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Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
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Name : |
YICHANG HIGHLI FOREIGN TRADE CO., LTD. |
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Registered Office : |
No. 2 Taozichong Village, Xiaoting District Yichang, Hubei Province 443007 PR |
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Country : |
China |
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Date of Incorporation : |
18.05.2006 |
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Com. Reg. No.: |
420500000066515 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Subject is engaged in the importing and exporting commodities and
technology; processing with imported materials, processing with imported
samples, assemblying with imported parts, and compensation trade in
agreement; counter trade &
transit trade; selling chemical fertilizer, chemical products, and
agricultural products; wholesaling metal materials, metal products, mineral
products, pipeline equipment, agricultural machinery, coke, iron alloy, and
metallurgy furnace charge; technology development, technology transfer,
service and consultation for chemical products, fertilizer products, and
general equipment; and selling building materials, steel, limestone, coal
cinder, stationery & office supplies, labour supplies, cereals, oil,
beans, and feed. |
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No. of Employees : |
Not Available |
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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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.
|
Source
: CIA |
YICHANG HIGHLI FOREIGN TRADE CO., LTD.
NO. 2
TAOZICHONG VILLAGE, XIAOTING DISTRICT
YICHANG, HUBEI
PROVINCE 443007 PR CHINA
TEL: 86 (0)
717-8868058/6460739/6466258
FAX: 86 (0)
717-6457086
Date of Registration : may 18, 2006
REGISTRATION NO. : 420500000066515
LEGAL FORM : one-person Limited liabilities company
CHIEF EXECUTIVE :
xiong li (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 50,000,000
staff :
n/a
BUSINESS CATEGORY : trading
Revenue :
n/a (AS
OF DEC. 31, 2013)
EQUITIES :
n/a (AS
OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.25 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
SC was established as one-person limited liabilities company of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.:
420500000066515 on May 18, 2006.
SC’s Organization Code Certificate No.:
78817544-6
SC’s registered capital: cny 50,000,000
SC’s paid-in capital: cny 50,000,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Beijing Lida Fenghua Technology Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Xiong Li |
|
Supervisor |
Jing Zhenghong |
No recent development was found during our checks at present.
Name %
of Shareholding
Beijing Lida Fenghua Technology Co., Ltd. 100
------------------------------------
Registration No.: 110000010914483
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 50,000,000
Legal Representative: Zheng Gang
Xiong Li, Legal Representative, Chairman and General
Manager
--------------------------------------------------------------------------------------------
Gender: M
Working experience
(s):
At present, working in SC as legal representative, chairman and general
manager
Jing Zhenghong, Supervisor
------------------------------------------------
Gender: M
SC’s registered business scope includes importing and exporting
commodities and technology; processing with imported materials, processing with
imported samples, assemblying with imported parts, and compensation trade in
agreement; counter trade & transit trade; selling
chemical fertilizer, chemical products, and agricultural products; wholesaling
metal materials, metal products, mineral products, pipeline equipment,
agricultural machinery, coke, iron alloy, and metallurgy furnace charge;
technology development, technology transfer, service and consultation for
chemical products, fertilizer products, and general equipment; and selling
building materials, steel, limestone, coal cinder, stationery & office
supplies, labour supplies, cereals, oil, beans, and feed.
SC is mainly engaged in international trade.
SC’s products mainly include:
Phthalic anhydride
Titanium dioxide
Acetic acid
Methyl ester
PVC
SC sources its products 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.
*Major Client*
------------------
Lawter Inc.
Staff &
Office:
--------------------------
SC’s staff information is not available at present.
SC rents an area as its operating office, but the detailed information
is unknown.
SC is not known to have any subsidiary at present.
Overall payment appraisal: ( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
The bank information of SC is not filed in local SAIC.
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
SC is considered medium-sized in its line with 8 years history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
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1 |
Rs.100.98 |
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Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.