MIRA INFORM REPORT
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Report Date : |
11.11.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Wuli Industrial Park, Jinjiang, Fujian Province, 362200 Pr |
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Country : |
China |
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Date of Incorporation : |
26.05.2004 |
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Com. Reg. No.: |
350582100020660 |
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Legal Form : |
Sole-Proprietorship Enterprise |
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Line of Business : |
Subject is
mainly engaged in manufacturing and selling desiccant. SC’s products mainly include: · Activated Carbon Desiccant · Biochemical Desiccant · Clean Mold Chip · Dry Pole · Herbal Anti Moldchip · M-Buster · Micro Pak · Mineral Desiccant · No-Mold · Oxygen Absorber · PE Sheet · Silica Gel Desiccant |
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No. of Employees : |
60 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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, 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
Qingfeng Drier Factory
wuli industrial
park, jinjiang, fujian province, 362200 PR CHINA
TEL: 86 (0)
595-88377766/86-18650675706 FAX:
n/a
EXECUTIVE
SUMMARY
INCORPORATION DATE : may 26, 2004
REGISTRATION NO. : 350582100020660
REGISTERED LEGAL
FORM :
sole-proprietorship enterprise
STAFF STRENGTH : 60
REGISTERED CAPITAL :
n/a
BUSINESS LINE :
manufacturing & TRADING
TURNOVER : n/a
EQUITIES : n/a
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION
: n/a
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.1152 = 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 belongs to
SC’s Dongguan office.
SC was registered as a Sole Proprietorship
enterprise at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on May 26, 2004.
Company Status: Sole Proprietorship enterprise This form of business in PR
China is a private enterprise formed by an individual, which does not have
the legal person or limited liability status. The co. is solely operated by
the sole investor who is responsible for all risks & liabilities of the
co.
SC’s registered business scope includes manufacturing desiccant.
SC is mainly engaged in manufacturing and selling desiccant.
Mr. He Jinti is the
principal of SC at present.
SC is known to have
approx. 60 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office and factory in the industrial zone of Jinjiang. SC’s employee refused to release the detailed information
of the premise.
http://qingfengdrier.tradeindia.com/ The design is professional and the content is
well organized. At present it is in Chinese, English and other versions.
Email: sharry@anti-moldchip.com
The other website: http://fjqingfeng.1688.com/
No significant events or changes were found
during our checks with local AIC.
Organization Code: 676518790
There is no record of litigation till
now.
MAIN SHAREHOLDERS:
Name
He Jinti
l Principal:
Mr. He Jinti is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working in SC as principal.
Also working in Topone
Anti-Mold Material Co., Ltd. as legal representative.
SC is mainly
engaged in manufacturing and selling desiccant.
SC’s products mainly include:
Activated Carbon
Desiccant
Biochemical
Desiccant
Clean Mold Chip
Dry Pole
Herbal Anti
Moldchip
M-Buster
Micro Pak
Mineral Desiccant
No-Mold
Oxygen Absorber
PE Sheet
Silica Gel
Desiccant
Etc.
SC sources its
materials 100% from domestic market. SC sells 50% of its products in domestic
market, and 50% 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.
Note: SC refused to release its major suppliers and
clients.
Topone Anti-Mold Material
Co., Ltd.
======================
Registration no.:
350582100111887
Legal
representative: He Jinti
Incorporation date:
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 declined to release its banking details.
As a sole proprietorship enterprise, there is no legal requirement
according to local corporate law for public disclosure of detailed financials.
SC is considered small-sized in its line
with a development history of 10 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.45 |
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1 |
Rs.97.76 |
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Euro |
1 |
Rs.76.68 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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Report Prepared
by : |
NIT |
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.