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MIRA INFORM REPORT
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Report No. : |
492004 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DUOLENG NEW MATERIAL CO., LTD. |
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Registered Office : |
Longtian Village, Jiaomei Town, Longhai
City, Fujian Province |
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Country : |
China |
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Date of Incorporation : |
13.05.1999 |
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Unified Social
Credit Code : |
9135060061147810XH |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Registered business scope includes manufacturing
saw blade, steel shot, steel shot cutting tools and abrasives |
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No. of Employees : |
350 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March
2016, emphasizes the need to increase innovation and boost domestic consumption
to make the economy less dependent on government investment, exports, and heavy
industry. However, China has made more progress on subsidizing innovation than
rebalancing the economy. Beijing has committed to giving the market a more
decisive role in allocating resources, but the Chinese Government’s policies
continue to favor state-owned enterprises and emphasize stability. Chinese
leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year
Plan includes annual economic growth targets of at least 6.5% through 2020 to
achieve that goal. 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.
Chinese leaders also have undermined some market-oriented reforms by
reaffirming the “dominant” role of the state in the economy, a stance that
threatens to discourage private initiative and make the
economy less efficient over time. The slight acceleration in economic growth in
2017—the first such uptick since 2010—gives Beijing more latitude to pursue its
economic reforms, focusing on financial sector deleveraging and its Supply-Side
Structural Reform agenda, first announced in late 2015.
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Source
: CIA |
company
name and address
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COMPANY NAME |
Duoleng New Material Co., Ltd. |
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CURRENT ADDRESS |
Side Of The Train Station Of Jiaomei Town,
Longhai City, Fujian Province 363107 PR China |
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REGISTERED
ADDRESS |
Longtian Village, Jiaomei Town, Longhai
City, Fujian Province |
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TEL.
NO. |
86 (0) 596-8268535/6770683 |
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FAX
NO. |
86 (0) 596-6788523 |
***Note: SC's
Xiamen Office locates in the given address (2/F, Unit 98, Guanyinshan International
Business Center Siming District Xiamen City Fujian China).
EXECUTIVE
SUMMARY
Date of Registration : may 13, 1999
Unified Social Credit Code : 9135060061147810XH
LEGAL FORM : Shares limited company
REGISTERED CAPITAL : CNY 66,000,000
staff :
350
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
n/a (AS OF DEC. 31, 2016)
EQUITIES :
n/a (AS OF DEC. 31, 2016)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
NO COMPLAINTS
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
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 shares limited company of PRC with State Administration of Industry &
Commerce (SAIC) under Unified Social Credit Code: 9135060061147810XH.
SC’s registered capital: CNY 66,000,000
SC’s paid-in capital: CNY 66,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
|
2016-5-18 |
Registration No./ Unified Social Credit Code |
350600400000204 |
9135060061147810XH |
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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Fujian Duoleng Steel Group Co., Ltd. |
76.97 |
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Fujian Duoleng Logistics Co., Ltd. |
11.91 |
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Wang Youjie |
11.12 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative, Chairman and General
Manager |
Wang Youjie |
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Director |
Wang Yeping |
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Zhang Ruifen |
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Wang Xinhui |
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Huang Chaobao |
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Supervisor |
Zhou Yajuan |
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Chen Chunhui |
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|
Wang Peiyuan |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Fujian Duoleng Steel Group Co., Ltd. 76.97
Fujian Duoleng Logistics Co., Ltd. 11.91
Wang Youjie 11.12
Fujian Duoleng Steel Group Co., Ltd.
---------------------------------------------
Date of Registration: March 31, 1994
Unified Social Credit Code: 91350681611943761Y
Registered Capital: CNY 100,000,000
Tel: 86 (0) 592-8268535
Fax: 86 (0) 592-8268556
Web: www.duoleng.com
Fujian Duoleng Logistics Co., Ltd.
------------------------------------------
Date of Registration: July 7, 2009
Unified Social Credit Code: 91350681691904892K
Registered Capital: CNY 10,000,000
MANAGEMENT
Wang Youjie, Legal Representative, Chairman and General
Manager
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Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative,
chairman and general manager
Director
-----------
Wang Yeping
Zhang Ruifen
Wang Xinhui
Huang Chaobao
Supervisor
--------------
Zhou Yajuan
Chen Chunhui
Wang Peiyuan
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing saw
blade, steel shot, steel shot cutting tools and abrasives.
SC is mainly
engaged in manufacturing and selling saw blade, steel shot, steel shot cutting
tools and abrasives.
SC’s products
mainly include: alloy angular steel grit & steel shot, etc.
SC sources its materials 100% from domestic market, mainly Fujian. SC sells 40% of its products in domestic market, and 60% to overseas market, mainly USA, etc.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
*Major Customers*
==============
Wesmat Supplies
Ltd.
Marco Corporate
Staff & Office:
--------------------------
SC is known
to have approx. 350 staff at
present.
SC rents an area
as its operating office & factory of approx. 60,000 sq. meters at the
heading address.
RELATED
COMPANY
Xiamen
Duoleng Renewable Resources Technology Co., Ltd.
Xiamen
Duoleng Import & Export Co., Ltd.
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 records 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
Basic Bank:
Fujian
Zhangzhou Industrial Bank Jiaomei Sub-branch
AC#:
162030100100007209
FINANCIALS
SC's financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered medium-sized in its line with 19 years history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.28 |
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|
1 |
INR 89.02 |
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Euro |
1 |
INR 78.93 |
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CNY |
1 |
INR 10.10 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIS |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.