MIRA
INFORM REPORT
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Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
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Name : |
HENAN MODERN INDUSTRIAL CO., LIMITED |
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Registered Office : |
No. 148 Huayuan Road, Jinshui District, Zhengzhou, Henan
Province 450002 Pr |
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Country : |
China |
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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 : |
import of machinery spare parts including
hydraulic brakes, motorized drums, crane parts, couplings, speed reducers,
etc. |
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No. of Employees : |
10 |
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 : |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
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 & address
HENAN MODERN INDUSTRIAL CO., LIMITED
NO. 148 hUAYUAN
rOAD, jINSHUI dISTRICT, ZHENGZHOU,
HENAN province
450002 PR CHINA
TEL:
86 (0) 371-88883455 FAX: 86 (0) 371-87523083
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 provided telephone number is: 86 371 88883455
When we dialed the number, Mr. Cheng answered.
He confirmed the given name and released the following information on SC:
SC is registered in Hong Kong with the Chinese
name 河南当代工业有限公司, and operating in
Zhengzhou, mainland China.
SC is mainly engaged in the import of machinery spare parts including
hydraulic brakes, motorized drums, crane parts, couplings, speed reducers, etc.
SC is known to have approx. 10 employees in Zhengzhou, mainland China at
present.
According to the
Chinese name 河南当代工业有限公司, investigations
were made with Henan Provincial and Zhengzhou Municipal Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license); however, no record was found.
In HK Company
Registry, we found the following registration information on SC:
Henan Modern
Industrial Co., Limited
Incorporation Date : May
2, 2012
Registration No. : 1738905
Registered Legal Form : Private
Active Status : Live
www.brake.hk The design is
professional and the content is well organized. At present it is in English
version.
Email:
sales@brake.hk
According to Mr. Cheng, the heading address is
SC’s operating address, but he refused our request for a spot visit.
SC is registered in Hong Kong, while operating in Zhengzhou, mainland
China.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.44 |
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UK Pound |
1 |
Rs.81.33 |
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Euro |
1 |
Rs.70.50 |
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.