MIRA INFORM REPORT
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Report Date : |
04.07.2014 |
IDENTIFICATION DETAILS
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Name : |
YIWU QUICKMAN IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
Room 201, Unit 1, Building 3, Xiabutou, Jiangbin Road, Choucheng, Yiwu, Zhejiang Province, 322000 PR |
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Country : |
China |
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Date of Incorporation : |
07.09.2010 |
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Com. Reg. No.: |
330782000162539 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in trading different kinds of products. products
mainly include: Swimsuits, T-shirts |
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No. of Employees : |
7 |
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 : |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 and address
Yiwu Quickman Import and
Export CO., LTD.
Room 201, Unit 1, Building 3, XiaBuTou,
Jiangbin Road, choucheng,
Yiwu, Zhejiang province, 322000 PR CHINA
TEL: 86 (0) 579-85333663
FAX: n/a
EXECUTIVE
SUMMARY
INCORPORATION DATE : sep. 7, 2010
REGISTRATION NO. : 330782000162539
REGISTERED LEGAL FORM : Limited liabilities
company
chief executive :
MR. zhou hengzhong (CHAIRMAN)
STAFF STRENGTH :
7
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.2118 = 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 Sep. 7, 2010.
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 importing and exporting
commodities and technology.
SC is mainly engaged in trading different kinds of products.
Mr. Zhou Hengzhong is legal representative, chairman and general manager
of SC at present.
SC is known to have approx. 7 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in Yiwu. SC’s employee refused to release the detailed information of the premise.
Note: the address (1029-31#, 10/F, B Wealth Mansion, No. 1188 North
Chouzhou Road, Yiwu, Zhejiang) on SC’s website was the former one.
http://www.qmbest.com/english/about.asp The
design is professional and the content is well organized. At present it is in
Chinese, English and other versions.
Email: qmbest801@126.com
No significant changes were found during our checks with the local AIC.
Subject passed the annual inspection of 2012 with Administration for
Industry & Commerce.
Organization Code: 562350184
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhou Qiaofang 20
ID# 33072519710123XXXX
Zhou Hengzhong 80
ID# 33010619661123XXXX
Legal
representative, chairman and general manager:
Mr. Zhou Hengzhong, ID# 33010619661123XXXX, born in 1966, he 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:
Zhou Qiaofang
ID# 33072519710123XXXX
Also working in Yiwu Luoyi Underwear Co., Ltd. as legal representative.
SC is mainly engaged in trading different kinds of products.
SC’s products mainly include:
Swimsuits:
Swimwear
Lady one piece swimwear
Sexy Bikini
Lady tankinis bikini
T-shirts:
Men's t-shirts
Ladies' T-shirts
Promotion t-shirt
SC sources its materials 100% from domestic market. SC sells 20% of its products
in domestic market, and 80% to overseas 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, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its major clients and
suppliers.
According to SC’s
website:
Nigeria Quickman Overseas Investment Institutions Co., Ltd.
Add: 14/F Nigeria great house
Tel: 002348032305466
Benin offices
Add: C/MISSEBO COTONOU.
Tel: 0022995953959
American Quickman Fashion Co., Ltd.
Yiwu Luoyi Underwear Co., Ltd.
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Registration no.: 330782000136035
Legal representative: Zhou Qiaofang
Incorporation date:
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 declined to release its bank details.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with 4 years operation history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.72 |
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1 |
Rs.102.45 |
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Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.