MIRA
INFORM REPORT
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Report Date : |
15.06.2012 |
IDENTIFICATION DETAILS
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Name : |
JIAXING CHIMEI TEXTILE CO., LTD. |
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Registered Office : |
Rm B-404, |
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Country : |
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Date of Incorporation : |
12.06.2009 |
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Com. Reg. No.: |
330402000043187 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Wholesaler of textiles, knitting products and raw
materials |
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No. of Employees : |
15 |
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
JIAXING CHIMEI TEXTILE
CO., LTD.
Currency in this report is Chinese Yuan unless otherwise stated.
Exchange Rate: 1 USD=6.32 Chinese Yuan
"--"in this report indicates "unavailable" due to insufficient information or "no comments"
ORDER
INFORMATION
|
name |
Jiaxing Chimel Textile Co Ltd. |
|
address |
B-404, 4/F |
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tel. |
86 573 82611129 |
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fax |
573 52611119 |
Notes:
1. Due to recent intervention of government in the AIC systems,
credit reports of some regions could be impacted for a certain period. For
companies registered in
2.
The fax
in the order isn’t correct. SC’s correct fax is as listed in the report.
EXECUTIVE SUMMARY
|
DATE OF establishment |
June 12th, 2009 |
|
Aic Registration No. |
330402000043187 |
|
REGISTERED LEGAL FORM |
limited liabilities
company |
|
REGISTERED CAPITAL |
1,500,000.00 |
|
main BUSINESS |
Wholesale of textiles. |
|
tax no. |
-- |
|
TURNOVER |
-- |
|
net profit |
-- |
|
total assets |
-- |
|
net worth |
-- |
|
employees |
15 |
|
import and export permits |
yes |
|
EXCHANGE RATE |
1 Usd=6.32CNY (JUN.8th, 2012) |
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Registered Address |
RM B-404, |
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Zip Code |
314003 |
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Business Address |
RM B-404, 4/F East Central Plaza, Yuexiu South Road, Jiaxing City,
Zhejiang, China 314003 |
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Zip Code |
314003 |
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Telephone |
86 573 82611129 |
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Fax |
86 573 82611119 |
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SIC Code (China) |
6331 Wholesale of textiles, knitting
products and raw materials. |
REGISTRATION
|
Name (Chinese) |
嘉兴奇美纺织品有限公司 |
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Name (English) |
JIAXING CHIMEI TEXTILE CO., LTD. |
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Date of Establishment |
June 12th,
2009 |
|
Registry |
Administration Bureau
of Industry and Commerce – Nanhu Dist (Jiaxing City) |
|
Legal Representative |
Xu Xueming (徐雪明) |
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AIC Registration Number |
330402000043187 |
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Registered Legal Form |
limited liabilities company |
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Registered Capital |
1,500,000.00 |
|
Operating Duration |
June 12th, 2009 to June 11th,
2029 |
|
Business Scope |
Sales of textiles and raw
materials; Import and export of goods
and technologies (excluding those forbidden by government and dangerous
products). |
Limited liabilities
co.
This form of
business in PR China is defined as a legal person. Its registered capital is
contributed jointly by at least two shareholders and no more than fifty.
Shareholders bear limited liability to the extent of shareholding, and the co.
is liable for its debts only to extent of its total assets. The characteristics
of this form of co. are as follows:
Upon the
establishment of the co., an investment certificate is issued to the each of
shareholders.
The board of
directors is comprised of three to thirteen members.
The minimum
registered capital for a co. is listed as follows:
-manufacturing
co. : RMB 500,000.00
-trading
&wholesaling co. : RMB 500,000.00
-retailing
co. : RMB 300,000.00
-consultancy &
service co. : RMB 100,000.00
Shareholders may
take their capital contributions in cash or by means of tangible assets or
intangible assets such as industrial property and non-patented technology.
Cash contributed by
all shareholders must account for at least 50% of the registered capital while
contribution by intangible assets must not exceed 20% of the registered
capital.
Existing
shareholders have pre-exemption right to purchase shares of the co. offered for
sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
REGISTRATION INFO:
AVAILABLE
FINANCIAL REPORTS:
AVAILABLE
FIELD
INVESTIGATION
1.
