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MIRA INFORM REPORT
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Report No. : |
496679 |
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Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
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Name : |
NANJING
TUNA FIRE PROTECTION CO., LIMITED |
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Registered Office : |
599, Zhushan Road, Jiangning District, Nanjing,
Jiangsu Province 211112 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 engaged in Selling Fire Equipment |
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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 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 and ADDRESS
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COMPANY NAME |
NANJING TUNA FIRE PROTECTION CO., LIMITED |
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CURRENT ADDRESS/ GIVEN ADDRESS |
599, ZHUSHAN ROAD, JIANGNING
DISTRICT, NANJING, JIANGSU PROVINCE 211112 PR CHINA |
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TEL. NO. |
86 (0) 25-86986999 |
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FAX NO. |
N/A |
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:
l Information
obtained is insufficient for compiling a standard report.
l 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
²
The
given telephone number is as below,
Tel:
86 (0) 25-86986999
When we dialed the above number, a lady answered the phone.
She admitted the given English name, and told us SC is registered in Hong Kong,
but mainly operates in Nanjing, Jiangsu Province.
²
The
lady introduced the below information,
A.
SC is mainly engaged in selling fire
equipment.
B.
SC sources its products 100% from
domestic market. SC sells 100% of its products to overseas market.
C.
SC's related company,
Nanjing Fire Protection Technology Co., Ltd.
Web: www.tuna.com.cn
SPOT
VISIT
599,
Zhushan Road, Jiangning District, Nanjing, Jiangsu Province 211112 PR China
According to the lady, SC and its related company-Nanjing
Fire Protection Technology Co., Ltd. locate in the above given address at
present.
REGISTRATION
During our check with Hong Kong Registry, we found the following
registration information about SC,
Company Name: Nanjing
Tuna Fire Protection Co., Limited
Company File No.: 2407466
Date of Registration: July 26,
2016
Legal Form: Private
Status: Live
RELATED
COMPANY
Nanjing Fire Protection
Technology Co., Ltd.
Unified
Social Credit Code: 91320100742379363Q
Date of Registration:
November 8, 2002
Legal Form: Shares Limited
Company
Registered Capital: CNY
160,000,000
Legal Representative: Wang
Yidan
CONCLUSIONS
SC is considered small-sized in its line short business
history. Taking into consideration of SC's good background
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 80.21 |
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CNY |
1 |
INR 10.30 |
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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PRA |
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Report Prepared
by : |
TPT |
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.