MIRA
INFORM REPORT
|
Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SKYWAY ELECTRONICS TECHNOLOGY CO., LTD. |
|
|
|
|
Registered Office : |
Building A, No. 13-16, Hongye No. 8 Road, Hongye Industrial Zone, Tangxia Town, Dongguan, Guangdong Province, 523710 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
25.04.2011 |
|
|
|
|
Com. Reg. No.: |
441900001046744 |
|
|
|
|
Legal Form : |
Limited Liabilities Co |
|
|
|
|
LINE OF BUSINESS : |
SUBJECT IS ENGAGED IN R & D, PRODUCTION AND SALE: COMMUNICATION
PRODUCTS, MOBILE PHONES AND SPARE PARTS, MOLDS, PLASTIC PRODUCTS AND METAL
PRODUCTS; IMPORT AND EXPORT OF GOOD AND TECHNOLOGY |
|
|
|
|
No of Employees : |
1,000 (Including Shenzhen Branch) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 & ADDRESS
Skyway Electronics Technology Co., Ltd.
BUILDING A, NO. 13-16, HONGYE NO. 8 ROAD,
HONGYE INDUSTRIAL ZONE, tangxia town, dongguan, Guangdong PROVINCE, 523710 PR
CHINA
TEL: 86 (0) 769-38922999 FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE : apr. 25, 2011
REGISTRATION NO. : 441900001046744
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
1,000 (INCLUDING SHENZHEN BRANCH)
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
r & d, Manufacturing & SELLING
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 6.24 = 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 is also known as “Dongguan Zhaoxin Communications
Industrial Co., Ltd.” And the, tel. no. and E-mail belong to SC’s Shenzhen
Branch.
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 Apr. 25, 2011.
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 R & D, production and sale: communication products,
mobile phones and spare parts, molds, plastic products and metal products;
import and export of good and technology (excluding those limited and
prohibited by law and regulations, with permit if needed).
SC is mainly
engaged in R & D, manufacturing and selling of communication products.
Mr. Gao Min is
legal representative and chairman of SC at present.
SC is known
to have approx. 1,000 employees at present, including the ones in its
Shenzhen branch.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Dongguan. Detailed
information of the premise is unspecified.
www.zxtgroup.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: sales@zxtgroup.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 572437515
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Lin Tangxian 15
Gao Min 40
Xu Zhiyong 45
l
Legal Representative and Chairman:
Mr. Gao Min, in
his 40’s, he is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative
and chairman.
l
General Manager:
Mr. Tang Hui is currently
responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager.
SC is mainly
engaged in R & D, manufacturing and selling of communication products.
SC’s products mainly include: various kinds of phones and tablets, etc.
SC sources its materials 40% from domestic
market, and 60% from overseas market. SC sells 20% of its products in domestic
market, and 80% 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 declined to release its major suppliers.
Main Customer
============
Skyway Electronics Technology Co., Ltd. Shenzhen Branch
================================
Registration No.: 440301109290310
Incorporation Date: 2014-5-6
Principal: Liang Xiaohong
Add:
Rm. 601, Block B, TCL Building, No. 1055 Nanhai Avenue, Shekou, Nanshan
District, Shenzhen, Guangdong
Tel.:+86
755-83791573
Fax:
+86 755-83791590
E-mail:
miffy.wang@hotmail.com
HSBC
Bank
SWIFT
CODE: HSBCHKHHHKH
Account
number: 808-803803-838
Address:
1, Queen's Road, Central, Hong Kong
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 bank details.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a development history of
3 years. Taking into consideration of SC’s market conditions and operation
size, we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 58.58 |
|
|
1 |
Rs. 98.66 |
|
Euro |
1 |
Rs. 79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.