MIRA
INFORM REPORT
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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
HONGJI GREAT CAUSE TRADING LIMITED |
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Registered Office : |
Room 1009, |
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Country : |
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Date of Incorporation : |
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Com. Reg. No.: |
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Legal Form : |
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Line of Business : |
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No. of Employees : |
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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.
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Source : CIA |
Company name & address
HONGJI GREAT CAUSE TRADING LIMITED
Room 1009, Finance
Building, Shiyijing Road, Hedong District,
Tianjin, 300171 PR
CHINA
TEL: 86 (0)
22-23133360 FAX: 86 (0) 22-23133365
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.
The telephone & fax number client given are
008622 23133360 and 008622 23133365.
We dialed the given tel. number and one gentleman Mr. Zhang answered the
phone.
From Mr. Zhang we knew the following information on SC:
SC is registered in Hong Kong with the Chinese name洪基伟业商贸有限公司.
SC has two related companies in Tianjin,
they are Tianjin Dashan Import and Export Co., Ltd. and Tianjin Penghao
International Freight Forwarding Co., Ltd. separately, and all of them are operating
in the heading address.
SC is mainly engaged in international trade.
SC is known to
have approx. 15 employees at present (including its two related companies), and
there is also staff working in Hong Kong.
Website: http://hongjitrade.com/
Email: sales@hongjitrade.com
The address client given is:
Room No. 1009,
Finance Building, Shiyijing Road, Hedong District Tianjin China
According to Mr. Zhang, SC is operating in the above address, and SC
also has the other operating address –Flat 7A 7Fl Kimley Commercial Bldg.,
142-146 Queen's Rd, Central, Hong Kong, and the corresponding contact ways are:
Tel: 852-25814966 Fax: 852-28514966.
According
to the Chinese name released by Mr. Zhang,
careful investigations were made with Tianjin Municipal Administration for
Industry and Commerce (AIC - The official body
of issuing and renewing business license),
but no record was found.
In HK Company
Registry, we found the following registration information on SC:
Hongji Great Cause Trading Limited
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Registered Legal Address (***): Flat 7A 7Fl Kimley Commercial Bldg 142-146
Queen's Rd, Central, Hong Kong
License Number: 1465864
Date of Registration: Jun. 7, 2010
Issuing Authority: Companies Registry - National
Legal Form: Private Company with Limited Liability
License Status: License exists - But is a "shelf-company" used
for tax purposes only.
Operational Status of Business: Corporate Secretarial Services office
ONLY.
Primary Business Activity: Trader
Primary Industry: General Merchandise
Registered
information about SC’s related companies:
Tianjin Dashan
Import and Export Co., Ltd.
==================================
Registration no.:
120192000051685
Registered
capital: CNY 500,000
Legal
representative: Liu Zhiyong
Tel: 022-23133360
Fax: 022-23133365
E-mail: 1063892248@qq.com
Tianjin Penghao
International Freight Forwarding Co., Ltd.
==================================
Registration no.:
120192000009369
Registered
capital: CNY 5,000,000
Legal representative:
Wang Weidong
Tel: 022-23133360
According to Mr. Zhang, SC is mainly engaged
in international trade.
SC sources its materials 95% from domestic
market, and 5% from overseas market; sells 20% of its products in domestic market,
and 80% to overseas market.
Business Information from SC’s website:
=============================
SC’s products mainly include:
Disc Brakes
Brake Caliper
Other Brakes
Release units
Hydraulic Buffers
Backstop Clutch
Couplings
Rail Clamp
Crane wheel
Lifting Hook
Etc.
SC was established on June 7, 2010 in Hong Kong.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.70 |
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UK Pound |
1 |
Rs.92.25 |
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Euro |
1 |
Rs.78.38 |
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.