MIRA
INFORM REPORT
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Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
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Name : |
CHANGYI YUANXIANG PRINTING & DYEING CO., LTD. |
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Formerly Known As : |
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Registered Office : |
MAR. 13, 2003 370786228003373 limited liabilities company 200 manufacturing and selling calico |
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Country : |
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Financials (as on) : |
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Date of Incorporation : |
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Com. Reg. No.: |
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Legal Form : |
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Line of Business : |
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No. of Employees : |
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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
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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 and Address
Changyi Yuanxiang Printing & Dyeing Co., Ltd.
TEL: 86 (0)
536-7162789 FAX: 86 (0) 536-7162789
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 13, 2003
REGISTRATION NO. : 370786228003373
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
200
REGISTERED CAPITAL : cny 12,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 129,720,000 (AS OF DEC. 31, 2008)
EQUITIES :
cny 7,720,000 (AS OF DEC. 31, 2008)
PAYMENT :
average
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : fairLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30= USd 1 AS OF
CREDIT RATING : CA4 (see below
explanatory notes)
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RATING KEY |
CREDIT RISK ASSESSMENT |
PROPOSED CREDIT LIMIT (in concerned business field) |
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CA1 |
Minimal |
Credit can proceed with favorable terms |
Large amount |
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CA2 |
Low |
Credit can proceed promptly |
Fairly large amount |
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CA3 |
Average |
Credit can proceed normally |
Moderate amount |
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CA4 |
Above average |
Credit should proceed with monitor |
Small amount – periodical review |
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CA5 |
Fairly High |
Credit should be extended under guarantee |
C.O.D. To small amount |
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CA6 |
High |
Credit is not recommended |
C.O.D. |
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NR |
Assessment not conducted |
Insufficient data available |
No recommendation |
This rating 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 %) in our credit
analysis are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market
trend (10%) Operational
size (10%)
In case of unlimited companies, newly established companies, or lack of
financial data, more weight is given to ‘Ownership background’ and ‘Payment
record’ in our analysis.
Adopted
abbreviations:
ANS - amount not
stated NS - not stated SC - subject company (the company
inquired by you)
NA - not available CNY - China Yuan Ren Min Bi
SC was
registered as a limited liabilities company at local Administration for
Industry & Commerce (AIC-The official body of issuing and renewing business
license) on Mar. 13, 2003.
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 manufacturing and selling
polyester-cotton, cotton cloth and dyeing & printing cloth; selling dyeing
& printing accessories and printing & dyeing auxiliaries; exporting
self-made commodities; importing machinery equipment, spare parts and raw
materials needed by SC, excluding commodities and technologies prohibited by
country (with permit if needed). (该公司的法定经营范围包括：生产、销售：涤棉、纯棉布匹、染色印花，销售印染配件、印染助剂。经营本企业自产产品的出口业务和本企业所需的机械设备、零配件、原辅材料的进口业务，但国家限定公司经营或禁止进出口的商品及技术除外（需许可生产经营的，须凭许可证生产经营）。)
SC is mainly
engaged in manufacturing and selling calico. (该公司目前实际主要从事印花布的生产和销售。)
Mr. Gao
SC is known
to have approx. 200 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 Changyi. Our checks
reveal that SC rents the total premise, but SC’s accountant refused to release
the gross area.
http://www.qdhongchang.com/
The design is professional and the content is well organized. At present it is in
Chinese and English versions.
Email: suwen_gao@126.com
No significant events or changes were found during our checks with the local
Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name % of Shareholding
Changyi Hongyuan Printing & Dyeing
Additives Co., Ltd. (in Chinese Pinyin) 6.7
昌邑虹源印染助剂有限公司
Qingdao Hongyu Garment Material Co., Ltd. 93.3
青岛市虹宇服装材料有限公司
Changyi Hongyuan Printing & Dyeing
Additives Co., Ltd.
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Add:
Tel: 0536-7160288
Qingdao Hongyu Garment Material Co., Ltd.
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Add: Dayao,
Tel: 0532-83161686
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Legal representative, Chairman and General Manager:
Mr. Gao
Working
Experience(s):
At
present Working in SC as legal
representative, chairman and general manager.
SC is mainly
engaged in manufacturing and selling calico. (该公司目前实际主要从事印花布的生产和销售。)
SC’s products mainly include: wax printed
fabrics, imitated wax printed fabrics, reactively printed fabrics, etc.
SC sources its materials 100% from overseas
market; SC sells its products 20% in domestic market and 80% to overseas
market.
The buying terms
of SC include T/T, L/C, Check, and Credit of 30-60 days. The payment terms of
SC include T/T, L/C Check, and Credit of 30-60 days.
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 refused
to disclose its detailed bank information.
Balance Sheet
Unit: CNY’000
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as of Dec. 31,
2008 |
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Cash & bank |
5,200 |
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Inventory |
12,460 |
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Accounts
receivable |
28,910 |
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Advances to suppliers |
0 |
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Bills receivable |
7,030 |
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Other
receivables |
1,740 |
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To be
apportioned expense |
0 |
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Other current
assets |
1,920 |
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Current assets |
57,260 |
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Fixed assets net
value |
22,140 |
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Long-term
investment |
0 |
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Projects under
construction |
0 |
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Intangible and
other assets |
10 |
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Total assets |
79,410 |
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Short loans |
20,680 |
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Accounts payable |
34,900 |
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Advances from
clients |
0 |
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Accrued payroll |
0 |
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Other Accounts
payable |
11,970 |
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Taxes payable |
-1,380 |
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Other current
liabilities |
50 |
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Current
liabilities |
66,220 |
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Long term
liabilities |
5,470 |
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Total
liabilities |
71,690 |
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Shareholders equities |
7,720 |
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Total
liabilities & equities |
79,410 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2008 |
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Turnover |
129,720 |
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Cost of goods
sold |
123,930 |
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Sales expense |
650 |
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Management expense |
2,030 |
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Finance expense |
2,130 |
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Profit before
tax |
480 |
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Less: profit tax |
190 |
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Profits |
290 |
Note: SC has not lodged
the latest annual returns in local registry, hence no up-to date detailed
financial information available.
Important Ratios
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as of Dec. 31,
2008 |
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*Current ratio |
0.86 |
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*Quick ratio |
0.68 |
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*Liabilities
to assets |
0.90 |
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*Net profit
margin (%) |
0.22 |
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*Return on
total assets (%) |
0.37 |
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*Inventory
/Turnover ×365 |
35 days |
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*Accounts
receivable/Turnover ×365 |
81 days |
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*Turnover/Total
assets |
1.63 |
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* Cost of
goods sold/Turnover |
0.96 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a fair
level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC appears average.
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The accounts receivable of SC appears fairly large.
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The short-term loan of SC appears fairly large.
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SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable and short-term loan could
be a threat to SC’s financial condition. A credit line up to USD 40,000 would
appear to be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. |
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1 |
Rs. |
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Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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.