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Report Date : |
14.04.2014 |
IDENTIFICATION DETAILS
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Name : |
MACHINERY
ENGINEERING INDUSTRY LIMITED |
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Registered Office : |
Wuyang Bridge,
Fanlijin Village, Fuquan Town, Shaoxing County, Zhejiang Province 312046
PR |
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Country : |
China |
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Date of Incorporation : |
05.03.2010 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is mainly engaged in selling textile machinery, textile. |
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No. of Employees |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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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 |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Debt overhang from
its credit-fueled stimulus program in 2008-10, particularly among local
governments, and soaring property prices challenge policy makers currently.
Their efforts to cool a red-hot property market in 2011 appear to have curbed
inflation, but contributed to slower GDP growth in 2012 and 2013. Slow recovery
in Europe and other key export markets have also retarded growth. 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 fixed investments and exports in the future.
However, China has made only marginal progress toward these rebalancing goals.
The new government of President XI Jinping has signaled a greater willingness
to undertake reforms that focus on China's long-term economic health, including
giving the market a more decisive role in allocating resources.
|
Source
: CIA |
MACHINERY ENGINEERING INDUSTRY LIMITED
wuyang bridge, fanlijin village, fuquan town
shaoxing county, zhejiang PROVINCE 312046 PR CHINA
TEL: 86 (0) 13626884641
FAX: n/a
MACHINERY
ENGINEERING COMPANY LIMITED
FUQUAN TOWN,
SHAOXING COUNTRY, ZHEJIANG PROVINCE, CHINA,
FAX AND PHONE NO.:
0086-575-84817911, 84622057
Email: tjh0575@hotmail.com
Mobile No.:
0086-13626884641.
Contact Person:
Mr. Tao (Mr. Ken)
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:
l Information
obtained is insufficient for compiling a standard report.
l 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
² The contact
ways the client provided are as follows,
Tel:
86 (0) 575-84817911/84622057
Mobile
Phone No.: 86 (0) 13626884641
When we dialed the above 1st telephone number, a gentleman
answered the phone. He heard of the given English name, and told us his company
is SC’s partner.
When we dialed the above mobile phone number, a gentleman Mr. Tao
answered the phone. He admitted the given English name, and told us SC is
registered in Hong Kong, and its Chinese name in translation is, SC mainly
operates in Shaoxing County, Zhejiang Province PR China.
² Mr. Tao introduced the below information,
A. SC is mainly
engaged in selling textile machinery, textile, etc.
B. SC’s products
mainly include: various textile machinery, etc.
C. SC sources its
products 100% from domestic market, mainly Zhejiang province. SC sells 100% of
its products to overseas market.
D. SC’s related
company-Shaoxing County Taohua Trading Co., Ltd.
E. Mr. Tao’s e-mail: tjh0575@hotmail.com
Wuyang
Bridge, Fanlijin Village, Fuquan Town, Shaoxing County, Zhejiang Province
312046 PR China
According to the Mr. Tao, SC’s complete
address should be the heading one.
During our check with Hong Kong
Registry, we found the following registration information about SC,
---------------------------------------------------------------------------
Company
Name:
Machinery Engineering Industry Limited
Company
File No.: 1426851
Date of
Registration: March 5, 2010
Legal
Form: Private
Status: Live
A research was conducted with Shaoxing
county State Administration of Industry & Commerce (SAIC-the official body
of issuing and renewing business license), we found the registration
information for SC’s related company- Shaoxing County Taohua Trading Co., Ltd.,
Registration
No.:
330621000186707
Date of
Registration:
February 23, 2012
Legal
Form: Limited
Liabilities Company
Registered
Capital:
CNY 500,000
Legal
Representative:
Tao Jianhua
SC is considered small-sized in its line
with 4 years business history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.27 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.