MIRA INFORM REPORT
|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PINSAN (H.K.) INDUSTRY CO., LIMITED |
|
|
|
|
Registered Office : |
Room 306, Building 9, Lane 2, Yuye Jiucun, Xixiang Town
Baoan District, Shenzhen, Guangdong Province 518000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
31.01.2011 |
|
|
|
|
Legal Form : |
Private |
|
|
|
|
Line of Business : |
Subject engaged in exporting PCB. |
|
|
|
|
No. of Employees : |
Not Available |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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
PINSAN (H.K.) INDUSTRY CO., LIMITED
ROOM 306, BUILDING 9, LANE 2, YUYE JIUCUN, XIXIANG TOWN
BAOAN DISTRICT, SHENZHEN, GUANGDONG PROVINCE 518000 PR CHINA
TEL: 86 (0) 760-88229356/18929347039/13728787988
FAX: n/a
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.
------------------------------------------
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
The contact ways
clients provided are as follows,
Tel: 86 (0)
760-88229356
When we dialed the above telephone number, a gentleman Mr. Chen answered
the phone. He admitted the given name, and told us the Chinese name in translation
is “平新（香港）实业有限公司”, which is
registered in Hong Kong, but now operates in Shenzhen, Guangdong Province,
mainland China.
²
Mr. Chen
introduced the below information,
A.
SC is mainly engaged in exporting PCB.
B.
The products mainly include:
Double-Sided PCB
Multilayer PCB
Aluminum PCB
%20INDUSTRY%20CO%20,%20LIMITED%20-%20219240%2027-Apr-2013_files/image006.jpg)
A.
SC sources its products 100% from domestic market,
mainly Guangdong. SC sells 100% of its products to overseas market, mainly U.S.A., Southeast Asia, etc.
B.
Major Client,
Radio Design Labs
C.
SC has a related company named Pinsan (Lufeng)
Industry Co., Ltd. -
D.
SC’s website: www.pinsanpcb.com
E-mail: info@pinsanpcb.com
& mkt01@pinsanpcb.com
Other Phone No.:
86 (0) 18929347039/13728787988
SPOT VISIT
No. 12 Yangqing
Street No 2 Road Newgreen Technology Park Doumeng District Zhuhai City Guangdong
Privince China Zhuhai Guangdong
According to Mr. Chen, the above was SC’s former address, but now SC
locates in Room 306, Building 9, Lane 2, Yuye Jiucun, Xixiang Town, Baoan
District, Shenzhen, Guangdong Province
REGISTRATION
During our check with Hong Kong
Registry, we found the following registration about SC,
Company
Name:
Pinsan (H.K.) Industry Co., Limited
Company
File No.: 1558261
Date of
Registration: January
31, 2011
Legal
Form: Private
Status: Live
A research was conducted with Lufeng
municipal and Guangdong provincial Administration of Industry & Commerce
(the official body of issuing and renewing business license), however, we found
the registration information for SC’s related company- Pinsan (Lufeng) Industry
Co., Ltd.
Registration No.: 441581000002645
Date of Registration: January 8, 2008
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 200,000
Legal Representative: Lu Xixin
CONCLUSIONS
SC is considered small-sized in its line with 2 years business history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.