MIRA INFORM REPORT
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Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
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Name : |
WILL-BEST WELDING
EQUIPMENT Co., Ltd. |
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Registered Office : |
Block B, 2/F, Bldg. E, Jinbolong Industrial Park, Qingquan Road,
Longhua Office, Longhua New Area,
Shenzhen, Guangdong Province, 518109 Pr |
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Country : |
China |
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Date of Incorporation : |
16.03.2010 |
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Com. Reg. No.: |
440306104547660 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in normal operating projects: selling
optoelectronic device, mechanical products, welding equipment and electronics;
domestic trading, import and export of goods and technologies; certified
business items: manufacturing optoelectronic device, mechanical products,
welding equipment and electronics. |
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No of Employees : |
20 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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
WILL-BEST WELDING EQUIPMENT Co., Ltd.
block b, 2/f, bldg. e, jinbolong industrial park,
qingquan road, longhua office, longhua new area, SHENZHEN, GUANGDONG PROVINCE, 518109 PR CHINA
TEL: 86 (0) 755-33661352
FAX: 86 (0) 755-33661325
EXECUTIVE
SUMMARY
INCORPORATION DATE : mar. 16, 2010
REGISTRATION NO. : 440306104547660
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. ji keyong (legal representative)
STAFF STRENGTH :
20
REGISTERED CAPITAL : CNY 100,000
BUSINESS LINE :
MANUFACTURING & TRADING
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
6.13 = 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 co. at local Administration
for industry & commerce (AIC - the official body of issuing and renewing
business license) on Mar. 16, 2010.
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 normal operating projects:
selling optoelectronic device, mechanical products, welding equipment and
electronics; domestic trading, import and export of goods and technologies;
certified business items: manufacturing optoelectronic device, mechanical
products, welding equipment and electronics.
SC is mainly engaged in manufacturing and selling welding equipment.
Mr. Ji Keyong is legal representative, chairman and general manager of
SC at present.
SC is known to have approx. 20 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 Shenzhen. The
detailed information of the premise is unspecified.
http://www.will-best.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: sales@espot-welder.com
No significant events or changes were found during our checks with the local
Administration for Industry and Commerce.
Organization Code: 552108319
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ji Keyong 90
Wu Pinzong 10
Legal
representative, Chairman and General manager:
Mr. Ji Keyong is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
Supervisor
Wu Pinzong
SC is mainly engaged in manufacturing and selling welding equipment.
SC’s products mainly include: Battery Pack Welder, Small Wires Spot
Welder, Micro Motor Rotor Spot Weld Power Supply, Precision AC Spot Welder,
etc.
Trademarks &
patens
Registration no.: 10589495
Registration date:
Trademark design: 
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 70% of its products in domestic market, and 30% 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 customer and supplier
details.
Note: SC and its related company in Hong Kong
share the same English name.
Will-Best Welding Equipment Co., Limited (Hong Kong)
CR No.: 1433120
Company Type: Private Company
limited by shares
Date of Incorporation: 19-MAR.-2010
Active Status: Live
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 its bank details.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with a development history of 4
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.25 |
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|
1 |
Rs.98.68 |
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Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
TPT |
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.