MIRA INFORM REPORT
|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
WUHU MIDEA KITCHEN AND BATH APPLIANCES MFG. CO., LTD. |
|
|
|
|
Registered Office : |
Md Industry City, Wanchun East Road East Area Of Economic &
Technical Development Zone Wuhu, Anhui Province 241000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
07.08.2008 |
|
|
|
|
Com. Reg. No.: |
340208000004017 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing, selling, researching, developing, and designing daily
used electrical appliances, household electrical appliances, gas appliances, range
hood, disinfection cabinet, storage type electric water heater, quick heating
type electric water heater, gas water heater, household wall mounted gas
dual-purpose stove, solar water heater, household & commercial heat pump
water heater, bathroom appliances, the overall kitchen, water purification
equipment and accessory terminal equipment, drinking water, boiling water for
drinking machine products, soft water equipment, and spare parts; providing
after service for the above products; water treatment equipment construction,
installation, and maintenance services; renting equipment, and storage
service for the ordinary goods. |
|
|
|
|
No of Employees : |
2,500 |
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 : |
Unknown |
|
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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
WUHU MIDEA KITCHEN AND BATH
APPLIANCES MFG. CO., LTD.
MD INDUSTRY CITY, WANCHUN EAST ROAD
EAST AREA OF ECONOMIC & TECHNICAL DEVELOPMENT ZONE
WUHU, ANHUI PROVINCE 241000 PR CHINA
TEL: 86 (0) 553-8299358
FAX: 86 (0) 553-8299237
***Note: The given
phone numbers (+86 757 26333889/+86 18520961697) belong to SC’s parent company-Guangdong
Midea Kitchen And Bath Appliances Mfg. Co., Ltd.
EXECUTIVE
SUMMARY
Date of Registration : august 7, 2008
REGISTRATION NO. : 340208000004017
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
xu minfeng (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 60,000,000
staff :
2,500
BUSINESS CATEGORY : manufacturing & trading
Revenue :
n/a (AS
OF DEC. 31, 2013)
EQUITIES :
n/a (AS
OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
unknown
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.13 = 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
Not yet be determined
LEGAL STATUS & HISTORY
SC was established as a limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
340208000004017 on August 7, 2008.
SC’s Organization Code Certificate No.:
67890503-0
SC’s registered capital: cny 60,000,000
SC’s paid-in capital: cny 60,000,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Foshan Midea Household Appliance Group Co., Ltd. |
90 |
|
Guangdong Midea Kitchen
And Bath Appliances Mfg. Co., Ltd. |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Xu Minfeng |
|
Director |
Du Quan |
|
Liu Xin |
|
|
Supervisor |
Liu Jianglong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Foshan Midea Household Appliance Group Co., Ltd. 90
Guangdong Midea Kitchen And Bath Appliances Mfg. Co., Ltd. 10
Foshan Midea Household Appliance Group Co., Ltd.
---------------------------------------------------------------
Registration No.: 440681000117791
Date of Registration: November 12, 1998
Legal Form: Limited Liabilities Company
Registered Capital: CNY 2,000,000,000
Legal Representative: Fang Hongbo
Guangdong Midea Kitchen And Bath Appliances Mfg. Co., Ltd.
-----------------------------------------------------------------------------
Registration No.: 440681400001069
Date of Registration: June 19, 2001
Registered Capital: USD 15,000,000
Legal Representative: Fang Hongbo
MANAGEMENT
Xu Minfeng , Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------
Gender: M
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Director
-----------
Du Quan
Liu Xin
Supervisor
--------------
Liu Jianglong
BUSINESS OPERATION
SC’s registered business scope includes manufacturing,
selling, researching, developing, and designing daily used electrical
appliances, household electrical appliances, gas appliances, range hood,
disinfection cabinet, storage type electric water heater, quick heating type
electric water heater, gas water heater, household wall mounted gas
dual-purpose stove, solar water heater, household & commercial heat pump
water heater, bathroom appliances, the overall kitchen, water purification
equipment and accessory terminal equipment, drinking water, boiling water for
drinking machine products, soft water equipment, and spare parts; providing
after service for the above products; water treatment equipment construction,
installation, and maintenance services; renting equipment, and storage service
for the ordinary goods.
SC is mainly engaged in manufacturing and selling kitchen and bath
appliances.
SC’s products mainly include: electric water heater, lampblack machine,
gas cooker
Brand: Midea
SC sources its materials 100% from domestic market. SC sells 60% of its
products in domestic market, and 40% to overseas market, mainly U.S.A.,
Southeast Asia
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.
*Major Client*
------------------
Gerardo Ortiz E Hijos Cia. Ltd.
Staff &
Office:
--------------------------
SC is known to have approx. 2,500
staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED COMPANY
Midea Group Co., Ltd.
Gd Midea Heating And Ventilating Equipment Co., Ltd.
GD Midea Commercial Air Conditioning Equipment Co., Ltd.
Guangdong Midea Refrigeration Equipment Co., Ltd.
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 local SAIC.
FINANCIALS
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered medium-sized in its line with 6 years history. Taking
into consideration of SC’s good background.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.47 |
|
|
1 |
Rs.98.23 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.