MIRA INFORM REPORT
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Report No. : |
321051 |
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Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
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Name : |
WENZHOU KANGTUO INTERNATIONAL TRADING CO., LTD. |
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Registered Office : |
3603-01, Huameng Business Plaza, No. 2, Chezhan Avenue, Lucheng District, Wenzhou, Zhejiang Province 325000 Pr |
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Country : |
China |
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Date of Incorporation : |
28.05.2013 |
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Com. Reg. No.: |
330302000166816 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is engaged in selling valves, pipe fittings, mechanical and electrical products, mechanical equipment, steel pipe, electrical and pneumatic components, wallpaper, pneumatic actuators; importing and exporting commodities and technologies. |
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No of Employees : |
3 |
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 – 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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 2011 more than 250 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 legislation allowing local governments to issue bonds, further opening several state-owned enterprises to 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
WENZHOU KANGTUO INTERNATIONAL TRADING CO., LTD.
3603-01, HUAMENG BUSINESS PLAZA, NO. 2, CHEZHAN
AVENUE, LUCHENG DISTRICT, WENZHOU, ZHEJIANG PROVINCE 325000 PR CHINA
TEL: 86 (0) 577-86000318 FAX: 86 (0) 577-86000311
EXECUTIVE
SUMMARY
INCORPORATION DATE : MAY 28, 2013
REGISTRATION NO. :
330302000166816
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
3
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.20 =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 Limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on May 28, 2013.
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 selling valves, pipe fittings, mechanical
and electrical products, mechanical equipment, steel pipe, electrical and
pneumatic components, wallpaper, pneumatic actuators; importing and exporting
commodities and technologies.
SC is mainly engaged in international trade.
Hu
Ping is the legal representative, chairman and general manager of SC at
present.
SC is known
to have approx. 3 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in Wenzhou. The detailed premise information is
unknown.
http://china-konte.com/ The design is professional and the content is
well organized. At present the web site is in English, Spanish and other
versions.
Email: sales@china-konte.com
SC started normal operation in Apr. of 2014.
No significant changes were found during our checks with the local Administration
for Industry and Commerce.
Organization code: 070653103
There is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
Chen Zhongshou 80
Hu Ping 10
Li Xiaodong 10
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Legal Representative, Chairman and General Manager:
Hu Ping is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
chairman and general manager.
l
Supervisor:
Chen Zhongshou
SC started normal operation in Apr. of 2014.
SC is mainly engaged in international trade.
Main products:
Pneumatic Actuator,
Electric Actuator (Rotary and Multi-Turn), Ball Valve (Industrial and
Sanitary), Butterfly Valve (Industrial and Sanitary), Pneumatic Angle Piston
Valve, Diaphragm Valve, Gate Valve, Globe Valve, Check Valve, etc.
SC sources its
materials 60% from domestic market and 40% from overseas market. SC sells 1% of
its products in domestic market and 99% 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 T/T, L/C, Check and Credit of 30-60 days.
Note: SC declined
to release its major suppliers and clients.
SC is not known to have the subsidiary at present.
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.
The banking
information of SC is unknown.
SC was established in 2013 and started normal operation in Apr. of 2014,
so its financial reports are not available at present.
SC was established in 2013 and started normal operation in Apr. of 2014,
so its credit has not been established yet. Credit dealings with SC are
recommended under secured terms.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.51 |
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1 |
Rs. 95.95 |
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Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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.