MIRA INFORM REPORT
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Report Date : |
03.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ASIA INT'L ENTERPRISE (HONG KONG) LIMITED |
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Registered Office : |
13/F Guangchang Building, 9 District Baomin Road, Baoan
District Shenzhen, Guangdong Province 518101 Pr |
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Country : |
China |
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Date of Incorporation : |
07.07.1999 |
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Com. Reg. No.: |
0681197 |
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Legal Form : |
Private |
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Line of Business : |
Selling Polymeric New Materials |
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No. of Employees : |
Not Available |
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 : |
Not Registered in China |
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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
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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
ASIA INT'L ENTERPRISE (HONG KONG) LIMITED
13/F GUANGCHANG BUILDING, 9 DISTRICT BAOMIN ROAD, BAOAN DISTRICT
SHENZHEN, GUANGDONG PROVINCE 518101 PR CHINA
TEL: 86 (0) 755-29993288-860
FAX: 86 (0) 755-29991288
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
²
The contact ways
clients provided are as follows,
Tel: 86 (0)
755-29993288-860
When we dialed the above telephone number, a lady answered the phone.
She admitted the given name, and told us the Chinese name in translation is “亚太国际企业（香港）有限公司”, which is
registered in Hong Kong, but operates in Shenzhen, Guangdong Province, mainland
China.
²
The lady
introduced the below information,
A.
SC is mainly engaged in selling polymeric new
materials.
B.
The products mainly include:
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Products Series |
Products Name |
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Special Engineering Plastics |
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General Plastics Series |
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Thermoplastic elastomer |
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New Products |
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C.
SC sources its products 100% from domestic market
SC sells 30% of its products in domestic market, and 70% to overseas market, mainly U.S.A., etc.
D.
Major Clients:
Lansen Mold Co
Inc.
Nexus Usa Llc.
E.
SC’s related companies in Shenzhen,
Shenzhen AIE
Industrial Limited
Polymer Science
(Shenzhen) New Material Co., Ltd.
13/F Guangchang
Building, 9 District Baomin Road, Baoan District, Shenzhen, Guangdong Province
518101 PR China
According to the lady, SC & Shenzhen AIE Industrial Limited and
Polymer Science (Shenzhen) New Material Co., Ltd. locates in the heading
address at present.
During our check with Hong Kong Registry, we found
the following registration about SC,
Company Name: Asia Int'l Enterprise (Hong Kong)
Limited
Company File No.: 0681197
Date of Registration: July 7, 1999
Legal Form: Private
Status: Live
A research was conducted with Shenzhen municipal
State Administration of Industry & Commerce (SAIC-the official body of issuing
and renewing business license), we found the registration information for SC’s
related companies, as follows,
Company Name: Shenzhen AIE
Industrial Limited
Registration No.: 440306103590871
Date of
Registration: April 29, 2001
Legal Form: Limited Liabilities
Company
Registered
Capital: CNY 20,000,000
Legal
Representative: Xu Dong
Company Name: Polymer Science (Shenzhen) New Material Co.,
Ltd.
Registration No.: 440306104052984
Date of
Registration: June 15, 2005
Legal Form: Limited
Liabilities Company
Registered
Capital: CNY 108,000,000
Legal
Representative: Xu Dong
SC is considered medium-sized in its line with 12 years business
history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.41 |
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|
1 |
Rs.90.38 |
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Euro |
1 |
Rs.77.61 |
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.