MIRA
INFORM REPORT
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Report No. : |
337597 |
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Report Date : |
27.08.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 3, |
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Country : |
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Date of Incorporation : |
26.05.2015 |
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Com. Reg. No.: |
320582400011624 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is engaged in trading of steel products. |
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No. of Employees : |
About 45 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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; (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.
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Source
: CIA |
Company name & address
SUZHOU YUJINGTAI TRADING CO., LTD.
NO. 3, JINXIU ROAD, JIANGSU YANGTZE INTERNATIONAL METALLURGICAL INDUSTRIAL PARK)
JINFENG TOWN, ZHANGJIAGANG, JIANGSU
PROVINCE, 215624 PR CHINA
TEL: 86 (0) 15618718008 (MR.
HU) FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAY 26, 2015
REGISTRATION NO. :
320582400011624
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR.YU MIAO (LEGAL
REPRESENTATIVE)
STAFF STRENGTH :
ABOUT 45
REGISTERED CAPITAL :
USD 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
FAIR
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : SUBJECT TO LONGER PERIOD OF OBSERVATION
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.4095= 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 Wholly
Foreign-Owned Enterprise at local Administration for Industry &
Commerce (AIC - The official body of issuing and renewing business license) on
May 26, 2015.
Company Status: Wholly
Foreign-Owned This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes wholesale and import and export
of steel products, metal materials and products, coal, hardware &electric
material, mechanical equipment and spare parts, chemical raw materials and
products (except dangerous goods), building materials, office supplies,
electronic products, communications equipment, rubber and plastic products, tea
sets, daily provisions, pre-packaged food, bulk food, ice fresh food. ( goods
does not involve the state-run trade management products, involving quota or
license management of goods apply for according to the state's relevant
regulations) (with permit if needed)
SC is mainly engaged in trading of steel products.
Mr. Yu Miao is legal representative and general manager of SC at
present.
SC is known to have approx. 45 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in Zhangjiagang. The detailed information of the
premise is unspecified.
SC is not known to host a website of its own.
Email: 15195909652@163.com
SC was taken into operation in June, 2015.
Organization Code: 322212946
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yuben International Co., Ltd. (Literal Translation) 100
Legal Representative and General Manager:
Mr. Yu Miao is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as legal representative and
general manager.
Also working in Suzhou Yuben Trading Company Limited as legal
representative and general manager.
Executive Director:
Xu Peifeng is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as executive director.
Supervisor:
Zhao Yuhua
SC is mainly engaged in trading of steel products.
SC’s products mainly include PC steel, steel tray.
SC was taken into operation in June, 2015.
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 80% of its products in domestic markets, and 20% to overseas
markets, mainly to Pakistan.
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, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its main clients and
suppliers.
Suzhou Yuben Trading Company Limited
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Registration No.: 320582400010689
Incorporation Date:
Legal representative: Mr. Yu Miao (余苗)
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 management declined to release its bank details.
SC was taken into operation in June, 2015, so its financial statements
are not available at present.
SC is considered medium-sized in its line with a short operating
history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.16 |
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1 |
Rs.103.87 |
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Euro |
1 |
Rs.75.89 |
INFORMATION DETAILS
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Analysis Done by
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KAS |
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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.