MIRA INFORM REPORT
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Report Date : |
19.11.2013 |
IDENTIFICATION DETAILS
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Name : |
FUJIAN EXTERNAL
LABOUR SERVICES COOPERATION CO. |
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Registered Office : |
9/F, Huamin Building, No. 165 Hudong Road, Fuzhou City, Fujian
Province, 350001 PR |
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Country : |
China |
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Date of Incorporation : |
22.07.1988 |
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Com. Reg. No.: |
350000100000848 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Subject is engaged in import and export trade
business products mainly include shoes, arts & crafts |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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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) |
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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 |
Company
name & address
FUJIAN EXTERNAL LABOUR SERVICES COOPERATION CO.
9/F, HUAMIN BUILDING, NO. 165 HUDONG ROAD, FUZHOU CITY, FUJIAN PROVINCE,
350001 PR CHINA
TEL : 86 (0)-13706951236
FAX : N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE :
JUL. 22, 1988
REGISTRATION NO. :
350000100000848
REGISTERED LEGAL FORM : STATE-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. CHEN NAN (GENERAL MANAGER)
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :CNY 6.0919 = USD
Adopted
abbreviations:
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan
Renminbi
Note: According to SC’s staff, the given tel. number belongs to SC’s
office in Quanzhou.
The correct address should be the heading one.
SC was registered as a State-owned enterprise at local Administration
for industry & commerce (AIC - the official body of issuing and renewing
business license) on Jul. 22, 1988.
Company Status: State-owned enterprise This form of business in PR China is defined as a commodity
production or operational units of a socialist character which in
accordance with the law, have autonomy in management, and take full
responsibility for its profits and losses and practices independent
business accounting. It is a legal person established directly by central /
local government or enterprise owned by central or local government. In
theory, the liabilities of this form of enterprise are ultimately borne by
the government, since the adoption of company law in mid-1994, the Chinese government
has planned to separate the ownership from management and liabilities
bearing.
SC’s registered business scope includes foreign labor service
cooperation (the period of validity until Apr. 16, 2019); foreign trade;
wholesaling and retailing of commodities, knitting and textile products,
groceries, arts & crafts, hardware, chemical products (excluding dangerous
chemicals and precursor chemicals), computer and accessories; technology
information consulting; Property management (able to operating the special
items after obtained the permit by the related department).
According to SC’s staff, SC is mainly engaged in import
and export trade business at present.
Mr. Chen Nan is the legal representative and general manager of SC at
present.
SC is known to have approx. 10 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Fuzhou. SC’s management
declined to release the detailed information of the premise.
www.059cg.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: admin@059cg.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
See below for SC as executive party (defendant).
|
Executed Party |
Fujian External Labour Services Cooperation
Co. |
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Court |
Fuzhou City Gulou District People’s Court |
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Date of Case |
November 14, 2006 |
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Case Number |
(2006) 01606 |
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Claim Amount |
CNY 536,000 |
|
Case Status |
Completed |
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Executed Party |
Fujian External Labour Services Cooperation
Co. |
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Court |
Fuzhou City Gulou District People’s Court |
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Date of Case |
June 22, 2007 |
|
Case Number |
(2007) 01653 |
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Claim Amount |
CNY 10,000 |
|
Case Status |
Completed |
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Executed Party |
Fujian External Labour Services Cooperation
Co. |
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Court |
Fuzhou City Gulou District People’s Court |
|
Date of Case |
September 13, 2007 |
|
Case Number |
(2007) 02115 |
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Claim Amount |
CNY 41,095 |
|
Case Status |
In Processing |
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Executed Party |
Fujian External Labour Services Cooperation
Co. |
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Court |
Fuzhou City Gulou District People’s Court |
|
Date of Case |
September 13, 2007 |
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Case Number |
(2007) 02133 |
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Claim Amount |
CNY 2,100 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are
unable to provide the cause of action, judgment or other information.
Superior
Department
Fujian Province Human Resources and Social
Security Bureau
Superintendent : Mr. Zhong Weiping
Address :
No. 44 Gudong Road, Fuzhou City, Fujian Province, PR China.
Website :
www.fjlss.gov.cn
E-mail :
fjlss@fujian.gov.cn
Tel :
+86-591-87559359
Legal representative and general manager:
Mr. Chen Nan is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and general manager.
Also working in Fujian Star Studying Abroad Services Centre, Fujian
Shuigu Construction Engineering Service Co., Ltd. (in Chinese Pinyin) as legal
representative.
According to SC’s staff, SC is mainly engaged in import
and export trade business at present.
SC’s products mainly include shoes, arts & crafts
SC sources its materials 90% from domestic market and 10% from the
overseas market. SC sells 90% of its products to overseas market and 10% in
domestic market.
The buying terms of SC include Check, L/C, T/T 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
management declined to release its major clients and suppliers.
Branch
Fujian External Labour Services Cooperation
Co. Pingtan Branch
Registration no. :
350128100000179
Principal :
Liu Lixian
According to the
website, SC has the following related companies:
Fujian Star
Studying Abroad Services Centre
Address : 9/F, Huamin Building,
No. 165 Hudong Road, Fuzhou City, Fujian Province, 350001 PR China
Registration no. :
350000100016106
Legal representative : Chen
Nan
Tel :
+86-591-87511183
Website : www.starstudying.com
E-mail : dept@starstudying.com
Fujian New Star
International Business & Consultants Co., Ltd.
Address : 9/F, Huamin Building,
No. 165 Hudong Road, Fuzhou City, Fujian Province, 350001 PR China
Registration no. :
350000100022527
Legal representative : Xue
Minde
Fuxing Sino-Star
Overseas Employment Exchange
Address : 9/F, Huamin Building,
No. 165 Hudong Road, Fuzhou City, Fujian Province, 350001 PR China
Registration no. :
350000100016528
Legal representative : Huang
Xiaodong
Fujian Shuigu
Construction Engineering Service Co., Ltd. (in Chinese Pinyin)
Address : 9/F, Huamin Building,
No. 165 Hudong Road, Fuzhou City, Fujian Province, 350001 PR China
Registration no. :
350000400001078
Legal representative : Chen
Nan
Xiamen Minlao
Labour Service Co., Ltd.
Registration no. :
350203200090585
Legal representative : Lin Hua
Overseas
F. E. L. C. (Hong Kong) Co., Limited
CR No. :
0577687
Incorporation date :
December 3, 1996
Etc.
According to SC’s
staff:
Quanzhou Office
Tel: +86-595-82935606
Overall payment appraisal: ( )
Excellent ( ) Good
(X) Average ( ) Fair
( ) Poor ( ) Not yet determined The appraisal serves
as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current
enquiry with SC's suppliers), our delinquent payment and our debt collection
record concerning SC.
Trade payment experience: SC did not provide any name of
trade/service suppliers and we have no other sources to conduct the enquiry at
present.
Delinquent payment record: None
in our database.
Debt collection record: No overdue amount owed by SC was placed to us for
collection within the last 6 years.
SC’s management declined to release its bank details.
SC’s management declined to release financial details.
SC is considered small-sized in its line with a long development
history. Due to lack of financial statements, we are unable to determine the
maximum credit limit for SC.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.63 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.84.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.