|
Report Date : |
24.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
WUJIANG EVERGREEN
EX/IM CO., LTD. |
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Registered Office : |
Room 606, |
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Country : |
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Financials (as on) : |
31.10.2012 |
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Date of Incorporation : |
13.07.2009 |
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Com. Reg. No.: |
320584000215512 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Importing and Exporting commodities and technologies; selling needle
textile, chemical fiber, clothing, apparel, footwear, textile machinery parts
and general merchandise. |
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No. of Employees : |
7 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
|
Source : CIA |
WUJIANG EVERGREEN
EX/IM CO., LTD.
ROOM 606, INTERNATIONAL TRADE BUILDING, NO. 500,
RENMIN ROAD, WUJIANG, JIANGSU PROVINCE, 215200 PR CHINA
TEL: 86 (0) 512-85165598/85165596 FAX: 86 (0) 512-85165579
INCORPORATION DATE : JULY 13, 2009
REGISTRATION NO. : 320584000215512
REGISTERED LEGAL FORM : ONE-PERSON LIMITED
LIABILITY COMPANY
STAFF STRENGTH :
7
REGISTERED CAPITAL : CNY 2,000,000
BUSINESS LINE :
TRADING
TURNOVER : CNY 8,990,000 (JAN. 1 TO Oct. 31, 2012)
EQUITIES : CNY 2,110,000 (As of oct. 31,
2012)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.23 = 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 Ren Min Bi
Note: The given tel.
no. (0512-63080719) and fax no. (0512-63080791) belong to SC’s supplier “Suzhou
World Textile Co., Ltd.”, while SC’s contact way
should be the heading one.
SC was registered as a One-person Limited Liability Company
at local Administration for Industry & Commerce (AIC-The official body of
issuing and renewing business license) on July 13, 2009.
Company Status:
One-person Limited Liability Company Single person LLC refers to a limited liability company
set up by only one natural person or legal person as the single shareholder
of it. The minimum registered capital of Single person LLC is
CNY100,000. The shareholder’s capital contributes, as set out by the
articles of associations should be a lump-sum payment in full. One natural person can only invest in and set up one
limited liability company, which is not permitted to invest in and set up a
new Single person LLC. As to any one-person limited liability company, the
sole-investor nature of the natural person or legal person shall be
indicated in the registration documents of the company and shall be
indicated in the business license thereof as well. The regulation of Single person LLC should be set up by
the shareholder The regulation of Single person LLC has no shareholder
meeting.
SC’s registered business scope includes general business scope:
importing and exporting commodities and technologies; selling needle textile,
chemical fiber, clothing, apparel, footwear, textile machinery parts and
general merchandise.
SC is mainly engaged
in international trade.
Ms. Zhang Xiaofen
is legal representative, chairman and general manager at present.
SC is known
to have approx. 7 employees
at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Wujiang. Our checks reveal that SC
rents the total premise about 170 square meters.
http://www.evergreentex.cn/ The
design is professional and the content is well organized. At present it is in
Chinese and English versions.
E-mail: crescenttex@163.com ; rainy@evrgreentex.cn
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
MAIN
SHAREHOLDERS
Zhang Xiaofen 100
ID# 320525197211201525
l
Legal Representative, Chairman and General Manager
Ms. Zhang
Xiaofen, ID# 320525197211201525, born in 1972,
with junior college education. She is currently responsible for the overall
management of SC.
Working Experience(s)
At present Working
in SC as legal representative, chairman and general manager.
l
Supervisor:
Fan Wenbin ID#
320525197208161518
SC is mainly engaged in international trade.
SC’s products mainly
include: types of chemical fiber, cotton, silk fabric flax and post-processing,
all types of knitted fabrics and garments such as: T-shirts, jackets, trousers
and skirts, etc.
SC sources its materials
100% from domestic market. SC sells 10% of its products in domestic market, and
90% 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.
Major
Supplier:
============
Suzhou World Textile Co., Ltd.
Tel.: 0512-63080719
Fax: 0512-63080791
Note:
SC’s management declined to release its major clients.
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’s suppliers declined to make any comments.
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.
Bank of Communications Wujiang Economic Development Zone Sub-branch
AC#：389683605018010000291
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2011 |
as of Oct. 31, 2012 |
|
Cash & bank |
4,930 |
1,900 |
|
Notes receivable |
0 |
0 |
|
Inventory |
0 |
0 |
|
Accounts
receivable |
-7,520 |
-9,320 |
|
Advances to
supplies |
3,740 |
5,970 |
|
Subsidy
receivable |
1,060 |
1,170 |
|
Other
receivables |
0 |
2,240 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
2,210 |
1,960 |
|
Long-term
investments |
0 |
0 |
|
Fixed assets net
value |
0 |
310 |
|
Projects under
construction |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,210 |
2,270 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
30 |
0 |
|
Advances from
customers |
0 |
0 |
|
Accrued
payroll |
30 |
60 |
|
Welfare payable |
0 |
20 |
|
Taxes payable |
0 |
-10 |
|
Other accounts
payable |
60 |
90 |
|
Other
current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
120 |
160 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
120 |
160 |
|
Shareholders
equities |
2,090 |
2,110 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,210 |
2,270 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2011 |
Jan. 1 to Oct.
31, 2012 |
|
Turnover |
139,190 |
8,990 |
|
Cost of goods
sold |
137,200 |
7,310 |
|
Taxes
and additional of main operation |
0 |
0 |
|
Sales expense |
1,120 |
610 |
|
Management expense |
590 |
870 |
|
Finance expense |
70 |
40 |
|
Non-operating
income |
10 |
50 |
|
Non-operating expense |
0 |
0 |
|
Profit before
tax |
220 |
210 |
|
Less: profit tax |
60 |
35 |
|
Net profit |
160 |
175 |
Important Ratios
=============
|
|
as of Dec. 31, 2011 |
as
of Oct. 31, 2012 |
|
*Current ratio |
18.42 |
12.25 |
|
*Quick ratio |
18.42 |
12.25 |
|
*Liabilities to assets |
0.05 |
0.07 |
|
*Net profit margin (%) |
0.11 |
1.95 |
|
*Return on total assets (%) |
7.24 |
7.71 |
|
*Inventory /Turnover ×365 |
/ |
/ |
|
*Accounts receivable/Turnover ×365 |
/ |
/ |
|
*Turnover/Total assets |
62.98 |
3.96 |
|
* Cost of goods sold/Turnover |
0.99 |
0.81 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in 2011, but
average as of Oct. 31, 2012.
l
SC’s net profit margin appears average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average as of Oct. 31,
2012, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
SC has no inventory in 2011.
l
SC has no short-term loan in 2011.
l
SC’s turnover is in a fairly good level as of Oct.
31, 2012, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.