MIRA INFORM REPORT
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Report No. : |
354678 |
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Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG WEIXING IMP. & EXP. CO., LTD. |
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Registered Office : |
Zuoqiao Village, Youxi Town, Linhai Zhejiang Province 317025 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.09.2011 |
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Com. Reg. No.: |
331082000074873 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject engaged wholesale and retail of
buttons, zippers, metal products, crystal products, optical lenses resin products,
machinery parts, molds, handicrafts, plastic products; good import and
export. |
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No. of Employee : |
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 : |
Small Company |
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Payment Behaviour : |
No complaints |
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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
ZHEJIANG WEIXING IMP.
& EXP. CO., LTD.
ZUOQIAO VILLAGE, YOUXI TOWN, LINHAI
ZHEJIANG PROVINCE 317025 PR CHINA
TEL: 86 (0) 576-85979789/85979831/85930009
FAX: 86 (0) 576-85979799/85930009
EXECUTIVE
SUMMARY
Date of Registration :
september 23, 2011
REGISTRATION NO. :
331082000074873
LEGAL FORM : One-person Limited Liability Company
CHIEF EXECUTIVE :
cai liyong (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 5,000,000
staff :
20
BUSINESS CATEGORY : TRADING
Revenue :
CNY 320,622,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 40,686,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
NO COMPLAINTS
MARKET CONDITION :
average
FINANCIAL CONDITION :
stable
OPERATIONAL TREND : Fairly
Steady
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.42 = 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 one-person limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 331082000074873 on September 23, 2011.
SC’s Organization Code Certificate No.: 58356788-4
SC’s Tax No.: 331082583567884
SC’s registered capital: CNY
5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2014-4-24 |
Legal Representative |
Luo Shiwan |
Cai Liyong |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
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Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Weixing Industrial Development Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Cai Liyong蔡礼永 |
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Supervisor |
Shen Liyong 沈利勇 |
RECENT
DEVELOPMENT
No
recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Zhejiang
Weixing Industrial Development Co., Ltd. 100
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Date
of Registration: May 11, 1988
Registration
No.: 330000000007347
Legal
Form: Shares Limited Company
Registered Capital: CNY 407,765,288
Chief
Executive: Zhang Kapeng
Web:
www.weixinggroup.com
MANAGEMENT
Cai Liyong, Legal Representative, Chairman and General Manager
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Gender:
M
Age:
50
Qualification:
University
Working
experience (s):
From
2014 to present, working in SC as legal representative, chairman and general
manager, also working in Zhejiang Weixing Industrial Development Co., Ltd. as
deputy general manager
Shen Liyong, Supervisor
--------------------------------------------
Gender:
M
Age:
45
Qualification:
University
Working
experience (s):
From
2011 to present, as supervisor of SC
Also
working in Zhejiang Weixing Industrial Development Co., Ltd. as deputy general
manager
BUSINESS
OPERATION
SC’s registered business scope includes wholesale and retail of buttons, zippers, metal products, crystal
products, optical lenses resin products, machinery parts, molds, handicrafts,
plastic products; good import and export.
SC
is mainly engaged in international trade.
SC’s
products mainly include: buttons, zippers, metal products.
SC
sources its products 100% from domestic market, mainly Zhejiang. SC sells 20%
of its products in domestic market, and 80% to overseas market, mainly U.S.A.,
Europe, Mid East, Southeast Asia.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major
Customers*
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Tpk
Zipper Inc.
Jsr
Industrial Inc.
Blumenthal
Lansing Company
Staff & Office:
--------------------------
SC is
known to have approx. 20
staff at present.
SC
rents an area as its operating office of approx. 150 sq. meters at the heading
address.
RELATED
COMPANY
SC
is not known to have any subsidiary at present.
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 SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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Total assets |
4,986 |
24,580 |
49,733 |
76,778 |
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Total liabilities |
0 |
15,511 |
26,780 |
36,092 |
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Equities |
4,986 |
9,069 |
22,953 |
40,686 |
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Revenue |
0 |
57,232 |
247,490 |
320,622 |
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Profit before tax |
-14 |
5,484 |
18,755 |
45,354 |
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Less: profit tax |
0 |
1,402 |
4,871 |
11,621 |
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Profits |
-14 |
4,082 |
13,884 |
33,733 |
Important Ratios
=============
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As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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*Liabilities to assets |
0 |
0.63 |
0.54 |
0.47 |
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*Net profit margin (%) |
-- |
7.13 |
5.61 |
10.52 |
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*Return on total assets (%) |
-0.28 |
16.61 |
27.92 |
43.94 |
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*Revenue / Total assets |
0 |
2.33 |
4.98 |
4.18 |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
The
revenue of SC appears average in its line.
SC’s
net profit margin is fairly good.
SC’s
return on total assets is fairly good.
LIQUIDITY: AVERAGE
SC’s
revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The
debt ratio of SC is average.
The
risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC
is considered small-sized in its line with stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.99 |
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|
1 |
Rs.101.78 |
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Euro |
1 |
Rs.73.47 |
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CNY |
1 |
Rs.10.37 |
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 : |
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 |
-- |
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.