MIRA INFORM REPORT
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Report Date : |
09.11.2013 |
IDENTIFICATION DETAILS
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Name : |
HUATUO TECHNOLOGY CO., LIMITED |
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Formerly Known As : |
HONGKONG HKADONIX CO. LIMITED |
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Registered Office : |
No. 6 Building, Haibin New Village, Xixiang
Dock, Baoan District, Shenzhen City, Guangdong Province, 518128 PR China |
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Country : |
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Date of Incorporation : |
08.07.2009 |
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Legal Form : |
Private |
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Line of Business : |
Subject mainly engaged in processing and selling mould and stamping
dies, stamping parts, stamping strips |
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No. of Employees : |
Approximately
130 |
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 |
Status : |
Not Registered in |
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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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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 |
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
HUATUO TECHNOLOGY CO., LIMITED
No. 6 Building, Haibin New Village, Xixiang
Dock, Baoan District, Shenzhen City, Guangdong Province, 518128 PR CHINA
TEL :
86 (0) 755-32955706/86-15815560724
FAX :
4008266163-02165
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:
·
Information obtained is insufficient for compiling
a standard report.
·
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 number clients provided is
86 (0) 755-32955706
When we dialed the above number, a gentleman Mr. Wang answered. He
confirmed that his company’s correct registered name should be the above stated
one, and also released the following:
*SC is registered in Hong Kong with Chinese name, and mainly operating
in Shenzhen, mainland China.
*SC is known to have approx. 130 employees at present,
including factory staff.
*SC is also known as Hongkong Hkadonix Co., Ltd.
*There is also staff working in Hong Kong at present.
Hong Kong Office:
Add: Room 510-511-A2, Nan Fung Tower, No. 173 Des Voeux Road C., Hong
Kong 173 510-511-A2
Tel : 00852-69388212
Fax : 00852-30121311
http://www.hkadonix.com/ The design is professional and the content is
well organized. At present it is in Chinese and English versions.
Email: adonix@188.com
The address client provided is: Building
No. 6 Haibin New Village Xixiang Dock Baoan District Shenzhen China
According to Mr. Wang, SC is now operating at the above address.
Careful investigations were made with Shenzhen
Administration for Industry and Commerce (AIC -The official body of issuing and
renewing business license) according to the
Chinese name; however, no were found.
In Hong Kong Companies Registry, we found the following
information:
Company
Name
Huatuo Technology Co., Limited
CR No .:
1351536
Date of Incorporation :
July 8, 2009
Company Status :
Private
Active Status :
Live
Chairman:
Mr. Zhong Tao is currently responsible for the overall
management of SC.
Working
Experience(s):
At present Working in SC as chairman
An interview was conducted with SC’s staff Mr. Wang on Oct. 31, 2013,
and he confirmed operational and trading details as follows:
SC is mainly engaged in processing and selling mould and stamping die.
Main Products: stamping dies, stamping parts, stamping strips, etc.
SC sources its merchandise 50% from domestic market, and 50% from
overseas market. SC sells 20% of its products in domestic market, and 80% to
overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s employee refused to release its main suppliers.
Customer:
========
Gin Gin & Dry, Queensland Australia
SC is registered in
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.73 |
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UK Pound |
1 |
Rs.100.92 |
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Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIA |
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.