ssssMIRA
INFORM REPORT
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Report Date : |
06.07.2012 |
IDENTIFICATION DETAILS
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Name : |
DALI GARMENTS WEAVING CO., LTD. JINJIANG |
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Registered Office : |
Dong Hai An Development Zone, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.09.1999 |
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Com. Reg. No.: |
350500400019629 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
manufacturing and selling garments |
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No. of Employees : |
380 |
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
DALI GARMENTS WEAVING
CO., LTD. JINJIANG
DONG HAI AN DEVELOPMENT ZONE, SHENHU TOWN, JINJIANG, QUANZHOU,
FUJIAN PROVINCE 362246 PR CHINA
TEL: 86 (0) 595-88299368/88294368 FAX:
86 (0) 595-88288368
EXECUTIVE SUMMARY
INCORPORATION DATE : sep. 20, 1999
REGISTRATION NO. : 350500400019629
REGISTERED LEGAL FORM : wholly foreign-owned enterprise
CHIEF EXECUTIVE :
MS. CHEN XIUQING (CHAIRMAN)
STAFF STRENGTH :
380
REGISTERED CAPITAL : hkd 16,800,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 91,970,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 27,290,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.35=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 Quanzhou Municipal Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Sep. 20,
1999.
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 manufacturing
garments, knitted fabrics, webbing, and engaged in high-grade fabrics weaving
(without dyeing and export quota license management species) (100% export)
(with permit if needed).
SC is
mainly engaged in manufacturing and selling garments.
Ms.
Chen Xiuqing is the legal representative and chairman of SC at present.
SC is
known to have approx. 380 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Jinjiang. SC’s management declined to release detailed information of
the premise.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Xiuqing (Hong Kong
Citizen)
100
Legal
representative and Chairman:
Ms. Chen Xiuqing , Hong Kong Citizen, she is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative and chairman
Vice chairman and
Vice general manager:
Mr. Chen Maomin is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as vice chairman and vice general manager
Director:
Chen Zhihan
Supervisor:
Chen Wenshuang
SC is
mainly engaged in manufacturing and selling garments.
SC’s products mainly include: underwear, bra, T-shirt, sportswear, sleepwear, etc.
SC sources its materials 95% from domestic market and 5% from overseas market. SC sells 100% of its products to overseas market, mainly Europe, Asia and America.
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.
SC
is not known to have any subsidiary at present.
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.
SC’s management declined
to release its banking information.
Financial Summary
Unit: CNY’000
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as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
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Total Liabilities |
54,820 |
30,380 |
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Shareholders equities |
27,270 |
27,290 |
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Total Assets |
82,090 |
57,670 |
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Turnover |
/ |
91,970 |
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Profit before tax |
/ |
200 |
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Less: profit tax |
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150 |
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Net profit |
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50 |
Note: SC's accountant refused to release
SC’s detailed financial reports for Yr2010 & 2011.
Important
Ratios
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as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
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*Liabilities
to assets |
0.67 |
0.53 |
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*Net profit
margin (%) |
/ |
0.05 |
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*Return on
total assets (%) |
/ |
0.09 |
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*Turnover/Total
assets |
/ |
1.59 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is average in 2011.
l
SC’s turnover is in an average level in 2011, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.03 |
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UK Pound |
1 |
Rs.85.93 |
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Euro |
1 |
Rs.68.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.