MIRA INFORM REPORT
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Report Date : |
24.12.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 0230, West Coast Export Processing Zone, |
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Country : |
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Date of Incorporation : |
23.07.2013 |
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Com. Reg. No.: |
370220230020541 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Processing and manufacturing fiber blended products; general economic information consulting
services; handling services; international trade, transiting trade, trade and
under processing trade between the enterprises in the free trade zone. |
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No. of Employee : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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
QINGDAO MEIJIASHENGDA HI-TECH
MATERIAL CO., LTD.
ROOM 0230, WEST COAST EXPORT PROCESSING ZONE, QINGDAO
SHANDONG PROVINCE 266000 PR CHINA (REGISTERED ADDRESS)
TEL: N/A
FAX: N/A
EXECUTIVE SUMMARY
Date of Registration : JUly 23, 2013
REGISTRATION NO. : 370220230020541
LEGAL FORM : LIMITED LIABILITY
COMPANY
CHIEF EXECUTIVE :
yang yongli (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 50,000,000
staff :
N/A
BUSINESS CATEGORY : UNDETERMINED
Revenue :
N/A
EQUITIES :
N/A
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
Not yet be determined
Recommended Credit Limit : No recommendation
MARKET CONDITION : Not known
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : Not known
GENERAL REPUTATION : Not known
EXCHANGE RATE : CNY 6.22 = USD 1 AS OF
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.: 370220230020541 on July 23, 2013.
SC’s Organization Code Certificate No.:
073268729
SC’s Tax No.: 370296073268729
SC’s registered capital: CNY 50,000,000
SC’s paid-in capital: CNY 50,000,000
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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Binzhou Yuyi Textile Science & Technology Co., Ltd. |
51 |
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Binzhou High-Tech Venture Capital Co., Ltd. |
48 |
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Yang Yongli |
1 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Yang Yongli |
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General Manager |
Chen Fufeng |
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Supervisor |
Gao Yandong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Binzhou Yuyi Textile Science & Technology Co., Ltd. 51
Binzhou High-Tech Venture Capital Co., Ltd. 48
Yang Yongli 1
Binzhou Yuyi Textile Science & Technology Co., Ltd.
==========================================
Date of Registration: May 16, 2007
Registration No.: 371602018002228
Chief Executive: Meng Lingsheng
Registered Capital: CNY 90,000,000
Binzhou High-Tech Venture Capital Co., Ltd.
====================================
Date of Registration: May 7, 2010
Registration No.: 371600000000625
Chief Executive: Cai Jianfeng
Registered Capital: CNY 135,000,000
MANAGEMENT
Yang Yongli, Legal Representative and Chairman
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Gender: M
Qualification: University
Chen Fufeng,
General Manager
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Gender: M
Qualification: University
Supervisor
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Gao Yandong
BUSINESS OPERATION
SC’s registered business scope includes processing and
manufacturing fiber blended products;
general economic information consulting services; handling services;
international trade, transiting trade, trade and under processing trade between
the enterprises in the free trade zone.
Exhausting our efforts, we are unable to find SC’s telephone number in various
information sources, including the internet, yellow pages and telecom
companies. It is therefore not possible to contact SC directly to obtain
further information. The nature and extent of SC's operations could not be
determined and it could not be confirmed whether SC operates from the
Registered Office address or in another location.
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: None in our database.
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 SAIC.
FINANCIALS
The financials of SC is not available in
local SAIC.
CONCLUSIONS
SC is unable to be contacted, and no precise credit assessment on SC can
be made. If further contact details of SC are provided, we will definitely
continue our research on SC.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.45 |
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1 |
Rs.98.88 |
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Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
TPT |
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.