MIRA INFORM REPORT
|
Report No. : |
349423 |
|
Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHINA ELECTRONICS ZHEJIANG COMPANY |
|
|
|
|
Registered Office : |
No. 408, Wensan Road, Xihu District,
Hangzhou, Zhejiang Province, 310012 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
11.03.1986 |
|
|
|
|
Com. Reg. No.: |
330000000056912 |
|
|
|
|
Legal Form : |
State-owned enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in selling machinery and electronic products. |
|
|
|
|
No. of Employee : |
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. 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 for the first time in
modern history. Still, China's per capita income is below the world average.
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
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 also 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 |
NOTE
In absence of financials, no credit limit could be recommended.
company name
and address
CHINA ELECTRONICS ZHEJIANG COMPANY
NO. 408, WENSAN ROAD, XIHU DISTRICT,
HANGZHOU, ZHEJIANG PROVINCE, 310012 PR CHINA
TEL: 86 (0) 571-88938727/88938759/88938748 FAX: 86 (0) 571-88938765
EXECUTIVE
SUMMARY
INCORPORATION DATE :
MAR. 11, 1986
REGISTRATION NO. : 330000000056912
REGISTERED LEGAL FORM : State-owned
enterprise
chief executive : MR. tang wei (general manager)
STAFF STRENGTH : N/A
REGISTERED CAPITAL : CNY 13,767,571
BUSINESS LINE :
trading
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : UNKNOWN
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
average
EXCHANGE RATE : CNY 6.35 = 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 given tel. no., fax no. and Email belong to “Hangzhou Jingxin
Electronics Co., Ltd.
SC was registered as a State-owned enterprise at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Mar. 11, 1986.
Company Status: State-owned enterprise This form of business in PR
China is defined as a commodity production or operational units of a
socialist character which in accordance with the law, has autonomy in
management, takes full responsibility for its profits and losses and
practices independent business accounting. It is a legal person established
directly by central / local government or enterprise owned by central or
local government. In theory, the liabilities of this form of enterprise are
ultimately borne by the government, since the adoption of company law in
mid-1994, the Chinese government has planned to separate the ownership from
management and liabilities bearing.
SC’s registered business scope includes parking services (<temporary
motor vehicle parking business license>, validity period as of Mar. 23,
2018). According to the import and export directory approved by the Ministry of
Foreign Trade and Economic Cooperation, importing and exporting farming tools,
instruments, light industrial products, ferrous metals, non-ferrous metals,
chemical products, rubber products, medical devices, machinery and equipment,
special machinery and equipment, ceramic products, exporting black-and-white
television, specialty crafts, importing non-metallic mineral products and
textile fibers, import and export agent of the above goods, importing and exporting goods and
technologies excluding the unified national joint ventures in 16 export
commodities and national implementation of the 14 kinds of imported goods;
processing with the imported materials and compensation trade agreement, barter
trade and transit trade; domestic sales of countries of the former Soviet
Union, Eastern Europe barter business, external to internal goods and imported
goods, property management.
SC is mainly engaged in selling machinery and electronic products.
Mr. Tang Wei is legal representative and general manager of SC at
present.
SC’s number of employees is not available at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Hangzhou. SC’s management
declined to release detailed information of the premise.
http://www.elepow.com
; http://www.cezjc.com The design is professional and the content is
well organized. At present both are in English version.
E-mail: info@elepow.com ; cezjc@cezjc.com
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 |
|
2004-2-26 |
Registered capital |
CNY 22,500,000 |
Present amount |
|
2011-4-19 |
Registration no. |
3300001002243 |
Present one |
Organization Code: 14291043X
Credibility Code: 9133000014291043XN
MAIN SHAREHOLDERS:
Name % of Shareholding
China National Electronics Import and Export Corporation 100
Incorporation date: Apr. 15, 1980
Registration no.: 100000000001068
Registered capital: CNY 694,216,000
Legal rep.: Qu Huimin
E-mail: ceiec@ceiec.com.cn
Tel.: +86-10-52579999
Fax: +86-10-52579000
Add: New CEIEC Building, Building A, Guohai Plaza,
No. 17 Fuxing Road, Haidian District, Beijing
Legal
Representative and General Manager:
Mr. Tang Wei is currently responsible for the overall management of SC.
Working
Experience(s):
At present
Working in SC as legal representative and general manager.
SC is mainly engaged in selling machinery and electronic products.
SC’s products mainly include:
Power Machinery
engine
generator
water pump
big diesel
generator
inverter
generator
pressure washer
Farm & garden Machinery
tiller
barrow
mower
tractor implements
rice reaper
Construction Machinery
impact rammer
compactor
power trowel
concrete cutter
concrete vibrator
vibratory road roller
breaker
Renewable Energy System
wind generator system
solar-wind system
SC sources its materials 100% from domestic market. SC sells 100% of its
products to overseas market, mainly Europe, America
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 refused to release its major suppliers and clients.
The given tel. no. 0571-82814526 belongs to Hangzhou Jingxin Electronics
Co., Ltd.. According to the female staff who answered the phone, SC is an
export agent of Hangzhou Jingxin Electronics Co., Ltd. but she refused to
release the details.
Hangzhou Jingxin Electronics Co., Ltd.
===============================
Registration no.: 330181000047236
Incorporated date: 1998-3-23
Legal representative: Chen Tianxiao
Website: http://chinahzjinglong.1688.com
Email: hzjingxin@yahoo.com.cn ; jxdz@chinajldz.com.cn ; cnjingxin@chinajldz.com.cn
Tel.: 86 0571 82814526/82221117/82222453
Fax: 86 0571 82814526/82814786/82221040
|
Registration No. |
1165521 |
11605422 |
6412116 |
|
Registration Date |
1998-4-7 |
2014-3-21 |
2010-3-28 |
|
Trademark Design |
|
|
|
SC is not known to have any 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.
SC’s management declined to release the bank information of SC.
SC’s management declined to release any financial information.
SC has been in its line with a development history of 29 years. Taking
into consideration of SC’s general performance, reputation as well as market
conditions we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.35 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
ANK |
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.