghai Xuhang Assets
Management Co., Ltd. (in Chinese Pinyin)
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Registration no.: 310114000306000
Legal representative: Wang Zhenrong
Registered capital: CNY 100,800,000
Incorporation date: Oct. 26, 1997
Legal
representative and chairman:
Mr. Wei Delong is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative and chairman.
Directors:
Wei Hongtian
Tian Meixiu
Zhu Ting
Supervisor:
Wei Yuming
SC is mainly
engaged in manufacturing and selling rolling equipment and related auxiliary machinery
equipment, parts.
SC’s
products mainly include: rolling equipment, part.
SC
sources its materials 90% from domestic market, and 10% from the overseas
market. SC sells 80% of its products in domestic market, and 20% to the
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 T/T, L/C and Credit of 30-60 days.
Note:
SC’s management declined to release its major suppliers and clients.
According to the website:
Everwheel Machinery (Shanghai) Co., Ltd.
Registration no.: 310000400274011
Legal representative: Wei Lixuan
Registered capital: USD 2,550,000
Incorporation date: Aug. 21, 2001
Website: www.everwheelsh.cn
E-mail: everwheel@163.com
Tel: +86-21-39907408
Fax: +86-21-39907446
Hong Ji Automation (Shanghai) Co., Ltd.
Registration no.: 310000400271529
Legal representative: Tian Hongxiang
Registered capital: USD 300,000
Incorporation date: July 24, 2001
Website: www.hong-ji.cn
E-mail: chenming@hong-ji.cn
Tel: +86-21-39908324/39908322
Fax: +86-21-39908314
Hong Jin Automation (Shanghai) Co., Ltd.
Registration no.: 310000400433459
Legal representative: Huang Nuanhua
Registered capital: USD 200,000
Incorporation date: July 27, 2005
Overseas:
Exalt Technology Co., Ltd. (Taiwan)
Tel: 886-37-481886
Fax: 886-37-483809
Website: http://www.exalt.com.tw/
E-mail: claire@exalt.com.tw
Fortune Spunlace Industrial Corp. (Taiwan)
Forward Machinery Industrial Corporation Limited (Hong Kong)
CR No.: 0334034
Incorporation date: Nov. 19, 1991
Legal form: Private
Honor Enterprise International Limited (Hong Kong)
CR No.: 0703110
Incorporation date: Feb. 2, 2000
Legal form: Private
Prosper Enterprise International Limited (Hong Kong)
CR No.: 0703111
Incorporation date: Feb. 2, 2000
Legal form: Private
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
management declined to release its bank details.
SC’s management
declined to release its financial details.
SC is considered medium-sized in its line with a long development
history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.52 |
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UK Pound |
1 |
Rs.101.48 |
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Euro |
1 |
Rs.84.11 |
INFORMATION DETAILS
|
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.