MIRA INFORM REPORT
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Report No. : |
311372 |
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Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
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Name : |
FAIRWAY INTERNATIONAL GROUP LTD. |
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Registered Office : |
Room 316, No. 2 Plant, No. 6, Hancheng Road, Free Trade Zone, Qingdao, Shandong Province, 266555 Pr |
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Country : |
China |
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Date of Incorporation : |
31.12.2011 |
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Com. Reg. No.: |
370220230014117 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject includes international trade of tyre; transit trade, trade
between enterprises under processing & finishing; importing and exporting
commodities and technologies |
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No. of Employees : |
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 : |
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 |
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 and expanded
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 2013 stood as
the second-largest economy in the world after the US, having surpassed Japan in
2001. The dollar values of China's agricultural and industrial output each
exceed those of the US; China is second to the US in the value of services it
produces. 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 2011 more than 250 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.
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Source
: CIA |
Company
Name and address
FAIRWAY INTERNATIONAL GROUP LTD.
ROOM 316, NO. 2 PLANT,
NO. 6, HANCHENG ROAD, FREE TRADE ZONE, QINGDAO, SHANDONG PROVINCE, 266555 PR
CHINA (REGISTERED
ADDRESS)
TEL: N/A FAX:
N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE : DEC. 31, 2011
REGISTRATION NO. : 370220230014117
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH : N/A
REGISTERED CAPITAL : CNY
3,000,000
BUSINESS LINE :
TRADING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : NOT YET DETERMINED
MARKET CONDITION : N/A
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : N/A
GENERAL REPUTATION : NOT YET DETERMINED
EXCHANGE RATE : CNY 6.26 = 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 One-person Limited Liability Company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on Dec. 31, 2011.
Company
Status: One-person Limited Liability Company Single person LLC refers to a limited liability company
set up by only one natural person or legal person as the single shareholder
of it. The minimum registered capital of Single person LLC is
CNY100,000. The shareholder’s capital contributes, as set out by the
articles of associations should be a lump-sum payment in full. One natural person can only invest in and set up one
limited liability company, which is not permitted to invest in and set up a
new Single person LLC. As to any one-person limited liability company, the
sole-investor nature of the natural person or legal person shall be
indicated in the registration documents of the company and shall be
indicated in the business license thereof as well. The regulation of Single person LLC should be set up by
the shareholder The regulation of Single person LLC has no shareholder
meeting.
SC’s registered business scope includes international trade of tyre; transit trade, trade between enterprises under processing & finishing; importing and exporting commodities and technologies (with permit if needed).
Liu Zhimei is registered as legal representative of SC.
It is not possible to contact the company directly to obtain further information. The nature and extent of the company's operations could not be determined and it could not be confirmed whether the company operates from the Registered Office address or in another location.
http://www.fairwaytyre.com/
The website can’t be found at present.
Email: sales@fairwaytyre.com
Note: We have sent an
email to the given e-mail address, but have not received reply.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Liu Zhimei 100
l Legal
representative:
Liu Zhimei
l Supervisor:
Wang Miao
The tel. numbers found
from internet 0532-88384920/88968098 don’t exist.
Exhausting our efforts, we are unable to find SC’s telephone number in
various information sources, including the internet, yellow pages and telecom
companies.
We are unable to contact SC. Therefore, the
nature and extent of SC’s operations could not be determined.
SC
is not known to have the subsidiary at present.
Overall payment appraisal :
( ) Excellent (
) Good ( ) Average
( ) Fair (
) Poor (X) 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 : N/A
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.
At local AIC,
the bank information of SC is not available.
SC’s financial
reports were not found during our checks with the local Administration for
Industry and Commerce.
Despite having exhausted all our effort, we are unable to contact SC. If further contact details of SC can be provided,
we will definitely continue this research.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.75 |
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1 |
Rs.94.60 |
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Euro |
1 |
Rs.67.10 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
NIT |
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.