MIRA
INFORM REPORT
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Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
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Name : |
Cone Denim Jiaxing Limited |
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Registered Office : |
No. 60 Gangshan Road, Economic Development Zone, Jiaxing, Zhejiang
Province, 314000 Pr |
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Country : |
China |
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Year of Establishment : |
2005 |
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Com. Reg. No.: |
330000400001111 |
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Legal Form : |
Wholly Foreign Owned Enterprise |
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Line of Business : |
Manufacturing and Selling Denim |
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No. of Employees : |
800 |
RATING & COMMENTS
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MIRAs 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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 and address
Cone Denim Jiaxing Limited
NO. 60 GANGSHAN
ROAD, ECONOMIC DEVELOPMENT ZONE, JIAXING,
ZHEJIANG PROVINCE,
314000 PR CHINA
TEL: 86 (0)
573-83935888 FAX: 86 (0)
573-83935190
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 25, 2005
REGISTRATION NO. : 330000400001111
REGISTERED LEGAL FORM : WHOLLY FOREIGN OWNED
ENTERPRISE
STAFF STRENGTH :
800
REGISTERED CAPITAL : USD 41,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : MODERATE AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31 = 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).
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.
SCs registered
business scope includes denim and other high-grade yarn-dyed fabrics, printing
and dyeing, textile finishing, processing and sales.
SC is mainly
engaged in manufacturing and selling denim.
Mr. Joseph L.
Gorga is now acting as chairman of SC.
SC is known to
have approx. 800 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 Jiaxing. Detailed premise
information is not available.
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
I.T.G (Barbados) SRL 100
l
Chairman:
Mr. Joseph L. Gorga , with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
Now Working in SC as chairman.
SC is mainly
engaged in manufacturing and selling denim.
SCs main products
include: denim.
SC sources its materials 90% from domestic market
and 10% from the overseas market, mainly Europe. SC sells 60% of its products
in domestic market and 40% to the overseas market, mainly Southeast Asia and
Europe.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SCs management declined to release its main clients and
suppliers.
SC
is not known to have any subsidiary.
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.
SCs management
declined to release its bank details.
SCs financial reports were not found during our checks with local AIC.
SCs management declined to release its financial reports.
SC is considered medium-sized in its line with 7 years operating
history. Credit up to moderate amount may be considered.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.12 |
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|
1 |
Rs.79.37 |
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Euro |
1 |
Rs.66.00 |
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 |
-- |
This score serves as a reference to assess SCs 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.