SC’s business income comes mainly from textile products including cotton yarn,
polyester yarns, t candcvc yarns, etc. Its products are sold both domestically
and internationally. SC’s sales business is developed both directly and
indirectly to its end customers. Its clients are mainly domestic and
international garment factory and traders. The industry of textile industry is
an industry with fierce competition. There are a lot of similar enterprises in
the local place as SC’s competitors. In addition, with short history, SC’s
popularity and sales network in domestic and international market are limited.
Generally speaking, SC’s competitiveness is below average in the local
industry.
2.
Jiaxing City, SC’s location is located in Southeast Coast of China. In 2011,
the total production value of Jiaxing City was 266.806 billion CNY, whilst the
per capita GDP was over USD 9,000. With many railways, highways and waterways
including Shanghai-Hangzhou Railway, 320 National Road, Shanghai-Hangzhou
Express Way, Zajiasu Express Way, Shenjiahu Express Way through the city, its
traffic condition is convenient. As a domestic owned enterprise dealing with
sales of ordinary textiles, SC shares no favorable policies provided by the
local government.
SHAREHOLDERS
AND SHARES
As
indicated in the following table:
|
Shareholder |
Capital
Subscribed |
Percentage |
|
Xu Xueming |
900,000.00 |
60% |
|
Tang Xueqin |
600,000.00 |
40% |
|
Total |
1,500,000.00 |
100% |
AFFILIATE(S)
No affiliates of subject company is found after checking.
MANAGEMENT
|
Name |
Xu Xueming |
|
Gender |
Male |
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Title |
Legal Representative |
|
Education |
-- |
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Working experience |
Over 5 years’ working experience and over 5
years’ management experience. |
NUMBER OF EMPLOYEES
Employees: 15
Management Staff: 3
Recent recruitment: Yes
|
Job-hunting websites |
Job title |
Number |
|
http://jiaxing.myjob.com/job/%E5%A4%96%E8%B4%B8%E4%B8%9A%E5%8A%A1%E5%91%98-12285560.html |
Foreign trade staff. |
6 |
BANKERS INFORMATION
N/A
OFFICE FACILITIES
|
Geographic Location |
RM B-404, 4/F East Central Plaza, Yuexiu South Road, Jiaxing City,
Zhejiang |
|
Area |
200 square meters |
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Environment |
Office Building. |
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Traffic condition |
Convenient (surrounded by Zhonghuan South Rd, Chengnan Rd, Zhonghuan
West Rd, etc.). |
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Purpose |
Office. |
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Property Ownership |
Rented |
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Other address |
-- |
WEBSITE
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Website |
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e-mail |
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Operation status |
Operational |
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Copyright |
Copyright reserved by SC. |
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Language |
Chinese and English. |
TRADEMARKS/PATENTS
After checking with the Trademark Office of Chinese
Administration Bureau of Industry and Commerce and the State Intellectual
Office, no trademarks or patents of SC were found.
MAIN
PRODUCTS & SERVICES
|
Main business |
Wholesale of textiles. |
|
Products and services |
SC mainly deals with wholesale of textiles.
Its products include 12-60 polyester yarns, t candcvc yarns, combed cotton
yarns, carded yarns, blended yarns, polyester filament yarns, acrylicstaplefiber,
polyester fabrics, spinning factory dressings, etc. SC’s products are mainly
exported to overseas regions. |
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Picture of specific products |
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Annual production capacity |
-- |
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Plants and equipments |
-- |
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Awards & Honors |
-- |
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Certificates / licenses |
-- |
SALES
INFORMATION
|
Domestic sales |
5% |
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Regions |
Jiaxing
City. |
|
Major domestic clients |
Domestic
factories, etc. |
|
Competitors |
RUGAO RUXING TEXTILE CO. LTD;
HUAFANG TEXTILE CO. LTD; ZHEJIANG MIZUDA PRINTTING & DYEING GROUP CO.
