MIRA INFORM REPORT
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Report No. : |
331540 |
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Report Date : |
11.07.2015 |
IDENTIFICATION DETAILS
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Name : |
WUXI ZHOUXIANG COMPLETE SET OF WELDING EQUIPMENT CO., LTD. |
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Registered Office : |
Donghu Industry Garden, Donghutang Town, Wuxi, Jiangsu Province, 214196 Pr |
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Country : |
China |
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Date of Incorporation : |
15.07.2001 |
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Com. Reg. No.: |
320200400010001 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing and Selling of
Electric Welding Machines and Complete Sets of Welding Equipment. |
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No. of Employees : |
Not Available |
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 – 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. 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; 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to 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
WUXI ZHOUXIANG COMPLETE SET OF WELDING EQUIPMENT CO., LTD.
Donghu
industry garden, donghutang TOWN,
wuxi,
jiangsu province, 214196 PR CHINA
TEL:
86 (0) 510-88791456/88794236 FAX: 86
(0) 510-88791142
EXECUTIVE
SUMMARY
INCORPORATION DATE : JUL. 15, 2001
REGISTRATION NO. : 320200400010001
REGISTERED LEGAL
FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH : N/A
REGISTERED CAPITAL :
USD 1,500,000
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 6.21 =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 Chinese-foreign
equity joint venture enterprise at local Administration for Industry &
Commerce (AIC - The official body of issuing and renewing business license) on
Jul. 15, 2001.
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
manufacturing electric welding machines and complete sets of welding equipment.
SC is mainly engaged in manufacturing and selling electric welding machines
and complete sets of welding equipment.
Mr. Xu Huizhong has been legal
representative, chairman and general manager of SC since 2001.
SC’s management declined to disclose its
staff strength.
SC is currently operating at the above stated
address, and this address houses its operating office and factory in the
industrial zone of Wuxi. The detailed information of the premise is
unspecified.
http://www.wxzhouxiang.com The website
belongs to Wuxi Zhouxiang Laser Machinery Co., Ltd. and SC. The design is
professional and the content is well organized. At present it is in Chinese,
English and other versions.
E-mail: info@wxzhouxiang.com
Changes of its
registered information:
|
Date of change |
Item |
Before the
change |
After the
change |
|
2002-6-10 |
Company name |
Wuxi Zhouxiang
Welding Equipment Co., Ltd. |
Wuxi Zhouxiang
Complete set of Welding Equipment Co., Ltd. |
|
Unknown |
Reg. no. |
005105 |
Present one |
Organization Code:
729028198
For the past two
years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wuxi Zhouxiang International Trade Co., Ltd. 58.33
Xu Dan 41.67
Wuxi Zhouxiang International Trade Co., Ltd.
=====================
Reg. no.: 320205000081178
Legal representative: Xu Huizhong
l
Legal
representative, chairman and general manager:
Mr. Xu Huizhong,
ID#: 32022219600408XXXX, born in 1960, with senior high school education. He is
currently responsible for the overall and daily management of SC.
Working Experience(s):
From 1991 to 1994 Worked in Wuxi Donghutang
Electrical Equipment Factory as director;
From 1995 to 2001 Worked in Xishan Special
Welding Equipment Factory as director;
From 2001 to present Working in SC as legal
representative, chairman and general manager
Also working in Wuxi Zhouxiang Laser
Machinery Co., Ltd., Wuxi Zhouxiang Heavy Industry Science & Technology
Co., Ltd. and Wuxi Zhouxiang International Trade Co., Ltd. as legal
representative
l Vice Chairman:
Mr. Xu Dan, ID#: 32028319860101XXXX.
He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman
Director:
Huang Qinfen ID#: 32022219610619XXXX
SC is mainly engaged in manufacturing and selling electric welding machines
and complete sets of welding equipment.
SC’s products mainly include: CNC multi-head flame cutting machine,
H-beam assembling, welding and straightening integral machine, Conveying
machine, Pipe shot blasting machine, etc.
Trademarks & patents
Registration no.: 8307219
Registration date: 2011-6-28
Trademark design: 
Registration no.: 5281513
Registration date: 2009-4-21
Trademark design: 
Registration no.: 8307144
Registration date: 2011-5-21
Trademark design: 
Etc.
SC sources its materials 100% from domestic market. SC sells 80% of its
products in domestic market, and 20% to overseas market, mainly to Canada.
The buying terms of
SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include
Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s
management declined to release its customer and supplier details.
Wuxi Zhouxiang Laser
Machinery Co., Ltd.
-------------------------------------
Reg. no.:
320205000188164
Legal
representative: Xu Huizhong
Incorporation date:
2013-02-21
http://www.zhouxianglaser.com/
Wuxi Zhouxiang
Heavy Industry Science & Technology Co., Ltd.
-------------------------------------
Reg. no.:
320200400028124
Legal
representative: Xu Huizhong
Incorporation date:
2006-10-23
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#：1134260809204
Relationship:
Normal.
SC’s management
declined to release its financial reports.
SC was established
in 2001, taking into consideration of SC’s general performance, reputation as
well as market conditions we would rate SC as an above average credit risk
company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.38 |
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1 |
Rs.97.65 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.