MIRA
INFORM REPORT
|
Report Date : |
28.06.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Shezhu Industrial Zone, |
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Country : |
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Date of Incorporation : |
18.06.2003 |
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Com. Reg. No.: |
320481400001575 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Processing and sales of chemical fiber knitting yarns. |
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No. of Employees : |
900 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 |
|
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
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Currency
in this report is Chinese Yuan unless otherwise stated.
Exchange Rate: 1
USD=6.36 Chinese Yuan
"--"in
this report indicates "unavailable" due to insufficient information
or "no comments"
ORDER INFORMATION
|
name |
|
|
address |
Liyang Changzhou |
|
tel. |
86-519-87526078 |
|
fax |
86-519-87526006 |
Note:
1.
The address provided in the order isn’t complete. SC’s complete address is
as listed in the report.
2.
Due to recent government in the AIC systems, reports of Chinese companies
in some regions could be impacted for a
certain period. For companies registered in
EXECUTIVE
SUMMARY
|
DATE OF
establishment |
June 18th,
2003 |
|
Aic Registration
No. |
320481400001575 |
|
REGISTERED LEGAL
FORM |
limited liabilities company |
|
REGISTERED
CAPITAL |
47,000,000.00 |
|
main BUSINESS |
Processing and sales of chemical fiber knitting
yarns. |
|
employees |
900 (compound) |
|
import and export
permits |
yes |
|
credit rating |
CR3 |
|
base Credie limit |
3,000,000.00 |
|
EXCHANGE RATE |
1 Usd=6.36CNY
(JUN.26rd, 2012) |
|
Registered
Address |
Shezhu Industrial Zone, Shezhu Town,
Liyang City, Changzhou City, Jiangsu Province. |
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Zip Code |
213341 |
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Business Address |
No.1, Shezhu Industrial Zone, Shezhu Town,
Liyang City, Changzhou City, Jiangsu Province. |
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Zip Code |
213341 |
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Telephone |
86 519 87526078/87526088 |
|
Mobile |
86 18251206996 |
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Fax |
86 519 87526006 |
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SIC Code (China) |
1711 processing of cotton and polyester
textile. |
REGISTRATION
|
Name
(English) |
Changzhou Polyace Textile And
Yarn Co Ltd |
|
Date
of Establishment |
June 18th,
2003 |
|
Registry |
Administration Bureau of
Industry and Commerce |
|
Legal
Representative |
Zhang Aiqin |
|
AIC
Registration Number |
320481400001575 |
|
Registered
Legal Form |
SINO-FOREIGN JOINT VENTURE |
|
Registered
Capital |
47,000,000.00 |
|
Operating
Duration |
June 18th, 2003 to
June 17th, 2018 |
|
Business
Scope |
Manufacture
and dyeing of textile products; Weaving
of high-grade fabrics; Manufacture
of packing materials for self-produced products; Sales
of self-produced products. |
Sino-foreign
joint venture
This form of
business in PR China is defined as a legal person. It is a limited co. jointly
invested by one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of capital
investment. The investing parties exercise business management, share profits
and bear all risks and liabilities of the co. together. The equity joint
venture law requires that foreign party contribute not less than 25% of the
registered capital, with no maximum. The joint venture usually has a limited
duration of 10 to 50 years. Enterprise with large investment, long construction
periods, low investment returns, introducing of advanced technology &
advanced technology products which have good competition position in
international market may extend beyond the 50 years limit.
REGISTRATION
INFO: AVAILABLE
FINANCIAL
REPORTS: AVAILABLE
FIELD
INVESTIGATION
1.
