MIRA INFORM REPORT
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Report No. : |
356639 |
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Report Date : |
26.12.2015 |
IDENTIFICATION DETAILS
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Name : |
DONGGUAN FUYE PAPER INDUSTRY COMPANY LIMITED |
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Registered Office : |
No. 8 Zhongxin
Road, Dushang Industrial Zone, Dafen Community, Wanjiang District, Dongguan,
Guangdong Province, 523000 Pr |
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Country : |
China |
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Date of Incorporation : |
30.04.2009 |
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Com. Reg. No.: |
441900000534822 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is engaged in
trading of paper and paper products. |
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No. of Employee : |
20 |
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 : |
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.
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 for the
first time in modern history. Still, China's per capita income is below the
world average.
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
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 also 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 and address
DONGGUAN FUYE PAPER INDUSTRY
COMPANY LIMITED
NO. 8 ZHONGXIN
ROAD, DUSHANG INDUSTRIAL ZONE, DAFEN COMMUNITY, WANJIANG DISTRICT, DONGGUAN,
GUANGDONG PROVINCE, 523000 PR CHINA
TEL:
86 (0) 769-38802118 FAX: 86 (0)
769-38802108
EXECUTIVE
SUMMARY
INCORPORATION DATE : APR. 30, 2009
REGISTRATION NO. : 441900000534822
REGISTERED LEGAL
FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE : MR. LIN HAI (LEGAL REPRESENTATIVE)
STAFF STRENGTH : 20
REGISTERED CAPITAL : CNY 300,000
BUSINESS LINE : TRADING
TURNOVER : N/A
EQUITIES :
N/A
PAYMENT :
UNKNOWN
RECOMM. CREDIT
RANGE : SMALL AMOUNT
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION
: N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.4867 =
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 (Fu Lam (H.K.) Industrial Limited) belongs to SC’s related company
registered in Hong Kong.
SC was registered
as a Limited Liabilities Co. at local Administration for industry &
commerce (AIC - the official body of issuing and renewing business license) on
Apr. 30, 2009.
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 sales of paper and paper products. (with permit if
needed)))
SC is mainly engaged in trading of paper and paper products.
Mr. Lin Hai is the
legal representative, executive director and
manager of SC at present.
SC is known to have
approx. 20 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office in the industrial zone of Dongguan. The detailed information of the
premise is unspecified.
http://www.fulampaper.com The design is professional and the content is
well organized. At present the web site is in English and Chinese versions.
Email: sockting@fulampaper.com
No significant
changes were found during our checks with the local Administration for Industry
and Commerce.
Organization Code: 688615483
Tax Registration Certificate No.: 441900688615483
Credibility Code:
91441900688615483K
Honors:
For the past two years there is no record of
litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lin Hai 50
Rao Feilin 50
Legal representative,
Executive Director and manager:
Mr. Lin Hai is
currently responsible for the overall management and daily management of SC.
Working Experience(s):
At present Working in SC as legal representative,
executive director and manager.
Supervisor:
Rao Feilin
SC is mainly
engaged in trading of paper and paper products.
SC’s products
mainly include:
• Gray card
• Single white
• Black card
• Double glue
• Double slip
SC sources its
materials 100% from domestic market. SC sells 50% of its products in domestic
market, and 50% 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 declined to release its customer and supplier details.
Fu Lam (H.K.)
Industrial Limited
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Incorporation Date:
May 31, 2007
Registration No.: 1137132
Registered Legal
Form: Private
Company limited by shares
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.
HSBC Hong Kong
AC#: 168-315034-838
Relationship:
Normal
SC’s management
declined to release any financial information.
SC is considered
small-sized in its line with a development history of 6 years. Due to lack of
financial statements, we are unable to determine the maximum credit limit for
SC. Taking into consideration of SC’s background and operation size, credit
dealing with SC shall be confined into small amount at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.20 |
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1 |
Rs.98.30 |
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Euro |
1 |
Rs.72.41 |
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CNY |
1 |
Rs.10.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ANK |
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.