MIRA
INFORM REPORT
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Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN ORIENT WANFENG STONE INDUSTRIAL CO., LTD. |
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Registered Office : |
Room 1401, North 3rd Building, Blue-Gulf
International No. 100 Tiyu Road, Siming District, Xiamen |
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Country : |
China |
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Financials (as on) : |
30.09.2013 |
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Date of Incorporation : |
07.08.2007 |
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Com. Reg. No.: |
350206200006952 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in the wholesaling and retailing stone; import and export
of various goods and technology (not to additionally list catalogue for goods
imported and exported), excluding the goods and technology prohibited or
limited by the country; domestic construction project consulting. |
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No. of Employees : |
2 |
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 : |
Yet to commence Business Operations |
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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, 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 & address
XIAMEN
ORIENT WANFENG STONE INDUSTRIAL CO., LTD.
ROOM 1401, NORTH 3RD BUILDING, BLUE-GULF INTERNATIONAL
NO. 100 TIYU ROAD, SIMING DISTRICT, XIAMEN
FUJIAN PROVINCE 361002 PR CHINA
TEL: 86 (0) 592-5219892/13906035533
FAX: 86 (0) 592-5219891
EXECUTIVE SUMMARY
Date of Registration : AUGUST 7, 2007
REGISTRATION NO. : 350206200006952
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
LIN YUAN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 1,000,000
staff :
2
BUSINESS CATEGORY : TRADING
REVENUE :
CNY 0 (JAN. 1, 2013 TO SEP. 30, 2013)
EQUITIES :
CNY 643,000 (AS OF SEP. 30, 2013)
E-MAIL :
N/A
PAYMENT :
not yet be determined
MARKET CONDITION : NOT YET BE DETERMINED
FINANCIAL CONDITION : fair
OPERATIONAL TREND : NOT YET BE
DETERMINED
GENERAL REPUTATION : NOT YET BE DETERMINED
EXCHANGE RATE :
CNY 6.05 = 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.: 350206200006952 on August 7, 2007.
SC’s Organization Code Certificate No.:
66471098-8
SC’s Tax No.: 350206664710988
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:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Lin Yuan |
70 |
|
Qiu Xiuzhen |
30 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative, Chairman, and General Manager |
Lin Yuan |
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Supervisor |
Qiu Xiuzhen |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Lin Yuan 70
Qiu Xiuzhen 30
MANAGEMENT
Lin Yuan, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------
Gender: M
ID# 430626197209284517
Age: 42
Qualification: University
Working experience
(s):
At present, working in SC as legal representative, chairman and general
manager
Qiu Xiuzhen, Supervisor
--------------------------------------------
Gender: F
ID# 440521197105144522
Age: 43
Qualification: University
BUSINESS OPERATION
According to the information from local SAIC, and SC has not started its
normal business yet.
SC’s registered business scope includes wholesaling and retailing stone;
import and export of various goods and technology (not to additionally list
catalogue for goods imported and exported), excluding the goods and technology
prohibited or limited by the country; domestic construction project consulting.
Staff &
Office:
--------------------------
SC is known to have approx. 2
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED
COMPANY
SC is not known to have the 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: 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 East Asia
AC#: N/a
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Sep. 30, 2013 |
|
720 |
668 |
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Notes receivable |
0 |
0 |
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Accounts receivable |
0 |
0 |
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Advances to suppliers |
0 |
0 |
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Other receivable |
0 |
8 |
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Inventory |
0 |
0 |
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Deferred expenses |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
720 |
676 |
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Fixed assets |
6 |
2 |
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Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
0 |
0 |
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------------------ |
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Total assets |
726 |
678 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
0 |
0 |
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Wages payable |
0 |
0 |
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Taxes payable |
0 |
0 |
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Advances from clients |
0 |
0 |
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Other payable |
35 |
35 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
35 |
35 |
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Non-current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
35 |
35 |
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Equities |
691 |
643 |
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------------------ |
------------------ |
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Total liabilities & equities |
726 |
678 |
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============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
Jan.
1, 2013 to Sep. 30, 2013 |
|
Revenue |
0 |
0 |
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Cost of sales |
0 |
0 |
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Taxes and surcharges |
0 |
0 |
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Sales expense |
0 |
0 |
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Management expense |
74 |
19 |
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Finance expense |
1 |
0 |
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Profit before tax |
-75 |
-19 |
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Less: profit tax |
0 |
0 |
|
-75 |
-19 |
Overall financial
condition of the SC: Fair.
CONCLUSIONS
According to the information from local SAIC, and SC has not started its
normal business yet. SC is considered small-sized in its line with fair
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.99 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.