MIRA INFORM REPORT
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Report No. : |
305194 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
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Name : |
WUXI ZONTAI
INT’L CORPORATION LTD. |
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Registered Office : |
No. 455 Guangrui Road, Wuxi, Jiangsu
Province, 214000 Pr |
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Country : |
China |
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Date of Incorporation : |
21.01.2001 |
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Com. Reg. No.: |
320206000099196 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject includes importing and exporting various goods and technology,
Organization and acquisition of industrial and agricultural exported products
and domestic sales of exported products, procurement and supply of raw
materials for Export Company. |
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No. of Employees : |
28 |
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
|
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.
|
Source
: CIA |
Company
Name and address
WUXI ZONTAI INT’L
CORPORATION LTD.
NO. 455 GUANGRUI ROAD, WUXI, JIANGSU
PROVINCE, 214000 PR CHINA
TEL: 86 (0)
510-82405140/82441924 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE : JAN. 12, 2001
REGISTRATION NO. : 320206000099196
REGISTERED LEGAL
FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH : 28
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE : TRADE
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : UNKNOWN
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION
: N/A
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.2459 = 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 Jan. 12, 2001.
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 importing and exporting various
goods and technology, Organization and acquisition of industrial and agricultural
exported products and domestic sales of exported products, procurement and
supply of raw materials for Export Company.
SC is mainly engaged in trading different kinds of products.
Mr. Deng Jiannan has been chairman
of SC since 2001.
SC is known to have approx. 28 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Wuxi. Our checks reveal that SC rents
the total premise about 1,000 square meters.
http://www.wxzt.com. The design is
professional and the content is well organized. At present it is in English
version.
Email: wxztc@wxzt.com
Changes of its registered information are as
follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Shareholders |
Yu Liping 30.70% Zhang Wenhui 5.25% Lv Zhenjian 15.25% Quan Rongjie 13.95% Shen Qinghong 7.50% Cai Jianhua 5.00% Qian Danyan 3.325% Lu Minzhi 2.00% Xu Jinsheng 2.625% Yan Lei 2.00% Yu Jie.40% |
Present Ones |
Organization Code: 726534212
For the past two years there is no record of
litigation.
MAIN SHAREHOLDERS:
Name Amount
(CNY) % of Shareholding
Zhang Wenhui 762,500 15.25
Lv Zhenjian ID: 31011219691127XXXX 762,500 15.25
Quan Rongjie 697,500 13.95
Qian Danyan ID: 32022219680712XXXX 166,250 3.325
Yan Lei ID: 32070619770523XXXX 100,000 2
Yu Jie 120,000 2.4
Shen Qinghong ID: 32050219691003XXXX 375,000 7.5
Yu Liping ID:
32022219541116XXXX 1,916,250 38.325
Lu Minzhi 100,000 2
l Chairman and
General Manager:
Mr. Deng Jiannan, born in 1952 with university education. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as
chairman and general manager.
Also working in Wuxi Zontai
Int’l Corporation Ltd. Chengzhong Branch as principal.
l Directors:
Xue Feng
Lv Zhenjian ID: 31011219691127XXXX
Quan Rongjie
Zhang Wenhui
l Supervisor:
Qian Danyan ID: 32022219680712XXXX
SC is mainly engaged in trading different
kinds of products.
SC’s products mainly include:
Mechanical &
Electric Equipment:
Barge
Barge
Splitbarge
Container ship
Cargo ship
Tugboat
Various series of grab
Various accessories for ship
Cabin cover parts
Hoisting device and other parts
for ship
Wire drawing machine
Automatic nail making machine
Wire screen looms
Plastic injection moulding
Capacitor
Steel reeds
Electric tools
Measuring & cutting tools
Ball bearing series
All kinds of welding equipments
Textiles &
Garments:
Singlets
T-shirts
Interlock T-shirts
Fleecy Sportswears
Shirts for children
Various trousers
Various gloves
Various scarfs
Face towels (printed or jacquard)
Handkerchiefs &cotton
blankets
Bed goods series
100% Cotton shopping bags
woollen sweaters
Hand knitting sweaters
Knitting yarn
Trousers & shorts
Shirts
Night gowns & sleeping bags
Frocks
Dress for children
Baby bags
Robes
Working coats
Jeans
Gowns
Crepe de chine
Silk wadding
Silk garments
Various brocades
Woollen blanket
Cotton sheeting
Flannelette
Denim
Knitting grey cloth
Native &
Animal By-Products:
Ramie in ball
Casings
Down & Down products
Goat-hair for pens and brushes
Leather & leather products
Light Industrial
Arts & Crafts:
1. LEATHER PRODUCTS
Wallets & purses
Leather gloves
Leather bags
Sheepskin garment
Leather suitcases
2. HABERDASHERY AND HARDWARE
Textile scissors
Nylon zip-fasteners
Metal zip-fasteners
Spectales
Stainless steel tableware
Wooden furniture
Machine needles
3. STATIONERY & SPORTING GOODS & TOYS
Earth globe
Plush toys & various toys
Tourist shoes
Children's shoes
All kinds of stick tapes &
packing tapes
All kinds of sewing strings
Various balls
4. ELECTRICAL APPLIANCES AND BUILDING MATERIALS
All kinds of lights
Electric cooking pans
Sanitary fittings
5. DRAWN WORK
Machine embroidered articles
Clean towels
Tea towels
Printed table cloth
Cushion
.
Metals &
Minerals:
Locks series
Galvanized iron wire
Steel nails of all kinds
Steel wire rope
Steel wire rope for aviation
All kinds of car fittings
All kinds of tools
All kinds of bicycle pump
Galvanized hexagonal ironware
netting
Galvanized welding wire
Bare copper wire
Brass flat wire
All kinds of copper and brass
tubes
Flexible brass wire
Chemicals &
Medical Appliance:
Inorganic chemicals
Organic chemicals
Dyestuffs & intermediates
Pigments
Latex gloves
PVC gloves
Industrial flow meter
Clinical thermometer
Stainless steel tweezers
Hypodermic syringe
Sphygmomanometer
Essence for flavoring and in wine
SC sources its materials 100% from domestic market. SC sells 100% of its
products to the overseas market, mainly Southeast Asia and European countries.
The buying terms of SC include Check, T/T
and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit
of 30-60 days.
Note: SC’s management refused to release its main
suppliers and clients.
SC is known to invest in the following
company:
Wuxi Zontai Imp. & Exp. Corporation Ltd.
===============================
Registration no.:
320206000138637
Legal representative: Yu Liping
Incorporation date:
2009-07-10
Branch:
Wuxi Zontai Int’l
Corporation Ltd. Chengzhong Branch
====================================
Registration no.:
320200000163764
Principal: Deng Jiannan
Incorporation date:
2002-05-29
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.
Bank of China Wuxi Branch
AC#：N/A
Relationship: Normal.
SC’s management
declined to release any financial information.
SC is considered small-sized in its line with 14 years operation
history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.32 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.