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MIRA INFORM REPORT
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Report No. : |
516588 |
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Report Date : |
26.06.2018 |
IDENTIFICATION DETAILS
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Name : |
LINYI FRIEND TRADING CO., LTD. |
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Registered Office : |
Room 1706, Building
1, Hongru International Culture Square, Shuangling Road, Lanshan District,
Linyi, Shandong Province, 276002 Pr |
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Country : |
China |
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Date of Incorporation : |
30.01.2007 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is
engaged in trading different kinds of products include in Recon Veneers, Nature Wood Face Veneers,
Plywood/MDF Board/Particle Board, Raw Materials for Glue, Raw Materials for Recon
Veneers, MDF Production Line, OSB Production Line, Particle Board Production
Line, Plywood Machinery, Recon Veneers Plant Spear Parts and Raw Materials, Boiler System, Dryer Machine, PPGI,
Hardware and Tools, Cylinders and Pistons. |
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No. of Employees : |
No Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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China |
A2 |
A1 |
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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 announced it would allow a resumption of gradual liberalization. From
2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the
dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong
capital outflows in part stemming from the August 2015 official devaluation; in
2017 the RMB resumed appreciating against the dollar – roughly 7% from
end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest
growing economies in the world, averaging slightly more than 7% real growth per
year. In 2015, the People’s Bank of China announced it would continue to
carefully push for full convertibility of the renminbi, after the currency was
accepted as part of the IMF’s special drawing rights basket. However, since
late 2015 the Chinese Government has strengthened capital controls and
oversight of overseas investments to better manage the exchange rate and
maintain financial stability.
The Chinese Government faces numerous economic challenges including:
(a) reducing its high domestic savings rate and correspondingly low domestic
household consumption; (b) managing its high corporate debt burden to maintain
financial stability; (c) controlling off-balance sheet local government debt
used to finance infrastructure stimulus; (d) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
college graduates, while maintaining competitiveness; (e) dampening speculative
investment in the real estate sector without sharply slowing the economy; (f)
reducing industrial overcapacity; and (g) raising productivity growth rates
through the more efficient allocation of capital and state-support for
innovation. 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 more progress on subsidizing innovation than
rebalancing the economy. Beijing has committed to giving the market a more
decisive role in allocating resources, but the Chinese Government’s policies
continue to favor state-owned enterprises and emphasize stability. 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. The slight acceleration in economic growth in 2017—the first such
uptick since 2010—gives Beijing more latitude to pursue its economic reforms,
focusing on financial sector deleveraging and its Supply-Side Structural Reform
agenda, first announced in late 2015.
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Source
: CIA |
Company
name and address
LINYI FRIEND TRADING CO., LTD.
ROOM
1706, BUILDING 1, HONGRU International Culture Square, SHUANGLING ROAD, LANSHAN
DISTRICT, LINYI, SHANDONG PROVINCE,
276002 PR CHINA (REGISTERED ADDRESS)
TEL:
86 (0) 539-8378826/13341286699 FAX:
n/a
EXECUTIVE
SUMMARY
INCORPORATION
DATE : JAN. 30, 2007
CREDIBILITY CODE :
913713027986598749
REGISTERED
LEGAL FORM : One-person Limited Liability Company
CHIEF
EXECUTIVE : mr. ZHUGE
FUWEI (legal
representative)
STAFF
STRENGTH : N/A
REGISTERED
CAPITAL : CNY 1,000,000
BUSINESS
LINE : TRADING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT
: UNKNOWN
MARKET
CONDITION : AVERAGE
FINANCIAL
CONDITION : N/A
OPERATIONAL
TREND : steady
GENERAL
REPUTATION : AVERAGE
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: the given
address “NO 159-2, KAIYUAN ROAD SHANDONG China” was SC’s former address, but SC’s
staff declined to release the current operating address.
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 Jan. 30, 2007.
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 selling machinery equipment, woodworking machinery, construction
machinery, auto parts, hardware tools, office equipment, computers and
accessories, photographic equipment, printing equipment, central air
conditioning, stone, building materials, pipe fittings, chemical raw materials
(excluding dangerous, monitoring, precursor chemicals), communications
equipment, density plates, ceramic products, metal products, plastic products,
general merchandise, metal castings, fruits and vegetables; importing and
exporting goods and technology. (if needed with permit)
SC is mainly
engaged in trading different kinds of products.
Mr. Zhuge Fuwei is
legal representative, executive director and general manager of SC at present.
SC’s staff declined
to release the number of employees.
SC’s staff declined to release the operating address, so it could not be
confirmed whether the company operates from the Registered Office address or in
another location.
http://www.linyifriend.com/
The design is professional and the content is well organized. At present it is
in English version.
E-mail: fuweizhuge@hotmail.com
No significant changes
were found during our checks with the local Administration for Industry and
Commerce.
Import/ Export License Number: 3700798659874
For the past two
years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
% of
Shareholding
Zhuge Fuwei 100
Legal representative, executive director and
general manager:
Mr. Zhuge Fuwei is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal
representative, executive director and general manager.
Also working in
Linyi Songshan Color Printing Co., Ltd. as legal representative.
Supervisor:
Pang Wenrong
SC is mainly engaged
in trading different kinds of products.
SC’s products
mainly include:
Recon Veneers
Nature Wood Face Veneers
Plywood/MDF Board/Particle Board
Raw Materials for Glue
Raw Materials for Recon Veneers
MDF Production Line
OSB Production Line
Particle Board Production Line
Plywood Machinery
Recon Veneers Plant
Spear Parts and Raw Materials
Boiler System
Dryer Machine
PPGI
Hardware and Tools
Cylinders and Pistons
According to SC’s
staff, SC sells its products in domestic market, and to overseas market.
The payment terms
of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC declined
to release its major suppliers and clients.
Trademark &
Patents
No record
Industry code: 5100
Industry name: Wholesale industry
The gross domestic product
of China in 2017 which is 82,712.17 billion that is increased 6.9% than
previous year.
According to
National Bureau of Statistics data released, at the end of 2016, there are
95,066 wholesale enterprises in China. In 2016, total assets of wholesale
industry was 20,132.292 billion Yuan, and increased by 11.11% compared with
2015; total liabilities was 14,504.431 billion Yuan, and increased by 9.87%
compared with 2015; main business income was 38,458.098 billion Yuan, and
increased by 7.28% compared with 2015; main business profit was 2,484.514
billion Yuan, and increased by 11.03% compared with 2015.
Linyi Songshan
Color Printing Co., Ltd.
===========================
Credibility code:
913713116657239674
Legal rep.: Zhuge
Fuwei
Incorporation date:
2007-08-13
Overall payment
appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) 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 records and our debt
collection record concerning SC.
Trade payment
experience: SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
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.
Bank of China Linyi
Branch
A/C #: N/A
Relationship:
Normal
SC’s management
declined to release any financial information.
SC has a
development history of 11 years. Taking into consideration of SC’s market conditions
we would rate SC as an above average credit risk company. And credit dealings
with SC should be confined into small amount at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.15 |
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1 |
INR 90.27 |
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Euro |
1 |
INR 79.35 |
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CNY |
1 |
INR 10.37 |
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 : |
SDA |
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
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.