MIRA
INFORM REPORT
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Report Date : |
01.10.2012 |
IDENTIFICATION DETAILS
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Name : |
FENGHUANG INDUSTRY CO., LIMITED |
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Registered Office : |
Unit 18, Seaside New Village, Xingye Road, Xixiang, Baoan District, Shenzhen, Guangdong Province, 518128 Pr |
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Country : |
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Date of Incorporation : |
18.10.2010 |
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Com. Reg. No.: |
1516791 |
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Legal Form : |
Private |
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Line of Business : |
manufacturing & selling solar photovoltaic power
generation systems and equipment |
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No. of Employees : |
Not Available |
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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 : |
-- |
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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 – 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.
Source : CIA
Company name and address
FENGHUANG INDUSTRY
CO., LIMITED
unit 18, seaside
new village, xingye road, xixiang,
baoan district,
shenzhen, GUANGDONG PROVINCE, 518128 PR CHINA
TEL: 86 (0) 755-36822982/13798431622 FAX: n/a
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 given are 0086 755 36822982 /13798431622.
We dialed the number (13798431622) and a gentleman Mr. Zhang answered
the phone. From Mr. Zhang we knew that following information of SC:
SC is registered in Hong Kong, and its Chinese name is烽煌实业有限公司.
SC is mainly engaged in manufacturing &
selling solar photovoltaic power generation systems and equipment.
SC is known to
have approx. 100 employees at present.
There are also
employees working in Hong Kong, and the operating office in Hong Kong is
located at Unit 04, 7/F, Bright Way Tower, No. 33 Mong Kok Road, Lowloon, HK
SC’s website: http://www.fhgreenenergy.com/
Email: fhgreenenergya@fhgreenenergy.com
The address client given is:
Unit 18, Xixiang Seaside New Village, Guangdong Province, Xingye Road,
Baoan Dist. Shenzhen China
According to Mr. Zhang, SC is operating at the above address, and SC
also has the other operating address in Hong Kong–Unit 04, 7/F, Bright Way
Tower, No. 33 Mong Kok Road, Lowloon, HK
According
to the Chinese name released by Mr. Zhang,
careful investigations were made with Shenzhen Municipal Administration for
Industry and Commerce (AIC - The official body of issuing and renewing
business license), but no record was
found.
In HK Company
Registry, we found the following registration information on SC:
Fenghuang Industry
Co., Limited
-----------------------------------------------
Registration
no.: 1516791
Registered
legal form: private
Incorporation
date:
According to Mr. Zhang, SC is mainly engaged
in manufacturing & selling solar photovoltaic power generation systems and
equipment.
SC sources its materials 50% from domestic market,
and 50% from overseas market; SC sells 40% of its products in domestic market,
and 60% to overseas market, mainly Italy, Britain, Belgium, Spain, Germany, the
United States, Australia and other countries and regions.
Business Information from SC’s website:
=============================
SC’s products mainly include: solar photovoltaic cells, components,
Grid-tie Solar Inverter, Off Grid Solar Inverter, Solar Generation System,
Micro Solar Inverter, etc.
SC was established on Oct. 18,
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.69 |
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1 |
Rs.85.71 |
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Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.