MIRA
INFORM REPORT
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Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
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Name : |
YOUCARE INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
Room 101, 1st Floor, Building 1, No. 6 Hongda Middle Road Economic And Technological Development Area Beijing 100176 PR |
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Country : |
China |
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Date of Incorporation : |
17.06.2009 |
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Com. Reg. No.: |
110130012012955 |
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Legal Form : |
One-person Limited Liability Company |
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Line of Business : |
Wholesale and retail of pre-packaged food; importing and
exporting goods and technology, import and export agent; technology
development, technology transfer, technical consulting, technology services;
selling cosmetics, chemical products |
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No. of Employees |
60 |
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 : |
Moderate |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
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Source
: CIA |
Company name and address
YOUCARE INTERNATIONAL
TRADE CO., LTD.
ROOM 101, 1ST FLOR, BUILDING 1, NO. 6 HONGDA MIDDLE ROAD
ECONOMIC AND TECHNOLOGICAL DEVELOPMENT AREA
BEIJING 100176 PR CHINA
TEL: 86 (0) 10-67877195/67806688*8998
FAX: 86 (0) 10-67878191
EXECUTIVE SUMMARY
DATE OF REGISTRATION : JUNE 17, 2009
REGISTRATION NO. : 110130012012955
LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE : YU WEISHI (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 38,000,000
STAFF : 60
BUSINESS CATEGORY : TRADING
Revenue : N/A (AS OF DEC. 31, 2013)
EQUITIES : N/A (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.24 = 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.: 110130012012955 on June 17, 2009.
SC’s Organization Code Certificate No.: 69080345-9
SC’s Tax No.: 110192690803459
SC’s registered capital: CNY 38,000,000
SC’s paid-in capital: CNY 38,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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Registered Capital |
CNY 2,000,000 |
CNY 38,000,000 |
Current Co search indicates SC’s shareholders & chief executives are as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Youcare Pharmaceutical Group Co., Ltd. |
100 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman, and General Manager |
Yu Weishi |
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Supervisor |
Bai Lin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name % of Shareholding
Youcare Pharmaceutical Group Co., Ltd 100
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Date of Registration: August 14, 2001
Registration No.: 110000003169648
Legal Form: Wholly Foreign-Owned Enterprise
Chief Executive: Yu Weishi
Registered Capital: CNY 118,000,000
Tel: 86-10-67888806
Email: info@youcareyk.com
Web: www.youcareyk.com
MANAGEMENT
Yu Weishi , Legal Representative, Chairman and General Manager
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Gender: M
Age: 40
Qualification: University
Working experience (s):
From 2009 to present, working in SC as legal representative, chairman and general manager, also working in Youcare Pharmaceutical Group Co., Ltd., Beijing Youcare Kangpeng Biotechnology Co., Ltd., Youcare Pharmaceutical Research Institute (Beijing) Co., Ltd. and Beijing Youcare Institute of Chinese Medicine Co., Ltd. as legal representative
Supervisor
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Bai Lin
BUSINESS OPERATION
SC’s registered business scope includes wholesale and retail of pre-packaged food; importing and exporting goods and technology, import and export agent; technology development, technology transfer, technical consulting, technology services; selling cosmetics, chemical products.
SC is mainly engaged in international trade.
SC’s products mainly include: pre-packaged food, medicines, etc.
SC sources its products 100% from domestic market, mainly Beijing. SC sells 100% of its products to overseas market, mainly Mid East, Southeast Asia, 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 Supplier*
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Youcare Pharmaceutical Group Co., Ltd.
Staff & Office:
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SC is known to have approx. 60 staff at present.
SC rents an area as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is known to have 3 subsidiaries at present,
Beijing Youcare Kangpeng Biotechnology Co., Ltd.
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Date of Registration: April 28, 2011
Registration No.: 110302013837200
Chief Executive: Yu Weishi
Registered Capital: CNY 1,000,000
Youcare Pharmaceutical Research Institute (Beijing) Co., Ltd.
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Date of Registration: April 12, 2011
Registration No.: 110302013763519
Chief Executive: Yu Weishi
Registered Capital: CNY 1,000,000
Beijing Youcare Institute of Chinese Medicine Co., Ltd.
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Date of Registration: April 28, 2011
Registration No.: 110302013835542
Chief Executive: Yu Weishi
Registered Capital: CNY 1,000,000
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’s suppliers declined to make any comments.
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
Basic Bank:
Bank of Beijing
AC#:
6221840108078021871
FINANCIALS
The financials of
SC is not available in local SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered medium-sized in its line with a development history of 5 years. Taking into consideration of SC’s development history, background and operation size, credit up to moderate amount may be considered.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.12 |
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1 |
Rs.102.71 |
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Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
NIS |
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.