MIRA
INFORM REPORT
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Report Date : |
17.09.2014 |
IDENTIFICATION DETAILS
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Name : |
SUNWEI HITECH
COORPERATION LIMITED |
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Registered Office : |
Room 2609, 17 Building,
Chongwen Garden, South Of Xueyuan Avenue,
Xili, Nanshan District, Shenzhen,
Guangdong Province, 518071 Pr |
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Country : |
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Date of Incorporation : |
13.12.2013 |
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Com. Reg. No.: |
2011685 |
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Legal Form : |
Private Company Limited
by Shares |
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LINE OF BUSINESS : |
SUBJECT
IS ENGAGED IN TRADING OF GIFTS AND
LED LIGHTS |
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No. of Employees |
05 |
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 : |
Not registered in |
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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 |
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
SUNWEI HITECH COORPERATION LIMITED
ROOM 2609, 17 BUILDING,
CHONGWEN GARDEN, SOUTH OF
XUEYUAN AVENUE, XILI,
NANSHAN DISTRICT,
SHENZHEN, GUANGDONG
PROVINCE, 518071 PR CHINA
TEL: 86 (0)
13322939690
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:
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.
Note: SC’s correct English
name should be the heading one instead of the given “Sunwei Hitech Corporation
Limited”.
The telephone number client
given is 0755-86165213.
We dialed the number “0755
We dialed the number and
one lady Ms. Xu answered the phone. From Ms. Xu we knew the following
information on SC:
SC is registered in Hong
Kong, and its Chinese name is 商葳科技有限公司. And SC also uses “深圳市商葳科技有限公司” for promotion in domestic market.
SC is mainly engaged in
trading of gifts and LED lights.
SC is known to have approx.
5 employees at present.
The given tel. no. “0755
E-MAIL: sales@sunweitec.com
The address client given
is:
Room 2609, 17 Building,
Chongwen Garden, South of Xueyuan Avenue, Xili, Nanshan District,
Shenzhen, Guangdong
Province
According to Ms. Xu, the is
SC’s operating address, but she declined our request for a spot visit for it.
According to the Chinese
name released by Ms. Xu, careful investigations were made with Shenzhen
Municipal and Guangdong Provincial Administration for Industry and Commerce
(AIC - The official body of issuing and renewing business license), but no
record was found.
In HK Company Registry, we
found the following registration information on SC:
SUNWEI HITECH COORPERATION LIMITED
-----------------------------------------------
Registration no. 2011685
Company Status: Private Company Limited by Shares
Incorporation date: 2013-12-13
We found SC’s website: http://www.sunweitec.com
According to the above
website, SC’s products mainly include LED tubes, LED bulb, LED panel light, LED
spot lamp, LED wall washer, LED buried lamp, LED down light, etc.
HSBC Bank
AC#: 561862434838
Swift Code: HSBCHKHHHKH
Relationship: Normal
Note: SC’s correct account
no. and swift code should be the above ones.
SC was established on Dec. 13,
2013 in Hong Kong and operating in Shenzhen, mainland China.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.10 |
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|
1 |
Rs.99.04 |
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Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
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.