MIRA INFORM REPORT
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Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
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Name : |
Primary (Hangzhou)
Trading Co., Ltd. |
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Registered Office : |
Room 805 Huarong Times Mansion, No. 3880 Jiangnan Avenue Binjiang District, Hangzhou, Zhejiang Province 310053 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.07.2011 |
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Com. Reg. No.: |
330100400039994 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject includes wholesaling
plastic products, grocery, electronic products, and chemical products; technology
development and technology service; computer information technology;
importing and exporting the above commodities. |
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No. of Employees : |
2 |
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 : |
Yet to commence its business operation |
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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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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.
|
Source
: CIA |
Company
Name and Address
Primary (Hangzhou) Trading Co., Ltd.
(also known as:
Primary Ingredients Pharma Co., Ltd.)
ROOM 805 Huarong
Times Mansion, no. 3880 jiangnan AVENUE
BINJIANG DISTRICT,
hangzhou, zhejiang PROVINCE 310053 PR CHINA
TEL: 86 (0) 571-88906201
FAX: 86 (0)
571-88906205
***Note: According
to the, we locate SC. SC is also known as Primary Ingredients Pharma Co., Ltd.
EXECUTIVE
SUMMARY
Date of Registration : JULY 20, 2011
REGISTRATION NO. : 330100400039994
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : usd 100,000
staff :
2
BUSINESS CATEGORY : trading
Revenue :
cny 0 (AS OF DEC. 31,
2013)
EQUITIES :
cny 398,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
not yet be determined
MARKET CONDITION : not yet be determined
FINANCIAL CONDITION : poor
OPERATIONAL TREND : not yet be
determined
GENERAL REPUTATION : not yet be determined
EXCHANGE RATE :
CNY 6.13 = USD 1 A
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
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
LEGAL
STATUS & HISTORY
SC was established
as a wholly foreign-owned enterprise
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 330100400039994 on July
20, 2011.
SC’s Organization Code Certificate No.:
57731401-2
%20TRADING%20CO%20,%20LTD%20%20-%20289005%2011-Oct-2014_files/image006.jpg)
SC’s Tax No.: 330100577314012
SC’s registered capital: usd 100,000
SC’s paid-in capital: usd 100,000
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 |
|
Primary Ingredients Co., Limited (Hong
Kong) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Ziad Sami Mohammed Almanfalouti |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Primary Ingredients Co., Limited (Hong Kong) 100
---------------------------------------------------------
CR No.: 1507755
Date of Registration: September 21, 2010
Legal Form: Private
Status: Live
MANAGEMENT
Ziad Sami Mohammed
Almanfalouti, Legal Representative, Chairman
and General Manager
--------------------------------------------------------------------------------------------------
Ř
Gender: M
Ř Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
BUSINESS
OPERATION
SC has not started its normal business yet.
SC’s registered business scope includes wholesaling
plastic products, grocery, electronic products, and chemical products; technology
development and technology service; computer information technology; importing
and exporting the above commodities.
According to the
information from local SAIC, SC has done promotion of company products, but it
has not good effect. At present, SC is in the adjustment of development
strategy.
Staff & Office:
--------------------------
SC is known
to have approx. 2 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is known to have a
branch at present,
Primary
(Hangzhou) Trading Co., Ltd. Binjiang Branch
Registration
No.: 330100500023412
Principal:
Ziad Sami Mohammed Almanfalouti
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) 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: Not available.
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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
533 |
160 |
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Notes receivable |
0 |
0 |
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Accounts
receivable |
0 |
0 |
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Advances to
suppliers |
0 |
0 |
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Other receivable |
0 |
0 |
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Inventory |
0 |
0 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
533 |
160 |
|
Fixed assets |
0 |
238 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
investment |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
533 |
398 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
0 |
0 |
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Welfares payable |
0 |
0 |
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Taxes payable |
0 |
0 |
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Advances from
clients |
0 |
0 |
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Other payable |
0 |
0 |
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Other current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Current
liabilities |
0 |
0 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
0 |
0 |
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Equities |
533 |
398 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
533 |
398 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Revenue |
0 |
0 |
|
Cost of sales |
98 |
135 |
|
Sales expense |
0 |
0 |
|
Management expense |
94 |
129 |
|
Finance expense |
4 |
6 |
|
Profit before
tax |
-98 |
-135 |
|
Less: profit tax |
0 |
0 |
|
-98 |
-135 |
Overall financial
condition of the SC: Poor.
CONCLUSIONS
Established in 2011, SC has not started its normal business yet, and its
credit has not been established yet.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.