MIRA
INFORM REPORT
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Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN LITONE
EQUIPMENT CO., LTD. |
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Formerly Known As : |
Shenzhen Tinno
Communications Equipment Co., Ltd. |
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Registered Office : |
4a, H-3 Building, Oct
Eastern Industrial Park, No. 1 Xiangshan East Street, Shenzhen, Guangdong
Province 518053 Pr |
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Country : |
China |
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Date of Incorporation : |
09.01.2013 |
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Com. Reg. No.: |
440301106817115 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Engaged in
designing and developing wireless communication products, digital electronic
products, computer hardware and software; technology information consulting;
selling mobile phones and accessories, and providing technical advisory;
selling mobile and raw materials as well as engaged as an international trade. Subject product ranges includes SM mobile phones, CDMA mobile phones, PHS
mobile phone and 3G mobile phones. |
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No of Employees : |
48 (Approximately) |
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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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.
|
Source
: CIA |
Company name & Address
SHENZHEN LITONE EQUIPMENT CO.,
LTD.
4A, H-3 BUILDING, OCT EASTERN INDUSTRIAL PARK
NO. 1 XIANGSHAN EAST STREET, SHENZHEN
GUANGDONG PROVINCE 518053 PR CHINA
TEL: 86 (0) 755-86095550
FAX: 86 (0) 755-86095551
EXECUTIVE SUMMARY
Date
of Registration : january 9, 2013
REGISTRATION
NO. : 440301106817115
LEGAL
FORM : One-person Limited Liability Company
CHIEF EXECUTIVE : lin wentan (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL : CNY 10,000,000
staff :
48
BUSINESS CATEGORY : TRADING
Revenue : N/A
EQUITIES : N/A
WEBSITE : N/A
E-MAIL : N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
average
FINANCIAL CONDITION :
n/a
OPERATIONAL TREND : ORDINARY
GENERAL
REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.24 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company (the company inquired by you)
N/A – Not available
CNY – China Yuan Ren Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at
indicating the relative positions of SC in respect of its operational trend
& general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not
known Not
yet be determined
LEGAL STATUS
& HISTORY
SC was established as a
one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 440301106817115 on January 9, 2013.
SC’s Organization Code Certificate No.: 06142139-4
SC’s Tax No.: 440300061421394
SC’s Customs Registration No.: 440316628J
SC’s registered capital: CNY 10,000,000
SC’s paid-in capital: CNY 10,000,000
Registration
Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After the change |
|
2014-1-16 |
Company
Name |
Shenzhen
Tinno Communications Equipment Co., Ltd. |
Shenzhen
Litone Equipment Co., Ltd. |
Current
Co search indicates SC’s shareholders & chief executives are as follows:-
|
Name
of Shareholder (s) |
%
of Shareholding |
|
Tinno Mobile Technology Corp. |
100 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Lin Wentan |
RECENT DEVELOPMENT
No recent
development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Tinno Mobile Technology Corp. 100
------------------------------------
Date of
Registration: June 10, 2005
Registration No.:
440301501118624
Legal Form: Shares Limited Company
Registered
Capital: CNY 90,000,000
Web: www.tinno.com
E-mail: sales@tinnomobile.com
MANAGEMENT
Lin Wentan, Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender:
M
Ø
Age: 43
Ø
Qualification:
University
Ø
Working
experience (s):
From 2013 to present, working in SC as legal representative, chairman and general manager, also working in Tinno Mobile Technology Corp. and Shenzhen Wanjia Shopping Co., Ltd. as legal representative
BUSINESS
OPERATION
SC’s registered business scope includes designing and developing wireless communication products, digital
electronic products, computer hardware and software; technology information
consulting; selling mobile phones and accessories, and providing technical
advisory; selling mobile and raw materials as well as engaged as an international trade.
SC is mainly engaged in selling mobile phones and accessories.
SC’s products mainly include: SM mobile phones, CDMA mobile phones, PHS
mobile phone and 3G mobile phones.
SC sources its products 100% from domestic market, mainly Guangdong. SC
sells 100% of its products to overseas market.
The buying terms of SC include
Check, T/T and Credit of 30-60 days. The payment terms of SC include L/C and
Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known to
have approx. 48 staff at
present.
SC rents an area as its operating office, but
the detailed information is unknown.
RELATED
COMPANY
· Jiangsu Tinno Electronic Technology Co., Ltd.
Shenzhen
Tinno Wireless Technology Co., Ltd.
Bluesky
Telecom Limited (Hong Kong)
Etc.
PAYMENT
Overall payment
appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank information of SC is not filed in SAIC.
FINANCIALS
The financials of SC is not available in local SAIC, and SC also
refused to release the details.
CONCLUSIONS
SC is considered medium-sized
in its line with a short history. Taking into
consideration of SC’s good background, credit dealings with SC in small amount
appear acceptable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.08 |
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UK Pound |
1 |
Rs.99.20 |
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Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
-- |
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.