MIRA INFORM REPORT
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Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
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Name : |
fine yarn corporation |
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Registered Office : |
No. 101 Zhuyuan Road, High And New Zone, Suzhou, Jiangsu Province
215011 Pr |
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Country : |
China |
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Date of Incorporation : |
29.10.2002 |
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Com. Reg. No.: |
320512000031207 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing
and selling chemical fibers. |
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No. of Employees : |
363 |
RATING & COMMENTS
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MIRA’s 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 : |
Unknown |
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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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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
Company name and address
fine yarn corporation
NO. 101 ZHUYUAN ROAD, HIGH AND NEW ZONE,
SUZHOU,
JIANGSU PROVINCE 215011 PR CHINA
TEL: 86 (0)
512-68181888/68013611 FAX: 86 (0)
512-68181999
EXECUTIVE SUMMARY
INCORPORATION DATE : oct. 29, 2002
REGISTRATION NO. : 320512000031207
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
363
REGISTERED CAPITAL : cny 100,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
n/a
EQUITIES :
n/a
PAYMENT :
average
MARKET CONDITION : average
FINANCIAL CONDITION : n/a
OPERATIONAL TREND FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.1673 = 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
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 Oct. 29, 2002.
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 silk & chemical fibers, silk
duplicates, garments, chemical fibers, textile machines, and materials; selling
raw materials of polyester; exporting its products and technology; importing
machinery, components, raw materials, accessories, and technology.
SC is mainly
engaged in manufacturing and selling chemical fibers.
Mr. Dai
Jinliang has been legal representative
and chairman of SC since 2002.
SC is known to have approx. 363 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the high and new zone of Suzhou. Our checks
reveal that SC rents the total premise about 10,000 square meters.
http://www.fineyarn.com
The design is professional and the content is well organized. At present, the
web is both in Chinese and English versions.
E-mail: lpx@fineyarn.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2006 |
Registered capital |
CNY 80,000,000 |
CNY
100,000,000 |
|
2008 |
Registration No. |
3205122102516 |
320512000031207 |
|
Shareholders |
Dai Jinliang 52% Mao Weihua 7% Yu Jianying 3% Zhou Songlin 18% Zhu Fuguan 20% |
Present ones |
See below for SC as executive party (defendant).
|
Executed Party |
Fine Yarn Corporation |
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Court |
Suzhou City Huqiu District People's Court |
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Date
of Case |
|
|
Case Number |
(2011) 00600 |
|
Claim
Amount |
RMB 3,989.78 |
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Case
Status |
Completed |
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Executed Party |
Fine Yarn Corporation |
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Court |
Suzhou City Huqiu District People's Court |
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Date
of Case |
|
|
Case Number |
(2009) 00158 |
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Claim
Amount |
RMB 3,952 |
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Case
Status |
Completed |
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Executed Party |
Fine Yarn Corporation |
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Court |
Suzhou City Huqiu District People's Court |
|
Date
of Case |
|
|
Case Number |
(2009) 00159 |
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Claim
Amount |
RMB 3,992 |
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Case
Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Jiangsu Fangyuan Chemical Fiber Co., Ltd. 32
Dai Jinliang 20
Mao Weihua 7
ID#:
330423650713001
Yu Jianying 3
ID#:
320525650103052
Zhou Songlin 18
ID#:
330423530306001
Zhu Fuguan 20
ID#:
330411195210282836
Jiangsu Fangyuan Chemical Fiber Co., Ltd.
===============================
Add: No. 101 Zhuyuan Road, High and New
Zone, Suzhou, Jiangsu Province
TEL: 86 (0) 512-68181888
FAX: 86 (0) 512-68181999
l
Legal Representative & Chairman:
Mr. Dai Jinliang , ID# 320525640514051, born in 1964 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working in SC as
chairman and legal representative;
At present
Working in Huai’an Fangyuan Chemical Fiber Co., Ltd. as legal
representative.
l Directors:
Yu Jianying, ID#320525650103052, born
in 1965
Zhu Fuguan, ID#330411195210282836,
born in 1952
Zhou Songlin, ID#330423530306001, born
in 1953
Lai Tianming, ID# 51010219670806855x,
born in 1967
l
Supervisors:
Mao Weihua, ID#330423650713001, born
in 1956
Wang Jinxiang, ID#320525661014051,
born in 1966
Wu Lianrong, ID#320525620507561, born
in 1962
SC is mainly
engaged in manufacturing and selling chemical fibers.
SC’s products mainly include: FDY polyester
filament yarns, and staple fibers, etc.
SC’s brands mainly include: Fineyarn and
Shulun.
SC sources its materials 95% from domestic
market, mainly Shanghai and Jiangsu province, and 5% from overseas market,
mainly Japan and Germany; SC sells its products 20% to overseas market, mainly
Argentina and South Africa, and 80% in domestic market, mainly Guangdong and
Jiangsu province.
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.
*Major Supplier:
==============
Shanghai Lianji Synthetic Fiber Co., Ltd.
*Major Customer:
==============
Guangzhou Baiyun District Xinsheng
Industrial Co., Ltd.
SC is known to have the following subsidiary
and branch at present:
Huai’an Fangyuan Chemical Fiber Co., Ltd.
Fine Yarn Corporation Shengze Branch Company
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.
SC’s management declined to release its bank information.
SC’s management declined to release its financial information.
SC is considered medium-sized in its line with a development history of
11 years. Taking into consideration of SC’s operation size and development
history, we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.83.88 |
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Euro |
1 |
Rs.70.67 |
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 |
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-- |
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.