MIRA INFORM REPORT
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Report No. : |
356561 |
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Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG HUADA NEW
MATERIALS CO., LTD. |
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Registered Office : |
No. 198, South Daqiao Road, Dayuan Town, Fuyang District, Hangzhou,
Zhejiang Province, 311413 Pr |
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Country : |
China |
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Date of Incorporation : |
25.07.2003 |
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Com. Reg. No.: |
330183000004712 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Manufacturing and selling galvanized steel strip and cold rolled steel sheet. Selling industrial ferrous chloride; importing and exporting commodities (excluding those prohibited by the law; with permit if needed). |
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No. of Employees : |
300 |
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. 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 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 that year... Still, per capita income is below the world average.
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 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
ZHEJIANG HUADA NEW MATERIALS CO., LTD.
NO. 198, SOUTH DAQIAO ROAD, DAYUAN TOWN, FUYANG
dISTRICT,
HANGZHOU, ZHEJIANG PROVINCE, 311413 PR CHINA
TEL: 86 (0) 571-63592366 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE : JUL. 25, 2003
REGISTRATION NO. :
330183000004712
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. SHAO MINGXIANG (CHAIRMAN)
STAFF STRENGTH :
300
REGISTERED CAPITAL : CNY 60,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
UNKNOWN
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.21 =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 Renminbi
Note: the given address was SC’s former address.
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 Jul. 25, 2003.
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 galvanized steel strip and cold rolled steel sheet.
Selling industrial ferrous chloride;
importing and exporting commodities (excluding those prohibited
by the law; with permit if needed).
SC is mainly engaged in manufacturing and selling galvanized steel
strip.
Mr. Shao Mingxiang has been legal representative and chairman of SC
since 2015.
SC is known to have approx. 300 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 Hangzhou. The
detailed premise information is unspecific.
SC is not known to host web site of its own at present.
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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2011-10-18 |
Company name |
Zhejiang Huada Steel Co., Ltd. |
Present one |
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Legal representative |
Shao Guan’gen |
Shao Shenglong |
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2015-1-13 |
Legal representative |
Shao Shenglong |
Present one |
Organization Code: 751721183
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shao Guan’gen 10
Zhejiang Huada Group Co., Ltd. 90
Zhejiang Huada Group Co., Ltd.
========================
Registered no.: 330183000003736
Establishment date:
Legal representative: Shao Mingxiang
Tel: 0571-63366296
Fax: 0571-63366298
Web: http://www.hdjt.net/
Email: hdjt@hdjt.net
Legal
Representative and Chairman:
Mr. Shao Mingxiang is currently responsible for the overall management
of SC.
Working Experience(s):
From 2015 to present Working in SC as legal representative and
chairman
Also working in Zhejiang Huada Group Co., Ltd. as legal representative
General Manager:
Shao Mingxia is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager
Also working in Hangzhou Puyin Board Co., Ltd. and Hangzhou Huada Board Co.,
Ltd. as legal representative
Supervisor:
Shao Chunxia
SC is mainly engaged in manufacturing and selling galvanized steel
strip.
SC’s products mainly include: galvanized steel strip, cold rolled steel sheet,
etc.
Trademarks & patents: N/A
SC sources its materials 60% from domestic market and 40% 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, Check and Credit of 30-60 days.
Note: SC declined to release its major suppliers and clients.
Invested companies:
Hangzhou Puyin Board Co., Ltd.
-------------------------------
Registered no.: 330183000051965
Legal representative: Shao Mingxia
Date of incorporation: 2009-10-20
Hangzhou Huada Board Co., Ltd.
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Registered no.: 330183000004489
Legal representative: Shao Mingxia
Date of incorporation: 2007-08-22
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.
The banking information of SC is unknown.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a development history of
12 years. Due to lack of financial status, we are unable to recommend accurate
credit limit for SC.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.20 |
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1 |
Rs.98.30 |
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Euro |
1 |
Rs.72.41 |
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CNY |
1 |
Rs.10.19 |
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
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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.