MIRA
INFORM REPORT
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Report Date : |
10.08.2013 |
IDENTIFICATION DETAILS
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Name : |
LINYI FEIMA TRADING CO., LTD. |
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Registered Office : |
Room 1803, Unit1, Building 1, Shangri-La Mansion Intersection Of Binhe Road And Jucai Road Lanshan District, Linyi, Shandong Province 276000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
09.10.2012 |
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Com. Reg. No.: |
371300400007792 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Importing and exporting machinery, garment, and building materials. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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.
Source
: CIA
Company name and address
LINYI FEIMA TRADING CO., LTD.
(TRADE NAME: NEW SHREE CENTER LIMITED)
ROOM 1803, UNIT1, BUILDING 1, SHANGRI-LA MANSION
INTERSECTION OF BINHE ROAD AND JUCAI ROAD
LANSHAN DISTRICT, LINYI, SHANDONG PROVINCE 276000 PR CHINA
TEL: 86 (0) 539-2771023
FAX: 86 (0) 539-2771021
***Note: The (Rm-1701,
Gate No. 1, Building No. 9, Ronghua Yuan, Yinqueshan Road, 276000 Linyi
Shandong) was SC’s former registered one. SC also uses the given name (New
Shree Center Limited) as its trade name.
EXECUTIVE SUMMARY
Date of Registration : october 9, 2012
REGISTRATION NO. : 371300400007792
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : USD 1,000,000
staff :
4
BUSINESS CATEGORY : trading
Revenue :
CNY 0 (AS OF DEC. 31,
2012)
EQUITIES :
CNY 99,000 (AS OF DEC. 31, 2012)
WEBSITE : www.newshreecenter.com
PAYMENT :
AVERAGE
MARKET CONDITION : CURRENTLY REMAINS TO BE OBSERVED
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : NOT YET BE
DETERMINED
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 wholly foreign-owned enterprise of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 371300400007792 on
October 9, 2012.
SC’s Organization Code Certificate No.:
05093835-5
SC’s Tax No.: 371302050938355
SC’s registered capital: usd 1,000,000
As of December 31, 2012, SC’s paid-in capital
was CNY 100,000, and SC’s current paid-in capital is usd 150,000 (cny 930,090).
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
New Shree Center Limited |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Bishal Sureka |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
New Shree Center Limited 100
MANAGEMENT
Bishal Sureka Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ř
Gender: M
Ř
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
BUSINESS OPERATION
SC started its normal
business in 2013.
SC’s registered business scope includes importing and
exporting machinery, garment, and building materials.
SC is mainly
engaged in international trade.
SC’s products
mainly include:
Fancy Plywood and
Veneers
Plywood
Shuttering Plywood
Laminates
Doorskin
Melamine Particle
Board
Plain MDF Melamine
MDF
Pine Block Board
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 80% of its products in domestic
market, and 20% 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.
Staff & Office:
--------------------------
SC is known
to have approx. 4 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 (X) Average ( ) Fair ( ) Poor ( ) 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: 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.
BANKING
Basic Bank
Bank
of China Linyi Branch
AC#:
207816727522
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2012 |
|
100 |
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Notes receivable |
0 |
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Accounts
receivable |
0 |
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Advances to
suppliers |
0 |
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Other receivable |
0 |
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Inventory |
0 |
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Non-current
assets within one year |
0 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
100 |
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Fixed assets |
0 |
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Construction in progress |
0 |
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Intangible
assets |
0 |
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Long-term
investment |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
0 |
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------------------ |
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Total assets |
100 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
0 |
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Welfares payable |
0 |
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Taxes payable |
0 |
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Advances from
clients |
0 |
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Other payable |
1 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
1 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
1 |
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Equities |
99 |
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------------------ |
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Total
liabilities & equities |
100 |
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============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2012 |
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Revenue |
0 |
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Cost of sales |
0 |
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Sales expense |
0 |
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Management expense |
1 |
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Finance expense |
0 |
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Profit before
tax |
-1 |
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Less: profit tax |
0 |
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-1 |
Overall financial
condition of the SC: Fair.
CONCLUSIONS
Established in October 2012, SC started its normal business in 2013, and
its credit has not been established yet. Great caution is required in providing
credit to SC & C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
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|
1 |
Rs.94.77 |
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Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.