MIRA
INFORM REPORT
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Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
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Name : |
GLOBE PRODUCTS
LIMITED |
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Registered Office : |
Room 905, C Block, World Trade Plaza, Fuhong Road, Futian Dist., Shenzhen City, Guangdong Province, 518033 PR |
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Country : |
China |
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Financials (as on) : |
---- |
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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 : |
---- |
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 – 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
Globe Products Limited
ROOM 905, C BLOCK, WORLD TRADE PLAZA, FUHONG ROAD, FUTIAN DIST., SHENzHEN
CITY, GUANGDONG PROVINCE, 518033 PR CHINA
TEL: 86 (0) 755-83757001 FAX:
86 (0) 755-83757002
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 client given is +86-755-8375 7001, fax:
+86-755-8375 7002.
We dialed the number and one gentleman Mr. Sunny answered the phone.
From Mr. Sunny we knew the following information on SC:
SC is registered in Hong Kong, and it has no Chinese name.
SC is mainly engaged in trading of
electronics and auto parts.
SC is known to
have approx. 10 employees at present.
E-mail: globeproductsltd@gmail.com
The address client
given is:
Room 905, C Block, World Trade Plaza, Fuhong Road, Futian Dist., Shenzhen City, Guangdong Province
According to Mr. Sunny, SC is
mainly operating in this address, but
he declined our request for a spot visit for it.
He also released they has an office in Hong
Kong, its tel. no. is “852-90690447”, but he refused to release the detailed
address of its Hong Kong office.
Since it is a practice for a company in China to register in
Administration of Industry and Commerce (AIC) with a total set of required
documents in CHINESE, we are unable to find its in local AIC according to its
English name.
We’ll definitely go on with this report if its Chinese
company name is available.
In HK Company
Registry, we found the following registration information on SC:
Globe Products
Limited
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Registration
no.: 0983952
Company Status:
Private Company Limited by Shares
Incorporation
date: 2005-7-18
According to Mr. Sunny, SC is mainly engaged
in trading of electronics and auto parts.
SC’s products mainly include: auto parts, home appliance, and
electronics, etc.
HSBC Causeway Bay
Branch
SWIFT: HSBC
HKHHHKH
Bank account
number: 809-025129-838
Address: 1/F
Causeway Bay Plaza II, 463-483 Lockhart Road, Causeway Bay, Hong Kong
Relationship:
Normal
SC was established on Jul. 18, 2005 in Hong Kong and mainly operating in
Shenzhen, mainland China.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.58.72 |
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UK Pound |
1 |
Rs.99.02 |
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Euro |
1 |
Rs.80.57 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.