MIRA
INFORM REPORT
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Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
13/f, 1st Block, No. 147, Hualin Road, Gulou District, Fuzhou Fujian Province 350003PR |
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Country : |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
17.07.2008 |
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Com. Reg. No.: |
350100100194600 |
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Legal Form : |
Limited
Liabilities Company |
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Line of Business : |
Subject is mainly engaged in international trade. Products mainly include: · Home Furniture · Living Room Furniture · Shoe Racks & Cabinets |
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No. of Employees : |
48 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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, 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 2012 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 demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (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. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. Debt overhang
from the stimulus program, particularly among local governments, and a property
price bubble challenge policy makers currently. 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
exports in the future. However, China has made only marginal progress toward
these rebalancing goals
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Source
: CIA |
Company name and address
FUJIAN TIME TRADING
CO., LTD.
(trade name: time develop limited)
13/f, 1st block, no. 147, hualin road, gulou district, fuzhou
fujian province 350003PR CHINA
TEL: 86 (0) 591-87872222/28083333
FAX: 86 (0) 591-87871333
***Note: SC’s name
should be the heading one, while Time Develop Limited (the given name) is SC’s
related company registered in Hong Kong, and SC also uses this name as its
trade name.
EXECUTIVE SUMMARY
Date of Registration : july 17, 2008
REGISTRATION NO. : 350100100194600
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE : gao hongquan (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 5,000,000
staff : 48
BUSINESS CATEGORY :
trading
Revenue : CNY 65,480,000 (FROM JAN. 1, 2013 TO JUN. 30,
2013)
EQUITIES : CNY 8,210,000 (AS OF JUN. 30, 2013)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.06 = 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.: 350100100194600 on July 17, 2008.
SC’s Organization
Code Certificate No.: 67654239-5
SC’s Tax No.:
350100676542395
SC’s registered
capital: CNY 5,000,000
SC’s paid-in
capital: CNY 5,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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2010 |
Registered Capital |
CNY 1,000,000 |
CNY 5,000,000 |
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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Gao Hongquan |
60 |
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Deng Ying |
40 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman, and General Manager |
Gao Hongquan |
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Supervisor |
Deng Ying |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Gao Hongquan 60
Deng Ying 40
MANAGEMENT
Gao Hongquan , Legal
Representative, Chairman and General Manager
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Gender: M
ID# 35010219631218057X
Age: 51
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general manager
Deng Ying ,
Supervisor
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Gender: F
Age:
Qualification: University
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting various goods and technology.
SC is mainly engaged in international trade.
SC’s products mainly include:
Home Furniture
Living Room Furniture
Shoe Racks & Cabinets
Etc.
SC sources its materials 80% from domestic market, and 20% from overseas market. SC sells 70% of its products in domestic market, and 30% to the overseas market, mainly Europe, South Africa, and Southeast Asia.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
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SC is known to have approx. 48 staff at present.
SC rents an area as its operating office, but the detailed information is unknown.
RELATED COMPANY
Time Develop Limited (Hong Kong)
Registration No.: 0665158
Date of Registration: January 18, 1999
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:
China CITIC Bank Fuzhou Branch
AC#: 7341010182600188212
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Jun. 30, 2013 |
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Total assets |
15,320 |
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Total liabilities |
7,110 |
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Equities |
8,210 |
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From Jan. 1, 2013
to Jun. 30, 2013 |
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Revenue |
65,480 |
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Profits |
740 |
Important Ratios
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As of Jun. 30, 2013 |
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*Liabilities to assets |
0.46 |
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*Net profit margin (%) |
1.13 |
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*Return on total assets (%) |
4.83 |
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*Revenue / Total assets |
4.27 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
LIQUIDITY: AVERAGE
SC’s revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is above average.
Overall financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.19 |
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1 |
Rs.102.14 |
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Euro |
1 |
Rs.84.74 |
INFORMATION DETAILS
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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.