MIRA INFORM REPORT
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Report No. : |
352059 |
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Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
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Name : |
GROZ BECKERT CARDING WUXI CO., LTD. |
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Registered Office : |
No. 1038, Xiyu Road, Xishan Economic Development District, Wuxi City, Jiangsu Province, 214101 Pr |
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Country : |
China |
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Date of Incorporation : |
19.07.2005 |
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Com. Reg. No.: |
320200400023886 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject includes developing and manufacturing textile card clothing
and textile carding equipment, new type of
textile machinery equipment and parts; and providing technical
consultation and after-sales service; engaged in wholesaling, commission
agents (excluding the auction), importing and exporting of the above products |
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No. of Employees : |
150 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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.
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Source
: CIA |
Company
name and address
GROZ BECKERT
CARDING WUXI CO., LTD.
NO. 1038, XIYU ROAD, XISHAN ECONOMIC
DEVELOPMENT DISTRICT,
WUXI CITY, JIANGSU PROVINCE, 214101 PR CHINA
TEL: 86 (0) 510-88655266 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE :
JULY 19, 2005
REGISTRATION NO. : 320200400023886
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH : 150
REGISTERED CAPITAL : CNY 130,000,000
BUSINESS LINE :
MANUFACTURING AND 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 6.38=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 Ren Min Bi
Note: the “No. 1038 Xiyu Road Wxui
Xishan Economic Development Zone Jianagsu” is incorrect, and the correct
address of SC is the above one.
SC was registered as a wholly foreign-owned enterprise at
local Administration for Industry & Commerce (AIC-The official body of
issuing and renewing business license).
Company Status: Wholly foreign-owned enterprise This form of business in PR China
is defined as a legal person. It is a limited co. established within the
territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes developing and manufacturing textile card clothing and textile carding equipment, new type of textile machinery equipment and parts; and providing technical consultation and after-sales service; engaged in wholesaling, commission agents (excluding the auction), importing and exporting of the above products (the above goods import and export not related to the state trading of goods involving quota or license administration, according to relevant national regulations apply). (With permit if needed)
SC is mainly engaged in manufacturing and selling textile card clothing, textile machinery equipment and parts.
Mr. Marcus Alexander Reichardt has been the legal representative and chairman of SC since Aug., 2015.
SC declined to disclose the employee’s information.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the development zone of Wuxi. The detailed premise information is unspecified.
www.groz-beckert.com the website belongs to Groz-Beckert KG. The design is professional and the content is well organized. At present the web site is in Chinese, English and German versions.
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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2014-12-18 |
Legal form |
Chinese-foreign equity joint venture
enterprise |
Present one |
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Legal representative |
Michel H.J.C. Vandevelde |
Curd Marcel Madeleine Jozef Vandekerckhove |
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Shareholder and shareholdings |
Owl Textile Accessories Co., Ltd. 25%, Bekaert Carding Solutions Hong Kong
Limited 75% |
Bekaert Carding Solutions Hong Kong
Limited 100% |
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2015-05-25 |
Registered capital |
CNY 60,000,000 |
Present amount |
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2015-08-18 |
Company name |
Wuxi Bekaert Textile Machinery &
Accessories Co., Ltd. |
Present one |
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Legal representative |
Curd Marcel Madeleine Jozef Vandekerckhove |
Present one |
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Shareholder and shareholdings |
Bekaert Carding Solutions Hong Kong
Limited 100% |
Present one |
Organization Code: 77376845X
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name % of shareholdings
Sinotech Asia Limited (Hong Kong) 100
Incorporation Date :
Registration No. : 0060614
Registered Legal Form : Private
company limited by shares
Active Status : Live
Previous name : Groz-beckert Limited
(Hong Kong)
Tel.: +852 2199 4600
Fax: +852 2369 0796
l Legal
Representative and Chairman:
Mr. Marcus Alexander Reichardt is
currently responsible for the overall management of SC.
Working Experience(s):
From Aug., 2015 to present Working in SC as legal representative
and chairman.
Also working in Groz-Beckert (Shanghai)
Trading Co., Ltd. and Groz-Beckert Trading (Shenzhen) Co., Ltd. as director.
l General Manager:
Mr. Ni Aijun is currently responsible
for the daily management of SC.
Working Experience(s):
At present Working in SC as general
manager.
l Directors:
Hans-Jürgen Haug
Jos Remi Roger Vancoppernolle
Eric Ernst Schöller
l Supervisor:
Lin Faxiang
SC is mainly engaged in manufacturing and selling textile card clothing,
textile machinery equipment and
parts.
SC’s products
mainly include textile card clothing, textile machinery equipment and parts,
etc.
SC sources its
materials 60% from domestic market and 40% 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 declined to release its major suppliers and clients.
Trademark &
Patents
No record
Groz-Beckert KG
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Parkweg 2
72458 Albstadt, Germany
Tel.: +49
7431 10-0
Fax: +49 7431 10-2777
E-mail: contact@groz-beckert.com
Website: www.groz-beckert.com
Groz-Beckert (Shanghai) Trading Co., Ltd.
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Registration no.: 310000400595221
Legal representative: SCHOLLER ERIC ERNST
Establishment date:
Tel.: 86 (0) 21-62754465
Fax: 86 (0) 21-62755408
E-mail: contact_sal@groz-beckert.com
Groz-Beckert Trading (Shenzhen) Co., Ltd.
===================================
Establishment date:
Registration no.: 440301503336729
Legal representative: SCHOLLER ERIC ERNST
Tel.: 86 (0) 755-83552525
Fax: 86 (0) 755-83552573
E-mail: contact_sal@groz-beckert.com
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’s management declined to release the bank details.
SC’s management refused to release the financial information.
Due to lack of financial statements, we are unable to determine the
maximum credit limit for SC.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.52 |
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1 |
Rs.100.44 |
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Euro |
1 |
Rs.70.44 |
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CNY |
1 |
Rs.10.41 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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TRI |
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Report Prepared
by : |
NIT |
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.