MIRA
INFORM REPORT
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Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 1201, Building 1, |
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Country : |
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Date of Incorporation : |
-- |
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Legal Form : |
Not Registered in China |
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Line of Business : |
-- |
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No. of Employees : |
-- |
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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 (31.03.2011) |
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 and Address
NINGBO GLORIOUS CO., LIMITED
ROOM 1201, BUILDING 1, NO. 28 ZHANQIAN ROAD, XIAOSHAN
DISTRICT,
HANGZHOU, ZHEJIANG PROVINCE, 311201 PR CHINA
TEL: 86 (0) 18058755660 FAX: 86 (0) 571-82466236
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 client provided is:
Tel: 86-18058755660
When we dialed the above number, a gentleman Mr. Gavin Zhou answered the
phone. He admitted the given name and released the following information on SC:
--------------------------------------------------------------------------------------
*SC was registered in Hong Kong with the name NINGBO GLORIOUS CO., LIMITED. All of its business is operating in
Hangzhou City, mainland China.
*SC is mainly engaged in exporting traffic safety products, etc.
*Email: gavin@gloriousIndustry.com
*They didn’t register company in mainland China. SC’s export customs
declaration business is entrusted to a mainland company called Dinsen Impex
Corp.
Dinsen Impex Corp.
………………………………
Legal representative: Zhang Kui
Registration No.: 330200000005683
Incorporation date: Aug. 4, 2005
Website: http://www.dinsen.cn/enindex.asp
Add: No. 93 Zhongshan Road, Ningbo City,
Zhejiang Province
Tel: 0574-87169797
Fax: 0574-87169777
The address client given is:
Room 1201, Building 1, No. 28 Zhanqian Road, Xiaoshan District,
Hangzhou, Zhejiang Province
According to Mr. Gavin Zhou, SC is currently operating in the above
address.
According
to the Chinese name released by Mr. Gavin Zhou,
careful investigations were made with Zhejiang Provincial, Ningbo and Hangzhou
Municipal Administration for Industry and Commerce (AIC - The official
body of issuing and renewing business license),
however, no record was found.
In
Hong Kong Companies Registry, we found the following information:
NINGBO GLORIOUS
CO., LIMITED
CR
No.: 1496827
Incorporation
date:
Registered
legal form: Private
Status:
Live
According
to
Mr. Gavin Zhou, SC is mainly engaged in
exporting traffic safety products, etc.
Business Information from SC’s website http://www.gloriousindustry.com:
=====================================================
SC’s products mainly include:
1)
Traffic Safety (Traffic Barrier, Traffic Cone, Warning Triangle, Delineator Posts, Wheel Stops, Speed Bumps, Barricade Lights)
2)
Adhesive Tape (BOPP Tape, PVC Tape, Duct Tape, Pet Tape, Pe Warning Tape);
3)
Workwear & Rain Coat (Safety Suit, Workwear, Coverall, Overall, Safety
Vest, Rain Coat);
4)
Camping & Tents(Beach Tent, Camping Tent, Children Tent, Pop up Tent, Car
Roof Tent , Display Tent);
Etc.
SC was established on Aug. 24,
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.99 |
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1 |
Rs.87.21 |
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Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
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Report
Prepared by : |
NIT |
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.