MIRA INFORM REPORT
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Report No. : |
356955 |
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Report Date : |
28.12.2015 |
IDENTIFICATION DETAILS
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Name : |
Hangzhou Splendor
Decorative Material Co., Ltd. |
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Registered Office : |
Guafan Village, Linglong Street, Lin’an City, Zhejiang Province,
311300 Pr |
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Country : |
China |
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Date of Incorporation : |
23.11.1999 |
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Com. Reg. No.: |
330100400028889 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacture and Sales of Decorative Paper, Melamine Board. |
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No. of Employees : |
400 |
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 & address
Hangzhou Splendor
Decorative Material Co., Ltd.
GUAFAN VILLAGE, LINGLONG STREET, LIN’AN CITY,
ZHEJIANG PROVINCE, 311300 PR CHINA
TEL: 86 (0) 571-63800072 FAX: 86 (0) 571-63805083
EXECUTIVE
SUMMARY
INCORPORATION DATE :
NOV. 23, 1999
REGISTRATION NO. :
330100400028889
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
CHIEF EXECUTIVE : MR. SHENG YINGMING (LEGAL REPRESENTATIVE)
STAFF STRENGTH :
400
REGISTERED CAPITAL :
CNY 22,710,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT : UNKNOWN
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.4887 = 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: SC is also known as Hangzhou Splendor Decoration Material Co.,
Ltd.
SC was registered as a Chinese-foreign
equity joint venture enterprise at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license) on Nov. 23, 1999.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR China
is defined as a legal person. It is a limited co. jointly invested by one
or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition position
in international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacture of decorative paper,
melamine board.
SC is mainly engaged in manufacturing and sales of decorative paper.
Mr. Sheng Yingming has been legal representative and chairman of SC
since 2011.
SC is known to have approx. 400 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the development zone of Lin’an. Our
checks reveal that SC owns the total premise about 50,000 square meters.
http://www.splendecor.com/
It belongs to Zhejiang Shenglong Decoration Material Co., Ltd. The design is
professional and the content is well organized. At present it is in English and
Chinese language versions.
Email: dtc.biz@splendecor.com
Changes of its
registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2006-3-31 |
Shareholders & shareholdings (%) |
Sheng Yingming 30.11% Century Frontier International (U.S.A.) INC. 25.00% Yan Yangming 25.00% Lu Min 14.89% Huang Xudong 5.00% |
Zhejiang Shenglong Decoration Material Co., Ltd. 75% Century Frontier International (U.S.A.) INC. 25% |
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2009-6-12 |
Registration number |
003258 |
Present one |
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Legal rep. |
Sheng Yingming |
Wang Jian |
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2011-12-12 |
Legal rep. |
Wang Jian |
Present one |
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2015-12-18 |
Registered capital |
CNY 20,760,000 |
Present amount |
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Shareholdings (%) |
Zhejiang Shenglong Decoration Material Co., Ltd. 75% Century Frontier International (U.S.A.) INC. 25% |
Present ones |
Organization Code: 719571269
Credibility Code: 91330100719571269A
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Amount
(CNY’0000) % of
Shareholding
Zhejiang Shenglong Decoration Material Co., Ltd. 1,557 68.56
Century Frontier International (U.S.A.) INC. 714 31.44
Zhejiang Shenglong Decoration Material Co., Ltd.
============================
Registration no.: 330100400049498
Credibility Code: 913301002540551910
Legal representative: Sheng Yingming
Incorporation date: 1996-11-19
Add: No. 8, Shangguafan Rd., Jinnan
Sub-district, Lin’an City, Hangzhou, China 311301
Tel:+86 571 63750061
Fax:+86 571 63802191
Email: dtc.biz@splendecor.com;
info@splendecor.com
Web: http://www.splendecor.com/
Legal
representative and chairman:
Mr. Sheng Yingming, ID# 33012419640124XXXX, born in 1964, he is
currently responsible for the overall management of SC.
Working Experience(s):
From 2011 to present
Working in SC as legal representative and chairman.
Also working in Zhejiang Shenglong
Decoration Material Co., Ltd. and Hangzhou Longsheng
Investment Co., Ltd. as legal representative.
General manager:
Fang Xu (方旭) is currently
responsible for the daily management of SC.
Working Experience(s):
At present
Working in SC as general manager;
Also working in Hangzhou Cayoart
Co., Ltd. as legal representative.
Directors:
Yu Zemin
Sheng Sainan
SC is mainly engaged in manufacturing and sales of decorative paper.
SC’s products mainly include: floor paper, furniture paper, PU-paper,
painting paper.
SC sources its materials 50% from domestic market, and 50% from overseas
market, mainly from Japan,
etc.
SC sells 50% of its products in domestic market, and 50% to overseas market, mainly to Southeast Asia
countries, etc.
The buying terms of SC include Check, T/T, L/C 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.
TRADEMARKS & PATENTS
Registration No. 6278420
Registration Date 
Trademark Design 2010-2-28
=====================
Registration no.: 330185000067312
Legal representative: Fang Xu 方旭
Incorporation date:
Hangzhou Longsheng Investment Co., Ltd.
===============================
Registration no.: 330105000043488
Legal representative: Sheng Yingming
Incorporation date: 2002-10-17
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 declined to release its banking details.
SC’s accountant refused to release the financial information.
SC is considered medium-sized in its line with a development history of
16 years. Taking into consideration of SC’s favorable background and market
conditions.
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.10.20 |
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 : |
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.