SC’s business income
comes mainly from chemical fiber knitting yarns including silver fiber
composite yarns, silk protein fiber, etc. SC’s products are sold both
domestically and internationally. Its sales business is developed both directly
and indirectly to its end customers. Its clients are mainly manufacture
enterprises, traders, distributors, etc from industries of embroidery thread,
garments, fabrics, etc. The industry of chemical fiber knitting yarns is an
industry with fierce competition. There are a lot of similar enterprises in the
local place as SC’s competitors. However, with long history, SC has accumulated
certain amount of customers and it enjoys certain popularity in both domestic
and international market. Generally speaking, SC’s competitiveness is above
average in the local industry.
2.
Liyang City, SC’s
location is located in south of Jiangsu province. Located in Yangtze River
Delta, the traffic condition of Liyang City is convenient. In 2010, the total
industrial added value of Liyang City was 21.873 billion CNY, increasing 18.8%
year/year. The turnover of 84 enterprises in Liyang City exceeded 10 billion
CNY. As a Sino-foreign joint venture, SC enjoys certain favorable policies
provided by the local government.
SHAREHOLDERS
AND SHARES
As indicated in the following
table:
|
Shareholder |
Capital
Subscribed |
Percentage |
|
YIBAO
TRADE CO. LTD (By
literal translation) |
14,100,000.00 |
30% |
|
LIYANG
LEISI WIRE CO. LTD |
2,000,000.00 |
4.26% |
|
LIYANG
MAKE TEXTILE PRODUCTS BUSINESS DEPARTMENT |
30,900,000.00 |
65.74% |
|
Total |
47,000,000.00 |
100% |
|
Shareholder |
Way
of Investment |
Paid-up
Percentage |
|
YIBAO
TRADE CO. LTD (By
literal translation) |
Capital |
100% |
|
LIYANG
LEISI WIRE CO. LTD |
Capital |
100% |
|
LIYANG
MAKE TEXTILE PRODUCTS BUSINESS DEPARTMENT |
Capital |
100% |
Background of major shareholder
|
Name |
YIBAO TRADE CO.
LTD |
|
Country |
Hong Kong |
|
|
|
|
Name |
LIYANG LEISI WIRE CO. LTD |
|
Registered address |
Shezhu Town, Liyang City,
Changzhou City, Jiangsu Province. |
|
Main business |
Manufacture and sales of
chemical fiber knitting yarns. |
|
|
|
|
Name |
LIYANG
MAKE TEXTILE PRODUCTS BUSINESS DEPARTMENT |
|
Address |
Liyang City, Changzhou City, Jiangsu
Province. |
|
Main business |
Sales of yarns, textile
products, etc. |
AFFILIATE(S)
|
Name |
Changzhou Polace Textile And
Yarn Co. Ltd – Licheng Branch |
|
Address |
No.79, Jiaotong Rd, Licheng,
Liyang City, Changzhou City, Jiangsu Province |
|
Equipments |
-- |
|
Main business |
Manufacture of chemical fiber
knitting yarns. |
MANAGEMENT
|
Name |
Zhang Aiqin |
|
Gender |
Female |
|
Title |
Chairman and General
Manager. |
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Date of birth |
Jan 28th, 1965 |
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Education |
Postgraduate Degree. |
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Working experience |
Over 10 years’ working
experience and over 8 years’ management experience. |
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|
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|
Name |
Luo Jian-ping |
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Gender |
Male |
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Title |
Director |
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Date of birth |
Nov 18th, 1965 |
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Name |
Chen Hui-er |
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Title |
Director |
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Name |
Xu Lei |
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Gender |
Male |
|
Title |
Supervisor |
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Date of birth |
Dec 23rd, 1983 |
NUMBER OF EMPLOYEES
Employees:
900 (total employee number including its branch)
Management
Staff: 50
Recent
recruitment: Yes
|
Job-hunting websites |
Job title |
Number |
|
http://jf.job1001.com/Company_Detail.php?CompanyDetail=cm1250307724335 |
Workshop Director. |
1 |
|
http://jf.job1001.com/Company_Detail.php?CompanyDetail=cm1250307724335 |
Workshop
Director. |
1 |
|
