MIRA
INFORM REPORT
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Report Date : |
29.10.2012 |
IDENTIFICATION DETAILS
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Name : |
DONGSHENG INDUSTRIAL LIMITED |
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Registered Office : |
Room 1702 Dijingtai Of Majestic Garden, Suiyan Road, Yanbu
Town Nanhai District, Foshan, Guangdong Province 528247 Pr |
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Country : |
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Date of Incorporation : |
04.10.2011 |
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Com. Reg. No.: |
1669225 |
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Legal Form : |
Private |
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Line of Business : |
Selling imported second-hand textile 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 |
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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.
Source : CIA
Company name and address
DONGSHENG INDUSTRIAL LIMITED
ROOM 1702 DIJINGTAI OF MAJESTIC GARDEN, SUIYAN ROAD, YANBU
TOWN
NANHAI DISTRICT, FOSHAN, GUANGDONG PROVINCE 528247 PR CHINA
TEL: 86 (0) 20-81433799
FAX: 86 (0) 20-81433799
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.
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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
²
According to SC’s website (www.ds-usedloom.com),
we found SC’s contact ways,
Tel: 86 (0)
20-81433799
Fax: 86 (0)
20-81433799
When we dialed the above telephone number, a lady Ms. Liu answered the
phone. She admitted the given English name, and told us SC is registered in
Hong Kong, and its Chinese name in translation is “东晟实业发展有限公司”, SC mainly
operates in Foshan, Guangdong Province PR China.
²
Ms. Liu introduced
the below information,
A.
SC is mainly engaged in selling imported
second-hand textile equipment.
B.
SC’s products mainly include:
Picanol loom
Somet Rapiers
Vamatex Rapiers
Dornier Rapiers
Sulzer Projectile
Used OE Spining
M/C
C.
SC sources its products 100% from overseas market,
mainly Italy, Switzerland, Belgium, etc. SC sells 60% of its products in
domestic market, and 40% to overseas market, mainly Southeast Asia, etc.
D.
SC’s sales manager: Mr. Wang, whose contact ways
are,
E-mail: info8trade@gmail.com
Cell: 0086-18998298610
E.
SC’s website: www.ds-usedloom.com
Other employees
and e-mail,
Lily Liu, Sales
and documentation, E-mail: dsindustry6@gmail.com Cell:
0086-13450781369
Tony Yang,
Purchase Manager, E-mail: insaneman@126.com Cell: 0086-13926061586
Kelvin Huang,
Chief Accountant, E-mail: abcquality6@gmail.com Cell:
0086-18676729770
SPOT VISIT
Room 1702
Dijingtai of Majestic Garden, Suiyan Road, Yanbu Town, Nanhai District, Foshan,
Guangdong Province 528247 PR China
According to the Ms. Liu, SC locates in the above.
REGISTRATION
During our check with Hong Kong Registry, we found
the following registration information about SC,
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Company Name: Dongsheng Industrial Limited
Company File No.: 1669225
Date of Registration: October 4, 2011
Legal Form: Private
Status: Live
CONCLUSIONS
SC is considered small-sized in its line with 1 year business history.
Credit dealings with SC should be confined into small amount at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.63 |
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1 |
Rs.86.17 |
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Euro |
1 |
Rs.69.74 |
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.