MIRA INFORM REPORT

Report No. :	483745
Report Date :	04.01.2018

IDENTIFICATION DETAILS

Name :	SUZHOU GLORAIR PURIFYING EQUIPMENT CO., LTD
Registered Office :	Building 13, Hengjing Park, Tangshi Sub-district, Yangshe Town, Zhangjiagang City
Country :	China
Date of Incorporation :	28.02.2017
Unified Social Credit Code:	91320582MA1NFWMX94
Legal Form :	Limited Liabilities Company
Line of Business :	Purchasing and sales of industrial air purification equipment and accessories, water treatment equipment and accessories; Technology R&D, technology transfer, technical consultation and related technical services of the field of environmental protection equipment; Self-running and agency of importing and exporting all kinds of commodities and technology, excluding the goods and technology forbidden to be exported by the government. (Any project that needs to be approved by law can only be carried out after getting approval by relevant authorities.) Production of Air, Water Segregaing & Depurative Equipment
No. of Employees :	20 (2018-01-03)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

NB

Credit Rating	Explanation	Rating Comments
NB	New Business	No recommendation can be done due to business in infancy stage

Status :	New Business
Payment Behaviour :	Unknown
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
China	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state-support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.

After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, 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 liberalization. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi (RMB) after the currency was accepted as part of the IMF’s special drawing rights basket. After engaging in one-way, large-scale intervention to resist appreciation of the RMB for a decade, China’s 2016 intervention in foreign exchange markets has sought to prevent a rapid RMB depreciation that would have negative consequences for the United States, China, and the global economy.

China’s economic growth has slowed since 2011. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) servicing its high corporate debt burdens to maintain financial stability; (c) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (d) dampening speculative investment in the real estate sector; (e) reducing industrial overcapacity; and (f) raising productivity growth rates through the more efficient allocation of capital. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.

The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. Under President XI Jinping, Beijing has signaled its understanding that China's long-term economic health depends on giving the market a more decisive role in allocating resources, but has moved slowly on market-oriented reforms because of potential negative consequences for stability and short-term economic growth. He has also increased state-control over key sectors and Party control over state-owned enterprises. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time.

Source : CIA

ORDER DETAILS & INVESTIGATION RESULTS

-	Order Information	Verification
Name(English)	Suzhou Glorair Purifying Equipment Co. Ltd	Correct
Address (English)	Nanling Industrial Park, Zhangjiagang City Jiangsu Province	Inaccurate
Tel	0086 512 58536632	Correct
Fax	0086 512 58536639	Correct
Investigation Note	1. Known from official channel, SC's legal business scope does not include manufacture business of industrial air purification equipment and accessories. However, SC's staff stated the company is also engaged in manufacture of industrial air purification equipment and accessories. The company operates beyond its legal business scope. Some attention should be given to its operating risk. 2. Credit limit against subject cannot be provided in the report due to lack of financial information. Please be noted.

BASIC INFORMATION

Name (English)	SUZHOU GLORAIR PURIFYING EQUIPMENT CO., LTD. (Given by Official Sources)
Unified Social Credit Code	91320582MA1NFWMX94
AIC registration No.	320582000447341
National Organization Code	MA1NFWMX9
Company Status	Operational
Executive	Xu Xiaodong
Registered Capital	CNY 1,000,000.00
Date of Establishment	2017-02-28
Employee	20 (2018-01-03)
Website	www.glorair.com
Company Size	Microenterprise
SIC (China)	3463,Production of Air, Water Segregaing & Depurative Equipment
Import and Export Enterprise Code	3200MA1NFWMX9
Import/Export Permit	Yes

CONTACTS

Tel	(86 512)58536632
Fax	(86 512)58536639
Mobile	(86)13962239095
Address	Luyuan Nanlin Development Area, Tangqiao Town, Zhangjiagang City, Suzhou City, Jiangsu Province(Office; Plant)
Address Post code	215611
Ownership	-

GENERAL COMMENTS

RISK ANALYSIS

Established in Feb. 2017 with registered capital of CNY 1,000,000.00, SC is mainly engaged in manufacture and sales business of industrial air purification equipment and accessories. The company has a short history and its industrial experience is limited. Currently, the company's business scale is small. Its shareholders are natural persons, and thus its anti-risk capability is poor and its future development prospect needs to be observed.

