MIRA INFORM REPORT
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Report No. : |
339450 |
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Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
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Name : |
VSOURCE LIMITED SHUNDE
REPRESENTATIVE OFFICE |
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Registered Office : |
Room D3, 4/F, Dafeng Building, Jianshe Road, Lecong Town, Shunde District, Foshan, Guangdong
Province, 528315 Pr |
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Country : |
China |
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Date of Incorporation : |
25.01.2011 |
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Com. Reg. No.: |
440681500020988 |
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Legal Form : |
Representative Office |
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Line of Business : |
Subject is engaged in business liaison and consulting for its parent
company (with permit if needed). |
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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 : |
Representative Office |
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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 & address
VSOURCE LIMITED SHUNDE REPRESENTATIVE OFFICE
ROOM D3, 4/F, DAFENG BUILDING, JIANSHE ROAD, LECONG
TOWN,
SHUNDE DISTRICT, FOSHAN, GUANGDONG PROVINCE,
528315 PR CHINA
TEL: 86 (0) 757-28368549/ 13690202170 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE : JAN. 25, 2011
REGISTRATION NO. : 440681500020988
REGISTERED LEGAL FORM : REPRESENTATIVE OFFICE
CHIEF EXECUTIVE :
mr. KAPADIA
KAILESH DHAIRYAVAN (principal)
STAFF STRENGTH :
n/a
REGISTERED CAPITAL : n/a
BUSINESS LINE :
liaison and consulting
TURNOVER :
n/a
EQUITIES :
n/a
PAYMENT :
Unknown
MARKET CONDITION : FAIR
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3681 = 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: SC’s complete name should be the heading one.
SC’s present address “Dafeng Building, Jianshe Road” was formerly named
as “Dafeng Building, B38 Jianshe Road”.
SC was registered as a representative office at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Jan. 25, 2011.
Company Status: Representative office Foreign company, which has
entered into a contract with a PR China co., is permitted to establish a
representative office in PR China. The representative office may engage
only in “non-direct operating activities” such as liaison, consulting,
market research & general information gathering. At present,
representative office is not allowed to employ local employees in its own
name and must use PR China employment agencies.
SC’s registered business scope includes engaged in business liaison and consulting
for its parent company (with permit if needed).
SC is mainly engaged in providing business liaison and consulting
service for its parent company.
Mr. Kapadia Kailesh Dhairyavan is principal of SC at present.
SC’s staff declined to release the number of its employees.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Foshan. Detailed premise
information is not available at present.
http://vsource.biz/
The website belongs to SC’s parent company. The design is professional and the
content is well organized. At present it is in English version.
E-mail: enquiry@vsource.biz
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Tax registration no.: 440681570128954
Organization code: 570128954
For the past two years there is no record of litigation.
PARENT COMPANY:
Name
Vsource Limited (Hong Kong)
It is a Sourcing Services company headed by Mr. Kailesh Kapadia to cater
to the sourcing needs of the construction industry. It is one of the few
sourcing companies in China, with indepth knowledge and understanding of the
construction industry in terms of materials used, quality of products needed
and installation procedures.
Reg. No.: 1289632
Incorporation date: Nov. 25, 2008
Legal form: Private company limited by shares
Status: Live
Web: http://vsource.biz/
Principal:
Mr. Kapadia Kailesh Dhairyavan, Indian. He is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working
in SC as principal.
SC is mainly engaged in providing business liaison and consulting
service for its parent company.
According to the website: http://vsource.biz
Vsource Building Material LLC
#108 Al Makateb Building
Sheikh Zayed Road
PO 117809 Dubai
UAE
Email: info@vsource.ae
Phone: 00 97143285285
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.
SC’s management declined to release its bank details.
As a representative office, SC is not allowed to engage in direct
business. All its expenses are supposed to be provided by its parent company. Therefore,
its financial information is not available.
SC is a representative office, which is not engaged in direct business.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.60 |
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1 |
Rs.102.30 |
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Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
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Analysis Done by
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TRI |
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Report Prepared
by : |
TPT |
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.