MIRA INFORM REPORT
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Report No. : |
344082 |
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Report Date : |
13.10.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG ZHENDONG LEISURE PRODUCTS CO., LTD. |
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Registered Office : |
No.3 West Street, Xunqiao Town, Linhai, Zhejiang Province 317024 Pr |
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Country : |
China |
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Date of Incorporation : |
01.08.1992 |
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Com. Reg. No.: |
331082000056017 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in manufacturing and selling steel plastic
furniture. |
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No. of Employees : |
130 |
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 – 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
ZHEJIANG ZHENDONG LEISURE
PRODUCTS CO., LTD.
NO.3 WEST STREET, XUNQIAO TOWN
LINHAI, ZHEJIANG PROVINCE 317024 PR CHINA
TEL: 86 (0) 13626676776
FAX: N/A
***Note: SC’s
complete address should be the heading one.
EXECUTIVE
SUMMARY
Date of Registration : AUGUST 1, 1992
REGISTRATION NO. : 331082000056017
LEGAL FORM : LIMITED
LIABILITIES COMPANY
CHIEF EXECUTIVE :
LU
XIUDONG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY
6,800,000
staff :
130
BUSINESS CATEGORY :
manufacturing & TRADING
Revenue :
n/a (AS
OF DEC. 31, 2014)
EQUITIES :
n/a (AS
OF DEC. 31, 2014)
WEBSITE : www.cnzhendong.com
E-MAIL :
sonia@cnzhendong.com
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.35 = 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.:
331082000056017 on August 1, 1992.
SC’s Organization Code Certificate No.:
14797576-9
SC’s Tax No.: 331082147975769
SC’s registered capital: CNY 6,800,000
SC’s paid-in capital: CNY 6,800,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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2010-09-03 |
Registered Capital |
CNY 2,100,000 |
CNY 6,800,000 |
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Company Name |
Linhai Zhendong Leisure Products Co., Ltd. |
Zhejiang Zhendong Leisure Products Co., Ltd. |
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Shareholder (s) (% of Shareholding) |
Chen Xingli 10% Chen Xingzu 10% Jiang Xiuguo 20% Lu Xiudong 30% Xu Yongxing 30% |
Chen Xingli 7.14% Chen Xingzu 7.14% Jiang Xiuguo 7.14% Lu Qiaojin 7.14% Xu Yongxing 21.44% Lu Xiudong 50% |
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2010-09-08 |
Registration No. |
3310822104703 |
331082000056017 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Chen Xingli |
7.14 |
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Chen Xingzu |
7.14 |
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Jiang Xiuguo |
7.14 |
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Lu Qiaojin |
7.14 |
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Xu Yongxing |
21.44 |
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Lu Xiudong |
50 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman and General Manager |
Lu Xiudong |
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Supervisor |
Xu Yongxing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Chen Xingli 7.14
Chen Xingzu 7.14
Jiang Xiuguo 7.14
Lu Qiaojin 7.14
Xu Yongxing 21.44
Lu Xiudong 50
MANAGEMENT
Lu Xiudong, Legal
Representative, Chairman, and General Manager
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Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman, and general
manager
Xu Yongxing, Supervisor
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Gender: M
Qualification: University
BUSINESS OPERATION
SC’s registered business scope includes manufacturing steel plastic
furniture.
SC is mainly engaged in manufacturing and selling steel plastic
furniture.
SC’s products mainly include:
Leisure chairs series
Sun chairs series
Folding chairs series
SC sources its materials 100% from domestic market. SC sells 40% of its
products in domestic market, and 60% to overseas market, mainly Southeast Asia,
etc.
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. 130
staff at present.
SC rents an area as its operating office and factory, 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’s supplier declined to make any
commends.
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
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered small-sized in its line with 23 years history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.73 |
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1 |
Rs.99.30 |
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Euro |
1 |
Rs.73.60 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.