REGISTRATION INFORMATION

REGISTRATION INFORMATION

Unified Social Credit Code	91320582MA1NFWMX94
AIC registration No.	320582000447341
Date of Establishment	2017-02-28
Registered Address	Building 13, Hengjing Park, Tangshi Sub-district, Yangshe Town, Zhangjiagang City
Registry	Market Supervision Administration - Zhangjiagang City, Jiangsu Province
Legal Representative	Xu Xiaodong
Legal Form	Limited Liabilities Company
Registered Capital	CNY 1,000,000.00
Operation duration	Perpetual
Business Scope	Purchasing and sales of industrial air purification equipment and accessories, water treatment equipment and accessories; Technology R&D, technology transfer, technical consultation and related technical services of the field of environmental protection equipment; Self-running and agency of importing and exporting all kinds of commodities and technology, excluding the goods and technology forbidden to be exported by the government. (Any project that needs to be approved by law can only be carried out after getting approval by relevant authorities.)

SHAREHOLDER INFORMATION

-	Name	% Ownership	Capital Contributed	Currency	Investment Way	Paid-in %	Country
1	Xu Xiaodong	90.00	900,000.00	CNY	Capital	-	China
2	Miao Dan	10.00	100,000.00	CNY	Capital	-	China
Total		100.0	1,000,000

ULTIMATE HOLDING

-	Ultimate Shareholder	Investment Way
1	Xu Xiaodong	Capital

English Name	Xu Xiaodong
Country	China
Type	Natural person shareholder
Investment Way	Capital
Note	Xu Xiaodong -->90% SUZHOU GLORAIR PURIFYING EQUIPMENT CO., LTD.

BRANCHES

--

INVESTMENT IN OTHER COMPANIES

--

MANAGEMENT

LEGAL REPRESENTATIVE

Name	Xu Xiaodong
Position	Executive Director; General Manager
Gender	Male

INVOLVEMENT IN OTHER COMPANIES

--

MANAGEMENT

-	Name	Position	Gender
1	Xu Xiaodong	Executive Director; General Manager	Male

DIRECTORS AND SUPERVISORS

-	Name	Position	Gender
1	Miao Dan	Supervisor	Female
2	Xu Xiaodong	Executive Director; General Manager	Male

JUDICIAL INFORMATION

DEFAULT EXECUTED PARTY

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

SUBJECT AS EXECUTED PARTY

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

CIVIL & COMMERCIAL TRIAL PROCESS

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

CIVIL & COMMERCIAL JUDGMENT DOCUMENT

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

ADMINISTRATIVE ILLEGAL

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

OPERATION & TRENDS

MAIN BUSINESS

Main Business	Manufacture and sales of industrial air purification equipment and accessories.
Products & Service	SC is mainly engaged in R&D, manufacture and sales business of industrial air purification equipment and accessories. Its products include filter cartridge, bag filter series, bag - bag filter series, high negative pressure dust collector series and related spare parts, etc.

OPERATION FACILITIES

Business Address	Luyuan Nanlin Development Area, Tangqiao Town, Zhangjiagang City, Suzhou City, Jiangsu Province(Office; Plant)
Tel	(86 512)58536632
Fax	(86 512)58536639
Mobile	(86)13962239095
Post code	215611
Environment	Main industrial area
Ownership	-
Traffic Condition	Convenient

SALES INFORMATION

Region	Products		Customer Type	Number of Customers	Payment Terms	Region	Percentage
Domestic	Industrial air purification equipment and accessories		Industrial manufacturing enterprises, etc.	More than 5	Prompt payment, advance payment or payment in accordance with contract, etc.	East China, etc.	40
International	Industrial air purification equipment and accessories		Industrial manufacturing enterprises, etc.	More than 5	T/T, L/C	United States, Thailand, South Africa, Australia, etc.	60
OTHER INFORMATION		SC's sales business is developed in both domestic market and international market. Most products are sold to international market. Its products are mainly applied to pharmaceutical, chemical, food, casting, plastic and other industrial fields.

