MIRA INFORM REPORT
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Report No. : |
333474 |
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Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
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Name : |
GUANGDONG WEI DUOFU GROUP CO., LTD. |
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Registered Office : |
No. 1, Tuozhan Road, Jiuzhoujiang Development Zone, Lianjiang City, Guangdong Province, 524400 Pr |
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Country : |
China |
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Date of Incorporation : |
09.05.2002 |
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Com. Reg. No.: |
440881000013765 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in manufacturing and selling household
appliances and aluminum products. |
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No. of Employee : |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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; (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
GUANGDONG WEI DUOFU GROUP CO., LTD.
NO. 1,
TUOZHAN ROAD, JIUZHOUJIANG DEVELOPMENT ZONE, LIANJIANG CITY, GUANGDONG
PROVINCE, 524400 PR CHINA
TEL: 86
(0) 759-6632028 FAX: 86 (0) 759-6632018
EXECUTIVE
SUMMARY
INCORPORATION DATE :
MAY 9, 2002
REGISTRATION NO. :
440881000013765
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
N/A
REGISTERED CAPITAL :
CNY 30,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
UNKNOWN
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2039 =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
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 May 9, 2002.
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:
manufacturing and selling household appliances and accessories, aluminum
products and plastic products; R&D of appliance technology; fruit growing;
warehousing services (excluding hazardous chemicals); selling hardware
products; import and export business of goods and technology. (with permit, if
needed.)
SC is
mainly engaged in manufacturing and selling household appliances and aluminum
products.
Mr. Ye
Rufan is the legal representative,
chairman and manager of SC at present.
SC refused to release its number of employees.
SC is currently operating at the
above stated address, and this address houses its operating office and factory
in Lianjiang. The detailed premise information is unknown.
http://www.gdwdf.com The design is professional and the content is
well organized. At present it is in Chinese and English versions.
E-mail: gdwdf@qq.com
No significant changes were found during our checks with the
local Administration for Industry and Commerce.
Organization Code: 738576022
MAIN SHAREHOLDERS:
Name % of Shareholding
Ye Ruyao 15
Ye Rujian 40
Ye Rufan 45
l
Legal Representative, Chairman and
Manager:
Mr.
Ye Rufan is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman
and manager.
Also working in Jiangmen Weiduofu Electric Appliance Co., Ltd. as
legal representative
l Directors:
Chen Chunhan Also working in Lianjiang Gangzhen Wood Co.,
Ltd. as legal representative
Hu Weicheng
Ye Rujian Also
working in Lianjiang Weiduofu Electric Co., Ltd. as legal representative.
Ye Ruyao
l Supervisors:
Ye Xiaomei Working in
SC as chief supervisor.
Also working in Lianjiang Weiwei Electric Co., Ltd. as legal
representative.
Su Jifen
Luo Chengtong
SC is
mainly engaged in manufacturing and selling household appliances and aluminum
products.
SC’s products mainly
include: electric pressure cooker, rice cooker, square rice cooker, etc.
Note: SC declined to release its detailed business information.
Trademark & Patents
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Registration
No. |
5830707 |
8578718 |
5834736 |
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Registration
Date |
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Trademark
Design |
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Lianjiang Gangzhen Wood Co., Ltd.
Incorporation Date: 2007-01-17
Registration No.: 440881000007986
Registered Capital: CNY 10,000,000
Chief Executive: Chen Chunhan
Lianjiang Jufeng Stainless Steel Products Co., Ltd.
Incorporation Date: 2011-10-14
Registration No.: 440881000024884
Registered Capital: CNY 2,000,000
Chief Executive: Lin Jiatian
Lianjiang Weiduofu Electric Co., Ltd.
Incorporation Date: 2003-05- 30
Registration No.: 440881000004483
Registered Capital: CNY 5,000,000
Chief Executive: Ye Rujian
Lianjiang Weiwei Electric Co., Ltd.
Incorporation Date: 2010-02-09
Registration No.: 440881000013335
Registered Capital: CNY 1,000,000
Chief Executive: Ye Xiaomei
Jiangmen Weiduofu Electric Appliance Co., Ltd.
Incorporation Date: 2007-03-26
Registration No.: 440700000033228
Registered Capital: CNY 500,000
Chief Executive: Ye Rufan
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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
accountant refused to release whether it has account in Bank of China,
Lianjiang Sub Branch.
SC’s accountant
refused to release the financial information.
SC is a company with a development history of 13 years. Due
to lack of financial statements, we are unable to determine the maximum credit
limit for SC. Taking into consideration of SC’s general performance and
reputation.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.03 |
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1 |
Rs.99.72 |
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Euro |
1 |
Rs.70.88 |
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.