MIRA INFORM REPORT
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Report No. : |
317512 |
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Report Date : |
21.04.2015 |
IDENTIFICATION DETAILS
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Name : |
Xiamen
vanlon trade Co., Ltd. |
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Registered Office : |
Room 26-2, 6/F, No. 61-67 Jinbang Road, Siming
District, Xiamen City, Fujian Province, 361000 Pr |
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Country : |
China |
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Date of Incorporation : |
16.05.2012 |
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Com. Reg. No.: |
350203200317393 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
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No. of Employee : |
10 |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year� 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; � 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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. In 2014 China agreed to begin
limiting carbon dioxide emissions by 2030. China implemented several economic
reforms in 2014, including legislation allowing local governments to issue
bonds, further opening several state-owned enterprises to private investment,
loosening the one-child policy, passing harsher pollution fines, and cutting
administrative red tape.
|
Source
: CIA |
Company
name
Xiamen vanlon trade Co., Ltd.
Room 26-2, 6/f, no.
61-67 jinbang road, siming district,
Xiamen
city, fujian PROVINCE, 361000 PR CHINA
TEL: 86 (0)
592-5810089 FAX: n/a
EXECUTIVE
SUMMARY
INCORPORATION DATE : may 16, 2012
REGISTRATION NO. : 350203200317393
REGISTERED LEGAL FORM : Limited liabilities co.
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 3,500,000
BUSINESS LINE :
TRADING
TURNOVER :
n/a (AS
OF DEC. 31, 2013)
EQUITIES :
CNY 3,324,000 (AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.1953 = 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
Note: The given name belongs to SC’s related
company. Sometimes SC uses it as trading name.
SC was registered as a limited liabilities company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on
May 16, 2012.
Company Status:
Limited liabilities co.
This form of
business in PR China is defined as a legal person. No more than fifty
shareholders contribute its registered capital jointly. Shareholders bear
limited liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form of
co. are as follows:
Upon the
establishment of the co., an investment certificate is issued to the each of
shareholders.
The board of
directors is comprised of three to thirteen members.
The minimum
registered capital for a co. is CNY 30,000.
Shareholders may
take their capital contributions in cash or by means of tangible assets or
intangible assets such as industrial property and non-patented technology.
Cash contributed
by all shareholders must account for at least 30% of the registered capital.
Existing
shareholders have pre-exemption right to purchase shares of the co. offered for
sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered business scope includes wholesale and retail of fresh
fruits and vegetables, aquatic products, agricultural products, clothing shoes
and hats, jewelry, textiles, leather products, plastic products, metal
materials, hardware, handicrafts, kitchen and bathroom appliances, electronic
components, electrical and mechanical equipment, computer hardware and software
and auxiliary equipment; import and export of goods and technology (without the
catalogue of import and export commodities), excluding those prohibited or
prohibited by the state. Wholesale and retail of pre packaged food and dairy
products (including infant formula milk powder).
SC is mainly engaged in trading of goods.
Mr. Wu Fan is legal representative, executive director
and general manager of SC at present.
SC is known to
have approx. 10 employees at
present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Xiamen. Detailed premise information
is not available at present.
http://www.vanlon.cn
The website can not be landed at present.
For the past two years there is no record of litigation.
No significant changes were found during our checks
with the local Administration for Industry and Commerce.
Organization Code:
594958944
MAIN SHAREHOLDERS:
Name %
of Shareholding
Bai Jiaming 30
Xie Zuyi 19
Wu Fan 31
Lin Wenmu 20
l Legal
Representative, Executive Director and General Manager:
Mr. Wu Fan is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, executive
director and general manager.
l
Supervisor:
Xie Zuyi
SC is mainly engaged in trading of goods.
SC’s products
mainly include: Food.
SC sources its
materials 10% from domestic market, and 90% from overseas market. SC sells 100%
of its products in domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T and Credit of 30-60 days.
Note: SC declined to release its major
suppliers and clients.
Hongkong
Vanlon Trade Co., Limited
CR
No.: 1783263
Company
Type: Private company limited by shares
Date
of Incorporation: 06-Aug.-2012
Active
Status: Live
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 accountant
refused to release the bank details.
Financial Summary
Unit: CNY’000
|
|
As
of Dec. 31, 2013 |
|
Total assets |
2,686 |
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Total
liabilities |
-638 |
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Equities |
3,324 |
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|
=========== |
Note: We did not
find SC’s detailed financial reports for Yr2013.
SC is considered small-sized in its line with a development history of 3
years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.56 |
|
|
1 |
Rs.93.56 |
|
Euro |
1 |
Rs.67.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
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Report Prepared
by : |
ASH |
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.