MIRA
INFORM REPORT
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Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
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Name : |
JIAXING
SUNLONG INDUSTRIAL & TRADING CO., LTD. |
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Registered Office : |
6/F, Bldg. 1, No. 39, Kaixi
Road, Jiaxing, Zhejiang Province, 314001 PR |
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Country : |
China |
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Date of Incorporation : |
21.11.2003 |
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Com. Reg. No.: |
330403000010259 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international trade like chemicals, general
merchandise, garments |
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No. of Employees |
30 |
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 : |
Small company |
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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 – 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
JIAXING
SUNLONG INDUSTRIAL & TRADING CO., LTD.
6/F, BLDG. 1, NO. 39, KAIXI
ROAD, JIAXING,
ZHEJIANG PROVINCE, 314001 PR
CHINA
TEL: 86 (0) 573-82117091/82111590 FAX: 86 (0) 573-82117012
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 21, 2003
REGISTRATION NO. : 330403000010259
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 3,800,000
BUSINESS LINE :
TRADING
TURNOVER :
n/a
EQUITIES :
n/a
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : small amount
MARKET CONDITION : average
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.08= 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 limited liabilities company at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Nov. 21, 2003.
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 certified business items: wholesaling the hazard chemicals;
wholesaling and exporting non-pharmaceutical precursor chemicals; normal
operating projects: manufacturing and processing with arts and crafts
(excluding gold and silver jewelry); wholesaling, importing and exporting
chemicals (excluding hazardous chemicals), hardware tools, building materials,
plumbing, instruments, machinery electrical equipment (excluding cars), metal
materials (excluding precious metal), electronic products, arts and crafts
(excluding gold and silver jewelry and heritage), textiles, daily necessaries,
rubber products, daily-use glass products, toys, shoes & hats, furniture,
sports supplies, general labor protection supplies, garments and other sewing
products. (with permit if needed)
SC is
mainly engaged in international trade.
Mr. Zhu Ruirong is
the legal representative, chairman and general manager of SC at present.
SC is known
to have approx. 30 employees at present.
SC
is currently operating at the above stated address,
and this address houses its operating office in Jiaxing. SC’s accountant
refused to release the detailed information of the area.
http://www.jxsunlong.com/
The design
is professional and the content is well organized. At present it is only in
English version.
http://www.winsunchem.com/
The
design is professional and the content is well organized. At present it is in
Chinese and English versions.
Email: sunlong@jxsunlong.com
SC has passed ISO9001:2000 Management System Certificate.
Changes
of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Shareholdings |
Chen Hua 2.22% Yue Chunmei 2.22% Shen Yang 4.44% Yang Jianhua 5.56% Shen Lanlan 9.56% Zhu Lixing 15% Zhejiang Winsun Imp. & Exp. Co., Ltd. % Zhu Ruirong 1% |
Chen Hua 2.5% Shen Yang 5% Shen Hong 8.06% Zhu Ruirong 31% Zhejiang Winsun Imp. & Exp. Co., Ltd. 53.44% |
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Registered no. |
3304002700270 |
Present one |
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Registered capital |
CNY 1,800,000 |
Present amount |
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Shareholdings |
Chen Hua 2.5% Shen Yang 5% Shen Hong 8.06% Zhu Ruirong 31% Zhejiang Winsun Imp. & Exp. Co., Ltd. 53.44% |
Chen Hua 1.8421% Shen Yang 7.8947% Shen Hong 14.7632% Zhu Ruirong 24.5% Zhejiang Winsun Imp. & Exp. Co., Ltd. 51% |
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Shareholder’s name |
Zhejiang Winsun Imp. & Exp. Co., Ltd. |
Winsun Imp. & Exp. Co., Ltd. |
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Unknown |
Shareholder’s name |
Winsun Imp. & Exp. Co., Ltd. |
Present one |
Subject passed the annual inspection of 2012
with Administration for Industry & Commerce.
Organization Code: 755946988
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
Winsun Imp. & Exp. Group Co., Ltd. 51
Zhu Ruirong 24.5
Chen Hua 1.8421
Shen Hong 14.7632
Shen Yang 7.8947
Winsun Imp. & Exp. Group
Co., Ltd.:
===============================
The group is engaged in import
and export of various kinds of commodities and technologies, processing with
imported materials and three forms of OEM and compensation trades. While
seeking for internationalization, specialization and scaled development, the
group kept on exploiting diversified operation. (According to its website)
Incorporation Date :
Jun. 10, 2003
Registration No. :
330000000019298
Registered Legal Form : Shares limited co.
Tel: (86 573) 82119019
Fax: (86 573) 82117020
E-mail: molly@chinaexportonline.com
Web: http://www.chinaexportonline.com
l
Legal Representative, Chairman and General Manager:
Mr. Zhu Ruirong, ID# 33040219590205XXXX, born in 1959, with senior high
school education. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
l
Supervisors:
Shen Hong ID# 33040219721210XXXX
Yang Hua
l
Directors:
Shen Yang ID# 33040219770519XXXX
Li Jun
SC is
mainly engaged in international trade.
SC’s products
mainly include: chemicals, general merchandise, garments.
SC sources its
materials 95% from domestic market, and 5% from the overseas market. SC sells
20% of its products in domestic market and 80% 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 customer and supplier details.
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 refused to
release any information of its suppliers and the trade reference was not
available.
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.
Bank of China
Jiaxing Branch
AC#：860025645008091001
Relationship:
Normal.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a development
history of 11 years. Taking into consideration of SC’s general performance,
reputation as well as market conditions we would rate SC as an above average
credit risk company. Credit dealings with SC in small amount appear acceptable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.05 |
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1 |
Rs.101.65 |
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Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
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Analysis Done by
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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.