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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
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Name : |
FAMELAND CORPORATION LIMITED |
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Registered Office : |
Room 103, Building 6 Senhaihaoting Mudanyuan, Yuecheng District
Shaoxing, Zhejiang Province 312000 Pr |
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Country : |
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Date of Incorporation : |
03.09.2009 |
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Legal Form : |
Private |
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Line of Business : |
Subject is
engaged in selling textile machinery and components products mainly include: Textile
Machines, Weaving machine spare parts, Twisting machine spare parts |
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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 : |
Small Company |
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Payment Behaviour : |
No Complaints |
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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) |
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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.
|
Source
: CIA |
FAMELAND
CORPORATION LIMITED
ROOM 103,
BUILDING 6 SENHAIHAOTING MUDANYUAN, YUECHENG DISTRICT SHAOXING, ZHEJIANG PROVINCE
312000 PR CHINA
TEL: 86 (0)
575-88656631
FAX: 86 (0)
575-88621657
This refers to a
type of report whose format is different from that of a standard report. Such
type of report is provided when:
Information
obtained is insufficient for compiling a standard report.
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
According to the internet sources, we found
the following telephone number,
Tel: 86 (0) 575-88656631
When we dialed the
above phone number, a gentleman answered the phone. He admitted the given
English name which is registered in Hong Kong, but mainly operates in Shaoxing,
Zhejiang Province, PRC China.
The gentleman introduced the below
information,
SC is mainly
engaged in selling textile machinery and components.
SC’s products
mainly include:
Textile Machines
Weaving machine
spare parts
Twisting machine
spare parts
SC sources its
products 100% from domestic market. SC sells 100% of its products to overseas
market.
SC’s related
company,
Shaoxing Trofine
Textile Machinery Co., Ltd.
Web: www.trofine.com
E-mail: info@trofine.com
Room 103, Building 6 Senhaihaoting
Mudanyuan, Shaoxing, Zhejiang Province 312000 PR China
The gentleman
released both SC and its related company-Shaoxing Trofine Textile Machinery
Co., Ltd. locates in the above at present.
During our check
with Hong Kong Registry, we found the following registration about SC,
Company Name: Fameland Corporation Limited
Company File No.: 1369363
Date of Registration: September 3, 2009
Legal Form: Private
Status: Live
A research was
conducted with Shaoxing municipal State Administration of Industry &
Commerce (SAIC-the official body of issuing and renewing business license), and
we found the registration information for SC’s related company,
Company Name: Shaoxing Trofine Textile Machinery Co., Ltd.
Registration No.:
330600000075131
Date of
Registration: August 5, 2009
Legal Form:
One-person Limited Liabilities Company
Registered Capital:
CNY 100,000
Legal
Representative: Hu Xuefeng
SC is considered
small-sized in its line with 5 years history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.60.61 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
SDA |
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.