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MIRA
INFORM REPORT
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Report No. : |
485529 |
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Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
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Name : |
YONGKANG LEGEND GARDEN MACHINERY FACTORY |
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Registered Office : |
2-3/F Workshop 1 No. 501 Xita Road Chengxi New
Dist. Yongkang Zhejiang Province, Pr |
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Country : |
China |
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Date of Incorporation : |
16.03.2011 |
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Credibility Code.: |
91330784570599625C |
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Legal Form : |
Sole Proprietorship enterprise |
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Line of Business : |
Manufacturing and processing hardware tools, garden tools, mechanical
accessories, tourism and leisure products; importing and exporting goods and
technologies |
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No. of Employees : |
38 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured 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 allowed resumption of a gradual liberalization. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi (RMB) after the currency was accepted as part of the IMF’s special drawing rights basket. After engaging in one-way, large-scale intervention to resist appreciation of the RMB for a decade, China’s 2016 intervention in foreign exchange markets has sought to prevent a rapid RMB depreciation that would have negative consequences for the United States, China, and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) servicing its high corporate debt burdens to maintain financial stability; (c) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (d) dampening speculative investment in the real estate sector; (e) reducing industrial overcapacity; and (f) raising productivity growth rates through the more efficient allocation of capital. 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 only marginal progress toward these rebalancing goals. Under President XI Jinping, Beijing has signaled its understanding that China's long-term economic health depends on giving the market a more decisive role in allocating resources, but has moved slowly on market-oriented reforms because of potential negative consequences for stability and short-term economic growth. He has also increased state-control over key sectors and Party control over state-owned enterprises. 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.
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Source
: CIA |
Company Name and address
Company Name : YONGKANG LEGEND GARDEN MACHINERY FACTORY
Address : NO. 501 XITA ROAD CHENGXI INDUSTRIAL
ZONE YONGKANG ZHEJIANG P
ROVINCE, PR CHINA
Telephone : 0086-579-87557330
Facsimile : 0086-579-87557330
Website : http://www.zjlegend.com/
Email :
sale@zjlegend.com
Note: We dialed the given number 86-579-89260081 many times but no one answered
REGISTRATION INFORMATION
Established Date : 2011-03-16
Credibility Code : 91330784570599625C
Legal Form : Sole
Proprietorship enterprise
Issuing Authority : Administration for Industry
& Commerce (AIC) - Yongkang
Status : Active
Registered Capital : --
Turnover : --
Equities : --
Principal : Zheng
Xiuxing
Business Line : Manufacturer
Manpower : 38
Tax Registration
Certificate No. : 91330784570599625C
Organization Code : 57059962-5
HS code : 33079669AV
Import &
Export code: 3300570599625
Financial Condition : --
Business Size : Small Enterprise
Payment : Unknown
Registered Address
2-3/f workshop 1 no.
501 xita road chengxi new dist. yongkang zhejiang PROVINCE, PR CHINA
Company Status: Sole Proprietorship enterprise
This form of business in PR China is a private enterprise formed by an
individual, which does not have the legal person or limited liability status.
The co. is solely operated by the sole investor who is responsible for all
risks & liabilities of the co.
Premise
The subject operates from premises located at
the heading address, and this address houses its operating office and factory
in Yongkang. Our checks reveal that the subject rents the total premise, but
the square meters are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Principal |
Zheng Xiuxing |
Chinese |
MAJOR SHAREHOLDERS
Name % Shareholding
Zheng Xiuxing 100
KEY EVENTS
No Significant Changes.
BUSINESS OPERATIONS
The subject’s registered business scope includes manufacturing and
processing hardware tools, garden tools, mechanical accessories, tourism and
leisure products; importing and exporting goods and technologies.
The subject is mainly engaged in
manufacturing and selling hardware tools & garden tools.
Products:
Ground drill
Ice soil drill.
Micro tillage machine
Hand push lawn mower
Parts
Etc.
The
subject sources its materials 95% from domestic market, and 5% from overseas
market. the subject sells 30% of its products in domestic market, and 70% to
overseas market, mainly Russia, Vietnam, etc.
The
buying terms of the subject include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of the subject include Check, T/T, L/C and Credit of 30-60
days.
SUPPLIER & CUSTOMER
No record.
RELATED COMPANIES
No Subsidiary
NEGATIVE INFORMATION
Lawsuit Record: No record.
Trade payment experience: The subject 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 the subject was placed to us for collection
within the last 6 years.
Customs administrative penalty: No record.
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at
present.
TRADEMARK
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Registration No. |
Registration Date |
Trademark Design |
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21122041 |
2016-08-26 |
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16651456 |
2015-04-07 |
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Etc.
PATENT
No record.
BANKING
The subject declined to release its banking details.
ABBREVIATED FINANCIAL STATEMENT
As a Sole Proprietorship enterprise, the
subject doesn’t have the legal person or limited liability status and needn’t
to submit the financials to the local AIC.
COMMENT
The subject was registered as a Sole Proprietorship enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
The subject is considered small-sized in its line with 7 years’ development
history. The credit amount should be confined into small amount at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.74 |
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1 |
INR 86.01 |
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Euro |
1 |
INR 76.14 |
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CNY |
1 |
INR 9.84 |
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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VAR |
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Report Prepared
by : |
KET |
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.