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MIRA INFORM REPORT
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Report No. : |
489075 |
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Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
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Name : |
LOUVRE TRADING CO. LIMITED |
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Registered Office : |
1FC50/1FC73, Louvre International Furniture Exhibition Centre, West
Coast Of Yingxiong River, Shajiao Road Section, Lecong, 325 National Highway,
Lecong Town, Shunde District, Foshan, Guangdong Province |
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Country : |
China |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Not Available |
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Line of Business : |
Subject is mainly
engaged in operating furniture products. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Not Registered in China |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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. 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.
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Source
: CIA |
Company
name & address
Company Name : LOUVRE TRADING
CO. LIMITED
Address : 1FC50/1FC73, LOUVRE INTERNATIONAL FURNITURE EXHIBITION
CENTRE,
WEST COAST OF YINGXIONG RIVER, SHAJIAO ROAD SECTION,
LECONG, 325 NATIONAL HIGHWAY, LECONG TOWN, SHUNDE DISTRICT, FOSHAN, GUANGDONG
PROVINCE CHINA
Telephone : 86-18566367711
Facsimile : --
Website : --
Email : --
INFORMATION
CHECK
We dialed the contact number 86-18566367711, a gentleman surnamed
Li answered. He confirmed the given name and released the following
information:
The subject is registered in Hong Kong for foreign
exchange settlement and operated in mainland, China.
The subject has a registered company in the mainland
China, whose name is Foshan Shunde Lecong Town Lizining Furniture Store. The
given address also belongs to Foshan Shunde Lecong Town Lizining Furniture
Store
REGISTRATION
INFORMATION
In Hong Kong Companies Registry, we found the
following information:
Established Date : 2011-3-14
Reg. No. : 1573093
Company Type : Private Company Limited by share
Status : Active
SITE
VISIT
According to Mr. Li, the heading address is
the subject’s operating address, but he refused our request for a spot visit.
BUSINESS
LINE
According to Mr. Li, the subject is mainly
engaged in operating furniture products.
Products:
Various types of
furniture.
RELATED
COMPANIES
In the AIC of Foshan City, we found the
company which is the subject's related company.
The registered information is as follow:
Name : Foshan Shunde Lecong Town Lizining Furniture
Store
Established Date : 2015-01-28
Registered no. : 440681601416548
Legal Form : Individual-owned
enterprise
Status : Active
Chief Executive : Li Zining
BANK INFORMATION
We didn’t find the foreign currency account
of the subject.
NEGATIVE
INFORMATION
No record
COMMENT
In view of our investigation results, the subject is registered in Hong Kong, while operating in Foshan City, Guangdong Province mainland China. Caution is advised related to
dealings with persons claiming to represent such an entity.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.50 |
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1 |
INR 90.92 |
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Euro |
1 |
INR 79.07 |
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CNY |
1 |
INR 10.05 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.