MIRA INFORM REPORT
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Report No. : |
326001 |
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Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
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Name : |
GLORY ENERGY LIMITED |
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Registered Office : |
12B1 Huafu Building, No. 585 Longhua West Road, Xuhui District, Shanghai 200232 Pr |
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Country : |
China |
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Date of Incorporation : |
15.03.2006 |
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Com. Reg. No.: |
310115000940600 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and exporting commodities and technology; selling pre packaged food, bulk food, dairy products, food additives, machinery & equipment, textiles, glass products, optical products, electronic products, ship equipment, metal materials, chemical products, communications equipment, stationery & sports goods, building materials, furniture, arts and crafts; market information consultation and investigation; and conference service. |
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No of Employees : |
15 |
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 – 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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 & address
GLORY ENERGY LIMITED
12B1 HUAFU BUILDING,
NO. 585 LONGHUA WEST ROAD
XUHUI DISTRICT,
SHANGHAI 200232 PR CHINA
TEL: 86 (0)
21-34240189
FAX: 86 (0)
21-64695897
EXECUTIVE
SUMMARY
Date of Registration : MARCH 15, 2006
REGISTRATION NO. : 310115000940600
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 5,000,000
staff :
15
BUSINESS CATEGORY : trading
Revenue :
N/A (AS
OF DEC. 31, 2014)
EQUITIES :
N/A (AS
OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 310115000940600
on March 15, 2006.
SC’s Organization Code Certificate No.:
78629316-6
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
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Zhou Boxiong |
95 |
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Zhang Chen |
5 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman and General
Manager |
Zhou Boxiong |
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Supervisor |
Zhang Chen |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name % of
Shareholding
Zhou Boxiong 95
Zhang Chen 5
MANAGEMENT
Zhou Boxiong, Legal Representative, Chairman and General
Manager
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Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Zhang
Chen, Supervisor
----------------------------------------
Ø
Gender: M
Ø Qualification:
University
BUSINESS
OPERATION
SC’s registered
business scope includes importing and exporting commodities and technology;
selling pre packaged food, bulk food, dairy products, food additives, machinery
& equipment, textiles, glass products, optical products, electronic
products, ship equipment, metal materials, chemical products, communications
equipment, stationery & sports goods, building materials, furniture, arts
and crafts; market information consultation and investigation; and conference
service.
SC is mainly
engaged in international trade.
SC’s products mainly include: Food
additives, textile fabrics, raw materials, CNC machine tools, etc.
SC sources its products 70% from domestic market, and 30% from overseas market. SC sells 40% of its products in domestic market, and 60% to overseas market, mainly Southeast Asia.
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.
Staff & Office:
--------------------------
SC is known
to have approx. 15 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is known to have a
branch,
Glory
Energy Limited 1ST Branch
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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’s suppliers
declined to make any comments.
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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered small-sized in its line with 9 years history. Credit dealings with SC should 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. 64.11 |
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1 |
Rs. 97.84 |
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Euro |
1 |
Rs. 71.11 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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 |
-- |
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.