MIRA INFORM REPORT
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Report No. : |
325980 |
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Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
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Name : |
CHUNGHSIN INDUSTRY GROUP CO., LTD. |
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Registered Office : |
No. 618, Gongren West Road, Jiaojiang District, Taizhou, Zhejiang
Province 318000 Pr |
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Country : |
China |
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Date of Incorporation : |
21.11.1996 |
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Com. Reg. No.: |
331000000015669 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in importing and exporting commodities and
technology; goods freight agency & storage service; selling petroleum
products and chemical products; domestic commerce; supplying and selling of
commodities; researching, developing, manufacturing and selling textile,
textile garment, clothing, leather, fur, feathers & its products, metal
products, general equipment, auto parts & accessories, electrical
machinery & equipment, instrument and meter; economic development and
investment; investment consultation & management; information systems
integration services, convention and exhibition services, private rental
service; selling the products allowed to operate by laws and regulations
through internet; software & information technology services; and real
estate development. |
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No. of Employee : |
150 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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; (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.
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Source
: CIA |
Company
name and address
CHUNGHSIN INDUSTRY
GROUP CO., LTD.
NO. 618, GONGREN WEST ROAD, JIAOJIANG DISTRICT
TAIZHOU, ZHEJIANG PROVINCE 318000 PR CHINA
TEL: 86 (0) 576-88869600/88322600/88322530/88322521
FAX: 86 (0) 576-88322601/88322603/88232505
EXECUTIVE
SUMMARY
Date of
Registration : NOVEMBER 21, 1996
REGISTRATION NO. : 331000000015669
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 80,080,000
staff : 150
BUSINESS CATEGORY :
TRADE
& INVESTMENT & MANAGEMENT
Revenue : n/a (AS OF DEC. 31,
2014)
EQUITIES : CNY 278,130,000 (AS OF DEC. 31, 2014)
WEBSITE : www.cncgroup.cn
E-MAIL : cnc@mail.cncgroup.cn
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION
: FAIRly stable
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative
positions of SC in respect of its operational trend & general reputation
Operational Trend:- General Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 331000000015669 on November 21,
1996.
SC’s Organization
Code Certificate No.: 14888968-6
SC’s Tax No.:
331001148889686
SC’s registered
capital: CNY 80,080,000
SC’s paid-in
capital: CNY 80,080,000
Registration
Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the change |
|
-- |
Shareholder (s) (% of Shareholding) |
Jiang Zhenhui 49.83% Chen
Desong 49.87% Lin
Ling 0.30% |
Jiang Zhenhui 45% Chen
Desong 55% |
|
2014-11-28 |
Company Name |
New Century
Holding Group Co., Ltd. |
Chunghsin Industry Group Co., Ltd. |
Current Co search
indicates SC’s shareholders & chief executives are as follows:-
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Name of
Shareholder (s) |
% of
Shareholding |
|
Jiang Zhenhui |
45 |
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Chen
Desong |
55 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal
Representative, Chairman and General Manager |
Chen Desong |
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Director |
Jiang Zhenhui |
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Lin Ling |
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Supervisor |
Yang Xiao |
RECENT
DEVELOPMENT
No recent development was found during our
checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Jiang Zhenhui 45
Chen Desong 55
MANAGEMENT
Chen
Desong , Legal Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ř Gender: M
Ř Age: 65
Ř ID#
332623195008160614
Ř Qualification:
University
Ř Working experience
(s):
Chen Desong is a member of Chinese
Communist Party, was born in Wenling of Zhejiang province in August, 1950. In
1980, he took up the post of factory director of Wenling Seafood Factory, in
1986 the general manager of Wenling Ocean Fishery Corp., in 1990 the general
manager of Zhejiang East-sea Southeast Ocean Fishery Corp., and in 1994 the
board chairman of Zhejiang Middle-south Fishery Industry & Trade General
Corp.
At present, working in SC as legal
representative, chairman and general manager
Also working in Ningbo New Century Imp.
& Exp. Corp., Taizhou New Century Fishery Corp., and Zhejiang New Century
Seafood Corp., and Zhejiang New Century International Logistics Corp. as legal
representative
Note:
*Mr. Chen’s Honors:
He has gained the honors” Chinese
Outstanding Entrepreneur”,” Ten News Characters of Innovation Management in
Asia”, “National Outstanding Villages and Towns Entrepreneur”, “Provincial
Outstanding Entrepreneur”, “Provincial Carving-out Example”, “Zhejiang
Outstanding Villages and Towns Entrepreneur”, “ Outstanding Constructor”, “
Ten-top Outstanding Resident”, “Taizhou Outstanding Entrepreneur”, etc.
Jiang
Zhenhui , Director
-------------------------------------------
Ř Gender: F
Ř Age: 44
Ř ID#
33262319710319052X
Ř Qualification:
University
Ř Working experience
(s):
Working in Zhejiang New Century Imp. & Exp.
Corp., and Taizhou New Century Economic Guarantee Corp., as legal
representative
Lin
Ling , Director
---------------------------------
Ř Gender: F
Ř Age: 33
Ř ID#
331003198207012563
Ř Qualification:
University
Yang
Xiao , Supervisor
--------------------------------------
Ř Gender: F
Ř Age: 31
Ř ID#
331081198409163721
Ř Qualification:
University
BUSINESS
OPERATION
SC’s
registered business scope includes importing and exporting commodities and
technology; goods freight agency & storage service; selling petroleum
products and chemical products; domestic commerce; supplying and selling of
commodities; researching, developing, manufacturing and selling textile,
textile garment, clothing, leather, fur, feathers & its products, metal products,
general equipment, auto parts & accessories, electrical machinery &
equipment, instrument and meter; economic development and investment;
investment consultation & management; information systems integration
services, convention and exhibition services, private rental service; selling
the products allowed to operate by laws and regulations through internet;
software & information technology services; and real estate development.
SC is mainly engaged in international trade, investment & management
of its subsidiaries.
SC’s products mainly include: textiles, garments, electronic products,
etc.
SC sources its
products 60% from domestic market, and 40% from overseas market. SC sells 30%
of its products to overseas market, and 70% in domestic market.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
*Major Customers*
-----------------------
Innovage LLC
Abrim Enterprises
Inc.
Edward and Ru Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 150 staff at present.
SC
owns an area as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC’s
subsidiary information is not available at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Industrial and Commercial Bank of China
AC#: 1207021219200139885
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2014 |
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Total assets |
682,020 |
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------------- |
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Total
liabilities |
403,890 |
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Equities |
278,130 |
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======= |
Important Ratios
=============
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As
of Dec. 31, 2014 |
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*Liabilities
to assets |
0.59 |
Note: SC’s
detailed financials are not filed in local SAIC, and SC also refused to release
it.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
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|
1 |
Rs.97.98 |
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Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
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Analysis Done by
: |
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 |
-- |
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.