MIRA INFORM REPORT
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Report No. : |
354709 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG GAOQIAO ELECTRONICS CO., LTD. |
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Registered Office : |
No. 1666, Liuhuang Road, Xirendang Village, Liushi Town, Yueqing City,Zhejiang
Province, 325604 Pr |
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Country : |
China |
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Date of Incorporation : |
11.06.2004 |
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Com. Reg. No.: |
330382000016292 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Manufacturing, processing and marketing of electronic components, high
and low voltage electrical appliances and accessories, electrical appliances
components, hardware, plastic products, plastic parts; processing and
marketing of copper iron machinery; import and export of technology and
goods. |
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No. of Employee : |
50 |
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
ZHEJIANG GAOQIAO ELECTRONICS CO., LTD.
NO. 1666, LIUHUANG
ROAD, XIRENDANG VILLAGE, LIUSHI TOWN, YUEQING CITY,ZHEJIANG PROVINCE, 325604 PR
CHINA
TEL: 86 (0) 577-27890777 FAX: 86 (0) 577-27890789
EXECUTIVE
SUMMARY
INCORPORATION DATE : JUNE 11, 2004
REGISTRATION NO. : 330382000016292
REGISTERED LEGAL
FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE : MR. GAO
JIANYONG (LEGAL REPRESENTATIVE)
STAFF STRENGTH : 50
REGISTERED CAPITAL :
CNY 5,000,000
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 6.4637 =
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
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
June 11, 2004.
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 marketing of electronic
components, high and low voltage electrical appliances and accessories,
electrical appliances components, hardware, plastic products, plastic parts;
processing and marketing of copper iron machinery; import and export of
technology and goods.
SC is mainly
engaged in manufacturing and trading electronic components
Mr. Gao Jianyong is
the legal representative, executive director and general manager of SC at
present.
SC is known to
have approx. 50 employees 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 Yueqing. Detailed premise
information is not available at present.
http://www.gqele.com/ The design is professional and the content is
well organized. At present it is in Chinese and English versions.
Email: sales@gqele.com
For the past two years
there is no record of litigation.
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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Registered no. |
3303822134679 |
Present one |
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Registered
capital |
CNY 510,000 |
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Registered name |
Yueqing Gaoqiao
Electronics Co., Ltd |
Organization code:
762549841
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Gao Jianyong 50
Chen Xiangdan 50
Legal representative,
Executive director and General manager:
Mr. Gao Jianyong is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, executive director and general manager
Supervisor:
Chen Xiangdan
SC is mainly
engaged in manufacturing and trading electronic components.
SC’s products
mainly include:
GOB Series of
Button Box
Push Button Switch
(NEW)
Metal Button
Pilot Light
LED Lamp Head/Lamp
Bulb
Control Box
AC Contactor
Miniature Circuit
Breaker
Cable Gland
SC sources its
materials 100% from domestic market. SC sells its products in domestic market
and 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.
Trademark &
Patents
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Registration No. |
10148800 |
7370912 |
8650162 |
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Registration Date |
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Trademark Design |
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SC is not known to
have the related company.
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 accountant
refused to release the bank details.
SC’s accountant
refused to release the financial information.
SC is considered
small-sized in its line with the development history of 11 years. Due to lack
of financial statements, we are unable to determine the maximum credit limit
for SC. Credit of small amount appears acceptable 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.66.85 |
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1 |
Rs.100.58 |
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Euro |
1 |
Rs.73.16 |
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CNY |
1 |
Rs.10.28 |
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 : |
ANK |
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.