MIRA
INFORM REPORT
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Report Date : |
16.06.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG YUNDONG INDUSTRY CO., LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
16.08.1996 |
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Com. Reg. No.: |
330782000126107 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling textiles products |
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No. of Employees : |
400 |
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 : |
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 – 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
Zhejiang Yundong Industry Co., Ltd.
No. 633 Jichang
Road, bEIYUAN STREET, Yiwu,
Zhejiang PROVINCE,
322000 PR CHINA
TEL: 86 (0) 579-85421707/85421660 FAX: 86 (0) 579-85421712/85421002
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 16, 1996
REGISTRATION NO. : 330782000126107
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
STAFF STRENGTH : 400
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE : manufacturing &
selling
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = 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 Limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Aug. 16, 1996.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. 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 CNY 30,000. 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 30% 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.
SC’s registered business scope includes wholesaling and retailing of clothing
and accessories, textiles, chemical fiber yarn, cable (no staining), toys, style
office supplies, general merchandise, rain gear, electronic product
manufacturing, sales; the pay of five (except for hazardous chemicals), general
merchandise, use of chemicals (excluding hazardous chemicals, easy made drugs
and controlled chemicals), jewelry, leather goods, import and export of goods
and technology.
SC is mainly
engaged in manufacturing and selling textiles products.
Mr.
Chen Xijin is legal representative, chairman and general manager of SC at present.
SC is
known to have approx. 400 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
Yiwu. Detailed information of the premise is unspecified.
SC
is not known to have any websites at present.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Xijin 60
Fang Yunbi 40
Legal
Representative, Chairman and General Manager:
Mr. Chen Xijin is currently responsible for the overall and
daily management of SC.
Working
Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Supervisor:
Fang Yunbi
SC is mainly
engaged in manufacturing and selling textiles products.
SC’s products mainly include: various kinds of blankets and towels
blankets, etc.
SC sources its materials 100% from domestic
market. SC sells 80% of its products in domestic market, and 20% to overseas
market.
The buying terms of SC include Check, T/T 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.
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 medium-sized in its line with 16 years operation history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.76 |
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UK Pound |
1 |
Rs.86.69 |
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Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
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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.