MIRA
INFORM REPORT
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Report Date : |
31.08.2014 |
IDENTIFICATION DETAILS
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Name : |
HEFEI GUININGXIANG SPICE CO., LTD. |
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Registered Office : |
Room 1701, Building 8, Nanliwan, Intercross Of Huayuan Avenue &
Tianjin Road, Baohe District, Hefei City, Anhui Province, 230011 Pr |
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Country : |
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Date of Incorporation : |
10.04.2013 |
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Com. Reg. No.: |
340100000768926 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Mainly Engaged in Selling Spice |
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No of Employees : |
5 |
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 1, 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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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, 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
HEFEI GUININGXIANG SPICE CO., LTD.
ROOM 1701, BUILDING 8, NANLIWAN, INTERCROSS OF HUAYUAN AVENUE & TIANJIN
ROAD, BAOHE DISTRICT, HEFEI CITY, ANHUI PROVINCE, 230011 PR CHINA
TEL: 86 (0) 551-63469348/18355128999
FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 10, 2013
REGISTRATION NO. :
340100000768926
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. XIE ZHIGUI (CHAIRMAN)
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
UNKNOWN
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.1529= 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 co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on April 10, 2013.
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 selling pepper, chili, anise and
agricultural by-products.
SC is mainly engaged in selling spice.
Mr. Xie Zhigui is legal representative, chairman and general
manager of SC at present.
SC is known to have approx. 5 employees at
present.
SC is currently operating at the above stated address, and
this address houses its operating office in commercial zone of Hefei. Detailed
premise information is unspecified.
Note: the is SC’s shop address: Bashang Street New Market,
http://www.guiningxiang.com/
The design is professional and the content is well organized. At present it is
in Chinese version.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Organization Code: 066504308
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xie Zhigui 95
Duan Meirong 5
Legal representative, Chairman & General Manager:
Mr. Xie Zhigui is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working in
SC as legal representative, chairman and general manager
Supervisor:
Duan Meirong
SC is mainly engaged in selling spice.
Main Products include pepper, chili, anise, etc.
SC sources its materials 100% from domestic market. SC sells
100% of its products in domestic market.
The buying terms of SC include Check, T/T and Credit of 30-60
days. The payment terms of SC include Check, T/T and Credit of 30-60 days.
Note: SC’s
management declined to release its major clients and suppliers.
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 refused to release its banking information.
SC refused to release its financial information.
SC is considered small-sized in its line with a short development
history. Taking into consideration of SC’s development history and operation
size.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.47 |
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1 |
Rs.100.35 |
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Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
SHG |
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.