MIRA INFORM REPORT
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Report No. : |
354535 |
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Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
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Name : |
JIAXING SUNLONG INDUSTRIAL & TRADING
CO., LTD. |
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Registered Office : |
6/F, Bldg. 1, No. 39, Kaixi Road, Jiaxing, Zhejiang Province, 314001
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
21.11.2003 |
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Com. Reg. No.: |
330403000010259 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Wholesaling the hazard chemicals (no storage, limited to export);
wholesaling and exporting non-pharmaceutical precursor chemicals; normal
operating projects: manufacturing and processing with arts and crafts
(excluding gold and silver jewelry); wholesaling, importing and exporting
chemicals (excluding hazardous chemicals), hardware tools, building
materials, plumbing, instruments, machinery electrical equipment (excluding cars),
metal materials (excluding precious metal), electronic products, arts and
crafts (excluding gold and silver jewelry and cultural relic), textiles,
daily necessaries, rubber products, daily-use glass products, toys, shoes
& hats, furniture, sports supplies, general labor protection supplies,
garments and other sewing products; economic information consulting
(excluding futures and securities consulting); computer software development.
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No. of Employees : |
32 |
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 : |
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 & address
JIAXING SUNLONG INDUSTRIAL & TRADING CO., LTD.
6/F, BLDG. 1, NO. 39, KAIXI ROAD, JIAXING,
ZHEJIANG PROVINCE, 314001 PR CHINA
TEL: 86 (0) 573-82117091/82111590 FAX: 86 (0) 573-82117012
EXECUTIVE
SUMMARY
INCORPORATION DATE : NOV. 21, 2003
REGISTRATION NO. : 330403000010259
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. ZHU RUIRONG (CHAIRMAN)
STAFF STRENGTH :
32
REGISTERED CAPITAL : CNY
3,800,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 184,198,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 6,726,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.46= 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: SC’s complete address should be the heading one.
SC was registered as a limited liabilities company at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Nov. 21, 2003 and has been under present ownership since
2014.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a limited
liability company set up by only one natural person or legal person as the
single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes certified business items:
wholesaling the hazard chemicals (no storage, limited to export); wholesaling
and exporting non-pharmaceutical precursor chemicals; normal operating
projects: manufacturing and processing with arts and crafts (excluding gold and
silver jewelry); wholesaling, importing and exporting chemicals (excluding
hazardous chemicals), hardware tools, building materials, plumbing, instruments,
machinery electrical equipment (excluding cars), metal materials (excluding
precious metal), electronic products, arts and crafts (excluding gold and
silver jewelry and cultural relic), textiles, daily necessaries, rubber
products, daily-use glass products, toys, shoes & hats, furniture, sports
supplies, general labor protection supplies, garments and other sewing
products; economic information consulting (excluding futures and securities
consulting); computer software development.
SC is mainly engaged in international trade.
Mr. Zhu Ruirong is the legal representative and chairman of SC at
present.
SC is known to have approx. 32 employees at present.
SC is currently operating at the above stated address, and this address houses
its operating office in Jiaxing. SC’s accountant refused to release the
detailed information of the area.
http://www.winsunchem.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: winsunchem@winsunchem.com
SC has passed ISO9001:2000 Management System Certificate.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2007-6-13 |
Shareholdings |
Chen Hua 2.22% Yue Chunmei 2.22% Shen Yang 4.44% Yang Jianhua 5.56% Shen Lanlan 9.56% Zhu Lixing 15% Zhejiang Winsun Imp. & Exp. Co., Ltd. 30% Zhu Ruirong 31% |
Chen Hua 2.5% Shen Yang 5% Shen Hong 8.06% Zhu Ruirong 31% Zhejiang Winsun Imp. & Exp. Co., Ltd. 53.44% |
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2008-8-27 |
Registered no. |
3304002700270 |
Present one |
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2008-9-28 |
Registered capital |
CNY 1,800,000 |
Present amount |
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Shareholdings |
Chen Hua 2.5% Shen Yang 5% Shen Hong 8.06% Zhu Ruirong 31% Zhejiang Winsun Imp. & Exp. Co., Ltd. 3.44% |
Chen Hua 1.8421% Shen Yang 7.8947% Shen Hong 14.7632% Zhu Ruirong 24.5% Zhejiang Winsun Imp. & Exp. Co., Ltd. 51% |
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2010-11-9 |
Shareholder’s name |
Zhejiang Winsun Imp. & Exp. Co., Ltd. |
Winsun Imp. & Exp. Co., Ltd. |
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Unknown |
Shareholder’s name |
Winsun Imp. & Exp. Co., Ltd. |
Winsun Imp. & Exp. Group Co., Ltd. |
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2014-7-11 |
Shareholders |
Winsun Imp. & Exp. Group Co., Ltd. 51% Chen Hua 1.8421% Shen Yang 7.8947% Shen Hong 14.7632% Zhu Ruirong 24.5% |
Present one |
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Legal form |
Limited liabilities company |
Present one |
Credibility Code: 91330401755946988M
Organization Code: 755946988
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Winsun Imp. & Exp. Group Co., Ltd. 100
The group is engaged in import and export of various kinds of
commodities and technologies, processing with imported materials and three
forms of OEM and compensation trades. While seeking for internationalization,
specialization and scaled development, the group kept on exploiting diversified
operation. (According to its website)
Incorporation Date :
Jun. 10, 2003
Registration No. :
330000000019298
Registered Legal Form : Shares limited co.
Chief Executive :
Li Jun
Tel: (86 573) 82119019
Fax: (86 573) 82117020
E-mail: whl@chinaexportonline.com
Web: http://www.chinaexportonline.com/
Legal
Representative and Chairman:
Mr. Zhu Ruirong, ID# 33040219590205XXXX, born in 1959, with senior high
school education. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman
General
manager:
Mr. Shen Yang, ID# 33040219770519XXXX, born in 1977. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager
Supervisors:
Shen Hong ID# 33040219721210XXXX
Chen Hua
Director:
Li Jun
SC is mainly engaged in international trade.
SC’s products mainly include: chemicals, general merchandise, garments.
Trademarks &
patents
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Registration No. |
8680229 |
3883683 |
8680296 |
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Registration Date |
2012-1-28 |
2006-8-7 |
2011-10-14 |
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Trademark Design |
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SC sources its materials 95% from domestic market, and 5% from the
overseas market. SC sells 20% of its products in domestic market and 80% to the
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 T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its customer and supplier
details.
SC is not known to have any subsidiary at present
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 Jiaxing Branch
AC#：860025645008091001
Relationship: Normal.
Financial
Information
Unit: CNY’000
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as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
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Total liabilities |
27,240 |
29,349 |
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Shareholders equities |
6,366 |
6,726 |
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Total Assets |
33,606 |
36,075 |
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Turnover |
161,881 |
184,198 |
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Profit before tax |
1,179 |
1,838 |
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Net profit |
849 |
1,357 |
Note:
SC’s management declined to release its detailed financial information.
Important
Ratios
=============
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as of Dec. 31,
2013 |
as of Dec. 31,
2014 |
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*Liabilities to assets |
0.81 |
0.81 |
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*Net profit margin (%) |
0.52 |
0.74 |
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*Return on total assets (%) |
2.53 |
3.76 |
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*Turnover/Total assets |
4.82 |
5.11 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
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CNY |
1 |
Rs.10.24 |
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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KIN |
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Report Prepared
by : |
TPT |
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.