MIRA INFORM
REPORT
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Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
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Name : |
dandong shengxing paper machinery co., ltd. |
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Registered Office : |
No. 8 Group, Qianyang Village, Qianyang Town, Donggang
City, Dandong, Liaoning Province, 118301
PR |
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Country : |
China |
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Date of Incorporation : |
18.04.2007 |
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Com. Reg. No.: |
210681004017683 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in manufacturing and selling paper machinery and equipment. |
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No. of Employees |
90 |
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
|
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
|
Source
: CIA |
Company name and address
dandong shengxing paper machinery co., ltd.
no. 8 group,
qianyang village, qianyang town, donggang city, dandong, liaoning PROVINCE,
118301 PR CHINA
TEL: 86
(0) 415-7817666/7817177 FAX: 86
(0) 415-7817177
EXECUTIVE SUMMARY
INCORPORATION DATE : april 18, 2007
REGISTRATION NO. : 210681004017683
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
90
REGISTERED CAPITAL : CNY 43,600,000
BUSINESS LINE :
manufacturing
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 6.25 = 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 company at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on April 18, 2007.
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 and selling paper machinery and
equipment.
SC is mainly
engaged in manufacturing and selling paper machinery and equipment.
Mr. Shi Hanyun has
been chairman of SC since 2008.
SC is known to
have approx. 90 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 Donggang. Our checks
reveal that SC owns the total premise about 18,000 square meters.
http://www.shengxing-dryer.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: shengxing-dryer@hotmail.com
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
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Registered
Capital |
CNY 5,000,000 |
CNY 10,000,000 |
|
2008 |
Registration No. |
2106812800427 |
210681004017683 |
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Chairman |
Shi Yuanwen |
Shi Hanyun |
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Shareholders |
Shi Yuanwen 60% Zhang Xifeng 40% |
Shi Hanyun 60% Zhang Xifeng 40% |
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|
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Registered
Capital |
CNY 10,000,000 |
CNY 43,600,000 |
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Shareholders |
Shi Hanyun 60% Zhang Xifeng 40% |
Shi Hanyun 28.33% Zhang Xifeng 9.17% Shi Yuanwen 62.50% |
See below for SC as executive party
(defendant).
|
Executed Party |
SC |
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Court |
Donggang
City People's Court |
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Date of Case |
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Case Number |
(2010)
00057 |
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Claim Amount |
RMB 7,648 |
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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
Shi Hanyun 28.33
Zhang Xifeng 9.17
Shi Yuanwen 62.50
l
Chairman:
Mr. Shi Hanyun, with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 2008 to present Working
in SC as chairman.
SC is mainly
engaged in manufacturing and selling paper machinery and equipment.
SC’s products
mainly include: drying cylinder.
SC sources its materials 100% from domestic market,
mainly Liaoning. SC sells 40% of its products in domestic market, and 60% to
overseas market, mainly France and India.
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.
Note: SC declined to release its major suppliers and clients.
SC
is not known to have any subsidiary at present.
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 the bank information.
SC’s management declined to release the financial information.
SC is considered medium-sized in its line with a development history of 7
years. Taking into consideration of SC’s background and development history,
credit up to moderate amount appears acceptable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.99 |
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|
1 |
Rs.101.75 |
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Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.