MIRA INFORM REPORT
|
Report No. : |
326321 |
|
Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
HANGZHOU SPLENDOR DECORATIVE MATERIAL CO., LTD |
|
|
|
|
Registered Office : |
Guafan Village, Linglong Street, Lin’an City, Zhejiang Province, 311300 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
23.11.1999 |
|
|
|
|
Com. Reg. No.: |
330100400028889 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and sales of decorative paper. |
|
|
|
|
No of Employees : |
400 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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.
|
Source
: CIA |
Company
name & address
Hangzhou Splendor Decorative Material Co., Ltd.
guafan village, LINGLONG street, LIN’AN CITY,
Zhejiang province, 311300 PR CHINA
TEL: 86 (0) 571-63805085/63800072 FAX: 86 (0) 571-63805083
EXECUTIVE
SUMMARY
INCORPORATION DATE :
NOV. 23, 1999
REGISTRATION NO. :
330100400028889
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH :
400
REGISTERED CAPITAL : CNY 20,760,000
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 6.2039 = 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 November 23, 1999.
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 manufacture of decorative paper,
melamine board.
SC is mainly engaged in manufacturing and sales of decorative paper.
Mr. Sheng Yingming has been legal representative and chairman of SC
since 2011.
SC is known to have approx. 400 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Lin’an. Our checks
reveal that SC owns the total premise about 50,000 square meters.
http://www.splendecor.com/
It belongs to Zhejiang Shenglong Decoration Material Co., Ltd. The design is
professional and the content is well organized. At present it is in English and
Chinese language versions.
Email: dtc.biz@splendecor.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2006-3-31 |
Shareholders |
Sheng Yingming 30.11% Century Frontier International (U.S.A.) INC. 25.00% Yan Yangming 25.00% Lu Min 14.89% Huang Xudong 5.00% |
Present ones |
|
2009-6-12 |
Registration number |
003258 |
Present one |
|
Legal rep. |
Sheng Yingming |
Wang Jian (王健) |
|
|
2011-2-12 |
Legal rep. |
Wang Jian |
Present one |
Organization Code: 719571269
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
Amount (CNY’0000) % of Shareholding
Zhejiang Shenglong Decoration Material Co., Ltd. 1,557 75
Century Frontier International (U.S.A.) INC. 519 25
Zhejiang Shenglong Decoration Material Co., Ltd.
============================
Registration no.: 330100400049498
Legal representative: Sheng Yingming
Incorporation date: 1996-11-19
Add: Guafan, Linglong Economic Development District, Lin’an, Zhejiang
Province, 311301
PR CHINA
Tel: 0571-63802192/63800072
Fax: 0571-63802192
Email: dtc.biz@splendecor.com
; info@splendecor.com
Legal
representative and chairman:
Mr. Sheng Yingming, ID# 33012419640124XXXX, born in 1964, he is
currently responsible for the overall management of SC.
Working Experience(s):
From 2011 to present Working in SC as legal representative and chairman.
Also working in Zhejiang Shenglong Decoration Material Co., Ltd. and Hangzhou Longsheng Investment Co., Ltd.
as legal representative.
General
manager:
Wang Huiyong is currently responsible for the daily management of SC.
Working Experience(s):
At present
Working in SC as general manager.
Also working in Zhejiang Shenglong
Decoration Material Co., Ltd. as general manager and director.
Directors:
Wang Huiyong
Sheng Sainan
SC is mainly engaged in manufacturing and sales of decorative paper.
SC’s products mainly include: floor paper, furniture paper, PU-paper,
painting paper, etc.
SC sources its materials 50% from domestic market, and 50% from overseas
market, mainly Japan, etc. SC sells 50% of
its products in domestic market, and 50% to overseas market, mainly Southeast Asia
countries, etc.
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.
Hangzhou
Cayoart Co., Ltd.
=====================
Registration
no.: 330185000067312
Legal
representative: Fang Xu
Incorporation
date: 2011-6-28
Hangzhou Longsheng Investment Co., Ltd.
===============================
Registration no.: 330105000043488
Legal representative: Sheng Yingming
Etc.
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 banking details.
SC’s accountant refused to release the financial information.
SC is considered medium-sized in its line with a development history of
16 years. Taking into consideration of SC’s favorable background and market
conditions, credit up to moderate amount can be considered at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.89 |
|
|
1 |
Rs. 98.89 |
|
Euro |
1 |
Rs. 72.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.