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Report Date : |
11.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
MULTIGRAIN HOLDINGS LIMITED |
|
|
|
|
Registered Office : |
Room 503, Unit 1, Building 1, Zaoshan Garden, No. 329 Zaoshan
Road, Licang District, Qingdao, Shandong Province 266000 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
14.08.2013 |
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|
|
|
Legal Form : |
Private Company |
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|
|
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Line of Business : |
Subject is mainly
engaged in selling food materials. |
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|
|
|
No of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Not Registered in China |
|
Payment Behaviour : |
Unknown |
|
Litigation : |
-- |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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, 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 |
MULTIGRAIN HOLDINGS
LIMITED
ROOM 503, UNIT 1, BUILDING 1, ZAOSHAN GARDEN, NO. 329 ZAOSHAN ROAD
LICANG DISTRICT, QINGDAO, SHANDONG PROVINCE 266000 PR CHINA
TEL: 86 (0) 532-85858679
FAX: N/A
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.
------------------------------------------
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
²
According to the
internet sources, we found SC’s telephone number, as follows,
Tel: 86 (0)
532-85858679
When we dialed the above telephone number, a gentleman Mr. Cai answered
the phone. He admitted the given English name, and told us its Chinese name in
translation is “五谷控股有限公司”, which is
registered in Hong Kong, but mainly operates in Qingdao, Shandong Province, PRC
China.
²
Mr. Cai introduced
the below information,
A.
SC is mainly engaged in selling food materials.
B.
The products mainly include:
Imported Products,
Chilly
Peanut
Cumin Seeds
Black Pepper
Exported Products,
Peanut
C.
SC sources its products 40% from domestic market,
and 60% from overseas market. SC sells 70% of its products in domestic market,
and 30% to overseas market.
Room 503, Unit 1,
Building 1, Zaoshan Garden, No. 329 Zaoshan Road, Licang District, Qingdao,
Shandong Province 266000 PR China
Mr. Cai released that SC locates in the above stated address, while the (15E,
Kingfo Mansion Shandong Road 22 Shinan District Qingdao) was the former one.
During our check with Hong Kong Registry, we
found the following registration about SC,
Company
Name:
Multigrain Holdings Limited
Company
File No.: 1952517
Date of
Registration: August 14, 2013
Legal
Form: Private
Status: Live
SC is considered small-sized in its line with one year history. Credit
dealings with SC should be confined into C.O.D. at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.45 |
|
|
1 |
Rs.97.76 |
|
Euro |
1 |
Rs.76.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
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 |
|
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.