MIRA
INFORM REPORT
|
Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MSJC INTERNATIONAL TRADING CO., LTD. |
|
|
|
|
Registered Office : |
4F/A, Fortune Plaza, No. 24 Guang’an Street Shijiazhuang,
Hebei Province 050011 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
17.03.2005 |
|
|
|
|
Com. Reg. No.: |
130000400040 |
|
|
|
|
Legal Form : |
Representative Office |
|
|
|
|
Line of Business : |
Subject engaged in liaison for trade of textiles, garment, etc. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Business License Revoked |
|
Payment Behaviour : |
-- |
|
Litigation : |
-- |
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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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.
Source
: CIA
Company name and address
MSJC INTERNATIONAL TRADING CO., LTD.
HEBEI REPRESENTATIVE OFFICE
4F/A, FORTUNE PLAZA, NO. 24 GUANG’AN STREET
SHIJIAZHUANG, HEBEI PROVINCE 050011 PR CHINA
TEL: 86 (0) 311-85265577
FAX: 86 (0) 311-85265577
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
According to the
given name, we found the following telephone number,
TEL: 86 (0) 311-85265577
When we dialed the above telephone number, a lady answered the phone.
She admitted the English name, and told us SC is only a representative office,
and the Chinese name in translation is “英属维尔京群岛MSJC国际贸易公司驻河北代表处”, and the parent
company is registered in B.V.I.
²
The lady
introduced the below information,
A.
SC is only a representative office engaged in
liaison for trade of textiles, garment, etc.
B.
SC has two related companies in Shijiazhuang, Hebei
Province, they are as below,
Hebei MSJC Textile Co., Ltd. (Factory)
Shijiazhuang Jincu Trading Co., Ltd. (Trade
Company)
SPOT VISIT
The lady released that SC locates the heading address.
REGISTRATION
According to the Chinese name-英属维尔京群岛MSJC国际贸易公司驻河北代表处 the lady released, a research was
conducted with Shijiazhuang municipal and Hebei Provincial Administration of
Industry & Commerce (AIC-the official body of issuing and renewing business
license), and we found that SC’s
business license was revoked on March 30, 2012.****
The registration
for SC is as follows,
----------------------------------------------
n
Company Name: MSJC International Trading Co., Ltd.
Hebei Representative Office
Registration No.: 130000400040
Date of Registration: March 17, 2005
Legal Form: Representative Office
Legal Representative: Ma Libin
Parent Company: MSJC International Trading Co., Ltd. (B.V.I.)
We also found the
registration information for SC’s two related companies, as follows,
------------------------------------------------
n
Company Name: Hebei MSJC Textile Co., Ltd.
(Factory)
Registration No.: 130000400000888
Date of Registration: July 25, 2003
Legal Form: Chinese-foreign equity joint venture enterprise
Legal Representative: Zhang Gengsheng
Registered Capital: CNY 47,800,000
n
Shijiazhuang Jincu Trading Co., Ltd. (Trade
Company)
Registration No.: 130100000035826
Date of Registration: February 26, 2006
Legal Form: Limited Liabilities Company
Legal Representative: Ma Libin
Registered Capital: CNY 30,000,000
CONCLUSIONS
Based on the investigations performed, it has not been possible to
prepare a normal credit report on SC. Given the circumstances, caution is
advised related to dealings with persons claiming to represent such an entity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
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.