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MIRA INFORM REPORT
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Report No. : |
491278 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
Linyi Xiangyun
Wood-Plastic Composite Co., Ltd. |
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Registered Office : |
No. 1197, Fengyi Street, Industrial Park, Hedong District, Linyi City,
Shandong Province, 276000 Pr |
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Country : |
China |
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Date of Incorporation : |
13.04.2010 |
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Credibility Code
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913713005522498834 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Subject is mainly engaged in manufacturing and selling of plastic wood
products and bamboo products. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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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
Linyi Xiangyun Wood-Plastic Composite Co., Ltd.
No. 1197, fengyi street, industrial park,
hedong district,
linyi city, shandong PROVINCE, 276000 PR CHINA
TEL: 86 (0) 13954978661 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE :
APR. 13, 2010
CREDIBILITY CODE :
913713005522498834
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH :
N/A
REGISTERED CAPITAL : USD 1,250,000
BUSINESS LINE :
Manufacturing & TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
UNKNOWN
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
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 Chinese-foreign equity joint venture enterprise
at local Administration for industry & commerce (AIC - the official body of
issuing and renewing business license) on Apr. 13, 2010.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing and selling
plastic wood products and bamboo products.
SC is mainly engaged in manufacturing and selling plastic wood products
and bamboo products.
Wang Shouqi has been legal representative and chairman of SC since 2016.
SC’s management declined to disclose its staff strength.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Linyi. The
detailed information of the premise is unspecified.
http://www.xysumu.com
The design is professional and the content is well organized. At present it is
in Chinese version.
Email: lyxy@163.com
Changes of its
registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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2016-09-09 |
Legal representative |
Wang Jicai |
Present one |
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Shareholders |
Linli Libo Kitchen & Bath Hardware Co., Ltd. (Literal Translation)
60% Mr. Rahmatullah (Pakistani businessman) 40% |
Present ones |
HS Code: 3715932387
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Linyi Jiahao International Trading Co., Ltd. 60
Mr. Rahmatullah (Pakistani businessman) 40
Linyi Jiahao International Trading Co., Ltd.
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Credibility Code: 91371300062990708N
Legal representative: Wang Shouqi
Date of incorporation: 2013-03-08
l Legal
representative and Chairman:
Wang Shouqi is currently responsible for the overall management of SC.
Working Experience(s):
From 2016 to present Working in SC as legal
representative and chairman
Also working in Linyi Jiahao International
Trading Co., Ltd. and Rizhao Shida Stone Co., Ltd. as legal representative,
etc.
l General Manager and
Director:
Wang Shouping is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager
and director.
l
Director:
Wang Jicai
l
Supervisors:
Li Zhaoling
Wang Jilei
SC is mainly
engaged in manufacturing and selling plastic wood products and bamboo products.
SC’s products
mainly include: guardrail, floor, seat, pavilion, etc.
Trademarks & patents
No record
SC sources its materials 100% from domestic
market. SC sells 100% of its products in domestic 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 and Credit of 30-60 days.
Note: SC’s management declined to release its customer and supplier
details.
Industry code:
2100
Industry name:
Furniture Manufacturing
The gross domestic product of China in 2016 which is 74412.72 billion
that is increased 6.7% than previous year.
According to China's industrial information network statistics, in 2015,
the total industrial output value of enterprises above designated size of
furniture industry is 787.25 billion yuan, increased by 9.30% year-on-year, and
the total output value of Jan. to Oct. of Year 2016 is 674.23 billion yuan,
increased by 8% year-on-year. China is a large furniture producer, China has
more than 60,000 furniture manufacturing enterprises. Although the industry is
still in a highly decentralized state, but some small and medium enterprises
face closure and elimination, industry concentration is rising.
The downstream demand of China's furniture industry largely depends
on export. Since 2001, China's accession to the WTO, China's
furniture exports increased rapidly. From 2004 to 2015, furniture exports
increased from 10.17 billion US dollars to 53.535 billion US dollars, an
average annual growth rate of 16.30% (furniture exports was negative growth in
2009, due to the financial crisis).
China's furniture production capacity has occupied 25% of the world,
becoming the first real furniture manufacturing country. In 1978, the total
amount of China's furniture market is only 1.3 billion yuan, and in 2015, the
total amount has reached 787.25 billion yuan.
Rizhao Shida Stone
Co., Ltd.
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Credibility Code: 913711030713191072
Legal representative: Wang Shouqi
Date of incorporation: 2013-06-19
Linyi Xinxin
Handicrafts Co., Ltd.
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Credibility Code: 913713007275620398
Legal representative: Wang Shouqi
Date of incorporation: 2001-06-14
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 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.
Agricultural Bank of China Linyi Xianggong Sub-branch
AC#: 873401040006441
Relationship:
Normal
SC’s management declined to release any financial information.
SC was established
in 2010, taking into consideration of SC’s general performance, reputation as
well as market conditions we would rate SC as an above average credit risk
company. Due to lack of financial status, we are unable to recommend accurate
credit limit for SC. Credit dealings with SC in small amount appear acceptable.
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 10.12 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.