MIRA INFORM REPORT
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Report Date : |
05.04.2013 |
IDENTIFICATION DETAILS
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Name : |
CHONGQING PERFECT IMPORT AND EXPORT CO.,
LTD. |
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Registered Office : |
Room 14-1, 14-2, Digital Building, No. 26 Xinglong Road, Jiangbei
District, Chongqing, 400020 Pr |
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Country : |
China |
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Date of Incorporation : |
28.07.1999 |
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Com. Reg. No.: |
500105000016144 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is engaged in international trade. |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 (31.03.2012) |
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 and address
CHONGQING PERFECT IMPORT AND EXPORT CO., LTD.
ROOM 14-1, 14-2, DIGITAL BUILDING, NO. 26 XINGLONG ROAD, JIANGBEI
DISTRICT, CHONGQING, 400020 PR CHINA
TEL: 86
(0) 23-67748681/67748683 FAX:
86 (0) 23-67748620
EXECUTIVE SUMMARY
INCORPORATION DATE : July 28, 1999
REGISTRATION NO. : 500105000016144
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
Mr. zhong dehong (CHAIRMAN)
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE :
TRADE
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2235= USD 1
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Yuan Ren Min Bi
SC was registered as a Limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on July 28, 1999.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person LLC has no shareholder
meeting.
Company Status:
Limited liabilities co. This form of business in PR China
is defined as a legal person. No more than fifty shareholders contribute
its registered capital jointly. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as follows: Upon the
establishment of the co., an investment certificate is issued to the each
of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes selling: chemicals & raw materials,
building materials, decorative materials (excluding hazardous chemicals),
agricultural by products (excluding grain), hardware, home appliances, minerals
(excluding special provisions by state laws and regulations), metal materials
& products, general machinery equipment, instruments, paper products,
packaging products; purchasing wild cordyceps sinensis; importing and exporting
various goods and technologies (excluding goods and technologies limited or
forbidden by state); processing with imported materials, processing with
imported samples, assembling with imported parts, and compensation trade in
agreement; counter trade & transit trade. (with permit
if needed) wholesale (excluding storage and retail) poison: 3- nitro-4- hydroxy
benzene arsine acid, potassium fluosilicate, magnesium fluosilicate, sodium
fluoride, oxidant and organic peroxides: potassium permanganate, ammonium
persulfate, potassium persulfate, flammable liquid: ethylene glycol monomethyl
ether, corrosives:
acetic oxide; wholesale of pre-packaged foods, class Ⅱ,Ⅲ medical apparatus
and instruments: 6832 medical high energy radial equipment (above business
scope shall be operated under permitted items and within time limit)
SC is mainly engaged in international trade.
Mr. Zhong Dehong is legal representative, chairman and general manager
at present.
SC is known to have approx. 30 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Chongqing. Our checks
reveal that SC owns the total premise about 700 square meters.
www.cqperfect.com
or www.cqfa.com.cn
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: cqfad@163.com,
zhangning@cqfa.com.cn
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhong Dehong 80
Zhao Yu 20
Legal
Representative, Chairman & General Manager:
Mr. Zhong Dehong is currently responsible for the overall management of
SC.
Working
Experience(s):
At present Working
in SC as legal representative, chairman and general manager
Also working in Chongqing Foreign Advertising Corporation as legal
representative
Directors:
Yang Yuhui
Lu Min
Supervisors:
Tian Jing
Tang Ping
SC is mainly engaged in international trade.
SC’s products mainly include:
Exported products
Pharmaceuticals:
Antibiotics, antiphlogistic, vitamins, amino acid, biochemical, plant
extraction, antimalarial and intermediates
Chemical raw
materials:
Organic and inorganic chemicals, oxidant series and fluoride series
oxidants, fluorids
Agricultural
products:
Cordyceps sinensis, caladium, campanumaea pilosula, coix seed, pinellia
tuberifera, radix ophiopogonis, radix polygoni multiflori etc
Metal &
Mineral Products:
Bearing, hardware products, aluminum alloy, zinc ingot
Imported Products
Mechanical and Electrical Equipments
Instruments for Analysis\Scientific Research and Education
Chemical and Pharmaceutical Raw Material
Steel
Bitumen
Plastic Products
Wood
Etc.
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 20% of its products in domestic market, and 80% to overseas
market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s
management declined to release its major clients and suppliers.
Chongqing Foreign Advertising Corporation
===========================
Registered No.: 500105100006937
Legal representative: Zhong Dehong
Registered capital: CNY 730,000
Incorporation date: May 23, 1989
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment and our debt collection record concerning SC.
Trade payment experience : SC did not provide any name of
trade/service suppliers and we have no other sources to conduct the enquiry at
present.
Delinquent payment record: None
in our database.
Debt collection record: No overdue amount owed by SC was placed to us for
collection within the last 6 years.
No bank information was found during our checks with the local
Administration for Industry and Commerce. And SC declined to release its
banking details.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a development history of
14 years.
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.65 |
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UK Pound |
1 |
Rs.82.41 |
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Euro |
1 |
Rs.70.08 |
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.