MIRA
INFORM REPORT
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Report Date : |
14.03.2014 |
IDENTIFICATION DETAILS
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Name : |
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Operating Office : |
Rm. 2605, Luoma Building, Century Bay, No. 3, Fenghuang Xili, Hubin
North Road, Siming District, Xiamen,
Fujian Province, 361013 Pr |
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Country : |
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Date of Incorporation : |
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Com. Reg. No.: |
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Legal Form : |
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Line of Business : |
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No. of Employees |
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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 : |
Not registered in China |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 YINGLEI TRADING CO., LTD.
rm. 2605, luoma building, century bay, no.
3, fenghuang xili,
hubin north road, siming district,
xiamen, fujian PROVINCE, 361013 PR CHINA
TEL: 86 (0) 592-2396153 FAX: 86
(0) 592-2396153
Narrative report:
This refers to a type of report whose format is different from that of a standard report. Such type of report is provided when:
l
Information
obtained is insufficient for compiling a standard report.
l
The
enquired co has been out of business or its business address has been
untraceable.
It should be noted
that the time and manpower spent on preparing such type of report might be
greater than those on a standard report. On many occasions, the information in
this type of report still indicates the current status of the enquired co. and
serves as a useful reference to assess its credit standing.
The telephone number
clients provided is
86 (0) 592-2396153
When we
dialed the above number, a lady Ms. Li answered the phone.
She
confirmed the given name, and released the heading Chinese name.
She
introduced that SC is mainly engaged in selling stone, and SC is a foreign
trade department of Fujian Nan'an Yinglei Stone (Global Stone) Co., Ltd.
From
internet, we found a mobile phone no. of Fujian Nan'an Yinglei Stone (Global
Stone) Co., Ltd.) 18016586789
When we
dialed the above mobile phone no., a male Mr. Huang answered.
He
confirmed that SC is a foreign trade department of Fujian Nan'an Yinglei Stone
(Global Stone) Co., Ltd., and released that SC is not registered at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license).
E-mail: 45232423@qq.com
The address client
provided is: UNIT 605, NO. 8, ZHUKENG
ROAD, XIAMEN, CHINA.
According to Ms. Li,
SC is now operating at the heading address, while the above was SC’s former
address.
Careful investigations were made
with the Xiamen Municipal and Fujian Provincial Administration for Industry and
Commerce (the authority that issuing and renewing business license), and no
record of SC was found.
Searched by
Nan’an Municipal Administration
for industry & commerce (AIC - the official body of issuing and renewing
business license), we found that “Fujian
Nan'an Yinglei Stone (Global Stone) Co., Ltd.)”
have been registered, the details are shown to be as follows:
Registered no.: 350583100071623
Legal
representative: Chen Minggan
Date of
incorporation: 2010-9-30
Fujian Nan'an New Yinglei Stone
(Global Stone) Co., Ltd. (Literal Translation)
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Registered no.: 350583100084390
Date of incorporation: 2011-7-7
Legal representative: Chen
Shengdi
It is
likely that SC is not legally registered. Judging from the above investigation results,
no credit dealings with SC are
recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.02 |
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1 |
Rs.101.65 |
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Euro |
1 |
Rs.85.02 |
INFORMATION DETAILS
|
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.