MIRA INFORM REPORT
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Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
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Name : |
COATS SHENZHEN LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
21.08.2003 |
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Com. Reg. No.: |
440301503292175 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
manufacturing and selling industrial threads and related products |
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No. of Employees
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2,000 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Coats Shenzhen Limited
Coats Industrial
Park, FengTang AVENUE, TangWei Village, FUyong Town, BAOAN DISTRICT, Shenzhen,
guangdong PROVINCE, 518103 PR CHINA
TEL: 86 (0) 755-27342288 FAX:
86 (0) 755-27342828
EXECUTIVE SUMMARY
INCORPORATION DATE : aug. 21, 2003
REGISTRATION NO. :
440301503292175
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH : 2,000
REGISTERED CAPITAL :
usd 15,800,000
BUSINESS LINE : Manufacturing &
SELLING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : moderate amount
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.3049 = USD
1
Adopted abbreviations
ANS - amount not stated
NS - not stated SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Aug. 21, 2003.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within the
territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes developing, processing, manufacturing and selling of various
kinds of engineering and industrial threads and related products; wholesaling,
importing & exporting and commission agency (excluding auction) of the
above goods; other related services and business consulting.
SC is mainly
engaged in manufacturing and selling industrial threads and related products.
Kit
Ping Au-Yeung has been the legal representative and chairman of SC since 2010.
SC is
known to have approx. 2,000 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of
Shenzhen. Detailed information of the premise is unspecified.
http://www.coatschina.com/ The website
belongs to Coats China. The design is professional and the content is well
organized. At present it is in Chinese and English versions.
Changes
of its registered information are as follows:
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Date
of change |
Item |
Before
the change |
After
the change |
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Registered Capital |
USD
10,800,000 |
Present amount |
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Legal Representative |
Bernard Loftus |
Murray Michael Stephen |
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Registration No. |
311439 |
Present one |
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Legal Representative |
Murray Michael Stephen |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Coats China Holdings Limited
(Hong Kong) 100
CR No.: 0028649
Date of
Incorporation: Jul. 14, 1972
Company Status:
Private
Active Status:
Live
Legal
Representative and Chairman:
Kit Ping Au-Yeung is currently responsible for the overall
management of SC.
Working Experience(s):
From 2010 to present Working in SC as legal representative and chairman.
Also working in Coats Guangzhou Ltd., Coats Shanghai Ltd., Coats Dalian Ltd., and Coats Qingdao Ltd. as legal representative.
Vice Chairman:
Srinivasan Venkataraman is currently
responsible for the daily management of SC.
Working Experience(s):
From 2011 to present Working in SC as vice chairman.
Director:
Mr. James Micheal Brown
SC is mainly
engaged in manufacturing and selling industrial threads and related products.
SC’s products mainly include: yarn, sewing and needlework products, etc.
SC sources its materials 70% from domestic
market and 30% from overseas market. SC sells 80% of its products in domestic
market, and 20% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Note:
SC’s management declined to release its major clients and suppliers.
Coats
Guangzhou Ltd.
Coats
Shanghai Ltd.
Coats
Dalian Ltd.
Coats
Qingdao Ltd.
Etc.
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 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.
No bank
information was found during our checks with the local Administration for
Industry and Commerce. And SC declined to release its banking details.
Investigations were made with the local AIC, but the financial records
were not available.
SC’s management declined to release any financial information.
SC is considered large-sized in its line with a development history of 9
years. Due to lack of financial status, we are unable to recommend accurate
credit limit for SC.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.99 |
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UK Pound |
1 |
Rs.83.54 |
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Euro |
1 |
Rs.63.40 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.