MIRA INFORM REPORT
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Report Date : |
04.06.2014 |
IDENTIFICATION DETAILS
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Name : |
QIFULI PLASTIC
PRODUCTS factory |
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Registered Office : |
Fuxing Industrial Zone, Futian Town, Boluo County, Huizhou
City, Guangdong Province, 516131 PR |
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Country : |
China |
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Date of Incorporation : |
06.12.2002 |
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Com. Reg. No.: |
441322600434424 |
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Legal Form : |
Individual-Owned Enterprise |
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Line of Business : |
Subject is engaged in processing and selling inflatable products. Products mainly include: inflatable children’s toys,
inflatable gas model, indoor inflatable products series, practical decorative
collection, swimming beach leisure series, soft packaging bag series |
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No. of Employees |
100 |
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, 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
QIFULI PLASTIC PRODUCTS factory
fuxing industrial
zone, futian town, boluo county,
huizhou city,
guangdong PROVINCE, 516131 PR CHINA
TEL: 86 (0)
752-6866262
FAX: 86 (0)
752-6887814
EXECUTIVE
SUMMARY
INCORPORATION DATE : Dec. 6, 2002
REGISTRATION NO. : 441322600434424
REGISTERED LEGAL FORM
: Individual-owned enterprise
chief executive :
MR. Yang Yueqi (PRINCIPAL)
STAFF STRENGTH : 100
REGISTERED CAPITAL : n/a
BUSINESS LINE : PRocessing &
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 6.2529 = 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: the given tel. no. (86 752 6885316) was SC’s former one and now is a vacant number.
SC was registered as an Individual-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 6, 2002.
Company Status: Individual-owned enterprise This form of business in PR
China is a privately owned individual or family enterprise, which does not
have legal person or limited status. The individual-owned enterprises are usually
located in urban area and are permitted to adopt a business name &
engage in retail, service, transportation & manufacturing business.
SC’s registered business scope includes processing plastic
& rubber inflatable toys. (rain shoes, garments and props)
SC is mainly engaged in processing and selling inflatable products.
Mr. Yang Yueqi is principal of SC at present.
SC is known to have approx. 100 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in Boluo County. The detailed information of the premise is unspecific.
www.qifuli.com The design is professional
and the content is well organized. At present it is both in Chinese and English
versions.
E-Mail: yangjue@qifuli.com
No significant events or changes were found during our checks with local AIC.
Organization code: L03964078
For the past two years there is no
record of litigation.
Investor:
Name Investment Amount
Yang Yueqi CNY 450,000
Principal:
Mr. Yang Yueqi is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as principal.
SC is mainly engaged in processing and selling inflatable products.
SC’s products mainly include: inflatable children’s toys, inflatable gas model, indoor inflatable products series, practical decorative collection, swimming beach leisure series, soft packaging bag series, etc.
SC sources its materials 100% from domestic market. SC sells 100% of its products in domestic 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 and Credit of 30-60 days.
Note: SC refused to release its major 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.
SC’s management declined to release the bank information of SC.
As an Individual-owned
enterprise, there is no legal requirement according
to local corporate law for public disclosure of detailed financials.
SC is considered medium-sized in its line with a development history of 12 years. Taking into consideration of SC’s operating size as well as market conditions we would rate SC as an above average credit risk company. Credit dealings with SC should be confined into small amount 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.59.21 |
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1 |
Rs.99.17 |
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Euro |
1 |
Rs.80.56 |
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.