MIRA INFORM REPORT
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Report No. : |
343375 |
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Report Date : |
09.10.2015 |
IDENTIFICATION DETAILS
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Name : |
shanghai eureka
machinery import & export co., ltd. |
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Registered Office : |
Room 1701, 1727 Fortune Times Mansion, No. 1438 Shaanxi North Road,
Putuo District, Shanghai, 200060 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
22.08.2007 |
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Com. Reg. No.: |
310107000513490 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and exporting commodities and technology; selling machinery
& equipment. [With permits if needed]. |
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No. of Employees : |
11 |
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 : |
No Complaints |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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.
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Source
: CIA |
Company
name & address
shanghai eureka machinery import & export
co., ltd.
room 1701, 1727 fortune times mansion, no. 1438
shaAnxi north road,
PUTUO DISTRICT, shanghai, 200060 PR CHINA
TEL: 86 (0) 21-62999507 FAX: 86 (0) 21-62985160
EXECUTIVE
SUMMARY
INCORPORATION DATE : august 22, 2007
REGISTRATION NO. : 310107000513490
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. lin guoqiang (CHAIRMAN)
STAFF STRENGTH :
11
REGISTERED CAPITAL : CNY 4,600,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 47,060,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 4,950,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.3485 = 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 company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on August 22, 2007.
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 importing and exporting commodities
and technology; selling machinery & equipment. [with permits if needed].
SC is mainly engaged in trading machinery & equipment.
Mr. Lin Guoqiang has been legal representative, chairman and general
manager of SC since 2007.
SC is known to have approx. 11 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Shanghai. Our checks
reveal that SC rents the total premise about 100 square meters.
SC is not known to host website of its own at present.
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2009 |
Registered capital |
CNY 2,180,000 |
CNY 4,600,000 |
|
2010-6-30 |
Shareholder’s name |
Guowang Machinery Co., Ltd. |
Present one |
Tax registration no.: 310107666018899
Organization code: 666018899
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Guowang Machinery Group Co., Ltd. 52.6
Lin Guoqiang 24.9
Lu Zhihao 22.5
Guowang Machinery Group Co., Ltd.
============================
Guowang (GW) Machinery Group Co., Ltd. is one of the professional
after-printing equipment manufacturers in China. Founded in 1993, GW is a
Sino-German joint venture that integrates development, design, production,
sales and service into a whole body. Over the past two decades, GW has been
dedicated into research and development of hi-tech products on its own while
the combination of German, Japanese advanced technologies enable GW to make
leading high-quality products in the industry.
Incorporation date: 1993-6-16
Registration no.: 330381000053875
Legal rep.: Lin Guoping
Address: Industrial part, Songqiao, Wanquan Town, Pingyang County,
Zhejiang Province
Tel: 0577-5811 1111
Fax: 0577-58111090
E-mail: master@guowang.com
Legal representative, chairman and general manager:
Mr. Lin Guoqiang, with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 2007 to present Working in SC as chairman, legal representative and
general manager.
Also working in Wenzhou Oulite Mechanical Equipment Co., Ltd. (in
Chinese Pinyin) as legal representative
Supervisor:
Lu Zhihao
SC is mainly engaged in trading machinery & equipment.
Main Products: printing & packaging machinery& equipment, paper
cutting machinery& equipment.
SC sources its materials 95% from domestic market, mainly Zhejiang
Province, and 5% from overseas market. SC sells 95% of its products to overseas
market, and 5% in domestic market.
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.
Trademarks & Patents
No record
Note: SC refused
to release its major suppliers and clients.
Wenzhou Oulite Mechanical Equipment Co., Ltd. (in Chinese Pinyin)
==================================================
Incorporation date: 2006-6-22
Registration no.: 330300400004147
Legal rep.: Lin Guoqiang
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.
Bank of China Shanghai Branch Putuo Sub-branch
AC#：N/A
Relationship: Normal.
Balance
Sheet
Unit: CNY’000
|
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as of Dec. 31, 2014 |
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Cash & bank |
1,910 |
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Inventory |
10 |
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Accounts receivable |
9,100 |
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Advances to suppliers |
0 |
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Other receivables |
2,970 |
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Other current assets |
0 |
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------------------ |
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Current assets |
13,990 |
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Long-term investments |
0 |
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Fixed assets net value |
230 |
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Projects under construction |
0 |
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Intangible assets |
0 |
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Other assets |
0 |
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------------------ |
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Total assets |
14,220 |
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|
============= |
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Short loans |
0 |
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Accounts payable |
7,380 |
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Advances from customers |
1,990 |
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Accrued payroll |
0 |
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Taxes payable |
-120 |
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Other accounts payable |
20 |
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Other current liabilities |
0 |
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----------------- |
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Current liabilities |
9,270 |
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Long term liabilities |
0 |
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------------------ |
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Total liabilities |
9,270 |
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Shareholders equities |
4,950 |
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------------------ |
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Total liabilities & equities |
14,220 |
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============= |
Income
Statement
Unit: CNY’000
|
|
as of Dec. 31, 2014 |
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Turnover |
47,060 |
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Cost of goods sold |
42,040 |
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Taxes and additional of main operation |
0 |
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Sales expense |
3,200 |
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Management expense |
1,080 |
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Finance expense |
-30 |
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Non-operating income |
20 |
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Non-operating expense |
10 |
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Profit before tax |
780 |
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Less: profit tax |
0 |
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Net profit |
780 |
Important
Ratios
=============
|
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as of Dec. 31,
2014 |
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*Current ratio |
1.51 |
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*Quick ratio |
1.51 |
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*Liabilities to assets |
0.65 |
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*Net profit margin (%) |
1.66 |
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*Return on total assets (%) |
5.49 |
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*Inventory /Turnover ×365 |
1 day |
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*Accounts receivable/Turnover ×365 |
71 days |
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*Turnover/Total assets |
3.31 |
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* Cost of goods sold/Turnover |
0.89 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in a small level.
The accounts receivable of SC is maintained in a fairly large level.
SC has no short-term loan in 2014.
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.16 |
|
|
1 |
Rs.99.78 |
|
Euro |
1 |
Rs.73.33 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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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.