MIRA
INFORM REPORT
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Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
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Name : |
REFMAT CORPORATION |
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Registered Office : |
Room 2804 Block A, Powerlong City Square, Kaiyuan Avenue Luonan New District, Luoyang, Henan Province 471000 PR |
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Country : |
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Date of Incorporation : |
03.04.2014 |
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Com. Reg. No.: |
410300011034993 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Subject is engaged in selling thermal equipment & accessories, refractories, mineral products, ceramic products, insulation materials, mechanical equipment, metallurgical materials, chemical products, building materials, rubber & plastic materials, and office equipment; importing and exporting commodities and technology. |
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No of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading band within which the RMB is permitted to fluctuate. 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. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. 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 & ADDRESS
REFMAT CORPORATION
ROOM 2804 BLOCK A,
POWERLONG CITY SQUARE, KAIYUAN AVENUE
LUONAN NEW DISTRICT,
LUOYANG, HENAN PROVINCE 471000 PR CHINA
TEL: 86 (0)
379-69915786
FAX: 86 (0)
379-69915786
***Note: According
to the, we locate SC.
EXECUTIVE SUMMARY
Date of Registration : april 3, 2014
REGISTRATION NO. : 410300011034993
LEGAL FORM : ONE-PERSON Limited liabilities company
REGISTERED CAPITAL : cny 1,000,000
staff :
3
BUSINESS CATEGORY : trading
Revenue :
N/A
EQUITIES :
N/A
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
NOT YET BE DETERMINED
MARKET CONDITION : currently remains to be observed
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : NOT YET BE
DETERMINED
GENERAL REPUTATION : NOT YET BE DETERMINED
EXCHANGE RATE :
CNY 6.15 = USD 1 AS OF 2014-8-12
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.: 410300011034993 on April 3, 2014.
SC’s Organization Code Certificate No.:
09859406-1
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
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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Cao Ran |
100 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman and General
Manager |
Cao Ran |
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Supervisor |
Cao Baochang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
Cao Ran 100
MANAGEMENT
Cao Ran, Legal Representative, Chairman and General
Manager
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Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Cao Baochang, Supervisor
-----------------------------------------------
Ø
Gender: M
BUSINESS OPERATION
SC’s registered business scope includes selling thermal
equipment & accessories, refractories, mineral products, ceramic products,
insulation materials, mechanical equipment, metallurgical materials, chemical
products, building materials, rubber & plastic materials, and office
equipment; importing and exporting commodities and technology.
According to the
information from local SAIC, and SC has not started its normal business yet.
Staff & Office:
--------------------------
SC is known
to have approx. 3 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) 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: 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.
BANKING
The bank information
of SC is not filed in local SAIC.
FINANCIALS
Established as a new company in 2014, SC’s financials are not available
at present.
CONCLUSIONS
SC was established recently in 2014, and its credit has not been
established yet. Great caution is required in providing credit to SC &
C.O.D. is recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 61.18 |
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1 |
Rs. 102.55 |
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Euro |
1 |
Rs. 81.77 |
INFORMATION DETAILS
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Analysis Done by
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SMT |
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Report Prepared
by : |
DPT |
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 |
-- |
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.