MIRA INFORM REPORT
|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNIFIT INDUSTRIAL SUPPLY CO., LTD. |
|
|
|
|
Registered Office : |
Room 1608, No. 655 Hubin Road, Wuxi City, Jiangsu Province, 214061 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
25.07.2005 |
|
|
|
|
Com. Reg. No.: |
320211000091344 |
|
|
|
|
Legal Form : |
Limited
Liabilities Company |
|
|
|
|
Line of Business : |
Engaged in sales
of general machinery and accessories, electrical machinery and equipment,
electronic products, daily necessities, building materials, hardware, auto
parts, metal materials, arts and crafts; self-employed or agents import and
export of various types of goods and technology (excluding those limited or
prohibited by the state) (if needed with special approval). Subject product ranges include high
pressure faucet, retractable hose reels, temperature control products and electric
valves. |
|
|
|
|
No. of Employees : |
11 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 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 |
Company
name & address
UNIFIT INDUSTRIAL
SUPPLY Co., Ltd.
Room
1608, no. 655 hubin road, wuxi city,
JIANGSU
PROVINCE, 214061 PR CHINA
TEL: 86 (0)
510-82805020 FAX: 86 (0) 510-82805357
EXECUTIVE
SUMMARY
INCORPORATION
DATE : july 25, 2005
REGISTRATION
NO. : 320211000091344
REGISTERED
LEGAL FORM : Limited liabilities co.
CHIEF
EXECUTIVE : Ms. Zhou
fang (legal
representative)
STAFF STRENGTH :
11
REGISTERED
CAPITAL :
CNY 600,000
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 6.2214 = 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 company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on July 25, 2005.
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 sales of general machinery and accessories, electrical
machinery and equipment, electronic products, daily necessities, building
materials, hardware, auto parts, metal materials, arts and crafts;
self-employed or agents import and export of various types of goods and
technology (excluding those limited or prohibited by the state) (if needed with
special approval).
SC is mainly
engaged in trading of goods.
Ms. Zhou Fang
is legal representative and executive director of SC at present.
SC is known to have approx. 11 employees at present.
SC is currently operating
at the above stated address, and this address houses its operating office in
the commercial zone of Wuxi. Our checks reveal that SC rents the total premise,
but the gross area is unspecified.
http://www.unifit.cn/
The design is professional and the content is well organized. At present it is
in Chinese version.
Email: sales@unifit.cn
For the past two years
there is no record of litigation.
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Subject passed the annual inspection
of 2012 with Administration for Industry & Commerce.
Organization Code: 776441479
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hang Yanbo 5
Ma Jing 5
Pan Hongxia 5
Zhou Fang 20
Zhou Jun 65
Legal
Representative and Executive Director:
Ms. Zhou Fang, ID# 32020419650607xxxx, born in 1965. She is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and executive director.
General Manager:
Mr. Zhou Jun, ID# 11010519690817xxxx, born in 1969. He is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working
in SC as general manager.
Supervisor:
Hang Yanbo , ID# 32021219810130xxxx, born in 1981.
SC is mainly
engaged in trading of goods.
SC’s products mainly include: high pressure faucet,
retractable hose reels, temperature control products and electric valves.
SC sources its materials 100% from domestic market. SC sells 40% of its
products in domestic market, and 60% to overseas market.
The buying terms of
SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
Note: SC declined to release its major suppliers and clients.
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 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
disclosed that the given bank information (China Merchants Bank, Nanjing
Branch, China) does not belong to SC, while he refused to release SC’s bank
information.
SC’s management refused to release the financial information.
SC is considered small-sized in its line with a development history of 9 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
UK Pound |
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
kar |
|
|
|
|
Report Prepared
by : |
MNL |
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.