MIRA INFORM REPORT
|
Report No. : |
317514 |
|
Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
Shaoxing Shilong
Machinery Import and Export Co., Ltd. |
|
|
|
|
Registered Office : |
Yuezhou Bridge North, North Line, 104 National Road, Shaoxing, Zhejiang Province, 312000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
24.08.1988 |
|
|
|
|
Com. Reg. No.: |
330600000097952 |
|
|
|
|
Legal Form : |
Limited Liabilities Co |
|
|
|
|
Line of Business : |
Subject includes import and export of goods and technology; wholesale
and retail of textile machinery and parts, metal materials (excluding
precious metals), hardware, electrical apparatus, machine tools, textile
fabrics. |
|
|
|
|
No. of Employees : |
Not Available |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
Company
Name and address
Shaoxing Shilong Machinery Import and Export Co., Ltd.
Yuezhou
bridge north, north line, 104 national road,
shaoxing, zhejiang
PROVINCE, 312000 PR CHINA
TEL: 86 (0)
575-88770781 FAX: 86 (0) 575-88770780
EXECUTIVE
SUMMARY
INCORPORATION DATE : AUGUST 24, 1998
REGISTRATION NO. : 330600000097952
REGISTERED LEGAL FORM : Limited liabilities co.
STAFF STRENGTH : n/a
REGISTERED CAPITAL : CNY
8,930,000
BUSINESS LINE :
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 6.208= 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 correct address is the heading one.
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 Aug. 24, 1998.
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 import and export of goods and technology;
wholesale and retail of textile machinery and parts, metal materials (excluding
precious metals), hardware, electrical apparatus, machine tools, textile
fabrics.
SC is mainly engaged in trading of goods.
Ling Rongwei is
legal representative and executive director of SC at present.
SC declined to
disclose employee’s information
at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in Shaoxing. Detailed premise information is not available at
present.
SC is not known to host website of its own at present.
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 |
|
2010-6-12 |
Registration no. |
3306002113697 |
Present one |
|
2014-9-24 |
Company’s name |
Shaoxing Shilong Textile Machinery Co.,
Ltd. |
|
|
2015-4-22 |
Registered capital |
CNY 5,180,000 |
Organization Code:
704483151
MAIN
SHAREHOLDERS:
Name Amount
(CNY) % of Shareholding
Zhao Lingdi 2,000,000 22.40
Ling Jianfeng 200,000 2.24
Ling Rongwei 6,730,000 75.36
l Legal
Representative and executive director:
Ling Rongwei is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal
representative and executive director.
l General Manager:
Ms. Zhao Lingdi is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
Also working in Zhejiang Dongsheng Precision
Machinery Co., Ltd. as legal representative.
l
Supervisor:
Ling Jianfeng
SC is mainly engaged in trading of goods.
SC’s products
mainly include: textile machinery.
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% to overseas
market.
The buying terms of SC include Check, T/T 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.
Zhejiang
Dongsheng Precision Machinery Co., Ltd.
=====================================
Incorporation
Date: Apr. 11, 2006
Registration
No.: 330600000052035
Registered
Legal Form: Limited Liabilities Co.
Legal
representative: Zhao Lingdi
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 did
not know about the information of the given account number and the given bank.
She declined to release its bank information, and we could not find SC’s bank
information from outside sources. Therefore, bank reference is not available.
SC’s accountant
refused to release the financial information.
SC has developed for 17 years. Due to lack of financial statements, we
are unable to determine the maximum credit limit for SC.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.