MIRA
INFORM REPORT
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Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SINGSINO GROUP LIMITED |
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Registered Office : |
Room 1902, Building A, Guohua Tower, No. 2 Minjiang Road, Shinan District, Qingdao, Shandong Province, 266071 Pr |
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Country : |
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Financials (as on) : |
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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 : |
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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 : |
-- |
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
SINGSINO GROUP
LIMITED
ROOM 1902, BUIlDING A, GUOHUA TOWER, NO. 2 MINJIANG ROAD,
SHINAN DISTRICT, QINGDAO, SHANDONG province, 266071 PR CHINA
TEL: 86 (0) 532-85808802 FAX: 86 (0) 532-85808803
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.
Client did not give any telephone number of SC.
From SC’s website http://www.singsino.com/
, we found SC’s telephone number 86-532-85808802.
We dialed the
number and Ms. Judy answered the phone. From Ms. Judy we knew the following
information on SC:
SC is registered in Hong Kong with Chinese name新诺集团有限公司
SC is mainly engaged in trading of consumer products and facility
products.
SC is known to
have approx. 30 employees at present.
SC is jointly occupying the heading premise with its related company - Qingdao Singsino Machinery Technology Co.,
Ltd.
E-mail: sales@singsino.com
; judy@singsino.com
The address client
given is:
Room 1902, Building A, Guohua Tower, No. 2 Minjiang Road, Shinan District, Qingdao, Shandong Province, 266071 PR China
According to Ms. Judy, SC is mainly operating
in this address, but she declined our request for a spot visit for it. She also
released they has an office in Hong Kong (Suite 1401 , 14/F., World Commerce
Centre, Harbour City, 7-11 Canton Road, T.S.T., Kln., H.K.), but there are only
a few of employees.
According to SC’s website, SC has an office in
Singapore:
Add: BLk 408 Sembawang Drive #13-798 Singapore
Tel: 0065-90695469
Fax: 0065-67283961
E-mail:
manager@singsino.com
According
to the Chinese name released by Ms. Judy, careful investigations were made with
Qingdao Municipal Administration for Industry and Commerce (AIC -
The official body of issuing and renewing business license), but no record of
SC was found.
In HK Company
Registry, we found the following registration information on SC:
Singsino Group Limited
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Registration
no.: 0924951
Registered
legal form: Private
Incorporation
date: 2004-9-27
Careful
investigations were made with Qingdao Municipal Administration for Industry and
Commerce (AIC - The official body of issuing and renewing business
license), we found the following registration information on SC’s related
company:
Qingdao
Singsino Machinery Technology Co., Ltd.
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Registration No.: 370202228223436
Incorporation Date: 2007-06-19
Chairman: Liu Shusheng
Registered Capital: CNY 500,000
According to Ms. Judy, SC is mainly engaged in trading of consumer
products and facility products, and SC sources its materials 100% from domestic
market and sells 100% of its products to overseas market.
Business Information from SC’s website:
=============================
SC’s products mainly include:
Consumer Products
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Starch Derivative
Functional Sugar Polyols
Thickeners, Preservatives
Sweetener
Food Additives
Pharmaceutical Raw Materials
Feed Additives
Facility
Products
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PVC
Hose
Rubber
Hose
PVC
Hose Production Line
Cooperation
Partners
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SC was established on Sep. 27, 2004 in Hong Kong.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.59 |
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UK Pound |
1 |
Rs.85.81 |
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Euro |
1 |
Rs.69.91 |
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.