MIRA INFORM REPORT
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Report No. : |
319143 |
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Report Date : |
29.04.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHANGZHOU FOREIGN PROCESSING IMPORT &
EXPORT CO., LTD. |
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Registered Office : |
Room 2105, Building A, Dongjiu, No. 38 Shengli East Road, Xiangcheng District, Zhangzhou, Fujian Province, 363000 Pr |
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Country : |
China |
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Date of Incorporation : |
07.01.1992 |
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Com. Reg. No.: |
350600100035304 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Import and export of goods and technology, processing with imported
materials, processing with imported samples, assembling with imported parts,
and compensation trade in agreement; counter trade & transit trade (excluding those limited, prohibited by
the state and those needed permit) (if needed with permit). |
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No. of Employees : |
Not Available |
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 : |
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 – December 31, 2014
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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.
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Source
: CIA |
Company
Name & address
ZHANGZHOU FOREIGN PROCESSING IMPORT & EXPORT CO., LTD.
ROOM 2105, BUILDING A, DONGJIU, NO. 38 SHENGLI EAST ROAD, XIANGCHENG
DISTRICT, ZHANGZHOU, FUJIAN PROVINCE, 363000 PR CHINA (REGISTERED ADDRESS)
TEL: N/A FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE :
JAN. 7, 1992
REGISTRATION NO. :
350600100035304
REGISTERED LEGAL FORM :
STATE-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. YU JIANSEN (LEGAL REPRESENTATIVE)
STAFF STRENGTH :
N/A
REGISTERED CAPITAL : CNY 5,200,000
REGISTERED BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
NOT YET DETERMINED
MARKET CONDITION :
NO RECOMMENDATION
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : NO RECOMMENDATION
GENERAL REPUTATION :
NOT YET DETERMINED
EXCHANGE RATE :
CNY 6.2165=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 a State-owned enterprise at local Administration
for Industry & Commerce (AIC-The official body of issuing and renewing
business license) on Jan. 7, 1992.
Company Status:
State-owned enterprise This form of business in PR China is defined as
a commodity production or operational units of a socialist character which
in accordance with the law, has autonomy in management, takes full
responsibility for its profits and losses and practices independent
business accounting. It is a legal person established directly by central /
local government or enterprise owned by central or local government. In
theory, the liabilities of this form of enterprise are ultimately borne by
the government, since the adoption of company law in mid-1994, the Chinese
government has planned to separate the ownership from management and
liabilities bearing.
SC’s registered business scope includes import and export of goods and
technology, processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; counter trade & transit trade (excluding those
limited, prohibited by the state and those needed permit) (if needed with
permit). Mr. Yu Jiansen is registered as
legal representative of SC at present.
We could not contact SC. So the nature and extent of the company's
operations could not be determined and it could not be confirmed whether the
company operates from the Registered Office address or the given location.
The contact information acquired from internet is
0596-2921769/6353266/2932105/2928561
We dialed the above telephone numbers, but the numbers did not exist.
Then we contacted SC through the telephone number 86 0596 2935146, but no one
answered the phone.
Exhausting our efforts, we are unable to find SC’s telephone number in
various information sources, including the internet, yellow pages and telecom
companies.
SC is not known to have website of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Organization Code: 156510250
MAIN SHAREHOLDERS:
Name %
of shareholdings
Zhangzhou Municipal Foreign Economic and Trade Commission 100
Legal Representative:
Mr. Yu Jiansen , with university education.
Exhausting our efforts, we are unable to find SC’s telephone number in
various information sources, including the internet, yellow pages and telecom
companies.
It is not possible to contact the company directly to obtain further
information. The nature and extent of the company's operations could not be
determined.
According to our database, SC is mainly engaged in international trade.
SC’s products mainly include: computer embroidery machines, electric
welding machines, lace machines, solenoid valve, quartz.
SC is not known to have any subsidiary at
present.
Overall payment appraisal: ( )
Excellent ( ) Good
( ) Average (
) Fair ( ) Poor
(X) 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: N/A
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 bank details are not available at present.
We didn’t find SC’s financial statements in
local Administration for Industry and Commerce.
Despite having exhausted all our effort, we are unable to contact SC, so
precise credit estimate cannot be made at present. If further contact details of SC can be provided, we will definitely
continue this research.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.33 |
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|
1 |
Rs.96.52 |
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Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
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.