MIRA INFORM REPORT
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Report No. : |
355283 |
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Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO HUASU MACHINERY FABRICATE CO., LTD. |
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Registered Office : |
No. 8 Road, Jiaozhou Bay Industrial Park, Haier Ave. Jiaozhou, Qingdao, Shandong Province, 266300 PR |
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Country : |
China |
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Date of Incorporation : |
08.12.2004 |
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Com. Reg. No.: |
370281228036338 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject engaged manufacturing and selling special
equipment for plastic processing, mold, plastic plates, tubes and section material; export of self-made products and technology;
import of self-used machinery equipment, installation kits, raw and auxiliary
materials and technology |
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No. of Employee : |
30 |
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
QINGDAO HUASU MACHINERY FABRICATE co.,
ltd.
NO. 8 rOAD, jIAOZHOU BAY INDUSTRIAL PARK, HAIER AVE.
JIAOZHOU,
QINGDAO, SHANDONG PROVINCE, 266300 PR CHINA
TEL: 86 (0) 532-87273398 FAX: 86 (0) 532-87273086
EXECUTIVE
SUMMARY
INCORPORATION
DATE : DEC. 8, 2004
REGISTRATION
NO. : 370281228036338
REGISTERED
LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF
EXECUTIVE : MR. SONG
FUBIN (LEGAL REPRESENTATIVE)
STAFF
STRENGTH : 30
REGISTERED
CAPITAL :
CNY 2,000,000
BUSINESS
LINE :
MANUFACTURING
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 6.4807= 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 company at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Dec. 8, 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 and selling special equipment
for plastic processing, mold, plastic plates, tubes and section
material; export of self-made products and technology; import of self-used
machinery equipment, installation kits, raw and auxiliary materials and
technology (excluding the goods and technology prohibited or limited by the
country). (with permit if needed)
SC
is mainly engaged in manufacturing and selling plastic processing machinery.
Mr.
Song Fubin has been the legal representative, chairman and general manager of
SC since 2008.
SC
is known to have approx. 30 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 Jiaozhou. The detailed
information of the premise is unspecified.
http://www.qdhuasu.com The design is professional and the content is
well organized. At present it is in Chinese, English, Turkish and Russian
versions.
Email:
huasu@qdhuasu.com
See
below for SC as executive party (defendant).
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Executed Party |
SC |
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Court |
Jiaozhou People's Court |
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Date of Case |
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Case Number |
(2011) 00841 |
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Claim Amount |
RMB 79,403 |
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Executed Party |
SC |
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Court |
Jiaozhou People's Court |
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Date of Case |
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Case Number |
(2007) 00041 |
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Claim Amount |
RMB 248,400 |
Remark:
Due to the lack of information, we are unable to provide the cause of action,
judgment or other information.
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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2008 |
Shareholders |
Song Fuxue 42%; Li Jinling 58% |
Song Fubin 42%; Li Jinling 58% |
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Registered capital |
CNY 1,000,000 |
CNY 2,000,000 |
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Shareholdings |
Song Fubin 42%; Li Jinling 58% |
Song Fubin 71%; Li Jinling 29% |
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Legal representative |
Song Fuxue |
Song Fubin |
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Unknown |
Registration No. |
3702812803633 |
370281228036338 |
Organization
Code: 766745903
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Song
Fubin 71
ID#:
37022419641204XXXX
Li
Jinling 29
ID#:
37022419640409XXXX
Legal representative, chairman
and general manager:
Mr.
Song Fubin, born in 1964. He is currently responsible for the overall
management of SC.
Working
Experience(s):
From
2008 to present Working in
SC as legal representative, chairman and general manager
Supervisor:
=========
Li
Jinling
SC
is mainly engaged in manufacturing and selling plastic processing machinery.
SC’s
products mainly include:
1、HDPE Double Wall
Corrugated Pipe Extrusion Line (Ф32-Ф
2、UPVC Double Wall Corrugated
Pipe Extrusion Line (Ф38-Ф
3、HDPE Water Supply/Gas
Distribution Pipe Extrusion Line (Ф16-Ф
4、PVC Rigid Pipe Production
Line (Ф16-Ф
5、HDPE Huge Calibre
Hollowness Wall Spiral Pipe Production Line (Ф200-Ф
6、PE/PP/PA/PVC Single Wall
Corrugated Pipe Production Line (Ф4-Ф
SC
sources its materials 90% from domestic market, and 10% 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 T/T, L/C and Credit of 30-60 days.
Trademark & Patents
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Registration No. |
12103634 |
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Registration Date |
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Trademark Design |
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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.
SC’s
accountant declined to release its bank details.
SC’s
accountant declined to release the financial information.
SC
is considered small-sized in its line with the developing history of 11 years.
Due to lack of the financial statements, we are unable to determine the maximum
credit limit for SC. Credit of small amount would be 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.66.65 |
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1 |
Rs.99.61 |
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Euro |
1 |
Rs.72.33 |
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CNY |
1 |
Rs.10.25 |
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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DIV |
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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 |
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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.