MIRA
INFORM REPORT
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Report No. : |
353167 |
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Report Date : |
08.12.2015 |
IDENTIFICATION DETAILS
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Name : |
WUXI DOUBLE ELEPHANT RUBBER & PLASTICS MACHINERY CO., LTD. |
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Registered Office : |
No. 156, Houzhai Middle Road, Hongshan Street, New District, Wuxi
City, Jiangsu Province, 214145 Pr |
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Country : |
China |
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Date of Incorporation : |
13.12.2001 |
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Com. Reg. No.: |
320213000058093 |
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Legal Form : |
Limited liabilities company |
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Line of Business : |
Subject is engaged in researching,
developing, manufacturing and trading rubber and plastic machinery. |
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No. of Employee : |
Not Available |
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. 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
WUXI DOUBLE ELEPHANT
RUBBER & PLASTICS MACHINERY CO., LTD.
NO. 156, HOUZHAI MIDDLE ROAD, HONGSHAN
STREET, NEW DISTRICT, WUXI CITY, JIANGSU PROVINCE, 214145 PR CHINA
TEL: 86 (0)
510-88993888/88996860 FAX:
86 (0) 510-88993888
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 13, 2001
REGISTRATION NO. : 320213000058093
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
unknown
REGISTERED CAPITAL : CNY 40,000,000
BUSINESS LINE :
R & D, MANUFACTURING AND TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
Unknown
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3941 = USD 1 AS OF
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 company
at local Administration for Industry & Commerce (The official body of
issuing and renewing business license) on Dec. 13, 2001.
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 manufacturing, processing and selling rubber
and plastic machinery and universal machinery; providing mechanic technology
service; importing and exporting commodities and technology (excluding those
limited or banned by Nation); freighting (with permit if needed).
SC is mainly engaged in researching, developing,
manufacturing and trading rubber and plastic machinery.
Mr. Lv Wei is
legal representative, director and general manager of SC 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 Wuxi. SC’s
management declined to release detailed information of the premise.
http://www.wxsxxj.com
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: sales@wxsxxj.com lweisx@163.com
Changes of its registered information are as follows:
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Date |
Item |
Before the change |
After the change |
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2014-08-22 |
Shareholder’s Name |
Wuxi Double Elephant Chemical Industry Co., Ltd. |
Wuxi Double Elephant New Material Co.,
Ltd. |
Organization code: 733311260
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
Jiangsu Double Elephant Group Co., Ltd. 95
Wuxi Double Elephant New Material Co., Ltd. 5
Jiangsu Double Elephant Group Co., Ltd.
==========================
Incorporation date:
Registration No.: 320213000059668
Legal rep.: Tang Bingquan
Registered Capital: CNY 102,669,000
Web: http://www.chinadoubleelephant.com
Wuxi Double Elephant New Material Co., Ltd.
==========================
Incorporation date:
Registration No.: 320213000006003
Legal rep.: He Tianhua
Registered Capital: CNY 30,000,000
l
Chairman:
Mr. Tang Bingquan, born in October, 1951, with junior college education,
senior economist, is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as
chairman.
Also working in Jiangsu Double Elephant Group Co., Ltd., Wuxi Double
Elephant Micro Fibre Material Co., Ltd. and Shanghai Double Elephant Rubber
& Plastics Machinery Co., Ltd. as legal representative.
l Legal
Representative, Director and general manager:
Mr. Lv Wei, born in May, 1973, with
bachelor’s degree, engineer, is currently responsible for the daily management
of SC.
Working Experience(s):
At present Working in SC as legal representative, director and general
manager.
l Director:
Zhu Junliang
l Chairman of the
Board of Supervisors:
Yue Caichu
l Supervisors:
Zhang Zhi
Cao Jianfeng
Due to the staff’s refusal to communicate, the nature and extent of the company's
operations could not be determined directly. Following information is based on
Internet resources:
SC is mainly engaged in researching,
developing, manufacturing and trading rubber and plastic machinery.
SC’s products mainly include: rubber calendar machine, equipment for
rubber mixing, PVC artificial leather, film, rigid sheet rolling production
line and etc.
SC sources its
materials 80% from domestic market and 20% from overseas market. SC sells 70%
of its products to 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 major suppliers and clients.
SC is known to invest in the following company:
Shanghai
Double Elephant Rubber & Plastics Machinery Co., Ltd.
==================================
Credibility
Code: 91310106132800034R
Legal
rep.: Tang Bingquan
Registration
Date:
Registered
Capital: CNY 500,000
Other related company:
Wuxi
Double Elephant Micro Fibre Material Co., Ltd.
==========================
Incorporation
date:
Registration
No.: 320200000122836
Legal
rep.: Tang Bingquan
Registered
Capital: CNY 178,806,000
Stock
code: 002395
Wuxi
Double Elephant Real Estate Development Co., Ltd.
==========================
Incorporation
date:
Registration
No.: 320213000060094
Legal
rep.: Zhang Jieliang
Registered
Capital: CNY 8,000,000
Wuxi
Double Elephant Hotel Co., Ltd.
==========================
Incorporation
date:
Registration
No.: 320213000059455
Legal
rep.: Shen Ming
Registered
Capital: CNY 2,000,000
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 information of SC.
SC’s staff refused to release any financial
information.
SC has been operating for 14 years. Taking into consideration of SC’s
operating size as well as market conditions, we are of the opinion that SC is
of an Average Credit Risk status.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.63 |
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UK Pound |
1 |
Rs.100.65 |
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Euro |
1 |
Rs.72.40 |
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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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KAR |
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Report Prepared
by : |
ASH |
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.