MIRA
INFORM REPORT
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Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG XINKAI
ELECTRONIC MATERIAL CO., LTD. |
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Registered Office : |
No. 313, Renmin Road, Tancheng County, Shandong
Province, 276100 Pr |
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Country : |
China |
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Date of Incorporation : |
09.10.2005 |
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Com. Reg. No.: |
371300400004616 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Engaged in
Manufacturing Electrolytic Capacitor Paper and Prepreg Sheet as well as
Selling Self-Made Products. |
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No of Employees : |
Not Available |
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 : |
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 – 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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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, 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 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. Debt overhang from
its credit-fueled stimulus program in 2008-10, particularly among local
governments, and soaring property prices challenge policy makers currently.
Their efforts to cool a red-hot property market in 2011 appear to have curbed
inflation, but contributed to slower GDP growth in 2012 and 2013. Slow recovery
in Europe and other key export markets have also retarded growth. 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 fixed investments and exports in the future.
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 & Address
Shandong Xinkai Electronic Material co., ltd.
NO. 313, RENMIN ROAD, TANCHENG COUNTY,
SHANDONG PROVINCE, 276100 PR CHINA
TEL: 86 (0)
539-6130656/6130820 FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 9, 2005
REGISTRATION NO. : 371300400004616
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
CHIEF EXECUTIVE :
MR. XIE CHUNLUN (CHAIRMAN)
STAFF STRENGTH : N/A
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2389 = 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 Chinese-foreign equity joint venture enterprise at local Administration
for Industry & Commerce (AIC-The official body of issuing and renewing
business license).
Company Status: Chinese-foreign equity 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 according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing electrolytic capacitor paper and prepreg
sheet as well as selling self-made products.
SC is mainly
engaged in manufacturing and selling paper products.
Mr. Xie Chunlun is legal representative, chairman and
general manager of SC at present.
The number of SC’s employee is not available 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 Tancheng County. Detailed premise information is not available at present.
Note: SC’s present address “No. 313, Renmin Road” was formerly named as “No. 297, Renmin Road”.
SC is not known to host website of its own at present.
No significant changes were found during our checks with the local AIC.
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
See below for SC
as executive party (defendant).
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Executed Party |
SC |
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Court |
Tancheng County People's Court |
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Date
of Case |
2014-4-23 |
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Case Number |
(2014) 00960 |
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Claim
Amount |
RMB 100,000 |
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Case
Status |
In process |
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Executed Party |
SC |
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Court |
Shuyang County People's Court |
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Date
of Case |
2009-11-3 |
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Case Number |
(2009) 03498 |
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Claim
Amount |
RMB 3,568.72 |
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Case
Status |
Completed |
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Executed Party |
SC |
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Court |
Tancheng County People's Court |
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Date
of Case |
2009-5-6 |
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Case Number |
(2009) 00786 |
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Claim
Amount |
RMB 2,500,000 |
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Case
Status |
Completed |
Etc.
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
Shandong Lunan Paper Industry
Co., Ltd. 70
Canada Shenhua International Enterprise Ltd. 30
Legal
representative, chairman and general manager:
Mr. Xie Chunlun is currently responsible for the overall management of
SC.
Working
Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
Also working in
Tancheng Huawei Decoration Material Co., Ltd. as
supervisor.
Directors:
Zou Xinxi
Chai Jixing
SC is mainly
engaged in manufacturing and selling paper products.
SC’s products mainly include: electrolytic
capacitor paper & prepreg sheet
SC sources its materials 100% from domestic
market. SC sells its products 50% in domestic market, and 50% 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.
Tancheng Huawei
Decoration Material Co., Ltd.
============================
Registration no.: 371322228001240
Incorporation date: 2002-04-09
Legal representative: Di Shumei
Tancheng Xinxing New Decorative Materials
Co., Ltd.
==========================
Registration no.: 371300400000201
Incorporation date: 1999-08-05
Legal representative: Zhao Kaixiang
Etc.
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 was established in 2005 with 9 years operation history. Taking into
consideration of SC’s reputation and market conditions we would rate SC as an
above average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.58.43 |
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UK Pound |
1 |
Rs.98.28 |
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Euro |
1 |
Rs.80.12 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.