MIRA INFORM REPORT
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Report No. : |
324746 |
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Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
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Name : |
GLORIOUS SCITECH COMPANY LIMITED |
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Registered Office : |
No. 5 Lushan Road, Beilun, Ningbo, Zhejiang Province
315800 Pr |
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Country : |
China |
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Date of Incorporation : |
19.02.2009 |
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Com. Reg. No.: |
1307889 |
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Legal Form : |
Private
Company |
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LINE OF BUSINESS : |
SUBJECT
IS ENGAGED IN EXPORTING PLANT EXTRACTS, BIOLOGICAL 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 – 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; (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.
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Source
: CIA |
Company
name and address
GLORIOUS SCITECH
COMPANY LIMITED
NO. 5 LUSHAN ROAD, BEILUN, NINGBO, ZHEJIANG PROVINCE 315800 PR CHINA
TEL: 86 (0) 311-83506700
FAX: 86 (0) 574-56877378
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
CHECK
ON SC’S REGISTERED TELEPHONE LINE
²
According to the internet sources, we found the
following contact ways,
Tel: 86 (0)
311-83506700
Fax: 86 (0)
574-56877378
When we dialed the above given number, a gentleman answered the phone.
He admitted the given English name, and told us SC’s Chinese name in
translation is “格劳瑞斯科技有限公司”, which is
registered in Hong Kong, but mainly operates in Ningbo and Shijiazhuang, PR China.
²
The gentleman
introduced the below information,
A.
SC is mainly engaged in exporting plant extracts,
biological products
B.
The products mainly include:
A.
SC sources its products 100% from domestic market.
SC sells 100% to overseas market.
B.
SC related company,
Shijiazhuang
Jianhe Biotech Co., Ltd. (Factory)
SPOT
VISIT
No. 5
Lushan Road, Beilun, Ningbo, Zhejiang Province 315800 PR China
According to the gentleman, SC locates in the above.
REGISTRATION
During our check with Hong
Kong Registry, we found the following registration about SC,
Company Name: Glorious Scitech Company Limited
Company File No.: 1307889
Date of Registration: Febuary 19, 2009
Legal Form: Private
Status: Live
A research was conducted with
Shijiazhuang municipal State Administration of Industry & Commerce
(SAIC-the official body of issuing and renewing business license), however, we found
the following registration number for SC’s related company,
Company
Name: Shijiazhuang Jianhe Biotech Co., Ltd.
Registration No.: 130125000003589
Date of Registration: September 11, 2009
Legal Form: Limited Liabilities Company
Registered Capital: CNY 500,000
Legal
Representative: Ma Jinliang
CONCLUSIONS
SC is considered small-sized in its line with 6 years business history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.76 |
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1 |
Rs.97.80 |
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Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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 |
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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.