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MIRA INFORM REPORT
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Report No. : |
486386 |
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Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
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Name : |
TAIZHOU WANDA WHEEL MANUFACTURE CO., LTD. |
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Registered Office : |
Kongqiao Industrial Park, Xuzhuang Street, Gaogang District,
Taizhou City, Jiangsu Province, 225330 Pr |
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Country : |
China |
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Date of Incorporation : |
16.07.2002 |
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Credibility
Code : |
91321203740656152C |
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Legal Form : |
Limited liabilities co. |
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Line of Business : |
Subject registered business scope includes manufacture and
sales of casters, power tools, manual tools, garden machinery, bicycles,
tricycle accessories, intelligent equipment, hardware, cable bridge, busbar,
sling, tensioner, manual winch, scaffolding and accessories, industrial
automation control system equipment; sales of carton, rubber and plastic
products; common freight; import and export of goods and technology
(excluding those limited or prohibited by the state) (if needed with permit). |
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No. of Employees : |
60 |
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 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
TAIZHOU WANDA WHEEL MANUFACTURE CO., LTD.
Kongqiao industrial
park, xuzhuang street, gaogang district, taizhou city, JIANGSU PROVINCE, 225330
PR CHINA
TEL: 86 (0) 523-89501063 FAX: 86 (0) 523-89501338
EXECUTIVE
SUMMARY
INCORPORATION DATE : july 16, 2002
Credibility Code : 91321203740656152C
REGISTERED LEGAL FORM :
Limited liabilities co.
CHIEF EXECUTIVE : qiao feng (legal representative)
STAFF STRENGTH : 60
REGISTERED CAPITAL : CNY 1,060,000
BUSINESS LINE : TRADING and
manufacturing
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 limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing and
renewing business license) on July 16, 2002.
Company Status: Limited liabilities co. This form of business in PR China is defined as a legal
person. No more than fifty shareholders contribute its registered capital
jointly. Shareholders bear limited liability to the extent of shareholding,
and the co. is liable for its debts only to extent of its total assets. The
characteristics of this form of co. are as follows: Upon the establishment of the co., an investment
certificate is issued to the each of shareholders. The board of directors is comprised of three to thirteen
members. The minimum registered capital for a co. is CNY 30,000. Shareholders may take their capital contributions in
cash or by means of tangible assets or intangible assets such as industrial
property and non-patented technology. Cash contributed by all shareholders must account for at
least 30% of the registered capital. Existing shareholders have pre-exemption right to
purchase shares of the co. offered for sale by the other shareholders and
to subscribe for the newly increased registered capital of the co.
SC’s registered business scope includes manufacture and
sales of casters, power tools, manual tools, garden machinery, bicycles, tricycle
accessories, intelligent equipment, hardware, cable bridge, busbar, sling,
tensioner, manual winch, scaffolding and accessories, industrial automation
control system equipment; sales of carton, rubber and plastic products; common
freight; import and export of goods and technology (excluding those limited or
prohibited by the state) (if needed with permit).
SC is mainly engaged in manufacturing and selling wheels.
Qiao Feng is legal representative, executive director and
general manager of SC at present.
SC is known to have approx. 60 employees at present.
SC is currently operating at the above stated address, and
this address houses its operating office and factory in the industrial zone of
Taizhou. Detailed premise information is not available at present.
http://www.castercn.com/
The design is professional and the content is well organized. At present it is
in English and Chinese versions.
Email: info@castercn.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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Unknown |
Registration no. |
321283000028731 |
Credibility Code: 91321203740656152C |
HS Code: 3212961489
Import/ Export License Number:
3200740656152
For the past two years there is
no record of litigation.
MAIN SHAREHOLDERS:
Name Amount
(CNY) % of Shareholding
Qiao Feng 830,000 78.30
Yu Fei 230,000 21.70
Legal Representative, Executive Director and General Manager:
Qiao Feng is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working
in SC as legal representative, executive director and general manager.
Supervisor:
Ji Meilan
SC is mainly engaged in manufacturing and selling wheels.
SC’s products mainly include: Light Duty Casters,
Light-Medium Duty Casters, Heavy Duty Casters, Polyurethane Wheels, Plastic
& Resin Wheels, etc.
SC sells its products in domestic market, and to overseas
market.
The payment terms of SC include Check, T/T, L/C and Credit
of 30-60 days.
Note: SC declined to release its major suppliers and
clients.
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Registration
No. |
6254029 |
4368795 |
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Registration
Date |
2010-02-07 |
2007-08-07 |
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Trademark
Design |
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Industry
name: Other metal products manufacturing
The gross domestic product of China in 2016 which is
74412.72 billion that is increased 6.7% than previous year.
From 2011 to 2015, main business income of Chinese metalwork
industry has been a rising trend, but growth rate has been declining, the
growth rate has declined from 30.5% in 2011 to 4.5% in 2015. Main business
income of Chinese metalwork industry was 3701.670 billion Yuan in 2015, and
increased by 4.5% year-on-year.
From 2011 to 2015, total profit of Chinese metalwork
industry has been a rising trend, but growth rate has been declining, the growth
rate has declined from 30.2% in 2011 to 4.7% in 2015. Total profit of Chinese
metalwork industry was 210.22 billion Yuan in 2015, and increased by 4.7%
year-on-year.
SC is not known to have the subsidiary
at present.
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 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.
Bank of China Taizhou Gaogang Sub-branch
A/C #: 510558206225
Relationship: Normal
SC’s accountant refused to release the financial
information.
SC is considered small-sized in its line with a development
history of 16 years. Due to lack of financial statements,
we are unable to determine the maximum credit limit for SC. Taking into
consideration of all the factors above, 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 63.98 |
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1 |
INR 88.13 |
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Euro |
1 |
INR 78.35 |
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CNY |
1 |
INR 9.92 |
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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PRA |
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Report Prepared
by : |
TRU |
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.