MIRA
INFORM REPORT
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Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
CHINAGROS INTERNATIONAL CORPORATION LIMITED |
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Registered Office : |
No. 188, Huangyan Industrial Zone, Taizhou, Zhejiang Province, 318020
Pr |
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Country : |
China |
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Date of Incorporation : |
-- |
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Com. Reg. No.: |
-- |
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Legal Form : |
-- |
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Line of Business : |
-- |
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No. of Employees : |
-- |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Not registered in China |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 - in 2010 China
became the world's largest exporter. Reforms began with the phasing out of
collectivized agriculture, and expanded to include the gradual liberalization
of prices, fiscal decentralization, increased autonomy for state enterprises,
creation of a diversified banking system, development of stock markets, rapid
growth of the private sector, and opening to foreign trade and investment.
China has implemented reforms in a gradualist fashion. In recent years, China
has renewed its support for state-owned enterprises in sectors it considers
important to "economic security," explicitly looking to foster
globally competitive national champions. After keeping its currency tightly
linked to the US dollar for years, in July 2005 China revalued its currency by
2.1% against the US dollar and moved to an exchange rate system that references
a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of
the renminbi against the US dollar was more than 20%, 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
appreciation. The restructuring of the economy and resulting efficiency gains
have contributed to a more than tenfold increase in GDP since 1978. Measured on
a purchasing power parity (PPP) basis that adjusts for price differences, China
in 2010 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and
industrial output each exceed those of the US; China is second to the US in the
value of services it produces. Still, per capita income is below the world
average. The Chinese government faces numerous economic challenges, including:
(a) reducing its high domestic savings rate and correspondingly low domestic
demand; (b) sustaining adequate job growth for tens of millions of migrants and
new entrants to the work force; (c) reducing corruption and other economic
crimes; and (d) containing environmental damage and social strife related to
the economy's rapid transformation. Economic development has progressed further
in coastal provinces than in the interior, and by 2011 more than 250 million
migrant workers and their dependents had relocated to urban areas to find work.
One consequence of population control policy 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 economic development. The Chinese government
is seeking to add energy production capacity from sources other than coal and
oil, focusing on nuclear and alternative energy development. In 2010-11, China
faced high inflation resulting largely from its credit-fueled stimulus program.
Some tightening measures appear to have controlled inflation, but GDP growth
consequently slowed to near 9% for 2011. An economic slowdown in Europe is
expected to further drag Chinese growth in 2012. Debt overhang from the
stimulus program, particularly among local governments, and a property price
bubble challenge policy makers currently. The government's 12th Five-Year Plan,
adopted in March 2011, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
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Source : CIA |
Company name & address
CHINAGROS
INTERNATIONAL CORPORATION LIMITED
no. 188, huangyan industrial zone, taizhou,
zhejiang PROVINCE, 318020 PR CHINA
TEL: 86 (0)
576-82914651 FAX: 86 (0)
576-88476717
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.
The telephone number clients provided is
86 (0) 576-88476717
The above given no. was SC’s fax number. From SC’s website, we found
SC’s tel. no. – 0576-82914651.
When we dialed the above number, a gentleman Mr. Lou answered.
He released that SC’s complete name should be the heading one, and he also
released the following:
SC is registered in Hong Kong, but mainly operating in
Taizhou, mainland China.
SC is mainly engaged in selling agricultural machinery. 50%
of its products are exported to Africa, South America and Southeast Asian
market.
E-mail: chinagros@gmail.com
The address client provided is: No. 188, Huangyan Industrial
Area, Taizhou City, Zhejiang Province
According to Mr. Lou, SC is now operating at the above address.
In Hong Kong Companies
Registry, we found the following information:
Company Name: CHINAGROS INTERNATIONAL CORPORATION LIMITED
CR No.: 1553718
Date of Incorporation:
19-Jan.-2011
Company Status: Private
Active Status: Live
Careful
investigations were made with the Taizhou Municipal and Zhejiang Provincial
Administration for Industry and Commerce (the authority that issuing and
renewing business license), and no record of SC was found.
From internet, we found SC’s website: http://www.chinagros.com
From the above website, we
found another company - Zhejiang Allied
Agro Materials Company. Mr. Lou released that the said company’s Chinese name
is 台州市联合农业机械有限公司, and it is SC’s supplier. However he refused
to release any more information about this company, and also refused any means
of interview.
As our confirmation, no
record of 台州市联合农业机械有限公司 was found in Taizhou Municipal and Zhejiang
Provincial Administration for Industry and Commerce (the authority that issuing
and renewing business license).
SC was registered in Hong Kong on Jan. 19, 2011, but mainly operating in Taizhou, mainland China.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.27 |
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UK Pound |
1 |
Rs.87.43 |
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Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.