MIRA INFORM REPORT
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Report No. : |
334967 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO HONEST MACHINERY Co., Ltd. |
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Registered Office : |
Qianwangang road, lingang industrial zone, Huangdao district, qingdao, shandong province, 266400 pr |
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Country : |
China |
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Date of Incorporation : |
06.03.2012 |
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Com. Reg. No.: |
370284230043685 |
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Legal Form : |
Limited Labilities Co. |
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Line of Business : |
Subject is engaged in manufacturing and selling trolleys
and accessories |
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No. of Employees : |
5 |
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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank
of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that
year... 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 2014 more than 274 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. In 2014 China agreed to begin
limiting carbon dioxide emissions by 2030. China implemented several economic
reforms in 2014, including passing legislation to allow local governments to
issue bonds, opening several state-owned enterprises to further private
investment, loosening the one-child policy, passing harsher pollution fines,
and cutting administrative red tape.
|
Source
: CIA |
Company
name and Address
QINGDAO HONEST MACHINERY Co., Ltd.
QIANWANGANG ROAD, LINGANG INDUSTRIAL ZONE, HUANGDAO DISTRICT, QINGDAO, SHANDONG PROVINCE, 266400 PR CHINA
EXECUTIVE
SUMMARY
INCORPORATION DATE : MAR. 6, 2012
REGISTRATION NO. : 370284230043685
REGISTERED LEGAL FORM :
Limited liabilities co.
STAFF STRENGTH : 5
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS LINE : MANUFACTURING AND
trading
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : UNKNOWN
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = USD 1 AS OF
Note: SC is also known as Qingdao
Honest Machine Co., Ltd.
The “Wangtai Town, Jiaonan,
Qingdao, China” was SC’s former address.
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. 6, 2012.
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 general business items: manufacturing and
selling trolleys and accessories; selling wood products, chemical products
(excluding dangerous chemicals), plastic products, clothing, electronics, auto
parts and rubber products; importing and exporting goods. (with permit if
needed).
SC is
mainly engaged in manufacturing and selling trolleys and accessories.
Mr. Teng Zhaoxu has been the legal representative, chairman
and general manager of SC since 2012.
SC is
known to have approx. 5 employees at present, and according to Mr. Teng
Zhaoxu, SC will recruit staff in the future.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Qingdao. Our checks reveal that SC rents the total premise, but the gross area
of the premise is unspecific.
http://www.qd-honest.com The design is professional and the content is
well organized. At present it is in Chinese and English versions.
E-mail: sale@qd-honest.com
No significant changes were found during our checks with the
local Administration for Industry and Commerce.
SC was taken into operation in July of 2012.
Organization code: 591255856
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Teng Zhaoxu 80
Zhang Afang 20
l Legal Representative, Chairman and
General Manager:
Mr. Teng Zhaoxu) is currently
responsible for the overall management of SC.
Working Experience(s):
From 2012 to present Working in
SC as legal representative, chairman and general manager.
SC is
mainly engaged in manufacturing and selling trolleys and accessories.
SC’s
products mainly include: wheel barrow, tool cart, hand trolley, platform hand
truck, rubber wheel, flat free wheel, pedal go cart, kid's cart, wood products,
hand tools, etc.
SC was taken into operation in July of 2012.
SC
sources its materials 100% from domestic market. SC sells 50% of its products
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 declined to release its major suppliers and clients.
According to SC’s website:
Honest Machine Hldgs Limited (Hong Kong)
Incorporation date: 2012-5-16
Registration no.: 1745488
Legal form: Private
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.
Bank
of China
AC#:
209114212573
Relation:
Normal
SC’s management declined to release any financial
information.
SC is considered small-sized in its line with a development
history of 2 years. Taking into consideration of SC’s operating size as well as
market conditions we would rate SC as an above average credit risk company.
Credit dealings with SC should be confined into small amount at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.76 |
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UK Pound |
1 |
Rs.99.60 |
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Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
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Analysis Done by
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KAS |
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Report Prepared
by : |
TRU |
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.