MIRA INFORM REPORT
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Report No. : |
330757 |
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Report Date : |
09.07.2015 |
IDENTIFICATION DETAILS
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Name : |
KUNSHAN HONGYOU ALUMINIUM Co., Ltd. |
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Registered Office : |
No. 7, Donghui Road, Zhoushi Town, Kunshan, Jiangsu Province, 215314
Pr |
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Country : |
China |
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Date of Incorporation : |
07.06.2004 |
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Com. Reg. No.: |
320583400007600 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is engaged
in cropping, processing and selling various kinds of aluminum alloy plate,
bar and strip material. |
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No. of Employee : |
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 : |
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 |
A1 |
A1 |
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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 and address
KUNSHAN HONGYOU ALUMINIUM Co., Ltd.
NO. 7, DONGHUI ROAD, ZHOUSHI TOWN,
KUNSHAN, jiangsu PROVINCE, 215314 PR CHINA
TEL: 86 (0) 512-55129062/55129045 FAX: 6 (0) 512-57455079
EXECUTIVE
SUMMARY
INCORPORATION DATE : JUNE 7, 2004
REGISTRATION NO. : 320583400007600
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH :
30
REGISTERED CAPITAL : USD 2,000,000
BUSINESS LINE :
cropping, PROCESSING AND 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
6.2095 = USD
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: According to SC’s staff, SC’s complete
name should be the above stated one.
SC was registered as a wholly foreign-owned enterprise at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on June 7, 2004.
Company Status:
Wholly foreign-owned enterprise
This form of business in PR China is defined
as a legal person. It is a limited co. established within the territories of PR
China with capital provided totally by the foreign investors. More than one
foreign investor may jointly invest in a wholly foreign-owned enterprise. The
investing party/parties solely exercise management, reap profit and bear risks
and liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval Authorities.
SC’s registered
business scope includes cropping and processing various kinds of aluminum alloy
plate, bar and strip material; selling self-produced products; commercial
wholesale, importing and exporting the production of similar products, raw
material and metal material (excluding precious metals). (if the trade of the
goods is governed by the quota or special rule, relevant regulations shall be
followed).
SC is mainly engaged
in cropping, processing and selling various kinds of aluminum alloy plate, bar
and strip material.
Mr. Zheng
Kunming is legal representative and
chairman of SC at present.
SC is known to have approx. 30 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and warehouse in Kunshan.
Our checks reveal that SC rents the total premise, but the gross area of the
premise is unspecific.
http://www.alubawu.com.cn
The website belongs to SC’s related company Hong Yu Aluminum Co., Ltd. The
design is professional and the content is well organized. At present it is in
Chinese version.
E-mail: bobby@alubawu.com.cn
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Organization code: 762407333
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Aplus Enterprise
Ltd. (British Virgin Islands) 100
l Legal
Representative & Chairman:
Mr. Zheng Kunming is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as legal representative and
chairman
l General Manager:
Wu Zhenyang
is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager
l Directors:
Wu Fujiang
Wu Zhuancan
l Supervisor:
Lv Jiazhen
SC is mainly
engaged in cropping, processing and selling various kinds of aluminum alloy
plate, bar and strip material.
SC’s products
mainly include aluminum alloy plate, bar and strip material, etc.
SC sources its materials 60% from domestic
market, and 40% from overseas market. SC sells 95% of its products in domestic
market, and 5% 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 Check, T/T, L/C and Credit of 30-60 days.
Trademark & Patents
N/A
Note:
SC’s management declined to release its major clients and suppliers.
According
to the website: http://www.alubawu.com.cn
Hong
Yu Aluminum Co., Ltd. (Taiwan)
Aluba
Metal Co., Ltd.
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
Communications
AC#: N/A
Relationship:
Normal
SC’s management declined to release any financial information.
SC is considered small-sized in its line with a development history of 11
years. Taking into consideration of SC’s operating size as well as market
conditions we would rate SC as an above average credit risk company. And credit
dealings with SC should be confined into small amount at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.57 |
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1 |
Rs.98.22 |
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Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
ASH |
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.