MIRA INFORM REPORT
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Report No. : |
327335 |
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Report Date : |
17.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HUZHOU W & DRAGON I E CO., LTD. |
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Registered Office : |
North Side Of 318 National Highway, Xunbei Village, Nanxun Town Huzhou, Zhejiang Province 313009 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
13.03.2008 |
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Com. Reg. No.: |
330504000008601 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and
exporting commodities and technologies (excluding commodities and
technologies prohibited by country); selling metal materials (excluding
precious metal), motors and garments. |
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No. of Employees : |
5 |
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 : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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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.
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 & address
HUZHOU W & DRAGON I/E CO.,
LTD.
NORTH SIDE OF 318 NATIONAL HIGHWAY, XUNBEI VILLAGE, NANXUN TOWN HUZHOU,
ZHEJIANG PROVINCE 313009 PR CHINA
TEL: 86 (0) 572-3061661/3060628
FAX: 86 (0) 572-3060662
EXECUTIVE
SUMMARY
Date of Registration : MARCH 13, 2008
REGISTRATION NO. : 330504000008601
LEGAL FORM : LIMITED
LIABILITIES COMPANY
REGISTERED CAPITAL : CNY
500,000
staff :
5
BUSINESS CATEGORY :
TRADING
REVENUE :
CNY 5,980,000 (FROM JAN. 1, 2014 TO JUN. 30, 2014)
EQUITIES :
CNY 880,000 (AS OF JUN. 30, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
ORDINARY
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.: 330504000008601
on March 13, 2008.
SC’s Organization Code Certificate No.:
67257890-5
SC’s Tax No.: 330501672578905
SC’s registered capital: CNY 500,000
SC’s paid-in capital: CNY 500,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wang Junhua |
70 |
|
Ding Yuzhen |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Wang Junhua |
|
Supervisor |
Ding Yuzhen |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Wang Junhua 70
Ding Yuzhen 30
MANAGEMENT
Wang Junhua, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 51
Ø
ID# 330511196405240038
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also working in Huzhou Tianbao Dress Co.,
Ltd. as legal representative
Ding Yuzhen,
Supervisor
--------------------------------------------
Ø
Gender: F
Ø
Age: 53
Ø
ID# 330511196202040060
BUSINESS OPERATION
SC’s registered
business scope includes importing and exporting commodities and technologies (excluding
commodities and technologies prohibited by country); selling metal materials
(excluding precious metal), motors and garments.
SC is mainly
engaged in international trade.
SC’s products
mainly include: electric motor, garments.
SC sources its products 80% from domestic
market and 20% from overseas market. SC sells 100% of its products to overseas
market.
The buying terms of SC include Check, T/T, L/C and Credit of 30 days.
The payment terms of SC include T/T, L/C and Credit of 30 days.
*Major Supplier*
--------------------
Huzhou
Tianbao Dress Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 5 staff at
present.
SC rents an area
as its operating office of approx. 70 sq. meters at the heading address.
RELATED COMPANY
n
Huzhou Tianbao Dress Co., Ltd.
----------------------------------------------
Date of Registration: May 20, 1996
Registration No.: 330500400010258
Legal Form: Chinese-Foreign
Equity Joint Venture Enterprise
Registered Capital: CNY 4,170,000
Add:
North Side of 318 National Highway, Xunbei Village, Nanxun Town, Huzhou,
Zhejiang Province
Tel:
86-572-3061661
Fax:
86-572-3060662
Web:
www.tianbaodress.com
Email:
richard@tianbaodress.com
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’s suppliers
declined to make any comments.
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:
²
Industrial
and Commercial Bank of China Nanxun District Sub-branch
AC#:
1205240009200170727
² Agricultural Bank
of China Nanxun District Sub-branch
AC#:
115101040044487
²
Zhejiang
Nanxun Rural Commercial Bank
AC#:
201000066661475
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Jun. 30, 2014 |
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Total assets |
2,040 |
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Total
liabilities |
1,160 |
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Equities |
880 |
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From
Jan. 1, 2014 to Jun. 30, 2014 |
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Revenue |
5,980 |
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Profits |
32 |
Important Ratios
=============
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As
of Jun. 30, 2014 |
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*Liabilities
to assets |
0.57 |
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*Net profit
margin (%) |
0.54 |
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*Return on
total assets (%) |
1.57 |
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*
Revenue/Total assets |
2.93 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears average in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.15 |
|
|
1 |
Rs.100.04 |
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Euro |
1 |
Rs.72.27 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.