MIRA INFORM REPORT
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Report No. : |
333481 |
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Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
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Name : |
QUANZHOU ZHONGZHI DIAMOND TOOL CO., LTD. |
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Registered Office : |
Middle of Binshui Road, Huaqiao Economic Development Zone, Shuangyang
Town, Luojiang District, Quanzhou City, Fujian Province, 362011 Pr |
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Country : |
China |
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Date of Incorporation : |
28.05.1993 |
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Com. Reg. No.: |
350500400005314 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing and Trading of Diamond Tools. |
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No. of Employees : |
300 |
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 and Address
QUANZHOU ZHONGZHI
DIAMOND TOOL CO., LTD.
MIDDLE OF BINSHUI ROAD, HUAQIAO ECONOMIC
DEVELOPMENT ZONE, SHUANGYANG TOWN, LUOJIANG DISTRICT, QUANZHOU CITY,
FUJIAN PROVINCE, 362011 PR CHINA
TEL: 86 (0)
595-22630773/22635061 FAX: 86 (0)
595-22633739
EXECUTIVE
SUMMARY
INCORPORATION DATE :
MAY 28, 1993
REGISTRATION NO. : 350500400005314
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH : 300
REGISTERED CAPITAL :
CNY 8,600,000
BUSINESS
LINE : MANUFACTURING
AND 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 6.2091 = 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
Note: the “Wan’an Industrial Zone, Luojiang,
Quanzhou, Fujian, China” is SC’s previous address, and the current address is
the above one.
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 May 28, 1993.
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 production
of diamond tools, stone products, machinery equipment (stone machinery and
ceramic machinery); import and export business of goods and technology
(excluding import distribution).
SC is mainly engaged in manufacturing and trading
of diamond tools.
Mr. Huang
Zhongjing is legal
representative and chairman of SC at present.
SC is known to
have approx. 300 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 Quanzhou. Detailed
premise information is not available at present.
www.zhongzhi.biz
The design is professional and the content is well organized. At present it is in
English and Chinese versions.
Email: info@zhongzhi.biz
For the past two years there is no record of litigation.
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2014-4-15 |
Shareholders’
name |
Quanzhou
Luojiang Zhongzhi Diamond Tool Factory (Literal translation) |
Quanzhou Zhongzhi New Material Technology Co., Ltd. |
Organization Code:
61154383X
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Hong Kong Unity Investment Limited 35
Quanzhou Zhongzhi New Material Technology Co., Ltd. 65
Hong Kong Unity Investment Limited
===================================
Incorporation Date : Oct. 28, 2006
Registration No. : 1083753
Registered Legal Form : Private company limited by shares
Active Status : Live
Quanzhou Zhongzhi New Material Technology
Co., Ltd.
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Incorporation Date: 2003-11-13
Registration No.: 350504100008158
Legal representative: Huang Zhongjing
Registered capital: CNY 50,000,000
Tel.: 86 (0) 595-22630206
Fax: 86 (0) 595-22630882
E-mail: admin@zhongzhi.biz
Website: www.zznmt.com
l Legal
Representative and Chairman:
Mr. Huang Zhongjing is currently
responsible for the overall management of SC.
Working Experience(s):
At
present Working
in SC as legal representative and chairman.
Also working in Quanzhou Zhongzhi New Material Technology Co., Ltd.
as legal representative, executive director and general manager.
l
Vice-chairman and General manager:
Liang Hongying is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as
vice-chairman and general manager.
Also working in Quanzhou Zhijie Stone
Products Industrial & Commercial Co., Ltd. as legal representative and
executive director.
l
Directors:
Xu Yuxin
Li Wei
Huang Zijie
l
Supervisor:
Zhu Zhenyan
SC is mainly engaged in manufacturing and trading of diamond tools.
SC’s products mainly include: Stone Tools
Concrete
Tools
Grinding
& Polishing Tools
Ceramic
Tools
Wire
Saw & Quarry Machinery
Etc.
SC sources its materials 95% from domestic
market, and 5% from overseas market. SC sells 80% of its products in domestic
market, and 20% 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.
Note:
SC declined to release its major suppliers and clients.
TRADEMARKS & PATENTS
Registration No.: 5759852
Registration Date: Sep. 14, 2009
Trademark Design: 
Registration No.: 5759854
Registration Date: Sep. 14, 2009
Trademark Design: 
Registration No.: 5759853
Registration Date: Sep. 14, 2009
Trademark Design: 
Quanzhou
Zhijie Stone Products Industrial & Commercial Co., Ltd.
=========================================
Incorporation Date: 2000-6-26
Registration No.: 350504100008166
Legal representative: Liang Hongying
Registered capital: CNY 3,000,000
Fax: 86 (0) 595-22652165
E-mail: zhijiecarlweil@126.com / zhijiestone@126.com
Website: http://www.zhijie-stone.com
SC is known to invest in
the following companies:
Luojiang
Hengxin Small Loan Co., Ltd. (Literal translation)
=========================================
Incorporation
Date: 2011-06-09
Registration
No.: 350504100016096
Legal
representative: Lin Yumin
Registered
capital: CNY 200,000,000
PRC
(Xiamen) Precise Tools Co., Ltd.
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Incorporation
Date: 2012-09-21
Registration
No.: 350298200016809
Legal
representative: Zhao Junchao
Registered
capital: CNY 3,000,000
Tel.: 86 (0) 592-7196918
Fax: 86 (0) 592-7196917
E-mail: info@prctools.com
Website: http://www.prctools.com/
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 declined to release its bank details.
We dialed to the
given bank “Bank of China Quanzhou Branch”, but the staff of this bank declined
to release the details.
SC refused to
release the financial information.
SC has developed for 22 years. Due to lack of financial statements, we
are unable to determine the maximum credit limit for SC.
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
: |
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.