http://jf.job1001.com/Company_Detail.php?CompanyDetail=cm1250307724335 |
Technical engineer. |
1 |
BANKERS INFORMATION
|
Bank name |
Jiangnan Rural Commercial
Bank – Shezhu (Liyang) Sub-branch |
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Account No. (CNY) |
3204814301201000010452 |
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Tel. |
86 519 87582299 |
|
Comment |
The bank staff confirmed SC
opened an account in the bank and the above bank information is correct. |
OFFICE FACILITIES
|
Geographic Location |
No.1, Shezhu Industrial Zone,
Shezhu Town, Liyang City, Changzhou City, Jiangsu Province. |
|
Area |
60,000 square meters |
|
Environment |
Industrial Zone. |
|
Traffic condition |
Convenient (surrounded by Xinhua
Avenue, Shemei Avenue, Zhenxing North Street, etc.) |
|
Purpose |
Office/Warehousing/Factory. |
|
Property Ownership |
Unknown |
|
Other address |
-- |
WEBSITE
|
Website |
http://www.polyacetex.com/ |
|
e-mail |
-- |
|
Operation status |
Operational |
|
Copyright |
Copyright reserved by SC. |
|
Language |
Chinese and English. |
TRADEMARKS
|
Total trademark |
4 (only the latest 3 are listed) |
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Registration No. |
3719817 |
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Registration date |
Sep 16th, 2003 |
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Image |
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Registration No. |
9058586 |
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Registration date |
Nov 17th, 2011 |
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Image |
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Registration No. |
9058587 |
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Registration date |
Nov 17th, 2011 |
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Image |
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PATENTS
|
Total patents |
17 (only the latest
3 are listed) |
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Application No. |
201120193525.3 |
|
Application date |
June 10th,
2011 |
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Patent name |
Yarn strength
protection controller. |
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Application No. |
201120231705.6 |
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Application date |
July 4th,
2011 |
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Patent name |
A kind of drain-off
device. |
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Application No. |
201120231905.1 |
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Application date |
July 4th,
2011 |
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Patent name |
Spooler. |
MAIN
PRODUCTS & SERVICES
|
Main
business |
Processing
and sales of chemical fiber knitting yarns. |
|
Products
and services |
SC
mainly deals with research, development, manufacture and sales of chemical
fiber knitting yarns. Its products include artificial silk knitting yarns,
acrylic filament, chemical filament, silk fiber composite yarns, silk protein
fiber, embroidery yarns, blended yarns, etc. |
|
Picture
of specific products |
|
|
Annual
production capacity |
It
can produce 3 tons of silver fiber yarns per month. |
|
Plants
and equipments |
-- |
|
Awards
& Honors |
Environmental
Protection Advanced Enterprise of 2007; AAA-Grade
Credit Enterprise of 2009-2010; Enterprise
Model of 2010, etc. |
|
Certificates
/ licenses |
-- |
SALES
INFORMATION
|
Domestic sales |
30% |
|
Regions |
All over China |
|
Major domestic clients |
Shanghai Gaoshi
Line Industry Co. Ltd; Gaoshi Line Industry (Shenzhen) Co. Ltd, etc. |
|
Competitors |
Nanjing Chemical Fiber Co. Ltd; |
|
Payment terms |
Prompt payment; on credit |
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Export |
70% |
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Regions |
|
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Major overseas clients |
International line industry companies. |
|
Payment terms |
L/C, T/T |
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SC’s products are sold both domestically and internationally. It deals
