MIRA INFORM REPORT
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Report No. : |
343703 |
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Report Date : |
10.10.2015 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU JINGXIN ELECTRONICS CO., LTD. |
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Registered Office : |
Room 1801 West Unit, Bldg. B Jinmao Building No. 420 Shixin Middle
Road, Xiaoshan District Hangzhou, Zhejiang Province 311200 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.03.1998 |
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Com. Reg. No.: |
330181000047236 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in
selling electronic products. |
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No. of Employee : |
15 |
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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Maximum Credit Limit : |
USD
30,000 |
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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 – 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 foreignTRADE 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 globalFINANCIAL crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the dailyTRADING 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 andOIL, 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 AND ADDRESS
HANGZHOU JINGXIN ELECTRONICS CO., LTD.
ROOM 1801 WEST
UNIT, BLDG. B JINMAO BUILDING
NO. 420 SHIXIN
MIDDLE ROAD, XIAOSHAN DISTRICT
HANGZHOU, ZHEJIANG
PROVINCE 311200 PR CHINA
TEL: 86 (0)
571-82814526/82221117/82222453
FAX: 86 (0)
571-82814786/82221040
EXECUTIVE
SUMMARY
Date
of Registration :
march 23, 1998
REGISTRATION
NO. : 330181000047236
LEGAL
FORM : Limited liabilities company
REGISTERED
CAPITAL : cny 2,840,000
staff :
15
BUSINESS
CATEGORY : trading
Revenue :
CNY 3,068,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 3,360,000 (AS OF DEC. 31, 2014)
WEBSITE : http://chinahzjinglong.1688.com
E-MAIL :
annzhao@chinajldz.com.cn
PAYMENT
:
AVERAGE
Recommended
Credit Limit : UP TO USD 30,000
MARKET
CONDITION :
AVERAGE
FINANCIAL
CONDITION : FAIRLY
STABLE
OPERATIONAL
TREND :
ORDINARY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
6.36 = 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.: 330181000047236 on March 23, 1998.
SC’s Organization Code Certificate No.: 14339257-4
SC’s Tax No.: 330181143392574
SC’s registered capital: cny 2,840,000
SC’s paid-in capital: cny 2,840,000
Registration
Change Record:-
|
Date |
Change of
Contents |
Before the change |
After the
change |
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Company Name |
Xiaoshan Transistor Factory |
Hangzhou Xiaoshan Transistor Factory |
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Company Name |
Hangzhou Xiaoshan Transistor Factory |
Hangzhou Jingxin Electronics Co., Ltd. |
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Registration No. |
3301812110383 |
330181000047236 |
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Shareholder (s) |
Yu Xiuping 20% Chen Tianxiao 80% |
Chen Feng 20% Chen Tianxiao 80% |
Current Co
search indicates SC’s shareholders & chief executives are as follows:-
|
Name of
Shareholder (s) |
% of Shareholding |
|
Chen Feng |
20 |
|
Chen Tianxiao |
80 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Chen Tianxiao |
|
Supervisor |
Chen Feng |
RECENT
DEVELOPMENT
No recent development
was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Chen Feng 20
Chen Tianxiao 80
MANAGEMENT
Chen Tianxiao, Legal
Representative, Chairman and General Manager
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Ø Gender: M
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Supervisor
-------------
Chen Feng
BUSINESS
OPERATION
SC’s registered business scope includes packing electronic piano, electronic toys, electronic accessories,
energy-saving lamps, electronic music doorbell, electronic arts and crafts; and
installing energy saving lamps.
SC is mainly engaged in selling electronic
products.
SC’s products mainly include:
Single chip
Voice chip
Card chip
Plush toy chip
Music Cup chip
SC sources its products 100% from domestic market. SC sells 20% of its
products in domestic market, and 80% 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.
Staff
& Office:
--------------------------
SC is known to have approx. 15 staff at present.
SC rents an area as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is not known to have any subsidiary at present.
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 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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2014 |
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Total assets |
3,470 |
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Total liabilities |
110 |
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Equities |
3,360 |
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Revenue |
3,068 |
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Profits |
150 |
Important Ratios
=============
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As
of Dec. 31, 2014 |
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*Liabilities
to assets |
0.03 |
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*Net profit
margin (%) |
4.89 |
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*Return on
total assets (%) |
4.32 |
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*Revenue /
Total assets |
0.88 |
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 low.
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.64.78 |
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|
1 |
Rs.99.54 |
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Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
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.