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Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
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Name : |
JADELAND LIMITED |
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Registered Office : |
Gucheng Hamlet,
Weizi Town, Changyi, Weifang, Shandong Province 261300 Pr |
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Country : |
China |
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Financials (as on) : |
--- |
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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 : |
--- |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
JADELAND LIMITED
Gucheng Hamlet, weizi town, changyi
weifang, shandong province 261300 PR CHINA
TEL: 86 (0) 536-7859089
FAX: 86 (0) 536-7859089
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/Fax: 86 (0) 536-7859089
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 “至利有限公司”, which is
registered in Hong Kong, but operates in Changyi, Weifang, Shandong Province,
mainland China.
²
The lady
introduced the below information,
A.
SC is mainly engaged in exporting
machinery and components.
B.
The products mainly include:
Agricultural
machinery
Construction
machinery
Farming
instruments
Etc.
C.
SC sources its products 100% from domestic market,
mainly Weifang. SC sells 100% of its products to overseas
market.
D.
SC’s related companies,
Shandong
Changning Group Co., Ltd.
Changyi
Changrong Machinery Co., Ltd.
Gucheng
Hamlet, Weizi Town, Changyi, Weifang, Shandong Province 261300 PR China
According to the lady, SC & Shandong
Changning Group Co., Ltd. and Changyi Changrong Machinery Co., Ltd. locate in
the above.
During our check with Hong Kong Registry, we found the following registration about SC,
Company Name: Jadeland Limited
Company File No.: 1228787
Date of Registration:
April 18, 2008
Legal Form: Private
Status: Live
A research was conducted with Changyi municipal & Shandong Provincial Administration of Industry & Commerce (the official body of issuing and renewing business license), the registration information for SC’s related companies are as follows,
--------------------------------------------------------------------------------
Company Name: Shandong Changning Group Co.,
Ltd.
Registration No.: 370786228000660
Date of
Registration: December 11, 2000
Legal Form: Limited
Liabilities Company
Registered
Capital: CNY 30,000,000
Legal
Representative: Teng Fengqun
Company Name: Changyi Changrong
Machinery Co., Ltd.
Registration No.: 370700400003505
Date of
Registration: January 5, 2001
Legal Form: Limited
Liabilities Company
Registered
Capital: CNY 12,000,000
Legal
Representative: Teng Linqun
SC is considered small-sized in its line with 5 years business history.
Taking into consideration of SC’s good background, credit dealings with SC
should be confined into small amount at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
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UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.