MIRA
INFORM REPORT
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Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
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Name : |
Aeco Qingdao Ltd |
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Registered Office : |
Room 2103, Building A, International Trade
Center, No. 230, Changjiang middle Road, Economic
And Technological Development Zone, Qingdao, Shandong Province, 266555 |
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Country : |
China |
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Date of Incorporation : |
21.09.2011 |
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Com. Reg. No.: |
370200410009423 |
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Legal Form : |
Wholly
Foreign-Owned Enterprise |
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Line of Business : |
Subject is mainly engaged in selling textiles and agricultural products. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Recently Commenced 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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 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.
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Source : CIA |
Company name and address
AECO QINGDAO LTD.
ROOM 2103, BUILDING A, INTERNATIONAL TRADE
CENTER, NO. 230,
CHANGJIANG MIDDLE ROAD, Economic and
Technological Development Zone, QINGDAO, SHANDONG PROVINCE, 266555 PR CHINA
TEL: 86 (0) 532-86934142
FAX: 86 (0) 532-86934346
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 21, 2011
REGISTRATION NO. : 370200410009423
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE : MR. DINESH BABBAR (CHAIRMAN)
STAFF STRENGTH : 10
REGISTERED CAPITAL : usd 210,000
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 6.2377 = 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
Note: SC’s correct address should be the heading one,
instead of the given one (Room 3103).
SC was registered as a wholly foreign-owned enterprise at local
Administration for Industry & Commerce (AIC - The officialbody of issuing
and renewing business license) on Sep. 21, 2011.
Company Status: Wholly foreign-owned enterprise This
form of business in PR China is defined as a legal person. It is a limited
co. established within the territories of PR China with capital provided
totally by the foreign investors. More than one foreign investor may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered
business scope includes wholesaling prepackaged food (food circulation permit
validity period as of Feb. 13, 2015). Wholesaling, importing and exporting
textiles, clothing, feed, chemical products (excluding dangerous chemicals and
easy system drugs), kitchen utensils; assembly of mechanical equipment,
leasing, wholesale, import and export; domestic wholesale chrome, iron ore,
agricultural products. (excluding the items prohibited by legal, administrative
rules and regulations and required as pre-approval); enterprise management
consulting and economic information consultation; importing and exporting
pre-packaged food; legumes, oilseeds, spices, fruit and vegetables, dried
fruits, coffee, cotton, peanuts and timber cargo import and export (excluding
products prohibited by legal, administrative rules and regulations, and
operating the limited products with permit if needed). (with permit if needed).
SC is mainly
engaged in selling textiles and agricultural products.
Mr. Dinesh Babbar
has been legal representative and chairman of SC since 2011.
SC is known
to have approx. 10 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in economic and technological development zone of Qingdao. Our checks reveal that SC rents the total premise about 100 square meters.
SC is not known to host website of its own at present.
SC was taken into operation in August of 2012.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Rukhaiya Limited (Hong Kong) 100
Incorporation date: Nov. 1, 2006
Registration no.: 1084132
Legal form: Private
l
Legal Representative and Chairman:
Mr. Dinesh Babbar, Indian. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2011 to present Working in SC as chairman and legal
representative.
l
General Manager:
Mr. Chen Mingjiang is currently responsible for the daily management of
SC.
Working Experience(s):
From 2011 to present
Working in SC as general manager.
SC is mainly engaged in selling textiles and agricultural products.
SC’s products mainly include: textiles and agricultural products.
SC was taken into operation in August of 2012.
SC sources its materials 100% from overseas market, mainly India. SC sells 100% of its products in domestic markets.
The buying terms of SC include Check, 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 declined to release its main clients and suppliers.
AECO (Shanghai) Limited
=========================
Incorporation date: Oct. 15, 2004
Registration no.: 319450
Registered capital: USD 200,000
Legal rep.: Yang Zhirong
Legal form: Wholly foreign-owned enterprise
Abdoolally Ebrahim & Company (Hong Kong) Limited
========================================
Incorporation date: Aug. 14, 1951
Registration no.: 0003339
Legal form: Private
Web: http://www.abdoolally.com
E-mail: info@abdoolally.com
Tel: +852-39201110
Fax: +852-39201121
Add: Abdoolally House, 20 Stanley Street, Central, Hong Kong
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.
HSBC Bank (China) Co., Ltd. Qingdao Branch
AC#：624803755001
Relationship:
Normal.
SC was taken into operation in August of 2012, so its financial
statements are not available at present.
SC is considered small-sized in its line with a short operating history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.29 |
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1 |
Rs.83.97 |
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Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.