MIRA
INFORM REPORT
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Report Date : |
24.09.2013 |
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Tel No.: |
86 21 54259641/64268060 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI VICO INDUSTRIAL CO., LTD. |
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Registered Office : |
Room 1607, Kunyang
Plaza, No. 798, Zhaojiabang Road, Xuhui
District, Shanghai, 200032 PR |
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Country : |
China |
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Date of Incorporation : |
02.12.2009 |
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Com. Reg. No.: |
310104000450408 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is engaged
in international trading mainly include: textiles, textile
machinery |
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No. of Employees : |
5 |
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 : |
Small Company |
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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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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 and Address
SHANGHAI VICO INDUSTRIAL
CO., LTD.
ROOM 1607, KUNYANG PLAZA, NO. 798, ZHAOJIABANG ROAD,
XUHUI DISTRICT, SHANGHAI, 200032 PR
CHINA
TEL: 86 (0) 21-54259641/64268085 FAX: 86 (0) 21-64268060
EXECUTIVE SUMMARY
INCORPORATION
DATE : DEC. 2, 2009
REGISTRATION
NO. : 310104000450408
REGISTERED
LEGAL FORM : LIMITED LIABILITIES
CO.
CHIEF
EXECUTIVE : MR. LI JINBAO (LEGAL REPRESENTATIVE)
STAFF
STRENGTH : 5
REGISTERED
CAPITAL : CNY 1,000,000
BUSINESS
LINE :
trading
TURNOVER : n/a
EQUITIES : n/a
PAYMENT
: AVERAGE
MARKET
CONDITION : average
FINANCIAL
CONDITION : n/a
OPERATIONAL
TREND : FAIRLY STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.12 = USD 1
Adopted abbreviations:
ANS - amount not
stated
NS - not stated
SC - subject company
(the company inquired by you)
NA - not available
CNY - China Yuan
Renminbi
SC was registered as a limited liabilities co. at local Administration for Industry &
Commerce (AIC - The official body of issuing and renewing business license) on
Dec. 2, 2009.
Company Status: Limited Liabilities Co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes importing and exporting goods and technology; developing the technology
of textile machinery, textile, and technical advice, technology transfer,
technical services; investment management consulting; business
consulting; public relations services; construction and decoration engineering;
property management; selling chemical raw materials and products (except
hazardous chemicals, controlled chemicals, fireworks, civil explosives,
precursor chemicals), general merchandise, building materials (with permit if
needed).
SC is mainly
engaged in international trading.
Mr. Li Jinbao has been the legal representative, chairman and general manager of SC since 2009.
SC is known to have approx. 5 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Shanghai. The detailed information of the area is unspecified.
Note: SC has another operation office located at “Room 810,
Building 2, No. 245, Jiachuan Road, Xuhui District, Shanghai City”. Tel: 021-34610078
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Li Jinbao 80
Li Jinying 20
l
Legal representative, chairman and
general manager:
Mr. Li Jinbao, in his 30’s, he is currently
responsible for the overall management of SC.
Working Experience(s):
From 2009 to present Working in SC as legal
representative, chairman and general manager
l
Supervisor:
Li Jinying
SC is mainly engaged
in international trading.
SC’s products mainly include:
textiles, textile machinery
SC sources its materials 80% from domestic
market and 20% from overseas market. SC sells 40% of its products in domestic
market and 60% 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 management declined to release its major clients and suppliers.
SC is not known to
have any subsidiary at present.
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 records and our debt collection record concerning SC.
Trade payment experience: SC refused to
release any information of its suppliers and the trade reference was not
available.
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.
Bank of China Shanghai Xuhui Sub-branch
AC#：N/A
Relationship:
Normal.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with a development history of 3
years. Taking into consideration of SC’s operating size as well as development
history we would rate SC as an above average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.52 |
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1 |
Rs.100.26 |
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Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.