MIRA INFORM REPORT

 

 

Report Date :           

10.10.2011

 

IDENTIFICATION DETAILS

 

Name :

GLOVE UNION INTERNATIONAL INC. (LIMITED)

 

 

Registered Office :

Room 1106, 11th Floor, Time Business Mansion, No. 76, Gucui Road, Hangzhou, Zhejiang Province 310013 Pr

 

 

Country :

China

 

 

Date of Incorporation :

12.01.2011

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

Private company with Limited Liability

 

 

Line of Business :

Exporting Gloves

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Nb

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

---

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

China

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

glove union international inc. (limited)

ROOM 1106, 11TH FLOOR, TIME BUSINESS MANSION, NO. 76, GUCUI ROAD

HANGZHOU, ZHEJIANG PROVINCE 310013 PR CHINA

TEL: 86 (0) 571-28020380/28020382

FAX: 86 (0) 571-28010381

 

 

NARRATIVE REPORT

 

This refers to a type of report whose format is different from that of a standard report. Such type of report is provided when:

 

l         Information obtained is insufficient for compiling a standard report.

l         The enquired co has been out of business or its business address has been untraceable.

 

It should be noted that the time and manpower spent on preparing such type of report might be greater than those on a standard report. On many occasions, the information in this type of report still indicates the current status of the enquired co. and serves as a useful reference to assess its credit standing.

 

 

Adopted abbreviations

(as follows)

 

SC - Subject Company (the company inquired by you)

N/A – Not available

CNY – China Yuan Ren Min Bi

 

 

CHECK ON SC’S REGISTERED TELEPHONE LINE

 

˛        According to the given English name, we found its contact ways

 

TEL: 86 (0) 571-28020380/28020382

FAX: 86 (0) 571-28010381

 

When we dialed the above telephone number, a lady Ms. Xiao answered the phone. She admitted the English name, and told us its registered English name is “Glove Union International Limited”, and the Chinese name in translation is “协和手套国际有限公司”, which is registered in Hong Kong, but mainly operates in Hangzhou, Zhejiang Province, PRC China, there is no one working in Hong Kong.

 

˛        Ms. Xiao introduced the below information,

 

A.      SC is mainly engaged in exporting gloves.

B.      SC’s products mainly include:

Women's Leather Glove

Men's Leather Glove

Women's Lamb Nappa Leather Glove

Women's Sheep Nappa Glove

Women's Lamb Suede Glove

   

 

C.      SC sources its products 100% from domestic market, mainly Zhejiang Province, and sells 100% of its products to overseas market, mainly Europe, Asia, Etc.

 

D.      SC has some cooperation factories in Zhejiang, such as Zhejiang Province Sanmen County Lianyi Leather Product Factory, etc.

 

E.      SC’s website is www.gloveunion.com, and the e-mail is sales@gloveunion.com.

 

 

SPOT VISIT

 

Room 1106, 11th Floor, Time Business Mansion, No. 76, Gucui Road, Hangzhou, Zhejiang Province 310013 PR China

 

Ms. Xiao released that SC is currently working there.

 

 

REGISTRATION

 

According to the Chinese name  “协和手套国际有限公司” Ms. Xiao released, a research was conducted with Hangzhou municipal & Zhejiang Provincial Administration of Industry & Commerce (the official body of issuing and renewing business license), but no record of SC was found.

 

During our check with Hong Kong Registry, we found the following registration about SC,

Company Name           : Glove Union International Limited

Company File No.        : 1551123

Date of Registration     : January 12, 2011

Legal Form                  : Private

Status                          : Live

 

 

CONCLUSIONS

 

SC is considered small-sized in its line with short operation history. Credit dealings with SC should be confined into C.O.D. to small amount at present.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.75.97

Euro

1

Rs.65.99

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.