MIRA
INFORM REPORT
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Report Date : |
08.09.2014 |
IDENTIFICATION DETAILS
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Name : |
YUFA MARINE PRODUCTS CO. |
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Registered Office : |
No. A28, Luohu Seafood Market, Luofang Road, Luohu District, Shenzhen,
Guangdong Province, 518003 Pr |
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Country : |
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Date of Incorporation : |
16.05.2005 |
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Com. Reg. No.: |
440303805028141 |
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Legal Form : |
Individual-Owned Enterprise |
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Line of Business : |
Subject is engaged in selling seafood, river food and aquatic products
mainly include: grouper, jellyfish. |
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No. of Employees |
5 |
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
YUFA MARINE PRODUCTS CO.
No. A28, LUOHu Seafood Market, lUOFang Road,
LUOHU DISTRICT, SHENZHEN, GUANGDONG PROVINCE, 518003 PR CHINA
TEL: 86 (0) 755-25662191 FAX: 86 (0) 755-25662574
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 16, 2005
REGISTRATION NO. : 440303805028141
REGISTERED LEGAL FORM : INDIVIDUAL-OWNED ENTERPRISE
CHIEF EXECUTIVE :
xiao qiuxiong (PRINCIPAL)
STAFF STRENGTH :
5
REGISTERED CAPITAL : N/A
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.1455 = 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 Ren min bi
SC was registered as an individual-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on May 16, 2005.
Company Status: Individual-owned enterprise This form of business in PR China
is a privately owned individual or family enterprise, which does not have
legal person or limited status. The individual-owned enterprises are
usually located in urban area and are permitted to adopt a business name
& engage in retail, service, transportation & manufacturing
business.
SC’s registered business scope includes seafood, river food and aquatic
products.
SC is mainly engaged in selling seafood, river food and aquatic
products.
Xiao Qiuxiong has been principal of SC since 2005.
SC is known to have approx. 5 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in Shenzhen. The detailed information of the
premise is unspecified.
The other address: Room 205, Building 7, Yiye Park, Luofang Road, Luohu
District, Shenzhen
http://www.yufamarine.jqw.com/ The design is professional and the content is
well organized. At present it is in Chinese version.
Email: yufa_marine@163.com
Changes of its
registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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Registration
No. |
440303300011411 |
Present One |
There is no record of litigation till now.
Investor:
Name
Xiao Qiuxiong
The investment amount is not available at present.
Principal:
Xiao Qiuxiong is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working in SC as principal.
SC is mainly engaged in selling seafood, river food and aquatic
products.
SC’s products mainly include: grouper, jellyfish.
SC sources its materials 100% from domestic market. SC sells 100% of its
products in domestic markets.
The buying terms of SC include Check and Credit of 30-60 days. The
payment terms of SC include Check, T/T and Credit of 30-60 days.
Note: SC’s management refused to release its main suppliers and clients.
SC is not known to have any subsidiary at present.
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’s principal declined to release its bank details.
SC was registered as an individual-owned enterprise, which is not required
to submit its annual financial reports to local Administration of Industry
& Commerce.
SC is considered small-sized in its line with a development history of 9
years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.44 |
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UK Pound |
1 |
Rs.98.64 |
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Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.