MIRA INFORM REPORT
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Report No. : |
306511 |
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Report Date : |
05.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SHAOXING EAST ASIA IMP. & EXP. CO., LTD. |
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Registered Office : |
6-7/F, Block B, Tianyu Mansion, Zhongxing (M) Road Shaoxing, Zhejiang Province 312000 Pr |
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Country : |
China |
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Date of Incorporation : |
15.02.2000 |
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Com. Reg. No.: |
330600000129734 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in International Trade Include:
textiles, knits & home textiles, medicine & health products,
garments, lights products & crafts, cereals, oils & foodstuffs,
chemicals, machinery & equipment, bearing & parts, fastener,
electrical wire & electrical cable, bicycle & parts, fanner
(household & industrial appliance), ironing appliance. |
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No of Employees : |
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 : |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 and expanded 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 2013 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. 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 2011 more than 250 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.
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Source
: CIA |
company
name and address
SHAOXING EAST ASIA
IMP. & EXP. CO., LTD.
6-7/F, Block B, Tianyu Mansion, Zhongxing (M) Road
Shaoxing, Zhejiang Province 312000 Pr China
TEL: 86 (0) 575-85144474/85141010
FAX: 86 (0) 575-85132988
EXECUTIVE
SUMMARY
Date of Registration : FEBRUARY 15, 2000
REGISTRATION NO. : 330600000129734
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 1,480,000
staff : 30
BUSINESS CATEGORY : trading
Revenue : CNY 71,346,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 5,971,000 (AS OF DEC. 31, 2013)
WEBSITE : www.sxea.com
E-MAIL :
Weg@sxea.com & Sxea@mail.sxptt.zj.cn
PAYMENT : AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY
STABLE
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY
6.21 = USD 1
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational
Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 330600000129734 on February 15, 2000.
SC’s Organization Code Certificate
No.: 71959794-4
SC’s registered capital: CNY 1,480,000
SC’s paid-in capital: CNY 1,480,000
Registration Change Record:-
No significant changes of SC have been
noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of
Shareholding |
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Zhang Huanquan |
56.09 |
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Dong Xinhua |
9.46 |
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Zhang Yuejin |
9.46 |
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Ying Ayi |
4.73 |
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Lu Guohai |
4.73 |
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Tong Guoxiang |
4.73 |
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Lv Yongdang |
2.70 |
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Qi Miaoquan |
2.70 |
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Rong Yuanfa |
2.70 |
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Qiu Jianguo |
2.70 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Zhang Huanquan |
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Director |
Zhang Yuejin |
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Dong Xinhua |
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Supervisor |
Lu Guohai |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Zhang Huanquan 56.09
Dong Xinhua 9.46
Zhang Yuejin 9.46
Ying Ayi 4.73
Lu Guohai 4.73
Tong Guoxiang 4.73
Lv Yongdang 2.70
Qi Miaoquan 2.70
Rong Yuanfa 2.70
Qiu Jianguo 2.70
MANAGEMENT
Zhang
Huanquan Legal Representative,
Chairman and General Manager
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Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Director
------------
Zhang Yuejin
Dong Xinhua
Supervisor
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Lu Guohai
BUSINESS
OPERATION
SC’s registered
business scope includes wholesaling and retailing
textile, garment, packaging materials, arts & crafts, and chemical fiber;
storage; importing and exporting commodities and technology; processing with
imported materials, processing with imported samples, assemblying with imported
parts, and compensation trade in agreement; counter trade & transit trade.
SC is mainly
engaged in international trade.
SC’s products mainly include: textile, knitting goods, garment
SC sources its products 100%
from domestic market. SC sells 30% of its products in domestic market, and 70%
to overseas market, mainly U.S.A.,
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.
*Major Client*
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Union
Imports Inc.
Staff & Office:
--------------------------
SC is known to have approx. 30 staff at present.
SC rents an area as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC’s subsidiary information is not available at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2013 |
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Total assets |
30,023 |
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Total
liabilities |
24,052 |
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Equities |
5,971 |
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Revenue |
71,346 |
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Profit before
tax |
68 |
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Less: profit tax |
17 |
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Profits |
51 |
Important Ratios
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As
of Dec. 31, 2013 |
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*Liabilities
to assets |
0.80 |
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*Net profit
margin (%) |
0.07 |
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*Return on
total assets (%) |
0.17 |
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*Revenue/Total
assets |
2.38 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears fairly good in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.68 |
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1 |
Rs.93.53 |
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Euro |
1 |
Rs.70.75 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.