MIRA
INFORM REPORT
|
Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
M & G SYNERGY |
|
|
|
|
Registered Office : |
Room 708, Building 1, Ease Sky Plaza, No. 270 Dongxin Avenue, Binjiang
District, Hangzhou, Zhejiang Province, 310053 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
--- |
|
|
|
|
Com. Reg. No.: |
--- |
|
|
|
|
Legal Form : |
--- |
|
|
|
|
Line of Business : |
--- |
|
|
|
|
No. of Employees : |
--- |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Not Registered in China |
|
Payment Behaviour : |
Unknown |
|
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 & address
m & g synergy
Room 708, BUILding 1, EASE SKY PLAZA, no. 270
DONGXIN avenue,
BINJIANG DISTRICT, HANGZHOU, zhejiang province,
310053 PR CHINA
TEL: 86 (0) 571-81025170/1 FAX:
86 (0) 571-81025172
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 given is 86 (0) 571-81025170/1
We dialed the number and Ms. Mariana Flocco
answered the phone. Ms. Mariana Flocco admitted the given English name, and
released that it is not registered in China and it has no Chinese name.
Moreover, she released that M & G Synergy is just a trading name of SC
rather than a registered one. SC is a representative office of a Hong Kong
company.
According to Ms. Mariana Flocco, SC is mainly
engaged in doing sourcing and designing for its parent company.
She released that SC has 2 employees.
E-mail: mariana.flocco@mgsynergy.com
The address client
given is:
Room 708, Building 1, Ease Sky Plaza, No. 270 Dongxin Avenue, Binjiang District, Hangzhou, Zhejiang Province
According to the lady, SC is operating at this
address, but she declined our request for a spot visit for it.
Since it is a practice for a company in China to register in
Administration of Industry and Commerce (AIC) with a total set of required
documents in CHINESE, we are unable to find its in local AIC according to its
English name.
According to Ms. Mariana Flocco, SC’s parent company is registered in Hong Kong with the name of “向日葵”. But she refused to release its complete Chinese name unless the ultimate customers explain their purposes to SC.
We’ll definitely go on with this
report if its Chinese company name is available.
It
is likely that SC is not registered in the local AIC.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
UK Pound |
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.