MIRA INFORM REPORT
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Report No. : |
310140 |
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Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
East of 104 National
Road, Nancheng District, Dongguang
Town, Dongguang County, Hebei Province,
061699 Pr |
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Country : |
China |
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Date of Incorporation : |
27.03.2007 |
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Com. Reg. No.: |
130923200000150 |
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Legal Form : |
Sole Proprietorship Enterprise |
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Line of Business : |
Manufacturing and Selling of Carton Packaging Machinery and Its Spare
Parts. |
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No. of Employees : |
150 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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
Dongguang Jidong Light Industry Carton Machinery factory
East of 104
national road, nancheng district, dongguang town, dongguang county, hebei
PROVINCE, 061699 PR CHINA
TEL: 86 (0)
317-7809808 FAX: 86 (0) 317-7899819
EXECUTIVE
SUMMARY
INCORPORATION DATE : March 27, 2007
REGISTRATION NO. : 130923200000150
REGISTERED LEGAL
FORM : sole
proprietorship enterprise
STAFF STRENGTH : 150
REGISTERED CAPITAL : n/a
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER : n/a
EQUITIES : n/a
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION
: n/a
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.1209 = 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
SC was registered as a Sole Proprietorship
enterprise at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on March 27, 2007.
Company Status: Sole Proprietorship
enterprise This form of
business in PR China is a private enterprise formed by an individual, which
does not have the legal person or limited liability status. The co. is
solely operated by the sole investor who is responsible for all risks &
liabilities of the co.
SC’s registered business scope includes manufacturing and selling carton
packaging machinery and spare parts, importing and exporting business.
SC is mainly engaged in manufacturing and selling
carton packaging machinery and its spare parts.
Zhao Shurong is the principal of SC at present.
SC is known to have approx. 150 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 Dongguang County. The detailed information of
the premise is unspecific.
http://www.jdqgjx.cn/ The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: jdqgjx@163.com
No significant events or changes were found
during our checks with local AIC.
Organization code: 799597580
For the past two years there is no record of
litigation.
MAIN SHAREHOLDERS:
Name
Zhao Shurong
l Principal:
Zhao Shurong is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as principal.
SC is mainly engaged in manufacturing and selling carton packaging machinery
and its spare parts.
SC’s products mainly include: cardboard
production line, single facer series, mill roll stand series, baker &
finalizing design, cut-off machine series, gantry stacker, standard
accessories, etc.
SC sources its
materials 100% from domestic market. SC sells 60% of its products in domestic
market and 40% to overseas market.
Trademarks & Patents
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Registration No. |
7534759 |
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Registration Date |
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Trademark Design |
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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.
Note: SC refused to release its major suppliers and
clients.
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 management declined to release the bank
information of SC.
As a sole proprietorship enterprise, there is no legal requirement according
to local corporate law for public disclosure of detailed financials.
SC is considered medium-sized in its line with a development history of
7 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.05 |
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|
1 |
Rs.96.03 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.