LTD; ANHUI HUAMAO TEXTILE COMPANY LIMITED, etc. |
|
Payment terms |
Prompt payment; on credit |
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Export |
90% |
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Regions |
USA,
North America, Europe, Asia, Middle East, etc. |
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Major overseas clients |
Californium Blue Premium Denim, etc.
|
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Payment terms |
L/C, T/T |
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SC’s products are mainly
exported to overseas garment factories and traders. With short history, its
sales channels need to be further developed. |
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The above information was
confirmed by SC’s employee |
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PURCHASE
INFORMATION
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Main Commodities Purchased |
Cotton yarns, polyester yarns, acrylic
fibers, office supplies, etc. |
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Number of Major Suppliers |
About 3 |
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Region |
Domestic: 100% Import: 0 % |
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Major suppliers |
HANGZHOU WEIHANG NETWORK INFORMATION
TECHNOLOGY CO. LTD, etc. |
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Main Terms of Payment |
Local: Prompt payment; on
credit |
|
SC’s products are all provided by domestic textile
factories. Its fixed-cooperated factory is located in Nantong City, Jiangsu
Province. However, name of the Nantong factory was refused to disclose by the
staff. |
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|
The above information was confirmed by SC’s employee |
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CREDIT
|
Name of supplier |
HANGZHOU WEIHANG NETWORK
INFORMATION TECHNOLOGY CO. LTD |
|
Main commodities and service supplied |
Information release service, etc. |
|
Interviewee |
Miss Yang of Business Department. |
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Telephone of Interviewee |
86 571 86505800 |
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Payment comment |
The investigated person confirmed SC is one
of their clients, but was not clear about its payment status. |
LITIGATION
RECORDS
After checking
with China Court organization, the local court website and other major
searching websites, no litigation record related to SC in the latest three
years is found.
OTHER
ADVERSE MEDIA INFORMATION
N/A
FINANCE
According to SC’s staff, it is a medium-sized enterprise in the local industry.
Important
Ratios:
|
|
2010
Industry Financial Indices (560*) |
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Return on net
assets (%) |
11.24 |
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Return on total
assets (%) |
2.75 |
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Net profit
margin (%) |
1.75 |
|
Turnover of
total assets |
1.65 |
|
Turnover of
current assets |
2.02 |
|
Turnover days of
account receivable |
35.91 |
|
Inventory
turnover days |
29.54 |
|
Asset liability
ratio (%) |
75.62 |
|
Current ratio |
1.11 |
|
Quick ratio |
0.94 |
Analysis of financial indicator
SC mainly deals with
sales of textiles including cotton yarns, polyester yarns, etc and belongs to
textiles, knit goods and related materials industry. SC’s products are mainly used
in manufacture of garments, etc. They are people’s daily necessities and have
great market demand. The textiles, knit goods and related materials industry is
developing stably. Established in 2009, SC’s industry experience and foreign
trade experience are both limited. Its competitiveness is weak. SC’s location
Jiaxing City, is a highly developed city with stable trade condition. The
overall economy environment of SC is satisfactory. As an enterprise invested by
individuals, SC’s financing capacity needs to be further improved.
INDUSTRY
PROFILE
Industry
SIC Code (China): 6331 Wholesale of textiles,
knit goods and related materials.
Description:
It refers to wholesale, import and export activity of fabrics, textiles and related
raw materials.。
Status Quo & Trend
Non-woven fabrics are
important foundational materials of industrial textiles. As the global economy
was on the path of recovery in 2010, demand for industrial textiles increased
rapidly which made manufacture, profit and investment of non-woven fabrics
industry increase continuously. In 2010, China’s production volume of non-woven
fabrics was 1,757,515.40 tons, increasing 24.23% year/year. From January to
November in 2010, the turnover of non-woven fabrics industry was 54.575 billion
CNY, increasing 30.19% year/year; the total main business profit was 6.798
billion CNY with gross profit margin being 12.85%; the total profit was 2.78
billion CNY, increasing 48.35% year/year.
As people are paying more
and more attention to environment protection, environment-friendly products are
used for many kinds of terminal products as raw materials. As an environment
friendly product, non-woven fabric will become an important industry and its
prospect is bright.
Industry Associations
|
Name of association |
Membership of subject (Yes/No) |
|
China Textile Industry Association |
No |
|
Guangdong
Textile Association |
No |
|
China Wool Textile Association |
No |
GENERAL
COMMENTS
Established in June, 2009, SC is engaged in sales of
textiles including cotton yarns, dacorn, acrylic fiber, etc. Its products are
mainly sold to overseas garment factories, textile distributors, etc. With
short history, its industry experience and international sales network are
limited. With individual shareholders, SC’s financing capacity and risk
resisting capacity are relatively weak.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.79 |
|
UK Pound |
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.70.07 |
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.