MIRA
INFORM REPORT
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Report No. : |
345775 |
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Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
25.11.2014 |
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Com. Reg. No.: |
510122000188826 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s registered business scope
includes researching, processing, manufacturing and selling solar wafers, solar
cells, solar lights, solar photovoltaic power generation equipment and
components; design, installation and construction of solar photovoltaic power
station project; importing and exporting goods and technology. |
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No. of Employees : |
12 |
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. 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
SICHUAN YINGFA SOLAR ENERGY
TECHNOLOGY CO., LTD.
NO. 1 TIANWEI ROAD, SHUANGLIU
AIRPORT ECONOMIC DEVT. ZONE
CHENGDU, SICHUAN PROVINCE 610200
PR CHINA
TEL: 86 (0) 28-69959044/68837501
FAX: 86 (0) 28-67050595
EXECUTIVE SUMMARY
Date of Registration : november 25, 2014
REGISTRATION NO. : 510122000188826
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 20,000,000
staff : 12
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue : CNY 0 (AS OF DEC. 31, 2014)
EQUITIES : CNY 2,000,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL : chenfuqiang@yingfa.com
PAYMENT : Not yet be
determined
MARKET CONDITION : n/a
FINANCIAL CONDITION : fair
OPERATIONAL TREND : Not yet be
determined
GENERAL REPUTATION : Not yet be
determined
EXCHANGE RATE : CNY 6.33 = 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.: 510122000188826
on November 25, 2014.
SC’s Organization Code Certificate No.:
39459055-9
SC’s registered capital: CNY 20,000,000
SC’s paid-in capital: CNY 2,000,000
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:-
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Name of Shareholder (s) |
% of Shareholding |
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Nanjing Yingfa Ruineng Technology Co.,
Ltd. |
70 |
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Zhang Jie |
30 |
SC’s Chief Executives:-
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Position |
Name |
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Legal
Representative, Chairman and General Manager |
Zhang Jie |
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Supervisor |
Zhang Fayu |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Nanjing Yingfa Ruineng Technology Co.,
Ltd. 70
Zhang Jie 30
Nanjing Yingfa Ruineng Technology Co., Ltd.
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Date of Registration: December 12, 2013
Registration No.: 320191000031994
Registered Capital: CNY 50,000,000
MANAGEMENT
Zhang Jie, Legal
Representative, Chairman and General Manager
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Ø
Gender: M
Ø
Qualification:
University
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Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Zhang Fayu, Supervisor
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Ø
Gender: M
Ø
Qualification:
University
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Working
experience (s):
At present, as supervisor of SC, also working in Shanghai Pudong Yingfa Electronics Co.,
Ltd., Shanghai Sheng Chang Tian
Hua Electronics Co., Ltd. as legal representative
BUSINESS OPERATION
SC’s registered business scope includes researching,
processing, manufacturing and selling solar wafers, solar cells, solar lights,
solar photovoltaic power generation equipment and components; design,
installation and construction of solar photovoltaic power station project;
importing and exporting goods and technology.
SC has not started
its normal operation yet.
Staff & Office:
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SC is known
to have approx. 12 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
Shanghai
Pudong Yingfa Electronics
Co., Ltd.
Shanghai
Sheng Chang Tian Hua Electronics Co., Ltd.
Anhui Yingfa Electronics Co.,
Ltd.
Anhui Yingfa Solar Technology
Co., Ltd
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) 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: None in our
database.
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 SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2014 |
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Total assets |
2,000 |
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Total liabilities |
0 |
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Equities |
2,000 |
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Revenue |
0 |
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Profit before tax |
0 |
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Less: profit tax |
0 |
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Profits |
0 |
Overall financial
condition of the SC: Fair.
CONCLUSIONS
Established at the end of 2014, SC has not started its normal operation
yet.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.89 |
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1 |
Rs.100.39 |
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Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
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Analysis Done by
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KAS |
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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.