MIRA INFORM REPORT
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Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
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Name : |
TAMARI TRADING CHINA LIMITED GUANGZHOU REPRESENTATIVE
OFFICE |
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Registered Office : |
Room 1806 Pacific Insurance Building, No. 559 Tianhe North
Road, Tianhe District, Guangzhou, Guangdong Province 511060 PR |
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Country : |
China |
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Date of Incorporation : |
25.03.2009 |
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Com. Reg. No.: |
440101500021612 |
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Legal Form : |
Representative Office |
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Line of Business : |
Subject is
engaged in trade liaison of garment & shoes for its parent company. |
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No. of Employees : |
14 |
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 : |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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.
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Source
: CIA |
COMPANY NAME & ADDRESS
TAMARI TRADING CHINA
LIMITED GUANGZHOU REPRESENTATIVE OFFICE
ROOM 1806 PACIFIC INSURANCE BUILDING, NO. 559 TIANHE NORTH
ROAD
TIANHE DISTRICT, GUANGZHOU, GUANGDONG PROVINCE 511060 PR CHINA
TEL: 86 (0) 20-85672584
FAX: N/A
***Note: SC is only a representative office
registered in China. SC’s parent company is Tamari Trading China Limited registered
in Hong Kong, but SC refused to release if its parent company locates in the (Room No : 36 , Block
B 7 / F, East Sun Industrial Kwun Tong, 16 Shing Yip Street, Kwun Tong).
EXECUTIVE SUMMARY
Date of Registration : march 25, 2009
REGISTRATION NO. : 440101500021612
LEGAL FORM : REPRESENTATIVE OFFICE
REGISTERED CAPITAL : n/a
staff :
14
BUSINESS CATEGORY : liasion service
Revenue :
n/a
EQUITIES :
n/a
WEBSITE : n/a
E-MAIL :
n/a
PAYMENT :
not yet be determined
MARKET CONDITION : fair
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.13 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a representative office of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 440101500021612 on March 25, 2009.
SC’s Organization Code Certificate No.:
68524926-2
SC’s Tax No.: 440100685249262
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
008105 |
440301508088200 |
Current Co search indicates SC’s parent company & chief executives
are as follows:-
|
Name of Parent Company |
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Tamari Trading China Limited
(Hong Kong) |
SC’s Chief Executives:-
|
Position |
Name |
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Chief Representative |
Rafi Ben Avi |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
PRARENT COMPANY
Name
Tamari Trading China Limited
(Hong Kong)
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CR No.: 1546805
Date of Registration: December 31, 2010
Legal Form: Private
Status: Live
MANAGEMENT
Rafi Ben Avi,
Chief Representative
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Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as chief
representative
BUSINESS OPERATION
SC’s registered business scope includes liaison service
for SC’s parent company, and do not operate directly.
SC is mainly
engaged in trade liaison of garment & shoes for its parent company.
The products
mainly include: garment & shoes.
Staff & Office:
--------------------------
SC is known
to have approx. 14 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) Not yet be 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: N/a
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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
As a representative office, SC is not allowed
to engage in direct business. All its expenses are supposed to be provided by
its parent company. Therefore, its financial reports are not available.
CONCLUSIONS
SC is a representative office, which is not engaged in direct business.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
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|
1 |
Rs.91.95 |
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Euro |
1 |
Rs.80.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.