|
|
|
MIRA INFORM REPORT
|
Report No. : |
500559 |
|
Report Date : |
30.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
No. 42, Baixiong Road, Sanxing Street, Jinfeng Town, Zhangjiagang,
Jiangsu Province, 215624 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
28.07.2008 |
|
|
|
|
Credibility
Code : |
9132058267833264X4 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject registered business scope includes purchasing
& selling machinery equipment, metal materials, building materials,
textile raw materials and chemicals; importing & exporting commodities
and technology. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 early 2015, 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.
|
Source
: CIA |
Company
name and address
zhangjiagang runtop CO., LTD.
NO. 42, BAIXIONG ROAD, SANXING STREET, JINFENG TOWN,
ZHANGJIAGANG, JIANGSU province, 215624 PR CHINA
TEL: 86 (0) 512-58799180/58530258 FAX: 86 (0) 512-58539639
EXECUTIVE
SUMMARY
INCORPORATION DATE :
july 28, 2008
Credibility Code :
9132058267833264X4
REGISTERED LEGAL FORM : Limited liabilities
company
chief executive :
MR. HUANG DERUN (LEGAL
REPRESENTATIVE)
STAFF STRENGTH :
N/A
REGISTERED CAPITAL :
CNY 500,000
BUSINESS LINE :
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
Note:
Given tel. 0086-139 1568 8812 did not in service any more.
SC
was registered as a limited liabilities co. at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on July 28, 2008.
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 purchasing & selling machinery equipment,
metal materials, building materials, textile raw materials and chemicals;
importing & exporting commodities and technology.
SC
is mainly engaged in selling machinery equipment.
Mr.
Huang Derun is legal representative, executive director and general manager of
SC at present.
The
number of employees is not available at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in Zhangjiagang. SC’s employee refused to release the detailed information
of the premise.
SC
is not known to host website of its own at present.
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Shareholders and shareholdings |
Huang Chao 50% Huang Derun 50% |
Present ones |
|
Unknown |
Registration no. |
320582000165925 |
(Credibility code) 9132058267833264X4 |
HS
Code: 3215960794
Import/
Export License: 320067833264X
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Huang
Chao 40
Huang
Derun 60
Legal representative, executive director and general manager:
Mr.
Huang Derun, born in 1952, he 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.
Also
working in Zhangjiagang Runde Auto Accessories Co., Ltd. as legal
representative.
Supervisor:
Huang
Chao
SC
is mainly engaged in selling machinery equipment.
SC’s
products mainly include: machinery equipment.
SC
sources its materials 100% from domestic market. SC sells 100% of its products
to overseas market, mainly Russia and Malaysia.
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.
Note:
SC’s management refused to release its main clients and suppliers.
Industry code: 5100
Industry name: Wholesale
Industry
The
gross domestic product of China in 2016 which is 74,412.72 billion that is
increased 6.7% than previous year.
According to the Customs, total export-import volume of machinery
industry was USD 666.51 billion in 2015, a decrease of 8.13%, and it was 0.13% lower
than National foreign trade growth rate. The export volume was USD 388.76
billion, a decrease of 3.4%, and there had been a negative growth since the
international financial crisis in 2009. The import volume was USD 277.75
billion, a decrease of 14.1%, and import & export growth rate was higher
than the national average level of foreign trade. The cumulative annual trade
surplus was USD 111.01 billion. It reached a new peak and was USD 31.91 billion
more than last year.
Zhangjiagang
Runde Auto Accessories Co., Ltd.
==============================
Credibility
code: 91320582751421877X
Legal
representative: Huang Derun
Incorporation
date: 2003-06-25
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.
The
bank details are not available at present.
SC’s
management declined to release its financial details.
SC is considered a Limited liabilities co. with a development
history of 10 years. Due to lack of financial statements, we are unable to
determine the maximum credit limit for SC. Credit dealings with SC in small
amount appear acceptable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.04 |
|
|
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
|
CNY |
1 |
INR 10.36 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.