MIRA
INFORM REPORT
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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
GLORY LEATHERS
LIMITED JIANGMEN REPRESENTATIVE OFFICE |
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Registered Office : |
1/F, C8, Block C, Wenming Shoes Material Market, Tiefu Road, Shaping Sub-District, Heshan City, Jiangmen, Guangdong Province, 529200 PR |
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Country : |
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Date of Incorporation : |
04.12.2014 |
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Com. Reg. No.: |
440700500043923 |
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Legal Form : |
Representative
Office |
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Line of Business : |
Subject is engaged in providing business liaison service for
its parent company |
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No. of Employees |
05 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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
GLORY LEATHERS
LIMITED JIANGMEN REPRESENTATIVE OFFICE
1/F, C8, BLOCK C, WENMING SHOES MATERIAL MARKET, TIEFU ROAD,
SHAPING SUB-DISTRICT, HESHAN CITY, JIANGMEN,
GUANGDONG PROVINCE, 529200 PR CHINA
TEL: 86 (0) 13380981446
FAX: 86 (0) 750-8206683
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 4, 2014
REGISTRATION NO. : 440700500043923
REGISTERED LEGAL FORM : REPRESENTATIVE OFFICE
CHIEF EXECUTIVE :
GOVINDARAJ KARTHIKEYAN (PRINCIPAL)
STAFF STRENGTH :
5
REGISTERED CAPITAL : N/A
BUSINESS LINE :
LIAISON
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
NOT YET DETERMINED
RECOMM. CREDIT RANGE :
C.O.D.
MARKET CONDITION :
FAIR
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.2059 = 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
Note: SC’s complete name shall be the heading one instead of the given one.
SC was registered as a representative office at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on April 4, 2014.
Company Status: Representative office Foreign company, which has
entered into a contract with a PR China co., is permitted to establish a
representative office in PR China. The representative office may engage
only in “non-direct operating activities” such as liaison, consulting,
market research & general information gathering. At present,
representative office is not allowed to employ local employees in its own
name and must use PR China employment agencies.
SC’s registered business scope includes company business liaison.
SC is mainly engaged in providing business liaison service for its parent company.
Govindaraj Karthikeyan is the principal of SC at present.
SC is known to have approx. 5 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Heshan. Detailed premise information is not available at present.
SC is not known to host website of its own at present.
Email: gloryleathers@gmail.com
No significant changes were found during our checks with the local Administration for Industry and Commerce.
Organization Code: 303880455
For the past two years there is no record of litigation.
PARENT COMPANY:
Name
Glory Leathers Limited (Hong Kong)
Incorporation
Date: May 30, 2008
Registration No.:
1242964
Legal Form:
Private company limited by shares
Principal:
Govindaraj Karthikeyan is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as principal
SC is mainly engaged in providing business liaison service for its parent company.
SC is not known to have any subsidiary at present.
Overall payment appraisal:
( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) 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: N/A
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.
As a representative office, SC is not allowed to engage in
direct business. All its expenses are supposed to be provided by its parent
company. Therefore, its financial information is not available.
SC is a representative office, which is not engaged in direct business. Credit dealings with SC are recommended under secured terms at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.80 |
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1 |
Rs.102.42 |
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Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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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.