MIRA
INFORM REPORT
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Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
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Name : |
Beijing Ying Tai Hong
Ye Home Decoration CO., LTD. |
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Registered Office : |
Room 605, Unit 1, Fanghengouyu Plaza,
No. 15 Fangzhuang South
Road, Fengtai District, Beijing, 100164 PR |
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Country : |
China |
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Date of Incorporation : |
22.11.2012 |
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Com. Reg. No.: |
110106015407443 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in selling carpet |
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No. of Employees : |
05 |
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 Company |
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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 – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
Beijing Ying Tai Hong Ye Home
Decoration CO., LTD.
Room 605, Unit 1, Fanghengouyu Plaza, no. 15
fangzhuang South Road, Fengtai district, Beijing, 100164 PR CHINA
TEL: 86
(0) 10-56927669
FAX: 86
(0) 10-56927669
EXECUTIVE SUMMARY
INCORPORATION DATE : nov. 22, 2012
REGISTRATION NO. : 110106015407443
REGISTERED LEGAL FORM : Limited
liabilities company
chief executive :
bai xiaoling (CHAIRMAN)
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY
100,000
BUSINESS LINE :
TRADING
TURNOVER :
n/a
EQUITIES : n/a
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : n/a
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.0938 = 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 Renminbi
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 Nov. 22, 2012.
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 interior decoration design; selling
daily necessities, glass products, handicrafts, construction materials,
decoration materials; technical advice; import and export of commodities and
technology, import and export agent.
SC is mainly engaged in selling carpet.
Bai Xiaoling has been legal representative and chairman of SC since
2012.
SC is known to have approx. 5 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Beijing. SC’s employee refused to release the detailed information
of the premise.
SC is not known to host website of its own at present.
SC started its normal operation in 2013.
No significant changes were found during our checks with the local AIC.
For the past one year there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
Bai Xiaoling 50
Piao Rizhu 50
Legal
representative and chairman:
Bai Xiaoling is currently responsible for the overall management of SC.
Working
Experience(s):
From 2012 to present Working in SC as legal representative and chairman.
Note: the given contact persons (Jayce and Mr. Tony) are confirmed to be
working in SC at present.
SC started its normal operation in 2013.
SC is mainly engaged in selling carpet.
SC’s products mainly include: carpet.
SC sources its materials 95% from domestic market, and 5% from overseas
market. SC sells 100% of its products in domestic 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 and Credit of 30-60 days.
Note: SC’s management refused to release its main suppliers and clients.
SC is not known to have any subsidiary at present.
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.
China Merchants Bank
AC#：N/A
Relationship: Normal.
Established in November of 2012, and started its normal operation in
2013, SC’s financial information is not available at present.
SC was established in November of 2012, and started its normal operation
in 2013. Taking into consideration of SC’s development history and operation
size we would rate SC as an above average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.21 |
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UK Pound |
1 |
Rs.100.65 |
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Euro |
1 |
Rs.84.15 |
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.