MIRA
INFORM REPORT
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Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
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Name : |
LOYTECH
LIMITED |
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Registered Office : |
G-6-B Minle Industrial
Zone, Longhua Town, Baoan District, Shenzhen, Guangdong Province 518000 Pr |
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Country : |
China |
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Date of Incorporation : |
20.04.2010 |
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Legal Form : |
Private |
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Line of Business : |
Subject is engaged in selling contactless smart card, contact smart
card, RFID electronic tag. |
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No. of Employees : |
Not Available |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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.
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Source
: CIA |
Company name and address
LOYTECH LIMITED
G-6-B MINLE
INDUSTRIAL ZONE, LONGHUA TOWN, BAOAN DISTRICT, SHENZHEN, GUANGDONG PROVINCE
518000 PR CHINA
TEL: 86 (0)
755-83168486
FAX: 86 (0) 755-83923200
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.
------------------------------------------
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
CHECK
ON SC’S REGISTERED TELEPHONE LINE
The contact ways are as follows,
Tel: 86 (0)
755-83168486
Fax: 86 (0)
755-83923200
When we dialed the above telephone number, a lady answered the phone.
She admitted the given English name, and told us SC is registered in Hong Kong,
and SC mainly operates in Shenzhen, Guangdong Province PR China.
The lady
introduced the below information,
SC is mainly engaged in selling contactless smart card, contact smart
card, RFID electronic tag.
SC’s products mainly include:
Contactless smart card
Contact smart card
RFID electronic tag
SC sources its materials 100% from domestic market. SC sells 100% to
overseas market, mainly U.S.A., India, Hong Kong etc.
SC’s website: www.loytechlimited.com
E-mail: info@loytechlimited.com
Related Company,
Shenzhen RFID Electronic Co., Limited
Web: www.rfidandcard.com
SC is known to have a subsidiary at present,
Loytech (Zhaoqing) Electronic Technology Co., Ltd.
SPOT
VISIT
G-6-B Minle
Industrial Zone, Longhua Town, Baoan District, Shenzhen, Guangdong Province
518000 PR China
According to the lady, SC locates in the above address at present, while
the (Room 820, Zhongdian Information Building, West Tower, No. 1 Xinwen Road
Futian Dist., 518052 Shenzhen Guangdong) was the former one.
REGISTRATION
During our check with Hong Kong Registry, we found the following
registration information about SC,
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Company Name: Loytech Limited
Company File No.: 1445819
Date of
Registration: April 20, 2010
Legal Form: Private
Status: Live
A research was conducted with Shenzhen and Zhaoqing municipal State
Administration of Industry & Commerce (the official body of issuing and
renewing business license), and we found the general registration for Shenzhen
RFID Electronic Co., Limited & Loytech (Zhaoqing) Electronic Technology
Co., Ltd., as follows,
Shenzhen RFID Electronic Co., Limited
Registration No.: 440301106536184
Date of Registration: September 6, 2012
Legal Form: Limited Liabilities Company
Registered Capital: CNY 1,000,000
Legal Representative: Yang Shiwei
Loytech (Zhaoqing) Electronic Technology Co., Ltd.
Registration No.: 441200400014133
Date of Registration: December 22, 2010
Legal Form: Wholly Foreign-Owned Enterprise
Registered Capital: USD 360,000
Legal Representative: Tan Ri Sheng
CONCLUSIONS
SC is considered small-sized in its line with 3 years business history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.90 |
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1 |
Rs.100.47 |
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Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.