MIRA
INFORM REPORT
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Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
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Name : |
TAIFENG TEXTILE GROUP CO., LTD. |
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Registered Office : |
No. 66 Huiyuan Street, High-Tech Zone, Laiwu City, Shandong Province, 271100 Pr |
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Country : |
China |
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Date of Incorporation : |
27.12.2001 |
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Com. Reg. No.: |
371200018703951 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling textile materials and products |
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No. of Employees : |
1500 |
RATING & COMMENTS
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MIRAs 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 : |
Usually Correct |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
Company name & address
TAIFENG TEXTILE GROUP CO., LTD.
NO. 66 HUIYUAN
STREET, HIGH-TECH ZONE, LAIWU CITY,
SHANDONG PROVINCE,
271100 PR CHINA
TEL: 86 (0) 634-8856869/8856875 FAX: 86 (0) 634-8856169
EXECUTIVE SUMMARY
INCORPORATION DATE : dec. 27, 2001
REGISTRATION NO. : 371200018703951
REGISTERED LEGAL
FORM : Limited liabilities co.
CHIEF EXECUTIVE : MR. liu jian (CHAIRMAN)
STAFF STRENGTH :
1,500
REGISTERED CAPITAL : CNY 185,380,000
BUSINESS LINE :
manufacturing and TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.21 = 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 Dec. 27, 2001.
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.
SCs registered business scope includes manufacturing and selling cotton
yarn, polyester yarn, blended yarn, cotton fabric, cotton polyester fabric,
yarn-dyed clothing and fabric, bedding products, and related technology export;
import of raw materials, machinery and equipment, instrumentation, spare parts
and related technologies needed for production and research; undertaking joint
venture, co-production, processing with imported materials, processing with
imported samples, assembling with imported parts, and compensation trade in
agreement; dyeing production and sales; housing rental.
SC is mainly
engaged in manufacturing and selling textile materials and products.
Mr. Liu Jian is the legal representative and chairman of
SC at present.
SC is known to have approx. 1,500 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the high-tech zone of Laiwu. SCs accountant
refused to release the detail information of the total premise.
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
Employee Shareholders Association of Taifeng
Textile Co., Ltd. 99.09
Yang Yuguo 0.16
Zhao Shijun 0.09
Zou Shengming 0.07
Li Yundu 0.11
Chen Lifeng 0.14
Other 8 individuals
0.34
Legal
representative, Chairman
and General manager:
Mr. Liu Jian 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
Directors:
...............
Liu Yucui
Shang Xianhui
Wu Maolong
Yang Yuguo
Supervisor:
..
Guo Yangang
SC is mainly
engaged in manufacturing and selling textile materials and products.
SCs products
mainly include: cotton yarn, polyester yarn, blended yarn, cotton fabric,
cotton polyester fabric, yarn-dyed clothing and fabric, bedding products, etc.
SC sources its materials 95% from domestic
market, and 5% from overseas market. SC sells 70% of its products in domestic
market, and 30% to overseas market.
The buying terms of SC include Check, T/T, L/C 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 refused
to release its major suppliers and customers.
International Taifeng
Holdings Limited (Cayman Islands)
Stock
code: 00873. HK
Website:
http://www.taifeng.cc/
Laiwu Taifeng Home
Textile Co., Ltd.
Etc.
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 management declined
to release any financial information.
SC is considered large-sized in its line with 12 years development
history. Taking into consideration of SCs operation size, reputation as well
as market conditions, we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.39 |
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UK Pound |
1 |
Rs.82.32 |
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Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
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 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.