MIRA INFORM REPORT

 

 

Report Date :

22.10.2013

 

IDENTIFICATION DETAILS

 

Name :

HANGZHOU JOYOUNG TRADE CO., LTD.

 

 

Registered Office :

Room 204-205, No. 142 East Zhoushan Road, Gongshu District Hangzhou, Zhejiang Province 310005 Pr

 

 

Country :

China

 

 

Date of Incorporation :

23.03.2010

 

 

Com. Reg. No.:

330105000143120

 

 

Legal Form :

One-Person Limited Liability Company

 

 

Line of Business :

Selling general merchandise; goods import and export

 

 

No. of Employees :

6

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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 :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 and address

 

HANGZHOU JOYOUNG TRADE CO., LTD.

ROOM 204-205, NO. 142 EAST ZHOUSHAN ROAD, GONGSHU DISTRICT HANGZHOU, ZHEJIANG PROVINCE 310005 PR CHINA

TEL: 86 (0) 571-85283783

FAX: 86 (0) 571-85283783

 

EXECUTIVE SUMMARY

 

Date of Registration         : march 23, 2010

REGISTRATION NO.                  : 330105000143120

LEGAL FORM                           : One-person Limited Liability Company

CHIEF EXECUTIVE                   : huang ziqin (LEGAL REPRESENTATIVE)

REGISTERED CAPITAL : CNY 500,000

staff                                      : 6

BUSINESS CATEGORY : TRADING

Revenue                                : N/A (AS OF DEC. 31, 2012)

EQUITIES                                 : N/A (AS OF DEC. 31, 2012)

WEBSITE                                  : N/A

E-MAIL                                     : N/A

PAYMENT                                : AVERAGE

MARKET CONDITION                : fair

FINANCIAL CONDITION             : N/A

OPERATIONAL TREND : Ordinary

GENERAL REPUTATION           : FAIR

EXCHANGE RATE                    : CNY 6.12 = USD 1

 

Adopted abbreviations (as follows)

SC - Subject Company (the company inquired by you)

N/A – Not available

CNY – China Yuan Ren Min Bi

 

OPERATIONAL TREND & GENERAL REPUTATION

 

This section aims at indicating the relative positions of SC in respect of its operational trend & general reputation

 

Operational Trend:-                                            General Reputation:-

Upward                                                             Excellent

Steady                                                              Good

Fairly Steady                                                     Fairly Good

Ordinary                                                            Average

Fair                                                                   Fair

Stagnant                                                           Detrimental

Downward                                                         Not known

Not known                                                         Not yet be determined

Not yet be determined

 

 

LEGAL STATUS & HISTORY

 

SC was established as one-person limited liabilities company of PRC with State Administration of Industry & Commerce (SAIC) under registration No.: 330105000143120 on March 23, 2010.

 

SC’s Organization Code Certificate No.: 55265688-4

SC’s Tax No.: 330100552656884

 

SC’s registered capital: CNY 500,000

 

SC’s paid-in capital: CNY 500,000

 

Registration Change Record:-

 

No significant changes of SC have been noted in SAIC since its incorporation.

 

Current Co search indicates SC’s shareholders & chief executives are as follows:-

 

Name of Shareholder (s)

% of Shareholding

Huang Ziqin

100

 

SC’s Chief Executives:-

 

Position

Name

Legal Representative, Chairman, and General Manager

Huang Ziqin

 

 

RECENT DEVELOPMENT

 

No recent development was found during our checks at present.

 

 

SHAREHOLDER CHART & BACKGROUND

 

Name                                                              % of Shareholding

 

Huang Ziqin                                                                  100

 

 

MANAGEMENT

 

Huang Ziqin, Legal Representative, Chairman and General Manager

-----------------------------------------------------------------------------------------------------

Gender: F

Qualification: University

Working experience (s):

 

From 2010 to present, working in SC as legal representative, chairman and general manager

 

 

BUSINESS OPERATION

 

SC’s registered business scope includes selling general merchandise; goods import and export. 

 

SC is mainly engaged in international trade.

 

SC’s products mainly include: auto clutch parts.

 

SC sources its products 100% from domestic market, mainly Zhejiang. SC sells 100% of its products to overseas market, mainly U.S.A., etc.

 

The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include L/C and Credit of 30-60 days.

 

*Major Customer*

----------------------

Jit Auto Parts Supply Inc.

 

Staff & Office:

--------------------------

SC is known to have approx. 6 staff at present.

 

SC rents an area as its operating office, but the detailed information is unknown.

 

 

RELATED COMPANY

 

SC is not known to have any subsidiary at present.

 

 

PAYMENT

 

Overall payment appraisal:

( ) Excellent      ( ) Good      (X) Average      ( ) Fair      ( ) Poor      ( ) Not yet be 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.

 

 

BANKING

 

The bank information of SC is not filed in SAIC.

 

 

FINANCIALS

 

The financials of SC is not available in local SAIC, and SC also refused to release the details.

 

 

CONCLUSIONS

 

SC is considered small-sized in its line with a development history of 3 years.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.49

UK Pound

1

Rs.99.41

Euro

1

Rs.84.12

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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

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

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

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

----

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.