PURCHASE INFORMATION

Region	Main Products Purchased		Number of Suppliers	Payment Terms	Region	Percentage
Domestic	Equipment parts, production equipment, office supplies and other business services, etc.		More than 5	Prompt payment, advance payment or payment in accordance with contract, etc.	East China, etc.	100
OTHER INFORMATION		SC's products are all purchased from domestic market and its domestic purchase market is concentrated in East China etc. Its suppliers mainly include equipment parts manufacturing enterprises and wholesalers, etc.

NOTE TO CREDIT RECORD

Note	SC’s staff was cautious and refused to disclose the suppliers’ names and purchasing information of the company due to business secrecy. The suppliers’ names are unavailable through public channels. Hence no payment records of subject can be provided in the report.

ELECTRICITY CONSUMPTION RECORD

No electricity consumption record of subject can be obtained as the electricity consumer may not be filed with subject's name.

QUALIFICATIONS

PATENT

-	Patent Name	Patent Type	Status	Application No.	Application date	Classification	Publication No.
1	The locking mechanism of the filter element	Invention	Approval Valid	CN201710330391.7	2017-05-11	B01D46/00(2006.01)I	CN106955534A
2	Dust collector and dust collection method of dust collector	Invention	Approval Valid	CN201710329591.0	2017-05-11	B08B15/00(2006.01)I	CN106944446A
3	Lifting device for dust collector for dust collector	Invention	Approval Valid	CN201710329502.2	2017-05-11	B66F7/06(2006.01)I; B66F7/28(2006.01)I; B01D46/48(2006.01)I	CN106927387A
4	Dust collector for dust collector	Patent for utility models	Approved	CN201720522749.1	2017-05-11	B08B15/00(2006.01)I	CN206763567U
5	Combined dust removal equipment	Invention	Approval Valid	CN201710181512.6	2017-03-24	B01D46/00(2006.01)I; B01D46/24(2006.01)I; B01D46/48(2006.01)I	CN106693538A
6	Combined dust removal equipment	Patent for utility models	Approved	CN201720294221.3	2017-03-24	B01D46/00(2006.01)I; B01D46/24(2006.01)I; B01D46/48(2006.01)I	CN206566624U

EXPORT/IMPORT PERMIT

EXPORT/IMPORT PERMIT

Yes

EMPLOYEE

Date	2018-01-03
Employee Number	20

WEBSITES

-	Website	Name	File No	Registrant
1	www.glorair.com	SUZHOU GLORAIR PURIFYING EQUIPMENT CO., LTD.	Su ICP 17036087-1	-

Website	www.glorair.com
Country	China
Status	Normal
Name	SUZHOU GLORAIR PURIFYING EQUIPMENT CO., LTD.
Sponsor Name	SUZHOU GLORAIR PURIFYING EQUIPMENT CO., LTD.
Hosted By	Company
File No.	Su ICP 17036087-1
Source	Ministry of Industry and Information Technology

FINANCIAL INFORMATION

FINANCIALS & ANALYSIS

Financial Note

SC was established in Feb. 2017 with less than a financial year, and it has not filed its financial information to the AIC. Hence no financial information of subject can be provided in the report.

INDUSTRY INFORMATION

INDUSTRY CODE

SIC (China)	3463,Production of Air, Water Segregaing & Depurative Equipment 【Major】
ISIC	2819,Manufacture of other general-purpose machinery
NACE	28.29,Manufacture of other general-purpose machinery

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.48
UK Pound	1	INR 86.41
Euro	1	INR 76.54
CNY	1	INR 9.76

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.