MIRA INFORM REPORT
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Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI
SHINY INDUSTRIAL BELT CO., LTD. |
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Registered Office : |
Room 2-801, No. 2591, Hunan Road, Pudong New Area,
Shanghai, 201315 PR |
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Country : |
China |
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Date of Incorporation : |
05.04.2005 |
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Com. Reg. No.: |
310115001655565 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in manufacturing, processing & selling industrial belts. |
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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
SHANGHAI SHINY
INDUSTRIAL BELT CO., LTD.
ROOM 2-801, NO. 2591, HUNAN RoaD,
PUDONG NEW AREA,
Shanghai, 201315 PR CHINA
TEL: 86 (0) 21-68122951 FAX: 86 (0) 21-68069453
EXECUTIVE
SUMMARY
INCORPORATION DATE : april 5, 2005
REGISTRATION NO. : 310115001655565
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
15
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
MANUFACTURING, processing & TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : SMALL AMOUNT
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.2657 = 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 limited liabilities
co. at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on April 5, 2005.
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 manufacturing, processing & selling industrial
belts, V-belts, timing belts, conveyor belts, rubber products, metal appliances,
textile accessories, machinery and equipment (except for special equipment);
selling chemical raw materials (except for dangerous goods); technology
development, technology consulting, technology services within the mechanical
equipment areas; importing and exporting goods and technology. [with permit if
needed]
SC is mainly
engaged in manufacturing, processing & selling industrial belts.
Mr. Li Bingcai 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 in the commercial zone of Shanghai. SC’s
employee
refused to release the detailed information of the premise.
Factory
address: No. 58, Lane 30, Yongchun East
Road, Datuan Town, Pudong New Area, Shanghai
http://www.shinybelt.com/ The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
Email: info@shinybelt.com sales@shinybelt.com
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: 773284666
See below for SC as executive party (defendant).
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Executed Party |
SC |
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Court |
Shanghai Pudong New Area People's Court |
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Date
of Case |
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Case Number |
(2013) 08695 |
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Claim
Amount |
RMB 28,000 |
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Case
Status |
Completed |
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Executed Party |
SC |
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Court |
Shanghai Pudong New Area People's Court |
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Date
of Case |
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Case Number |
(2013) 02573 |
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Claim
Amount |
RMB 2,030.3 |
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Case
Status |
Completed |
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Executed Party |
SC |
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Court |
Shanghai Pudong New Area People's Court |
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Date
of Case |
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Case Number |
(2012) 21133 |
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Claim
Amount |
RMB 55,000 |
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Case
Status |
Completed |
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
Yao Cuixian 10
Li Bingcai 90
l
Legal representative and chairman:
Mr. Li Bingcai is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working in SC as legal
representative and chairman.
l
Supervisor:
Yao Cuixian
SC is mainly
engaged in manufacturing, processing & selling industrial belts.
SC’s products mainly include:
Flat Belt
Spindle Tape
Tangential Belt
Power
Transmission Belt
Packing and Printing Machinery Belt
PU Timing Belt
Open
End Timing Belt
Jointed Endless Belt
Double Tooth Belt
Knitting Machine belt
PU
Round Belt
Rubber Belt
Rubber Timing Belt
Special Processing Belt
Special Processing Belt
Pulleys
Timing Belt Pulley
Textile Machinery Spare Parts
Textile machine Parts
SC sources its materials 100% from domestic
market. SC sells 90% of its products in domestic market, and 10% to overseas
market.
The buying terms of SC include Check, T/T 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.
Agents: according to SC’s website
==============================
Tongxiang
Indus Chint Textile Machinery Co., Ltd.
Tel:
0573-88110119
Nantong
Jinfengyuan Industrial and Trading Co., Ltd.
Tel:
0513-83509597
Speedee Engineering & Industrial Supply
Address: No.
Tel: 03-8070 9728, 03-8070 9693
Fax: 03-8070 9718
Attn: Mr. Loh Wai Hau
According to SC’s website:
Guangdong
Office
Mobile
no.: 18688233966
Fax:
0757-82234446
Shanghai
Shiny Industrial Belt Co., Ltd. Tokyo Office
No.1-36-1
Kishi Machi Kawagoe Saitama Ken
Tel:
08039101429
Attn:
P.Wu
Email:
info@shinybelt.com
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 9 years operation history.
Taking into consideration of SC’s operation size we would rate SC as an above
average credit risk company. Credit confined into small amount may be
considered.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.04 |
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|
1 |
Rs.101.31 |
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Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
PDT |
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.