MIRA
INFORM REPORT
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Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Date of Incorporation : |
06.03.2012 |
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Com. Reg. No.: |
370284230043685 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in manufacturing and selling trolleys and accessories. |
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No. of Employees : |
12 |
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 : |
No complaints |
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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 and address
QINGDAO HONEST MACHINERY CO., LTD.
QIANWANGANG
ROAD, LINGANG INDUSTRIAL ZONE, HUANGDAO DISTRICT
QINGDAO, SHANDONG
PROVINCE 266400 PR CHINA
TEL: 86
(0) 532-86221096/86159779/13061377655
FAX: 86
(0) 532-86159779
***Note: The “
EXECUTIVE SUMMARY
Date of Registration : MARch 6, 2012
REGISTRATION NO. : 370284230043685
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL :
CNY 1,000,000
staff : 12
BUSINESS CATEGORY :
MANUFACTURING AND trading
Revenue :
N/A (AS OF DEC. 31, 2013)
EQUITIES :
N/A (AS OF DEC. 31, 2013)
WEBSITE : www.qd-honest.com
E-MAIL :
sale@qd-honest.com
PAYMENT : AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.16 = 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 a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 370284230043685 on March 6, 2012.
SC’s Organization Code Certificate
No.: 59125585-6
SC’s Tax No.: 370284591255856
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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Teng Zhaoxu |
80 |
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Zhang Afang |
20 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative,
Chairman, and General Manager |
Teng Zhaoxu |
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Supervisor |
Zhang Afang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Teng Zhaoxu 80
Zhang Afang 20
MANAGEMENT
Teng Zhaoxu, Legal
Representative, Chairman and General Manager
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Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2012 to present, working in SC as legal representative,
chairman and general manager
Zhang Afang, Supervisor
---------------------------------------------
Ø
Gender: F
BUSINESS OPERATION
SC’s registered
business scope includes general business items: manufacturing and selling
trolleys and accessories; selling wood products, chemical products (excluding
dangerous chemicals), plastic products, clothing, electronics, auto parts and
rubber products; importing and exporting goods. (with permit if needed).
SC is mainly
engaged in manufacturing and selling trolleys and accessories.
Brand: HONEST
SC’s
products mainly include: wheel barrow, tool cart, hand trolley, platform
hand truck, rubber wheel, flat free wheel, pedal go cart, kid's cart, wood
products, hand tools, etc.
SC sources its materials 100% from domestic market. SC sells 50% of its products in domestic market, and 50% to overseas market, mainly U.S.A., etc.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Customer*
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Cryo-Metal Inc.
Staff & Office:
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SC is
known to have approx. 12
staff at present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
Honest Machine Hldgs Limited (Hong Kong)
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Date of Registration:
Registration No.: 1745488
Legal Form: Private
Status: Live
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 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.
BANKING
Basic Bank:
Bank of China
AC#:
209114212573
FINANCIALS
The financials of SC is not available in local
SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered small-sized in its line with
a development history of 2 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.06 |
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1 |
Rs.101.84 |
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Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
PDT |
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.