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Report Date : |
12.02.2014 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG HYA INDUSTRY CO., LIMITED |
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Registered Office : |
No. 62, North Of Tiangong Huating,
Paojiang New Area, |
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Country : |
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Date of Incorporation : |
13.08.2008 |
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Com. Reg. No.: |
1264725
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in selling various kinds of beddings, mainly
include: mattress fabric, mattress felt, mattress cover, sofa cloth, |
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No of Employees : |
7 |
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 : |
Not Registered in China |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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.
|
Source
: CIA |
ZHEJIANG HYA INDUSTRY CO., LIMITED
no. 62, north of tiangong huating, paojiang new area,
shaoxing, zhejiang PROVINCE, 312000 PR CHINA
TEL: 86 (0) 575-88201818 / 13515755047 FAX: N/A
This refers to a
type of report whose format is different from that of a standard report. Such
type of report is provided when:
l
Information obtained is insufficient for compiling a
standard report.
l
The enquired co has been out of business or its
business address has been untraceable.
It should be noted that the time and manpower spent on preparing such
type of report might be greater than those on a standard report. On many occasions,
the information in this type of report still indicates the current status of
the enquired co. and serves as a useful reference to assess its credit
standing.
The telephone number found from internet is
86 (0) 575-88201818
We dialed the above tel. no. many times, but no one answered during
office hours.
The mobile phone no. we found from internet is
86 (0) 13515755047
When we dialed the above number, a lady Ms. Chen answered.
She confirmed the given name, and released the heading
Chinese name.
She introduced that SC is registered in Hong Kong, but
operating in Shaoxing, Zhejiang Province. It is mainly engaged in selling
various kinds of beddings, mainly include: mattress fabric, mattress felt,
mattress cover, sofa cloth, and so on. SC sources its materials 100% from
domestic market, and 70% of its products are exported.
SC is known to have approx. 7 employees at
present.
Ms. Chen said that the above tel. no. belongs to SC.
E-mail: 147018466@qq.com
The
address client provided is: Room
3-4 05 Building 10, Oriental Pearl Residential Paojiang District Shaoxing
According to Ms. Chen, the was SC’s former operating address, while SC
is operating at the heading address.
Investigations were made with Shaoxing Municipal
and Zhejiang Provincial Administration for Industry and Commerce (the authority
that issuing and renewing business license), and no record of SC was found.
In Hong Kong Companies Registry, we found the following
information:
Company Name: ZHEJIANG HYA INDUSTRY
CO., LIMITED
CR No.: 1264725
Date of Incorporation:
Company Status: Private
Active Status: Live
From internet, we found SC’s website: http://www.hyaindustry.com
According to above website, SC’s products mainly include bedding
fabric, mattress felt, mattress printing fabric, mattress ticking, mattress
damask, etc
SC was
registered in
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 62.43 |
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|
1 |
Rs. 102.48 |
|
Euro |
1 |
Rs. 85.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
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.