MIRA
INFORM REPORT
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Report Date : |
24.09.2014 |
IDENTIFICATION DETAILS
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Name : |
Hangzhou Paramount
Product Corporation |
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Registered Office : |
Room 716, Building 5, Caihe Jiaye Mansion, No. 19 Xintang Road,
Jianggan District, Hangzhou, Zhejiang Province, 310016 Pr |
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Country : |
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Date of Incorporation : |
11.01.2013 |
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Com. Reg. No.: |
330104000186346 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Importing and exporting commodities and technology (excluding the
items prohibited or limited by the country, with permit if needed);
wholesaling and retailing chemical products (except hazardous chemicals and
precursor chemicals), chemical equipment, electronic products, medical
equipment, machinery and equipment, daily necessities, building materials,
hardware, stationery, apparel, textiles and fabrics. |
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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 : |
Small Company |
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Payment Behaviour : |
Slow |
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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 & address
Hangzhou
Paramount Product Corporation
Room 716, building 5, CaihE Jiaye Mansion, No.
19 Xintang Road, JIANGGAN DISTRICT, Hangzhou, ZHEJIANG province, 310016 PR
CHINA
TEL: 86 (0) 571-28976885 FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE : jAN. 11, 2013
REGISTRATION NO. : 330104000186346
REGISTERED LEGAL FORM : ONE-PERSON LIMITED
LIABILITY COMPANY
chief executive :
MR. SONG WEI (CHAIRMAN)
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 300,000
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 6.14
= 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
SC was registered as a one-person limited liability company at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Jan. 11, 2013.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes importing and exporting
commodities and technology (excluding the items prohibited or limited by the
country, with permit if needed); wholesaling and retailing chemical products (except
hazardous chemicals and precursor chemicals), chemical equipment, electronic
products, medical equipment, machinery and equipment, daily necessities,
building materials, hardware, stationery, apparel, textiles and fabrics; all
legitimate projects that needn’t to be approved.
SC is mainly engaged in trading different kinds of products.
Mr. Song Wei has been legal representative, chairman and general manager
of SC since 2013.
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 the commercial zone of Hangzhou. SC’s employee refused to release the detailed information
of the premise.
SC is not known to host website of its own at present.
SC started its normal operation in March of 2013.
No significant changes were found during our checks with the local AIC.
Organization Code: 060958456
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Song Wei 100
Legal
representative, chairman and general manager:
Mr. Song Wei is currently responsible for the overall management of SC.
Working Experience(s):
From 2013 to present Working in SC as legal representative, chairman and
general manager.
Supervisor:
Wang Shuo
SC started its normal operation in March of 2013.
SC is mainly engaged in trading different kinds of products.
SC’s products mainly include: chemical products, chemical equipment
SC sources its materials 100% from domestic market. SC sells 20% of its products
in domestic market, and 80% 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’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 declined to release its banking details.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with a short history. Taking
into consideration of SC’s development history and operation size we would rate
SC as an above average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.87 |
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1 |
Rs.99.63 |
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Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared by
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TPT |
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.