with many kinds of products. Its clients are mainly enterprises from line
industry, fabric industry, garment industry, etc. |
|
|
The above information was confirmed by SC’s employee on Jun.26th,
2012. |
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PURCHASE
INFORMATION
|
Main
Commodities Purchased |
Silver
nitrate, pearl powder, yarn spinning equipments, testing equipments, etc. |
|
Number
of Major Suppliers |
About
5 |
|
Region
|
Domestic: 80% Import: 20% |
|
Major
suppliers |
Liyang
Phoenix Network Technology Co. Ltd, etc. |
|
Main
Terms of Payment |
Local: Prompt payment; on credit Import: L/C, T/T |
|
SC’s
raw materials and production equipments are purchased both domestically and
internationally. With long history, SC has fixed suppliers and cooperates
well with some of them. SC has stable sources of goods. |
|
|
The
above information was confirmed by SC’s employee on Jun.26th,
2012. |
|
CREDIT
|
Name
of supplier |
Liyang Phoenix Network Technology Co. Ltd |
|
Main
commodities and service supplied |
Website
construction. |
|
Interviewee |
Ms
Lu of Business Department. |
|
Telephone
of Interviewee |
86
519 87209922 |
|
Payment
comment |
The
investigated person confirmed that SC is one of their clients and SC’s credit
status is good. |
|
Date of interview |
June 26th,
2012 |
LITIGATION RECORDS
|
Total records |
2 |
|
|
|
|
Name of person subject to
enforcement |
|
|
Court |
People’s Court of Liyang City. |
|
File date |
Mar 5th, 2010 |
|
File No. |
(2010) Li Zhi Zi 00735 |
|
File amount |
31,124.33 CNY |
|
Status |
Closed. |
|
|
|
|
Name of person subject to
enforcement |
|
|
Court |
People’s Court of Liyang City. |
|
File date |
Mar 14th, 2011 |
|
File No. |
(2011) Li Zhi Zi 00798 |
|
|
51,825.55 CNY |
|
Status |
Closed. |
OTHER
ADVERSE MEDIA INFORMATION
|
Date |
Source |
Content |
|
Mar 21st, 2011 |
http://www.jsczfy.gov.cn/cpws/plus/view.php?aid=485 |
Loan contract disputes. |
FINANCE
According to SC’s Manager Song, SC is a large-sized enterprise in the local industry. Its turnover of 2011 was about 0.3 billion CNY.
Important Ratios:
|
|
2010
Industry Financial Indices (538*) |
|
Return on net assets (%) |
2.30 |
|
Return on total assets (%) |
1.20 |
|
Gross Margin (%) |
6.70 |
|
Turnover of total assets |
0.90 |
|
Turnover of current assets |
1.70 |
|
Turnover days of account receivable |
31.30 |
|
Asset liability ratio (%) |
69.80 |
|
Current ratio |
0.97 |
|
Quick ratio |
0.61 |
Analysis of financial indicator
SC mainly deals with manufacture and
sales of chemical fiber knitting yarns and belongs to cotton
and polyester textile industry. This industry is a traditional industry and has
been developing well in
INDUSTRY
PROFILE
Industry
SIC Code (
Description:
Weaving of fabric and yarn using cotton and chemical fiber as raw materials
Status Quo & Trend
The
financial crisis influences Chinese textile industry seriously, making the
output and export value decreased a lot in 2008 and 2009. From 2010, the
industry began to recover gradually. However, over capacity in Chinese cotton
and polyester textile industry is very serious. This brings high pressure to
the healthy development of the industry. Structural adjustment is urgently
needed.
Industry Associations
|
Name
of association |
Membership
of subject (Yes/No) |
|
|
Yes |
|
|
Not
Known |
|
|
Not
Known |
GENERAL
COMMENTS
Established in June, 2003, SC is engaged in
manufacture and sales of chemical fiber knitting yarns. Its clients are domestic
and international manufacture and trading enterprises from line industry,
garment industry, fabric industry, etc. With long history, SC has accumulated
stable customers and has been cooperating well with some of its suppliers. With
powerful technology strength and professional R&D department, SC has
successful developed new silver fiber yarns. With long history, SC has formed
perfect purchase and sales channels. SC enjoys certain popularity in the local
industry.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.21 |
|
|
1 |
Rs.89.42 |
|
Euro |
1 |
Rs.71.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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.