MIRA INFORM REPORT
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Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG DAWN INTERNATIONAL TRADING CO., LTD. |
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Registered Office : |
Opposite to Xinglong Tyre, Longkou Economic Development Zone, Longkou, Shandong Province, 265700 PR |
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Country : |
China |
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Date of Incorporation : |
09.09.2010 |
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Com. Reg. No.: |
370681200011460 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in the sales and import and export business of
synthetic resins, dyes, synthetic rubber, natural rubber, electrical and
mechanical equipment (excluding nine seats and less than nine seats passenger
cars), instrumentation, hardware, minerals and its products, arts &
gifts, civil construction materials, clothing, textiles, steel, aluminum
profile, petroleum coke, iron ore, high titanium slag and its products,
titanium dioxide. |
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No. of Employees : |
15 |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 and address
SHANDONG DAWN
INTERNATIONAL TRADING CO., LTD.
opposite to Xinglong tyre, longkou economic
development zone, longkou, shandong province, 265700 PR CHINA
TEL: 86 (0) 535-8867968/8866524
FAX: n/a
EXECUTIVE
SUMMARY
INCORPORATION DATE : sep. 9, 2010
REGISTRATION NO. : 370681200011460
REGISTERED LEGAL FORM : Limited liabilities
company
chief executive :
MR. yu xiaoning (CHAIRMAN)
STAFF STRENGTH :
15
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
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 6.2293 = 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: SC’s detailed address should be the heading one, and SC is also
known as Shandong Dawn International Trade Co., Ltd.
SC was registered as a limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Sep. 9, 2010.
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 sales and import and export
business of synthetic resins, dyes, synthetic rubber, natural rubber,
electrical and mechanical equipment (excluding nine seats and less than nine
seats passenger cars), instrumentation, hardware, minerals and its products,
arts & gifts, civil construction materials, clothing, textiles, steel,
aluminum profile, petroleum coke, iron ore, high titanium slag and its
products, titanium dioxide.
SC is mainly engaged in trading different kinds of products.
Mr. Yu Xiaoning is legal representative and chairman of SC at present.
SC is known to have approx. 15 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office the Economic Development zone of Longkou. SC’s employee refused to release the detailed information
of the premise.
http://www.chinadawn.cn/
The website belongs to Dawn Group, and it includes the introduction about SC
and its related companies. The design is
professional and the content is well organized. At present it is in Chinese,
English and other versions.
No significant changes were found during our checks with the local AIC.
Subject passed the annual inspection of 2012 with Administration for
Industry & Commerce.
Organization Code: 561442554
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Dawn Group Co., Ltd. 51
Han Limei 49
Dawn Group Co., Ltd.
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Registration no.: 370681228014411
Legal representative: Yu Xiaoning
Incorporation date:
DAWN Group Co., Ltd. has set up several principal industries: plastic industry,
materials circulation industry, building materials industry and travel service
industry. Recent years, it has passed ISO -9000:2000 authentication and listed
as “Innovation Enterprise”, “Advanced Non-governmental Enterprise in Shandong”,
“Shandong High-tech Enterprise”
Tel: 0535-8861488/8867481
Legal
representative and chairman:
Mr. Yu Xiaoning, born in 1967 with MBA degree, he is currently responsible
for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and chairman.
Also working in Dawn Group Co., Ltd., Shandong Dawn Polymer Co., Ltd.,
Shandong Dawn Engineering Construction Co., Ltd., Shandong Dawn Logistics Co.,
Ltd., Longkou Dawn Building Materials Co., Ltd., Longkou Dawn Mold Co., Ltd.,
Yantai Dawn Travel Service Co., Ltd. etc. as legal representative.
General
manager:
Qiu Huanling is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working
in SC as general manager.
Supervisor:
Liu Yongbo
SC is mainly engaged in trading different kinds of products.
SC’s products mainly include: plastic raw materials, plastic products,
plastic molds, equipment, titanium dioxide, coal, titanium slag, titanium
SC sources its materials 95% from domestic market, and 5% from overseas
market. SC sells 50% of its products in domestic market, and 50% 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 refused to release its main suppliers and clients.
Shandong Dawn Polymer Co., Ltd.
Shandong Dawn Engineering Construction Co., Ltd.
Shandong Dawn Logistics Co., Ltd.
Longkou Dawn Building Materials Co., Ltd.
Longkou Dawn Mold Co., Ltd.
Yantai Dawn Travel Service Co., Ltd.
Shandong Dawn Titanium Industry Co., Ltd.
Shandong Dawn Himadri Chemical Industry Ltd.
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 banking details.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with 4 years operation history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.12 |
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1 |
Rs.102.00 |
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Euro |
1 |
Rs.81.43 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
NNA |
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.