MIRA
INFORM REPORT
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Report Date : |
12.07.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
C-1805, Xintiandi Commercial Plaza, No. 1 Jinling North
Road, Changzhou, Jiangsu province,
213000 Pr |
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Country : |
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Date of Incorporation : |
20.06.2007 |
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Com. Reg. No.: |
320402000080052 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
· Engaged in importing and exporting various kinds of commodities and technology Engaged in Selling Machinery Equipment, Electronic
Products, Textiles, Hardware, Rubber Products, Plastic Products, Chemical Raw
Materials and Products, General Merchandise as well as Automotive Parts. Subject product ranges includes :- Comforter Machine Multi-Needle Quilting Machine Ultrasonic Quilting Machine Non-Woven Machine Lamination Machine Embroidery Machine Embossing Machine Chemical Fibre Spun Bond Fabric Doming Machine |
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No of Employees : |
05 (Approximately) |
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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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, 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 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. Debt overhang from its credit-fueled stimulus program in 2008-10,
particularly among local governments, and soaring property prices challenge
policy makers currently. Their efforts to cool a red-hot property market in
2011 appear to have curbed inflation, but contributed to slower GDP growth in
2012 and 2013. Slow recovery in Europe and other key export markets have also
retarded growth. 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 fixed investments
and exports in the future. 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 & address
CHANGZHOU JUST
MACHINERY CO., LTD.
C-1805, xintiandi
commercial plaza, no. 1 jinling north road,
changzhou,
jiangsuPROVINCE, 213000 PR CHINA
TEL: 86 (0) 519-88152606/88156562 FAX: 86 (0) 519-88152320
EXECUTIVE SUMMARY
INCORPORATION DATE : jun. 20, 2007
REGISTRATION NO. : 320402000080052
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 600,000
BUSINESS LINE :
TRADE
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 6.1994 = 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 is also known as Changzhou Just International Trade Co., Ltd.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jun. 20, 2007.
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 various kinds of commodities
and technology; selling machinery equipment, electronic products, textiles, hardware,
rubber products, plastic products, chemical raw materials and products, general
merchandise, automotive parts.
SC is mainly
engaged in trading different kinds of products.
Ms. Tian
Hongfang has been legal representative
and chairman of SC since 2007.
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 Changzhou. Our checks reveal that SC
rents the total premise about 100 square meters.
http://www.justtrade.com.cn
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: jamesyou01@yahoo.com.cn ; master@justtrade.com.cn
Changes of SC’s
registered information:
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Date |
Item |
Before changed |
After changed |
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Unknown |
Registration no. |
3204022109324 |
Present one |
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 663265085
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tian Hongfang ID#: 32042119710503XXXX 90
Tian Hongying ID#: 32042119691104XXXX 10
Legal
Representative and Chairman:
Ms. Tian Hongfang, ID#: 32042119710503XXXX, born in 1971 with university education. She is currently responsible for the overall management of SC.
Working
Experience(s):
From 2007 to present Working in SC as legal representative and chairman.
General Manager:
Mr. You Yuelin, ID#: 32040219700128XXXX, born in 1970 with university education. He is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager
Supervisor:
Tian Hongying ID#: 32042119691104XXXX
SC is mainly
engaged in trading different kinds of products.
SC’s products
mainly include:
Comforter Machine
Multi-needle
Quilting Machine
Ultrasonic
Quilting Machine
Non-woven Machine
Lamination Machine
Embroidery Machine
Embossing Machine
Chemical Fibre
Spun Bond Fabric
Doming machine
SC sources its materials 100% from domestic
market. SC sells 10% of its products in domestic market, and 90% to the overseas
market, mainly Southeast Asian 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 refused to release its main suppliers and clients.
SC
is not known to have any subsidiary at present.
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.
Agricultural
Bank of China Changzhou Branch
AC#: N/A
Relationship:
Normal
SC’s management declined
to release any financial information.
SC is considered small-sized in its line with 7 years operation history.
Taking into consideration of SC’s operation size we would rate SC as an above
average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.19 |
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UK Pound |
1 |
Rs.103.15 |
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Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
MNL |
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.