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Report No. : |
336569 |
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Report Date : |
19.08.2015 |
IDENTIFICATION DETAILS
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Name : |
CYCLE INDUSTRY LIMITED |
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Registered Office : |
Jinshan Industrial Zone, Qibin District, Hebi City, Henan Province |
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Country : |
China |
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Date of Incorporation : |
13.12.2013 |
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Legal Form : |
Private company |
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Line of Business : |
Subject is engaged in selling metal products. |
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No. of Employee : |
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 : |
Not registered in china |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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; (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 2014 more
than 274 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 passing
legislation to allow local governments to issue bonds, opening several
state-owned enterprises to further private investment, loosening the one-child
policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
CYCLE INDUSTRY
LIMITED
JINSHAN INDUSTRIAL ZONE, QIBIN DISTRICT, HEBI CITY
HENAN PROVINCE 458030 PR CHINA ()
TEL: 86 (0) 392-3308781
FAX: 86 (0) 392-3308782
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:
l Information
obtained is insufficient for compiling a standard report.
l 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.
------------------------------------------
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
²
The given contact
ways for SC are as below,
Tel: 86 (0)
392-3308781
Fax: 86 (0)
392-3308782
When we dialed the above given number, a lady answered the phone. She
admitted the given English name, and told us SC is registered in Hong Kong, and
mainly operates in Hebi, Henan Province, PRC China, but refused to release
further information on SC.
²
According to the
internet sources,
A.
SC is mainly engaged in selling metal products.
B.
The products mainly include:
Magnesium Metal
Aluminum Metal
Calcium Metal
C.
SC sources its products 100% from domestic market.
SC sells 100% of its products to overseas market.
D.
SC’s website: www.cyclesy.com
Cell Phone: 0086
18625753281
Email: hbxlsally@gmail.com
Skype: zgm85895117
Room 403, No. 296
Huanshi Middle Road, Guangzhou, Guangdong Province 510010 PR China
The lady refused to
release if SC locates in the above given address or in another location.
During our check with Hong Kong Registry, we
found the following registration about SC,
Company
Name:
Cycle Industry Limited
Company
File No.: 2012304
Date of
Registration: December
13, 2013
Legal
Form: Private
Status: Live
SC is considered small-sized in its line with 2 years history. Great
caution is required in providing credit to SC & C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
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|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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.