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MIRA INFORM REPORT
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Report No. : |
495598 |
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Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
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Name : |
BIU CHUN WATCH HANDS & PARTS MANUFACTURERS LIMITED |
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Registered Office : |
Unit 3513, 35/Floor, Wu Chung House, No.
213, Queens Road East, Wan Chai, Hong
Kong |
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Subsidiaries registered address |
Jinxia Second Industrial Zone, Chang
An Town, Dongguan City, Guangdong Province 523853 PR |
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Country : |
China |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Not Available |
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Line of Business : |
Subject is mainly engaged in selling watch accessories. |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 announced it would allow a resumption of gradual liberalization. From 2013 until early2015, 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
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COMPANY NAME |
Biu Chun Watch Hands & Parts Manufacturers Limited |
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CURRENT ADDRESS/ GIVEN ADDRESS |
Jinxia Second Industrial Zone, Chang
An Town, Dongguan City, Guangdong Province 523853 PR China |
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REGISTERED ADDRESS |
Unit 3513, 35/Floor, Wu Chung House,
No. 213, Queens Road East, Wan Chai, Hong Kong |
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TEL. NO. |
86 (0) 769-85533888 |
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FAX NO. |
86 (0) 769-85538980 |
NARRATIVE REPORT
This
refers to a type of report whose format is different from that of a standard report.
Such type of report is provided when:
Information
obtained is insufficient for compiling a standard report.
The
enquired co has been out of business or its business address has been
untraceable.
It
should be noted that the time and manpower spent on preparing such type of
report might be greater than those on a standard report. On many occasions, the
information in this type of report still indicates the current status of the
enquired co. and serves as a useful reference to assess its credit standing.
------------------------------------------
Adopted
abbreviations (as follows)
SC - Subject Company (the
company inquired by you)
N/A – Not available
CNY – China Yuan Ren Min Bi
CHECK
ON SC’S REGISTERED TELEPHONE LINE
The given telephone number
is as below,
Tel: 86 (0) 769-85533888
When
we dialed the above given number, a lady answered the phone. She admitted the
given English name, and told us SC is registered in Hong Kong.
The lady introduced the
below information,
SC
is mainly engaged in selling watch accessories.
The
products mainly include:
Diamond
Cut Watch Hand
Regular
Watch Hand
Rotating
Disc
Watch
Crown
Spring
Bar
SC
sources its products 100% from domestic market. SC sells 100% of its products
to overseas market.
SC's
website: www.biuchun.com
E-mail:
info@biuchun.com
SC's
subsidiary company,
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Dongguan
Chang'an Jinxia Wenhua Watch Accessories Factory
SPOT
VISIT
According to the lady, SC and its subsidiary company-Dongguan
Chang'an Jinxia Wenhua Watch Accessories Factory locates in the given 1st
address (Jinxia Second Industrial Zone,
Chang An Town, Dongguan City, Guangdong Province 523853 PR China), and
the 2nd given address (Unit 3513,
35/Floor, Wu Chung House, No. 213, Queens Road East, Wan Chai, Hong Kong)
is SC's registered one.
REGISTRATION
During
our check with Hong Kong Registry, we found the following registration
information about SC,
Company Name: Biu Chun Watch Hands
& Parts Manufacturers Limited
Company File No.: 0150851
Date of Registration: May 7, 1985
Legal Form: Private
Status: Live
RELATED
COMPANY
SC is known to have a
subsidiary company at present,
Dongguan
Chang'an Jinxia Wenhua Watch Accessories Factory
Unified Social Credit
Code:
91441900X
Date of Registration: December 4, 1995
Principal: Li Guohe
CONCLUSIONS
SC
is considered an old-established business in medium size. Credit dealings with
SC should be confined into moderate 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 65.05 |
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1 |
INR 89.70 |
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Euro |
1 |
INR 80.03 |
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CNY |
1 |
INR 10.26 |
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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DIV |
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Report Prepared
by : |
TRU |
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.