MIRA
INFORM REPORT
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Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
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Name : |
MING LUN
INTERNATIONAL DEVELOPMENT LIMITED QINGDAO OFFICE |
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Registered Office : |
Room 1007, 10/F Hk Ctr No. 2-16 Fa Yuen St Mongkok KL |
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Country : |
China |
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Date of Incorporation : |
04.04.2007 |
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Com. Reg. No.: |
1121237 |
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Legal Form : |
Private Company |
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Line of Business : |
Engaged in trading of dyes, dye
intermediates at present. |
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No. of Employees : |
6 |
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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
MING LUN INTERNATIONAL DEVELOPMENT
LIMITED QINGDAO OFFICE
SOUTH OF QIANGUSHAN 3RD
ROAD, HUANBAO INDUSTRIAL PARK, SANLIZHUANG, JIMO, QINGDAO CITY, SHANDONG PROVINCE,
266200 PR CHINA
TEL: 86 (0) 532-82526216/13969753786 FAX:
86 (0) 532-82526216
Alert
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: 86 (0)
532-82526236/82526216/13969753786.
Fax no. is: 86 (0) 532-82526597.
When we dialed the mobile telephone number 13969753786,
a male Mr. Wang answered.
He admitted the given name “Ming Lun International
Development Limited Qingdao Office” whose Chinese name in translation is, and
also released the following information on SC:
SC was not officially registered in Qingdao Administration
for Industry and Commerce (AIC-the authority that issuing and renewing business
license).
SC’s parent company “Ming Lun International Development
Limited was registered in Hong Kong, and SC is only its office in Qingdao.
SC’s parent company has a brother company registered in
Qingdao whose name is “Qingdao Yonghong Chemical Co., Ltd.”
Then, Mr. Wang passed his telephone to one employee Ms. Sun.
Ms. Sun released that the given another number 86 (0) 532-82526216 belongs to SC,
but they had no longer use the no. “86 (0) 532
Careful investigations were made with the Qingdao
Administration for Industry and Commerce (the authority that issuing and renewing
business license) according to the Chinese name, and no record of SC was found.
In HK Registry, we found the following registration
information about Ming Lun International Development Limited:
--------------------------------
Registration no.: 1121237
Establishment date: Apr. 4, 2007
Legal form: Private
In Qingdao AIC, we found the following registration
information about Qingdao Yonghong Chemical Co., Ltd. ---------------------------------------------------------------------------------------------------------------------
Incorporation Date :
October 17, 2003
Registered Legal Form : Limited Liabilities Company
Registered Capital :
CNY 5,180,000
Main Shareholders :
Name %
of Shareholding
Lan Aimin 60
Wang Xiaojian 40
According to SC’s employee Ms.
Sun, SC is mainly engaged in trading of dyes, dye intermediates at present.
SC is known to have 6 employees at
present.
Email:
wxj1@vip.163.com
; qdyh-888@163.com
The address client provided is:
SOUTH OF QIANGUSHAN
3RD ROAD, HUANBAO INDUSTRIAL PARK,
SANLIZHUANG, JIMO, QINGDAO CITY, SHANDONG PROVINCE
According to Mr. Wang, SC is currently operating at the
above stated address, and SC also has the other office in Qingdao, but he
refused to release the detailed information.
Hong Kong address:
ROOM 1007, 10/F HK CTR NO. 2-16 FA YUEN ST MONGKOK KL
According to Mr. Wang, SC’s parent company “Ming Lun
International Development Limited” is currently operating at the above stated
address.
According to our investigations, SC is not legally
registered. No credit dealings with SC are recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.52 |
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1 |
Rs.88.84 |
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Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.